Anyone who has been watching the Gold market recently has been aware of the rise of gold stocks, and gold bullion. China has been on a tear in buying up precious metals of all types world-wide, needed for the new technologies. Meanwhile we sit on our hands and let China move even into our country without a concern. While China buying up U.S. energy reserves. Obama touts solar, it is the metals that will ensure a safe future. So here we go:
I can’t imagine it means anything cheerful that Vladimir Putin, the Russian czar, is stockpiling gold as fast as he can get his hands on it.
As was first reported, in April of last year, according to International Monetary Fund calculations, the U.S. is on track to lose its status as the world’s biggest economy—when measured in real, purchasing-power terms—to China by 2017.
Not long ago, world gold reserves were mainly in the hands of the U.S. and the Europeans, which accumulated their holdings during their centuries at the top. The U.S. has 75% of its currency reserves in gold. Many other first world powers have comparable proportions.
According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world’s fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars’ worth every month.
It emerged last month that financial gurus George Soros and John Paulson had also increased their bullion exposure, but it’s Putin that’s really caught my eye.
No one else in the world plays global power politics as ruthlessly as Russia’s chilling strongman
H/T: Marketwatch
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