According to the central bank of Russia, gold reserves were up by 1 million + ounces during the month of May. This by far is the largest single month purchase of the metal in the last 3 years. Global output is roughly 7 million ounces and once you do the math you get about 16% of all total production. That is a lot of gold that the Russians are getting there hands on.
My past posts have also been mentioning China and India as well on these gold buying sprees. Something is definitely up and these super powers on the asian continent are all to aware of it. All signs are pointing to a possible super massive economic collapse on a global scale and the push of a Russian or China currency backed by gold. Stay tuned.
-Blogging4Bullion
The race is definitely on between Russia and China, in acquiring new quantities of Gold. This is due to the fact that they are both hedging against a collapse of The Dollar and several other western currencies of significant importance. Having just posted an article on Peter Schiff and the impending Worldwide Currency Crisis - on my own site - I thought I'd mention it.
ReplyDeletehttp://real-american-truth.blogspot.com/2010/06/peter-schiff-predicts-worldwide.html
Gerald Celente and virtually all of The Austrian Economists share this same financial outlook and for very good reasons. It amazes me how many people cannot apply the same principles which they have learned from their own checkbooks to our ongoing governmental policies... Common Sense, folks!
Totally agree with your comments Francis, Thank you for the excellent information that you have posted.
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