The world’s central banks have acquired a record amount of gold in the third quarter of 2018 since 2015. The biggest buyer was Russia’s Central Bank, according to the World Gold Council (WGC) report.
Over the past three months, global gold purchases totaled more than 148,000 tonnes, up 22% year-on-year, reports the World Gold Council.
The leaders in purchases were Russia (99.2 tonnes of gold) and Turkey (18.5 tonnes).
Russia’s central bank gold reserves surpassed 2,000 tonnes for the first time. Currently, Russia accounts for 17% of the world’s reserves. The value of Russian gold is estimated at more than $78 billion.
Kazakhstan, India and Poland also increased their gold reserves. Hungary increased its gold reserves tenfold in the last quarter (from 3.1 to 31.5 tonnes).…
Nations moving out of USD, providing a strong argument that gold is money and going to gold as going to ground.
Professor Moscone explained: “Russia especially has solid reasons for dropping dollars in exchange for gold.
“As Russia is facing political sanctions from western countries in general, it may want to play it safe and bet on gold.
“Unlike currencies, gold cannot be declared ‘worthless’.”...Fort Russ News
Russia Acquires Record Tonnage Of Gold
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As long as they dont get carried away and start to buy it with RUB when their USDs run out...
ReplyDeleteNations moving out of USD, providing a strong argument that gold is money ... Tom Hickey
ReplyDeleteOur current, two-tiered money system, whereby fiat use is largely* limited to banks, credit unions, etc., is predicated on expensive fiat, i.e. on the Gold Standard when fiat was too expensive for the entire economy to use.
Now that fiat is, as it should be, inexpensive, why should not the entire economy be allowed to use it in account form? Why should we persist with privileges for the banks and other depository institutions when the excuse for those privileges, the Gold Standard, is dead?
Thus, if we believe in equal protection under the law, inexpensive fiat is not a problem but a REQUIRED part of the solution.
*the exception being physical fiat, i.e. coins and bills.
“Unlike currencies, gold cannot be declared ‘worthless’.”...
ReplyDeleteThey will fling their silver into the streets and their gold will become an abhorrent thing; their silver and their gold will not be able to deliver them in the day of the wrath of the Lord. They cannot satisfy their appetite nor can they fill their stomachs, for their iniquity has become an occasion of stumbling. Ezekiel 7:19
Neither their silver nor their gold will be able to deliver them on the day of the Lord’s wrath; And all the earth will be devoured in the fire of His jealousy, For He will make a complete end, indeed a terrifying one, of all the inhabitants of the earth. Zephaniah 1:18
Then what to do to forestall that?
Individually:
Riches do not profit in the day of wrath, but righteousness delivers from death. Proverbs 11:4
Collectively:
O house of David, thus says the Lord: “Administer justice every morning; and deliver the person who has been robbed from the power of his oppressor, that My wrath may not go forth like fire and burn with none to extinguish it, because of the evil of their deeds. Jeremiah 21:12
“gold will not be able to deliver them in the day of the wrath of the Lord. They cannot satisfy their appetite nor can they fill their stomachs, for their iniquity has become an occasion of stumbling. Ezekiel 7:19
ReplyDeleteSounds like Venezuela and their oil.....