MOSCOW — Russia’s gold reserves grew by 14 percent in 2016 to 1,614.3 metric tons, the Bank of Russia said on Friday. “The amount of monetary gold in Russia’s international reserves grew by 14.7 percent [199 tonnes] and totals 51.9 million troy ounces [1,614.27 tonnes], the financial regulator said in a report.
Many argue that gold is not money, many also argue that gold is money!
They are both wrong…
Even if gold was not worth a penny, as in the collapse of all finances. Gold is worth much more than the price put on its head, by game players…
Gold is a usable commodity that is in short supply. The amount of available gold is small compared to the amount of; lets say coal, iron ore and almost anything on earth. Gold is not money…
Warren Buffett, one of the world’s richest investors, says the total amount of gold in the world – the gold above ground, that is – could fit into a cube with sides of just 20m (67ft).
Gold is almost literally indispensable for its properties and usage in electronics, jewelry, dentistry, aerospace industry and many many other applications. Gold is unsurpassed in its properties as a metal. Gold is unique and we are not able to copy it, just like we can not produce real diamonds…
We try and can make tiny amounts of both, but the cost is astronomical and still not the same as what Mother Nature has made…
Who really cares if gold is money? You can’t eat gold? But you can use gold to keep industries alive that thrive on such a metal…
Gold is irreplaceable in its usage…. Without modern technology comes to a halt…
Russia hordes gold, silver, platinum, uranium and thousands of other commodities…. Just like China does… And it is not because it is money, though it can be used to stabilize against financial attacks by the west. Gold really is important…
WtR