An employee holds an ingot of gold at the precious metals safe vault of the Central Bank in Moscow January 24, 2011. Credit: Reuters/Sergei Karpukhin
Putin Stockpiles Gold As Russia Prepares For Economic War -- The Telegraph
Russia's central bank added to its reserves of bullion in the third quarter, according to the latest report from the World Gold Council
Russia has taken advantage of lower gold prices to pack the vaults of its central bank with bullion as it prepares for the possibility of a long, drawn-out economic war with the West.
The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal - far more than any other nation - in the three months to the end of September as prices began to weaken.
Vladimir Putin's government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.
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More News On Russia Stockpiling Of Gold
Putin "Prepares For Economic War", Buys Whopping 55 Tonnes Of Gold In Q3 -- Zero Hedge
Russia stockpiles gold to prop up Central Bank -- UPI
Exclusive: Russian central bank buys up domestic gold output as sanctions bite -- Reuters
Russia Invests In Gold, Buys 55 Metric Tons To Brace Central Bank -- IBTimes
Russia's Gold Rush: Putin Orders Gold Reserve Buying Spree To Beat Western Sanctions -- IBTimes
Russia Buys Most Gold for Reserves Since Financial Crisis of ’98 -- Bloomberg
What’s Driving Russia’s Gold Buying Spree (Video) -- Epoch Times
Putin Is the Biggest Gold Bug -- Bloomberg
2 comments:
It's always "funny" how so many of the "Russia is Hurting", agiprop stories, never mention Reserves, or Debt.
So true Jay. Russia's debt is zero, and their reserves .... gold included .... runs in the hundreds of billions. Here in the west .... this is not the case .... not even close. Throw in promised obligations (pensions, etc.) .... we have the making of a real mess one day.
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