Currency Wars Back As Russia Buys Gold – One Million Ounces in March Alone
– Russia buys one million ounces and increases gold reserves by another 2.6% in March
– Russia sees gold as important monetary and strategic asset in stealth currency wars
– Large purchase by Russia who normally buy some 300,000 ounces
– Russian gold reserves, at nearly 40 million ounces, are now fifth largest in the world
– Russia likely coordinating gold reserve accumulation with Ex Soviet States
– Concerns re euro and of crisis in erstwhile reserve currency, the dollar
– Gold remains central to international monetary system
– Central banks continue to accumulate large volumes

Since 2005, Russia’s gold reserves have increased three-fold. As a comparison, in the second quarter of 2009, Russia only had 550 tonnes of gold in its official reserves meaning that their reserves have doubled in recent years.