Skip to comments.Putin Buys 570 Metric Tons of Gold
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, hes not just talking. Hes betting on it.
Not only has Putin made Russia the worlds largest oil producer, hes 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 theres a cataclysm with the dollar, the euro, the pound or any other reserve currency, Evgeny Fedorov, a lawmaker for Putins 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 Putins 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 ...
-——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
By my calculations, that is 6.44 X 10^17 $ at $1600/oz.
That doesn’t sound right to me.
And there you have a vivid example of the economic education of our kids!
What did he use to buy it?
Indian River too.
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