You are here

Ukraine war turns Russia into a nation of gold bugs

Section: Daily Dispatches

By Anastasia Stognei and Leslie Hook
Financial Times, London
Friday, February 10, 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 worse comes to worst, at least I can bury it."

That attitude was shared by many -- and turned Russia into an unexpected nation of gold bugs almost overnight.

... Dispatch continues below ...


Relevant Gold Intersects 83.8 g/ton gold over 1 meter at Golden Buffalo

Company Announcement
Monday, February 6, 2023

VANCOUVER, British Columbia, Canada -- Relevant Gold Corp. (CSE:RGC) is pleased to announce the results of its initial 3,500-meter drilling exploration program on its Golden Buffalo Project in the company's 15,095-hectare land package in the South Pass Gold Field, Wyoming, United States. 

Highlights of the program include 1 metre (core length) of 83.8 g/ton Au in Hole 22GB-012 and 14 of 26 holes reporting anomalous gold (>0.1 g/ton Au). The results indicate that the Golden Buffalo Shear is a fertile orogenic gold structure and provide initial proof of concept that large scale Abitibi-style mineralization may exist in central Wyoming. ...

Mineralization was consistently found in individual shear strands within the overall 20-meter-wide Golden Buffalo Shear Zone.

Fifty-four percent of holes drilled intersected anomalous (>0.1 g/ton Au) gold mineralization. Orogenic/Abitibi-style alteration was observed in all 26 drill holes. ...

... For the remainder of the announcement:

Demand for gold bars and coins last year grew faster in Russia than in any other country, rising to nearly five times the level of the previous year, according to data from the World Gold Council.

While Russia has long been one of the world's largest gold producers, accounting for almost a tenth of global production, its retail investors have historically shunned the metal, partly due to a 20% value added tax on purchases of bars.

People usually turned to dollars and euros during times of trouble. But that has all changed.

"Private citizens are looking for a way to save money, and euros and dollars are in short supply, so the popularity of gold has surged," said Vitaly Nesis, chief executive of Polymetal, an Anglo-Russian gold producer. "As long as we experience geopolitical instability, the demand for gold may be significant."

The switch to gold has been strongly encouraged by the Russian government. ...

... For the remainder of the report:

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

Buyers can compose their case by choosing as many as four varietals from the list here:

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: