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Putin Buys 570 Metric Tons of Gold
macedoniaonline.eu ^ | Monday, 11 February 2013

Posted on 02/11/2013 3:13:43 PM PST by BenLurkin

When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.

Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.

“The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency,” Evgeny Fedorov, a lawmaker for Putin’s United Russia party in the lower house of parliament, said in a telephone interview in Moscow.

Gold, coveted by Russian rulers including Tsar Nicholas II and the Bolshevik leader whose forces assassinated him, Vladimir Lenin, has soared almost 400 percent in the period of Putin’s purchases. Central banks around the world have printed money to escape the global financial crisis, sapping investor appetite for dollars and euros and setting off a scramble for safety.

(Excerpt) Read more at macedoniaonline.eu ...


TOPICS: Business/Economy; Front Page News
KEYWORDS: gold; inflation; obamanomics; obamnation
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To: BenLurkin
Putin...in Russia Putin rides bear:


21 posted on 02/12/2013 2:31:56 AM PST by Tainan (Cogito, ergo conservatus sum -- "The Taliban is inside the building")
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To: 45semi

-——Start buying rubles now? :) -——

Now that’s silly. Why buy rubles when you can buy gold?

The rubles can never be worth more than the gold


22 posted on 02/12/2013 4:23:25 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: BenLurkin

By my calculations, that is 6.44 X 10^17 $ at $1600/oz.

That doesn’t sound right to me.


23 posted on 02/12/2013 9:35:20 AM PST by chooseascreennamepat (Have you thought about going vegan, Karl?)
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To: bert

And there you have a vivid example of the economic education of our kids!


24 posted on 02/12/2013 9:53:31 AM PST by chooseascreennamepat (Have you thought about going vegan, Karl?)
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To: BenLurkin

What did he use to buy it?


25 posted on 02/12/2013 7:42:34 PM PST by JPJones (I wish the buck(s) WOULD stop with me.)
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bookmark


26 posted on 02/13/2013 6:52:55 AM PST by RebelTex (Soli Deo Gloria, "To God alone the glory")
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To: al baby

Indian River too.


27 posted on 02/13/2013 7:43:20 AM PST by CPT Clay (Follow me on Twitter @Clay N TX)
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