Putin Turns Black Gold to Bullion as Russia Outbuys World
- Posted on 2013-02-15 20:11:12
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When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.
Not only has Putin made Russia the world’s largest oil
producer, he’s also made it the biggest gold buyer. His central
bank has added 570 metric tons of the metal in the past decade,
a quarter more than runner-up China, according to IMF data
compiled by Bloomberg. The added gold is also almost triple the
weight of the Statue of Liberty.“The more gold a country has, the more sovereignty it will
have if there’s a cataclysm with the dollar, the euro, the pound
or any other reserve currency,” Evgeny Fedorov, a lawmaker for
Putin’s United Russia party in the lower house of parliament,
said in a telephone interview in Moscow.
http://www.bloomberg.com/news/2013-02-10/putin-turns-black-gold-into-bullion-as-russia-out-buys-world.html