Guess Who’s Buying the Most Gold in the World? Our Friend Putin!

Jim Rickards reports: The story about Chinese gold buying is well-known. What is not so well-known is that Russia has been on just as much of a gold-buying spree as China. In fact, official figures show that Russia bought over 11 tons of gold in February, compared to about 10 tons for China. Of course, these official numbers are misleading when it comes to China because they do not report all of their gold purchases. If the world knew how much gold China was actually buying, and how much more they need, the physical price of gold would skyrocket. Russia is much more transparent, and their reported figures are closer to the truth. Either way, China and Russia (and Iran) make up an “Axis of Gold” that is getting ready for the collapse of the U.S. dollar by buying the only good alternative — gold. China and Russia have their gold. Rickards asks, Do you have yours?

Kiwiwatch comments: Makes a mockery of the claims you hear almost daily from US mainstream financial commentaries that Russia is near bankrupt

The Central Bank of Russia became the world’s leading purchaser of gold when it bought 356,000 ounces of the precious metal in February, according to the International Monetary Fund (IMF).

Source: Russia Becomes Globe’s Top Buyer of Gold Bullion, Boosting Reserves