Photo: Pavel Lisitsyn / RIA Novosti
Large-scale purchase of gold by the Russian Central Bank is “a bad sign for peace in the world”, said the Director of research platform for trading precious metals BullionVault’s Adrian ash. It quoted the British newspaper the Daily Express.
According to ash, bad sign “for world peace and universal cooperation” can be considered not only the actions of Moscow, but a similar behavior of the authorities of any country — enhanced buying gold for its reserves.
The publication writes that Russia, switching from the dollar to gold, trying to develop its own policy of de-dollarization: to buy the metal, it sells its US Treasury bonds — the Foundation of American government debt.
While the Daily Express is based on incorrect information on the purchase of gold by the Russian Central Bank. According to the publication, Moscow in 2018 purchased at 145.5 tons of steel, increased its position by 68 percent. The authors refer to data from the world gold Council (WGC), however, they say that this volume last year fell on all the world’s Central banks. Russia has really been a leader on purchases, but exactly how much gold it bought, was not specified.
According to the Central Bank on may 1, he owned gold at $ 90 billion. At the same time, investments in U.S. national debt has decreased significantly: at the moment they amount to 13.7 billion dollars.
Video, photo All from Russia.