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Why is Putin stockpiling gold?

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  • Why is Putin stockpiling gold?

    Yes, why indeed.... I keep thinking of Rickards book "Currency Wars" as I read this article. Wonder if "the bear" has read Rickards as well.

    I can’t imagine it means anything cheerful that Vladimir Putin, the Russian czar, is stockpiling gold as fast as he can get his hands on it.
    According to the World Gold Council, Russia has more than doubled its gold reserves in the past five years. Putin has taken advantage of the financial crisis to build the world’s fifth-biggest gold pile in a handful of years, and is buying about half a billion dollars’ worth every month.

  • #2
    Re: Why is Putin stockpiling gold?

    I think what is happening is more a function of Russia keeping its gold production and/or Russian oligarch owned gold company/Russian government interaction than buying more gold in the open market.