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POSTED ON April 17, 2018  - POSTED IN Key Gold Headlines

Turkey went on a gold-buying spree in 2017 and that trend continued in the first two months of 2018.  Turkish President Recep Tayyip Erdoğan likes gold and it’s pretty clear the president has been pushing Turkey’s central bank to buy gold and reduce foreign currency reserves in an effort to move away from dependence on the dollar and euro.

On April 16, Erdoğan got a little more overt in his apparent quest to dethrone the dollar, suggesting international loans should be made in gold instead of greenbacks in order to prevent exchange rate pressure on economies.

POSTED ON March 15, 2018  - POSTED IN Key Gold Headlines

Turkey went on a gold-buying spree in 2017. That trend continued through the first two months of 2018 as the country continues to diversify away from foreign currencies – i.e. the dollar.

Data released by Borsa Istanbul shows Turkey imported 44.47 tons of gold in January and 16.03 tons in February for a total of 60.5 tons over the two-month period.

POSTED ON February 26, 2018  - POSTED IN Key Gold Headlines

Russia has passed China to become the world’s fifth-largest gold-holding country.

According to a Bloomberg report, the Bank of Russia added nearly 20 tons of gold to its stash in January, raising its total to 1,857 tons. The People’ Bank of China reported holdings of 1,843 tons.

Russia has bought gold every month since March 2015 in an effort to diversify its foreign currency holdings and minimize its dependence on the US dollar.

POSTED ON December 4, 2017  - POSTED IN Key Gold Headlines

Russia’s gold holdings have topped 1,800 tons.

To put that into perspective, between 2000 and 2007, the Russian central bank held just 400 tons of gold. At that point, the country launched an aggressive gold acquisition program. In October of this year alone, the Bank of Russia bought 21.8 tons of gold. At 1,801 tons, the yellow metal now accounts for 17.3% of the country’s reserves. In the second quarter of 2017, Russia accounted for 38% of all gold purchased by central banks. Russia ranks sixth in the world in gold holdings behind the United States, Germany, Italy, France, and China.

Russia’s growing gold hoard is helping to establish economic and political stability and independence for the country.

POSTED ON October 26, 2017  - POSTED IN Key Gold Headlines

China wants to dethrone the dollar. But of course, it’s not alone. Russia would also love to knock the US off the top of the economic mountain. Putin is also positioning his country to free itself from the dollar-dominated global financial system. Like its neighbor to the east, Russia is using gold to pave the way to economic independence.

POSTED ON October 11, 2017  - POSTED IN Key Gold Headlines

We’ve heard a lot about Russian election hacking over the last year. But Jim Rickards said there is only one Russia story that really matters – that is the country’s efforts to break away from the hegemony of the US dollar and the dollar payment system that currently dominates global trade.

Over 60% of global reserves and 80% of the world’s payments are in dollars. But Russia is taking steps to free itself from dollar dominance. And As Rickards points out, the most aggressive weapon in the Russian war against the dollar is gold.

As we reported last month, gold creates a foundation for Russia and China to shift economic power from the West to the East.

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