That wonderful cup of coffee almost got cold this morning as I became absorbed in some interesting news scattered all over the net. Russia it seems has been steadily buying gold non stop since February of this year. From what I see, Russia is going to exponentially grow their gold supply to buffer against another US crises that seems to be looming on the horizon…
The IMF has announced its gold reserves were sold down to 2,966.4 in April from 2,981.5 tons in March, a 15.1 ton decline. Russia was standing in the first of the line and once again took advantage of such sale prices, stacking up its gold holdings by 5 tons, which increased from 663.7 to 668.7. Smart move on Russia part…
Russia has now been adding gold every month since February. “Central banks and governments added 425.4 tons last year to 30,116.9 tons, the most since 1964 and the first expansion since 1988.
Keep your eyes on Russia: “Russia’s central bank bought 142.9 tons of gold last year, raising its holdings of the metal by 29%, RIA Novosti reported last month, citing Bank Rossii’s annual report submitted to the Russian parliament.
Hummmm… Do they know something that we don’t? Na! The world is in perfect shape… 🙂
Windows to Russia!