“Faith Many People Have In Gold Is Rising As Instability Increases”
By: GoldCore
GoldSeek.com
Thursday, 2 April 2015
Inflation fears have caused a surge in Russian demand for gold jewellery
Currency depreciation and falling wages weighing on average Russians
Classified ad websites booming as Russians try to raise cash
Ruble has fallen more than 35% against gold in recent months
Ruble today … other fiat currencies tomorrow
Currency depreciation, inflation fears and falling wages are weighing on average Russians and leading them to buy gold and silver bullion and some are making “unusually large purchases” of gold jewellery.
A large Russian chain of jewellery stores, Adamas, with 250 outlets across the country saw “same-store sales climb 40 percent in December,” according to a report from Bloomberg.
The role of gold as a store of value in times of high inflation is well known to Russians. “Many are still scarred by the memories of the ruble devaluation of 1998, which sent the annual inflation rate over 100 percent several months later” according to Bloomberg.
Inflation rose 17% in February against 6% for the same period in 2014. Since the economic crisis in Russia took root gold price in roubles has risen substantially.
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