It’s a little difficult to see what the larger problem is at this moment, Russia becoming a top buyer and depleting the West of its gold, or the fact that Canada has absolutely no gold because its strategy was to sell it for worthless paper currency. If that doesn’t ring alarm bells in people’s heads, who knows what will — likely nothing.
Moscow added 356,000 ounces of the precious metal to its reserves in February, according to data from the International Monetary Fund (IMF).
Russia continued to hoard gold last week, increasing its foreign reserves by another $5.8 billion to $387 billion.
China has also consistently been adding more gold to its reserves, and is said to have bought about 320,000 ounces in February.
By contrast, Canada — one of the world’s top 10 gold producing countries — has recently wound down its gold reserves to basically nothing after a multi-year strategy of selling them off in favor of hoarding other countries’ currencies.
According to the Department of Finance’s official international reserves data released in early March, Canada’s gold reserves were down effectively to $0 as of the end of February.
Full article: Russia now world’s top gold buyer after surpassing China in February (World Tribune)