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Central Bank of Russia Continues to Gobble up Gold
from Gold And Liberty:
Gold. Apparently it will be very useful when the global economy collapses, although we don’t know why — you can’t eat it, and we doubt it would be of much use as a construction material when building your post-apocalyptic lean-to.
And yet, for whatever reason — maybe because there is only a finite amount of it, and it’s shiny, and the ladies love it, and warehouses full of Chinese mainframes can’t “mine” for it — gold is a valuable commodity that emerging economies use to create confidence in their currencies (or so the theory goes).
Anyway, to make a long story short, Russia continues a long trend of gobbling up all the gold it can buy. Is this part of Putin’s plan for a “gold ruble”? No, that is fake news. But it is probably a signal that Russia is taking the threat of global economic instability and trade wars very seriously.
As Sputnik reports:
Russia’s gold reserves grew by 14 percent in 2016 to 1,614.3 metric tons, the Bank of Russia said on Friday.
“The amount of monetary gold in Russia’s international reserves grew by 14.7 percent [199 tonnes] and totals 51.9 million troy ounces [1,614.27 tonnes], the financial regulator said in a report.
