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POSTED ON March 25, 2019  - POSTED IN Key Gold Headlines

Russia continues to buy gold as it seeks to minimize exposure to the US dollar.

According to information released by the Central Bank of Russia last week, it purchased another 31.1 tons of gold in February, bringing its total reserves to 2,149 tons.

POSTED ON March 13, 2019  - POSTED IN Key Gold Headlines

China added to its official gold reserves for the third straight month in February as the country continues efforts to minimize its exposure to the US dollar.

The People’s Bank of China added 10 tons of gold to its horde last month. It has accumulated an additional 32 tons of the yellow metal since the beginning of the year. According to the Financial Times, at this rate, China will surpass Russia and Kazakhstan as the leading central bank buyers.

POSTED ON January 30, 2019  - POSTED IN Key Gold Headlines

During a speech at the lower house of the Russian parliament, the CEO of the country’s key trading floor suggested Russian investors should replace investments they’ve made in dollars with gold.

“Let’s offer an alternative to the US dollar in the form of Russian gold, which we produce… investment gold,” Moscow Exchange (MOEX) CEO Alexander Afanasiev said.

POSTED ON January 24, 2019  - POSTED IN Key Gold Headlines

China officially added gold to its reserves last month for the first time in two years. Meanwhile, the Chinese have been shrinking their holdings of US Treasuries. According to the Nikkei Asian Review, the moves are intended to reduce dependence on the US dollar.

According to data released by the People’s Bank of China, the country’s gold reserves totaled 1,862 tons at the end of 2018. That represents a 10-ton increase from the previous month and the first rise in the country’s hoard since June 2016.

POSTED ON November 7, 2018  - POSTED IN Key Gold Headlines

The Russians have an alternative money transfer system up and running, and according to a report in RT, it has now surpassed SWIFT in popularity in that country. This is part of a broader effort by countries like Russia and China to limit their dependence on the US dollar and set up alternative financial channels outside of the global dollar system.

POSTED ON September 12, 2018  - POSTED IN Key Gold Headlines

For the last 10 years, central banks have been on a gold-buying spree. At least some of them have.

On net, central banks globally added 193.3 tons of gold during the first half of 2018, according to World Gold Council data. That represents an 8% increase over 2017. The last time we saw this kind of central bank buying was in the 1950s, but as a report published by Forbes points out, the motivations are much different now than they were then.

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