Russia Will Soon Be 2nd In Global Gold Holdings

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Published : April 10th, 2019
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Category : Gold and Silver

The difference between Russia and France is now approximately 18-19 months of acquisitions by the Russia government. Said another way by mid 2020 Russia could easily jump from 5th place in global gold holdings to 3rd place by leaping over both France, with 2,518 tons and Italy with 2,534 tons. My guess is by the end of 2020 Russia will have their sights set squarely on Germany’s second place position with 3, 483 tons. While it will take upwards of another 4+ years it will be within the realm of reality for Russia to in the 2nd position of global gold holdings by 2025 a very short 6 years from today.

For 5,000 years, gold has proven its status as the ultimate store of value. Today’s investors rush to buy the precious metal at the faintest market uncertainty. Over the past decade, global central banks have joined the gold rush.

The volumes of gold gobbled by regulators across the world in 2018 reached the second highest annual total on record, the World Gold Council (WGC) reported earlier this year. The industry research firm highlighted that last year central banks bought 651.5 metric tons of the precious metal, marking a 74 percent year-on-year increase.

Gold ownership by monetary regulators is at a 50-year high with the following states currently making up the list of the world’s biggest holders of gold.

5. Russia

© Global Look Press

Over the past six years, the Russian central bank has been remarkably bullish on gold purchases. In 2017, the country squeezed China out of the list of the top five biggest gold holders. Last year, Russia became the world’s leading buyer of gold with net purchases reaching 651.5 metric tons. In February, the Russian central bank boosted foreign exchange reserves by 31.1 tons of gold, raising holdings of the precious metal to 2,149 tons.

Dumping US treasuries in favor of gold purchases is part of the government-approved policy oriented towards the de-dollarization of the country’s economy.

3. Italy

© Global Look Press / Raimund Kutter

With 2,534 tons of gold in its coffers, Italy landed in the third spot in the ratings. The amount represents nearly 70 percent of the nation’s foreign reserves. According to the policy followed by the Bank of Italy, gold is the safest investment in times of economic turmoil and a safeguard against the volatility of the US dollar.

2. Germany

© Global Look Press / Torsten Kruger

The Deutsche Bundesbank currently owns 3,483 tons of gold, which makes up far more than 70 percent of German foreign reserves. The regulator has been trying to repatriate some 674 tons of gold kept by the Banque de France and the US Federal Reserve Bank. The repatriation of the nation’s gold is expected to be completed by 2020. Source

Source : thedailycoin.org
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Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few.
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