«Who has gold, that and the power»: British journalists are concerned about «gold» purchases of Russia

«Who has gold, that and the power»: British journalists are concerned about «gold» purchases of Russia

The last decade, Russia has been steadily increasing its gold reserves, especially actively buying gold the country began in 2014. But in the first quarter of this year, «gold» purchases of the country broke all records. «Who has the gold, and that power,» — write journalists of the British newspaper Daily Express.

Russia’s gold reserves in the first three months of 2019 increased by 145.5 tons. And this figure is higher by 68% than in the same period last year, according to the publication to its readers, referring to the head of the Research Department of the international brokerage company BullionVault Adrian ash.

These figures are much more than indicated by the world gold Council (WGC), according to which for the first quarter of 2019 Moscow purchased 55.3 tons of gold, and the total amount was 2,168 tons. Thus, the share of gold in Russian reserves has reached 18 percent and will only increase by the end of this year, RIA Novosti writes.

«Large purchases of gold by governments or Central banks are rarely a good sign for world peace and cooperation,» the newspaper quotes Adrian Ashe as saying.

Journalists of the British edition also noted the reduction of investments of Russia in the American securities. Thus, writes the Daily Express, Russia is trying to protect itself from a possible crisis of the world economy, and at the same time to reduce its dependence on us dollar.

Although at present Russia still ranks only fifth in the world in terms of total gold and foreign exchange reserves, at this rate of gold purchases it will soon bypass Italy and France, entrenched in the top three countries with the most impressive gold reserves.

Thus, Moscow will be able to strengthen its position on the world stage, while using gold «as a tool to limit Washington’s influence.»

«The Golden rule says: who has gold, that and the power», — quotes Adrian ash’s newspaper.

Nevertheless, the US still remains the world’s largest gold holder. At the same time, the gap is so great that Washington continues to influence the world situation, as before. Russia on this indicator will overtake the United States only if it is for 20 years to buy up all the gold in the markets. Why it is necessary for Russia, the publication does not specify.

Dana Tessen

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