One week ago we reported that while Russia was dumping a record amount of Treasurys it was buying gold, or some 900,000 ounces to be precise. Today we learn that as Russia continues to purchase gold, and is likely taking advantage of the recent rout in gold prices, it certainly won’t be storing its physical metal with any of the western Central Banks. According to Reuters, shortly after Russia and China announced their historic gas deal, Vladimit Putin said at the recent International Economic Forum, that Russia need to ensure its gold and currency reserves are secure. And not just Russia: China too. Because apparently when it comes to speaking for “hard” monetary policy, Putin is now authorized to speak for both nations.
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