Cardinal Bloomberg: "Russia’s surprise interest-rate increase failed to stop the plummeting ruble. Another tool available to repair economic havoc caused by sanctions and falling oil prices: selling gold."
Translation: "We want your gold."
Cardinal Bloomberg: "A fall in gold prices signals that traders are betting that the country will tap its reserves."
Translation: "Here's your signal to short."
Cardinal Bloomberg: “Russia is at a critical juncture and given the sanctions placed upon them and the rapid decline in oil prices, they may be forced to dip into their gold reserves,” Kevin Mahn, who oversees $150 million at Parsippany, New Jersey-based Hennion & Walsh Asset Management. “If it happens it will push gold lower.”
Translation: "Paper gold is going to ZERO anyway. Here's the effect to wag the cause."
Cardinal Bloomberg: "Gold prices fell 8.4 percent last quarter amid concern that the Federal Reserve would raise rates as the U.S. economy showed signs of improvement."
Translation: "The FED and the US Economy determine the price of gold"
Cardinal Bloomberg: "“Oil prices are not on their side, so now the next option they have for raising cash is selling gold. There is some talk that the country has either started selling or is making arrangements to sell their gold.”
Translation: "Sell the Gold or else."
This concludes today's translation. Wine from the estate vineyards will be served on the main portico following the board debriefing. May God be with you.