by Mark O’Byrne, Gold Core:
Gold Buying Russia To Increase Diversification On Trump ‘Unpredictability’?
Russia’s massive and increasing gold bullion reserves are kept in tightly-guarded locations across Russia due to the fear of sanctions and the ‘unpredictability’ of Donald Trump according to The Sun and Russia Beyond The Headlines.
Russia increased their gold reserves by a very large 199.1 tonnes in 2016. This was the eight consecutive year of gold diversification due to concerns about the dollar and currency wars
From The Sun:
Russia is hedging its bets with a stockpile of gold due to Donald Trump’s “unpredictable” nature.
The hoard, which is stashed around Moscow, St Petersburg and Yekaterinburg, has seen Russia become one of the world’s leading gold buyers – a stance that it hopes will protect it from any drastic changes that the new US President might have on the world economy.
Almost two-thirds of the nation’s gold is kept in Moscow, in a Central Bank repository.
The location of the gold, mainly in bullions weighing from 100grams to 14kgs, is a highly-guarded secret.
But the country’s leader, Vladimir Putin, has inspected one of the storage sites, with Prime Minister Dmitry Medvedev also having carrying out visits.
Russia’s central bank has previously declared that gold was a “100 per cent guarantee from legal and political risks”, making it worth the risk of a swinging price, GoldCore reported.
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