Continuation of the newspaper "The Observatory" by the use of a comprehensive news
Newspaper Almrsd- Sky News: Russian President Vladimir Putin recently asked to break his country's dependence on the US dollar, which caused a wave of Russian demand for gold in all senses of the word.
The increase in gold reserves
Within ten years, Russia has doubled its gold reserves four times, and in 2018 years, more ambitious during this decade, according to Bloomberg data site. The Russian Central Bank data show that the gold reserves rose by one million ounces last February, the largest number since last November.
Diversify from US assets
These data indicate that Russia is making rapid progress in its efforts to diversify from US assets. On the global economic impact of this, analysts expect the drafters of the term "cancellation dollarization", countries pay more for such a philosophy, and predict that this could mean a step on the dollar acquisition of desire in comparison with other assets, such as gold or Chinese yuan.
Issue of sovereignty
The French president said Emmanuel run, in an interview with & # 39; nd CNN last November, European companies and entities are heavily dependent on the US currency, describing it as "a matter of sovereignty," Some say that Moscow will have to import more gold. to prevent geopolitical turmoil and a threat to introduce more stringent US sanctions with the continuing deterioration in relations between Washington and Moscow.
For the first time, the purchase of gold last year, ahead of the delivery minutes, while other analysts argue that the demand for gold in Russia is slowing down. Said Oleg Kuzmin, chief economist at Renaissance Capital in Moscow, a former adviser to the monetary Central Bank's management policy: "If you reach the local purchases of gold to the limit, I think that the central bank will begin to import gold," he said, adding that taking into account the geopolitical risks, the central bank is likely to continue to increase the proportion of foreign exchange reserves. The representative of the Russian Central Bank refused comment on his purchases of gold.
Russia's reserves on dollar
This is among the things that can keep reserves of Russia on the dollar at a high level & # 39 is the country's dependence on exports of primary commodities, such as oil, denominated in the US currency, as well as three-quarters of annual trade is estimated at about $ 600 billion, that is, in dollars. And it helped the central bank purchases to support the price of gold in recent years.
The price of bullion rose by 20 per cent since the beginning of 2016, knowing that the price of an ounce of Saturday morning in London fell 0.2 percent, to settle at $ 1,288.39 at 8:25.