Russia Increased Gold Purchases to the Maximum in 2018
OREANDA-NEWS The Central Bank of Russia has increased purchases of gold to the maximum since the beginning of the year. This information published in the official site of the International monetary Fund.
Bloomberg notes, in July Russia bought more than 26 tons of gold. Thus, the total volume of reserves amounted to 2 170 tons, and its cost is estimated at 77.4 billion dollars. Thus, the total value of (monetary gold) reached $ 77.4 billion at the end of July. The Central Bank conducted a larger purchase of gold only in November last year.
"This Putin’s step is a very wise. Russia is now in a state of financial war. They get rid of American dollars and buy gold. It is a protection from sanctions and freezing of dollar assets," the publication quotes the statement of Jim Richards, editor of Strategic Intelligence
In addition, Angel John Meyer - the partner of the British company SP - praised the actions of the Central Bank. In his opinion, the US is increasingly using the dollar as a weapon, so investing in gold is the most suitable option for those who do not want to risk investing in the dollar.
Earlier, the Russian President expressed hope that Washington will understand the futility of imposing sanctions against Moscow and return to cooperation in the normal mode.
The United States imposed a large number of restrictive measures against Russia under various pretexts. Part of the sanctions imposed by the order of the American President and can be removed. Others introduced in accordance with the law of Congress "on countering America's enemies through sanctions" and can not be canceled without the consent of Congress.
Moscow has repeatedly stated that sanctions are not productive. The foreign Ministry reported that Russia considers unilateral sanctions waves United States is illegitimate and useless.