Russia Gold Rush Sees Record Reserves For Putin Era
by Yuliya Fedorinova of Bloomberg via Irish Indepedent
Vladimir Putin is doing his part to keep the upswing in gold alive.
Since the Russian president went on a geopolitical offensive in Ukraine in 2014, the haven asset had its first annual gain in four years in 2016 and is on track for another in 2017.
Click to enlarge. Russia added another 500,000 ounces of gold to it’s reserves in August. Source: Goldchartsrus.com
A beneficiary of economic and political perils from North Korea to Brexit, it’s among the top-performing commodities this year.
Meanwhile, the Bank of Russia has more than doubled the pace of gold purchases, bringing the share of bullion in its international reserves to the highest of Mr Putin’s 17 years in power, according to World Gold Council data.
In the second quarter alone, it accounted for 38pc of all gold purchased by central banks.
The gold rush is allowing the Bank of Russia to continue growing its reserves while abstaining from purchases of foreign currency for more than two years.
But what may matter most is that gold is as geopolitics-proof an investment as any in the age of sanctions and a deepening rift with the US.
Click here to read full story on GoldCore.com.
For your perusal, below are our most popular guides in 2017:
Essential Guide To Storing Gold In Switzerland
Essential Guide To Storing Gold In Singapore
Essential Guide to Tax Free Gold Sovereigns (UK)
Please share our research with family, friends and colleagues who you think would benefit from being informed by it.