Russia posts “gold record”
Russia as I have expressed several times in the past few years, is steadily buying gold. This good article from “Voice of Russia” explains a little about what is going on…
Russia bought a record amount of gold for its gold reserves in 2010. An increase by nearly one third to a total of 784 tons has earned Russia the eight position in the world and may propel it further to the top in terms of gold and currency reserves. Gold remains the only stable asset amid post-crisis currency fluctuations. Russia plans to ramp up its share in world gold reserves and has all the capacities to do so. Statistics say that gold accounts for a bit more than 7 percent in Russia’s reserves, whereas in some countries it exceeds 50%. These countries have no intention of increasing their gold reserves and may even choose to sell them.
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Source: Voice of Russia.
Windows to Russia!
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Tags: currency fluctuations, currency reserves, gold accounts, gold record, world gold reserves
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