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Russia To Take It’s Gold Reserves Up To $500 Billion From $360 Billion – Dave Kranzler

Monday, June 8, 2015 7:52

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(Before It's News)

RIA Novosti/Pavel Lisitsyn

TND Guest Contributor: Dave Kranzler |

I suggested yesterday that we are going to start seeing a lot more entities/investors convert their phony fiat currency into physical gold and silver. In a news report that is being predictably ignored by western financial media, Russia announced today it will take its gold reserves up to $500 billion.

At today’s artificially manipulated price, that translates into 11.9 million ounces or roughly 3,463 metric tonnes. Russia’s current amount of $360 billion represents a 20% backing of its currency, which is the highest ratio of gold to paper currency in the world. Please note: Until the U.S. submits to a completely independent audit open for the world to observe, we assume the amount of gold held by the United States is zero.

The head of Russia’s Central Bank is determined to increase the country’s gold reserves to its previous levels in 2012-2013, from $360.5 billion up to $500 billion.

Recent experiences forced us to reconsider some of our ideas about sufficient and comfortable levels of gold reserves,” the head of the Central Bank said, adding that the Russian economy needs the amount of gold reserves to be able to cover negative capital outflow for the next 2-3 years. – Elvira Nabiullina, head of Russia’s Central Bank

You can read the rest of this report here: Russian Central Bank Gold Holdings

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About Dave Kranzler:

I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics. Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.