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Why Russia Is On A Gold Buying Spree
zerohedge.com / by Tyler Durden on 05/27/2015 15:51
“Buying gold is just buying a put against the idiocy of the political cycle. It’s That Simple”
And since it is this same political cycle that is doing everything in its power to preserve what little credibility it has, and to avoid its naked idiocy from being revealed for all to see, it has done everything in its power to push the price of gold lower.
However, several entities refuse to be fooled by such “cheap” tricks. One is China, whose ravenous apetite for gold has been extensively discussed previously. The other is the Bank of Russia.
According to central bank data, Russia’s gold reserves rose to 40.1 million troy ounces as of May 1 compared with 39.8 million ounces a month earlier. Russia increased its gold holdings for many months in a row last year, as shown by central bank figures and represented in the chart below.
The post Why Russia Is On A Gold Buying Spree appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/27/why-russia-is-on-a-gold-buying-spree-2/
