In recent months we have seen a number of nice charts that pointed out that the Russian government was buying gold like there was no tomorrow. Indeed, the gold reserves of the country have grown significantly over the last few months.

This is related to the sanctions that the Western world has put in place, of course. The result of these sanctions is that Russia has been going through a rough period economically and the picture is not looking any brighter now.

Even more recent news was that the Russian central bank had raised interest rates from 9.5 to 10.5 percent. The goal was here to stop the free fall of the ruble, of course, but the act of desperation did not have a huge effect.

Russia Sells Its Gold Under Pressure

At the moment, Russia is also selling a part of its gold supply. This way the Russian government is trying to stop the rising inflation rate in its tracks. Food prices have gone up tremendously over the last few months and the Russian population is not getting happier.

The Russian government and the central bank are doing everything in its power to get the ruble back on its feet, but it seems like there is nothing that can stop the free fall for now. History teaches us that, as an investor, it is best to step aside at the moment.