Published on Jan 23, 2015 by SilverCoinNews
What is the true reason behind Russia consistently increasing its gold reserves?
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The Russian gold buying spree rages on as its central bank added to its gold reserves for the ninth straight month. The country’s gold reserves rose to about 38.8 million ounces as of Jan. 1 from 38.2 million ounces a month earlier. This latest purchase equals about 18.7 metric tons, similar to amounts bought in November and October, and compares with 37.3 tons added in September.
Russia has been a furious buyer of gold over the past few years. It has more than tripled its gold reserves since 2005 and there has hardly been a month since then that the country didn’t increase its holdings.
Many have questioned why Russia has so consistently been increase it’s reserves. Well for one thing, the ruble has lost 50% of its value during the past 12 months. Russia’s economy has been teetering on the brink of a recession due to sanctions imposed on them by the United States and the European Union, in addition to plunging energy prices.
In fact, Russia has been building its reserves throughout much of the Putin era as he is an avowed believer in the place of gold in the global economy. What is the true reason behind this Russian central bank gold buying spree?