Wow.... RT News / Economy Print es.rt/za9 Russia Increased its Gold Reserves for the Third Consecutive Month *** Published: July 27, 2014 | 3:00 GMT Last Updated: July 27, 2014 | 3:00 GMT Russia and Turkey have increased its gold bullion for the third consecutive month, according to the International Monetary Fund. Experts explain that it is a ploy to distance themselves from the dollar. Russias fifth largest holder of bullion in the world after the U.S., Germany, Italy and France increased its gold holdings by 16.8 tonnes to 1094.8 tonnes in June, report says IMF International Financial Statistics. According to Reuters, Russia and Turkey increased its gold reserves to strengthen their market positions of the precious metal, which is used to cover exchange rate risks and credit risks. According to the Russian newspaper Zavtra , since 2007 Russia is creating an independent financial system based on the real economy and resources of Russia, secured by its gold reserves. The state has a more gold, more sovereignty will in case a disaster with dollar, euro, pound or any other currency reserve occurs, said for his part Yevgeny Fyodorov, deputy of the ruling party, United Russia . Gold price rises amid a weakening dollar, rising geopolitical tensions in Iraq and problems such as the crisis in Ukraine, Kazakhstan write Kapital website. At the expense of the wars in Iraq and Ukraine gold has risen in price by 10% since early this year, correspondents underline the resource. Full text at: actualidad.rt/economia/view/135169-rusia-aumento-oro-reservas-lingotes Full text at: actualidad.rt/economia/view/135169-rusia-aumento-oro-reservas-lingotes
Posted on: Sun, 27 Jul 2014 05:14:10 +0000
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