Russian gold bars.’Whoever Owns Gold, Has Power’: UK Media Paranoid Over Russia’s Bullion-Buying…(7…)

Wednesday, May 22, 2019
By Paul Martin

Moscow’s purchases of the precious yellow metal beat a six-year high in the first quarter of 2019, which, according to British tabloid Daily Express, is not good for the rest of the world.

Daily Express has cited Adrian Ash, the director of research at BullionVault, as warning that Russia’s gold-buying spree is a “bad sign” for world peace and cooperation.

Referring to the World Gold Council (WGC), the publication noted that Russia has boosted its reserved by 145.5 tons in the first quarter of this year, which marks a 68 percent uptick from the same period of 2018.

Incidentally, the gold stockpiling comes on the heels of a persistent de-dollarisation trend in Russia, as the government has beefed up its efforts to drift away from American assets, opting for transactions in national currencies instead.

“Russia was again the largest buyer, adding 55.3t in Q1. This brought gold reserves to 2,168.3t (19% of total reserves). Russia bought 274.3t in 2018 — the fourth consecutive year of +200t increases – while drastically reducing its US Treasury holdings, as part of its ‘de-dollarisation’ drive”, the WGC said in a report issued earlier this month.

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