Russia has increased its gold reserves for the 11th consecutive month, a practice that is beginning to become a recurring trend in developing countries including China . Plot against the dollar ? Sight? The Russian gold assets in August increased by 12.7 metric tons , increasing its total so the 1,015.5 tons , according to the International Monetary Fund (IMF ) compiled by Bloomberg . Russia and China are the last ten years actively buying gold. In particular , Russia acquired in the last decade 570 tons , three times more than the weight of the Statue of Liberty and 25 % more than China. In addition , both China and Russia have increased domestic production of gold, much of which they acquire their central banks. China in 2012 reached a record high gold , with 403.05 tonnes, confirming it as the largest producer of the precious metal in the world , a title he has held since six years ago. Everyone knows that the days of the U.S. dollar are numbered Experts say both countries thus ensure against financial and economic risks , such as those connected with excessively soft monetary policy of the Federal Reserve (Fed ) U.S. or any problems with reserve currencies . In particular , the amount of gold determines how much leeway will have a disaster state linked to the dollar , the euro, or any other reserve currency. For China, this phenomenon is also presented as a possibility of raising the status of the yuan in order to turn it into a global reserve currency . In an interview with Kitco News, the managing director of marketing firm CPM Group Jeffrey Christian , said China did not buy gold to create a new gold standard , as many believe, but aims to make the yuan more attractive to that , finally , is included in a basket of currencies , known as Special Drawing Rights (SDR ) . " Everyone knows that the days of the U.S. dollar are numbered but in reality , there is no currency to take its place , besides the SDR " he says. " What the world is trying to do is go to the SDR and China agree with that," he said.
Posted on: Thu, 26 Sep 2013 15:11:07 +0000
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