Russia Continues To Diversify Its Foreign Exchange Reserves

Whether people want to admit it or not, this theme is going to be a permanent resident of the geoeconomic landscape moving forward. If the US were truly interested in keeping pace with the Sino-Russian et al partnership, we would at LEAST put down the credit card – as a nation. Government, industry, and individuals. Yes, we will continue to beat this horse because it is not dead and it is extremely important to the future stability of our country. Whether or not the end game is a move to a gold-backed currency is irrelevant at this point. America has reached a point where it is going to have to openly rig interest rates to keep payments across the board from destroying the US Economy. Of course the rigging has been going on for some time now, but our point is that it is becoming widely recognized. What backs the dollar? This idiotic notion of ‘the full faith and credit of the US Government’? The ‘not-so-USFed’? From where we sit right now, the only thing backing the US Dollar is the military’s ability to impose hegemony around the world. Doesn’t this sound a little Roman to you? Think about that and then maybe the 24/7 three-ring circus that our system of government has turned into might make a little more sense.

The Central Bank of Russia (CBR) purchased a record 8.8mn ounces of gold, or about 274 tonnes, in 2018, according to the regulator’s website, up from the 7.2mn ounces (224 tonnes) the central bank bought in 2017, an increase of 22.2% y/y, the CBR reported on January 18.

The CBR began actively buying gold and increasing the yellow metal’s share in the reserve basket since 2007, but the purchases have accelerated recently as Russia attempts to protect itself from possible “crushing” sanction by the US this year.

Gold reserves share in the international reserves of the CBR by the end of 2018 reached 67.9mn ounces (about 2,112 tonnes) and now account for 18.6% of the CBR’s total gross international reserves (GIR).

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