Russia buys gold again
Now Russia buys gold from local banks for a fixed price.
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In March, Russians bought an enormous amount of gold, because the ruble lost value and savings should be protected. The new purchases by the Russian Central Bank are associated with a fixed price of $52 per gram. The true market value is around $68. This raises the question of what intentions are behind this. According to the central bank there, gold is the "ideal alternative" to the U.S. dollar. The fixed price is reminiscent of the times of the gold standard in the USA at the time of the world economic crisis. This came to an end in 1973 with Richard Nixon after 40 years. Perhaps Russia now wants to peg the ruble to gold. It would make financing outside the U.S. dollar area easier. And it would be easier to avoid sanctions. After all, the U.S. Treasury has just banned all gold transactions with the Russian central bank.
Perhaps there are also plans by Russia to have the gas paid for in gold. However, it is questionable to what extent the gold hoard built up by Russia will help against sanctions. It is true that now that half of Russia's foreign exchange reserves are no longer accessible, the gold reserve is in the country's own vaults. But it would be difficult for the Russian central bank to sell large amounts of gold to prop up the ruble, because the gold market is not that liquid. In any case, the war started by Russia has two sides, one is the Ukraine issue, and the other is an economic war. And as is often the case, gold plays an important role. Even for the individual, a small treasure of gold means a certain security. To bet on gold also succeeds with the values of the gold companies that can provide for the supply, such as the gold producers Caledonia Mining or OceanaGold.
Caledonia Mining - https://www.youtube.com/watch?v=_aRhOGXM5jk - pays dividends and produces successfully at its Blanket gold mine in Zimbabwe with participation from local investors.
OceanaGold - https://www.youtube.com/watch?v=IYhTVvVWDi4 - owns properties in the Philippines, the USA and New Zealand.
Current corporate information and press releases from Caledonia Mining (
www.resource-capital.ch/en/companies/caledonia-mining-corp/) and OceanaGold
(www.resource-capital.ch/en/companies/oceanagold-corp/).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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