Russia, China Buying Gold And So Should You!
The IMF still holds the uS as the largest gold holder by a wide-margin. These self-reported numbers are not too reliable as countries have incentives to under report or over report gold reserves.
China is believed to have under-reported gold reserves, and many analysts have written about vast gold reserves growing in the nations.
Russia receives less attention in the precious metals arena but that is because it is a smaller economic power than China. Nonetheless, the Russian central bank has recently announced that is purchased 30 tons of gold in March with IMF statistics currently placing Russia as the 5th largest gold reserve. But, do we know its true reserves? Many claim no.
As Washington Post writes:
The Central Bank of the Russian Federation announced this week on its website that in March, Russia bought approximately 30 tons of gold, bringing its total gold reserves to 1,238 metric tons. Russia is now the fifth-largest holder of gold reserves, according to the International Monetary Fund. And this is only the gold that Russia wants to the world to know about! As with China, Russia may not be fully reporting its gold reserves to the IMF, which is dominated by the United States. The West should be worried about China’s hoarding of gold as well, but that’s for another column.
The moves by Russia and China are something Americans should heed. By gold today could become a huge source of security for your family in the future.
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