Currency Wars Back As Russia Buys One Million Ounces of Gold in March

Tuesday, April 21, 2015
By Paul Martin

By: GoldCore
GoldSeek.com
Tuesday, 21 April 2015

– Russia buys one million ounces and increases gold reserves by another 2.6% in March
– Russia sees gold as important monetary and strategic asset in stealth currency wars
– Large purchase by Russia who normally buy some 300,000 ounces a month
– Russian gold reserves, at nearly 40 million ounces, are now fifth largest in the world
– Russia likely coordinating gold reserve accumulation with ex-Soviet States
– Concerns regarding euro and crisis in erstwhile reserve currency, the dollar
– Gold remains central to international monetary system
– Central banks continue to accumulate large volumes

Russia increased its gold holdings by one million ounces in March, bringing its total reserves to nearly 40 million ounces or 1,238 metric tonnes. The Russian one million ounce gold purchase is a large one even by Russian standards as in recent years they have consistently been buying roughly 300,000 ounces per month.

It followed a two month break from the gold market which had led to erroneous speculation that Russia was not interested in increasing its gold reserves any further.

Since 2005, Russia’s gold reserves have increased three-fold. As a comparison, in the second quarter of 2009, Russia only had 550 tonnes of gold in its official reserves meaning that their reserves have doubled in recent years.

Russia’s gold reserves are now at least the fifth largest national gold reserves in the world or sixth largest if one includes the IMF.

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