Ukraine war turns Russia into a nation of gold bugs

Financial Times/Anastasia Stagnel and Lelie Hook/2-11-2023

“After Russian President Vladimir Putin announced the country’s invasion of Ukraine last February, Natalia Smirnova’s phone started ringing off the hook. The financial adviser’s Russian clients were panicking. ‘Should I buy gold?’ one asked her. ‘If worst comes to worst, at least I can bury it.’”

USAGOLD note: War and inflation have a tendency to do that. Of course, the urge to accumulate is not confined to Russia alone. Demand for gold among private investors in Europe is also on the rise.