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Russia increases gold purchases by 123%
From Russia Today, Moscow
Friday, January 30, 2015
The Central Bank of Russia bought a record amount of gold in the first 11 months of 2014 spending an estimated $6.1 billion. Increasing gold reserves attempts to reduce dependence on the dollar amid geopolitical tension, Mark O’Byrne of GoldCore told Russia Today. ...
The amount of gold bought went up 123 percent from the previous year to 152 tons, worth $6.1 billion at current prices. It's the most Russia has spent since the collapse of the Soviet Union.
Given the tension between the US and Russia, it's more likely Russia will sell dollar assets and buy gold, said O'Byrne.
"That will be done both to protect the ruble and potentially to position the ruble as a reserve currency in the long term, but also as a signal to Washington," he said, adding that it's almost like a geopolitical move showing that Russia has a monetary and financial alternative and it can retaliate if economic sanctions were to deepen. ...
... For the remainder of the report:
http://rt.com/business/227755-russia-record-gold-purchase/
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