By Daniel Dungate
I have suggested previously that we are going to start seeing a lot more entities/investors convert their phony fiat currency into physical gold and silver.
In a news report that is being predictably ignored by western financial media, Russia announced last week that it will take its gold reserves up to Five Hundred Billion Dollars.
At today’s artificially manipulated price, that translates into Twelve million ounces or roughly Three Thousand Five hundred metric tonnes. Russia’s current amount of Three Hundred and Sixty Billion Dollars represents a Twenty Percent backing of its currency, which is the Highest ratio of Gold to paper currency in the world.
Please note: Until America submits to a completely independent audit of Fort Knox, open for the world to observe, many assume the amount of gold held by America is zero.
Elvira Nabiullina, head of Russia’s Central Bank said : “Recent experiences forced us to reconsider some of our ideas about sufficient and comfortable levels of gold reserves,” - adding that the Russian economy needs the amount of gold reserves to be able to cover negative capital outflow for the next 2-3 years.
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