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Gold shock: Russia frees depending on the dollar



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Russia continues to progress rapidly to diversify its foreign exchange reserves, reports Bloomberg.

According to the Central Bank's gold and foreign currency reserves of Russia in February 2019 increased by 31.1 tons until March 1 reached the level of 2149 tons. Russia in January increased gold reserves by 6.22 tons.

Several sources in business led to Bloomberg, gold may be a problem, as more and more countries are adopting a strategy similar to that in Russia. American partners, such as France, Poland and Hungary have already started to like buying gold or watch its dependence on the US dollar as the sovereignty issue.

Chief Economist "Renaissance Capital" Oleg Kuzmin, is considered to be a continuation of tensions with Washington results in Russia continues to increase the amount of gold in its foreign reserves.

Already now we can talk about some of the events that the Central Bank of Russia has been achieved in this area.

Ronald-Peter Stoeferle, Inkrementum AG management partner, said that "gold profits" Russia influenced the increase in world prices for gold in recent years.

The price of gold rose more than 20 percent since 2016, reaching 29 March at around $ 1,300 per ounce.

In the previous month, economists estimate that the Central Bank of Russia earned income of at least tens of billions of dollars due to the rising prices of their assets in gold.

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