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Willem Middelkoop: A New Gold Standard In The Making
bullionstar.com / by Willem Middelkoop / 17 Feb 2015
“Putin is the biggest gold bug”, was the title of a recent Bloomberg op-ed by Leonid Bershidsky the founding editor of Vedomosti, Russia’s top business daily. He explains why the Russian central bank has accumulated almost 100 tons of gold in the last four months of 2014. It is an acceleration of the gold buying program which started in 2007, a year before the Lehman collapse.
Besides accumulating gold the Russians have been quite active sellers of US Treasuries. Between November 2013 and December 2014 they have sold around $30 billion of US government bonds while they grew their gold reserves from $43 to over $50 billion in a clear effort to de-Americanize the Russian economy. Just like the Chinese they as well signed bilateral currency-swap-deals in a move away from the dollar.
The post Willem Middelkoop: A New Gold Standard In The Making appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/02/17/willem-middelkoop-a-new-gold-standard-in-the-making/
