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« How to Prevent Hackers from Erasing Your Bank Account | Main | 50-Year Veteran Warns A Great Financial Holocaust Is Coming »
Monday
Apr042016

Russia Relies On Gold To Push Reserves Back Over $380 Billion

 

Whether you define gold as a barbarous relic, a pet rock, "tradition", or "doomed", Russia surely refers to it as a saving grace. As Russia’s foreign reserves dwindled to just under $350 billion in early 2015, many predicted Russia was going to burn through all of their reserves in the not too distant future as they dealt with a depreciating Ruble and plummeting oil revenues.

However, this dire prediction did not pan out mainly due to one thing: Russia’s strategic decision to load up on as much gold over the past few years as it possibly could.

As we have shown in the past, Russia has shown an insatiable desire for Gold, and as Bloomberg points out, has increased their holdings more than 12% since last July.


read more....

 

Silver prices close sub $15.00/oz and is still not confirming golds rally.

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