Russia continues to increase its gold reserves, the East accumulating more gold
Russia and Kazakhstan expanded their gold reserves for an 11th straight month in August as they added 12.7 metric tons, according to a recent Bloomberg report.
Russia’s holdings of the precious metal has topped 1,000 tons at 1,015.5 tons, according to the report. In addition, Kazakhstan’s reserves rose 2.5 tons to 134.5 tons and Turkey added 23.4 tons to 487.4 tons, according to International Monetary Fund data .
This comes as no surprise as the website, Gold Silver Worlds says the accumulation by Russia has been a six year process and counting.
The demand for gold has skyrocketed in the East as Gold Silver Worlds reported this summer.
In addition to Russia, China and India assets continue to grow, in fact, the Chinese government encouraging citizens to own gold.
Part of the reason for this trend is the Eastern world is seeing more inflation and is, generally speaking, more wary of political promises and assurances.
Swiss investor,publisher of the Gloom Boom & Doom Report newsletter and the director of Marc Faber Ltd, Marc Faber said of the gold accumulation of gold by Russia, China and India:
In the Far East, we have a tradition of owning physical gold, but what is new is the Chinese government encouraging citizens to own gold. I believe that in the face of political instability and a lack of faith in the U.S. dollar, Asians will continue to accumulate physical gold and silver.