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Jeff Clark, senior precious metals analyst at Casey Research, said in a recent article that the gold price in rubles rose 73 percent in 2014.
Jeff Clark, senior precious metals analyst at Casey Research, said in a recent article that the gold price in rubles rose 73 percent in 2014. The article takes the form of a short story about a man named Dmitry.
As quoted in the market news:
Dmitry has every right to feel pleased with himself. While inflation raged all around him, the currency fell through the floor, and global crises remained escalated, his investment in gold had done exactly what it was supposed to do: protect him against currency and monetary calamity. In fact, he’d gained more with gold than he lost in ruble purchasing power.
He’d read warnings that this could happen—warnings others had dismissed as the ravings of loony gold bugs. He had been skeptical, frankly, and it hadn’t happened exactly as he thought it would, but now he sure was glad he’d decided to play it safe and bought some gold as insurance.
He wondered what those in North America thought about this phenomenon… Did they see the writing on the global economic wall—or did they imagine they were immune because their stock market had risen so much while gold remained weak in their currency? Did they really believe their central bankers were wizards endowed with supernatural powers that others lacked? Didn’t they remember Ben Bernanke insisting in 2007 and 2008 that there was no crisis and that everything was under control?
