What’s Russia Doing with Its currency?

Jun 10
Russia buys more Gold

Russia goes for Gold

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.

Russia’s Central Bank is determined to increase the country’s gold reserves to its previous levels in 2013, from Three Hundred and Sixty Billion Dollars up to Five Hundred Billion Dollars.

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. 

If you want a simple and tax efficient way to Privately  increase your personal gold reserves, take a look at the FTA Asset Protection Bond Portfolio Builder.