Russian gold investment alternative to U.S. dollar
- Published: Jan 29, 2019, 5 AM
The chief executive officer of the Moscow Exchange, Alexander Afanasiev, is advocating investments in Russian gold, as opposed to the U.S. dollar.
Afanasiev delivered his remarks recently before members of the 450-member Duma, the lower house of the Russian Federal Assembly.
Afanasiev argues gold stored in Russia should be offered as a bullion option to pro-U.S. dollar investors seeking a safe haven for their investments.
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Since 2015, Russia’s central bank has outpaced the central banks of other nations in acquiring gold, with 828 metric tons of the metal added to the stockpile over the past four years. The purchases have brought Russia’s gold reserves to 2,036 metric tons.
In a recently released report, Bart Malek, head of global strategy for TD Securities, professed that central bank gold holdings, since historic lows in 2009, have grown 13 percent to 3,900 metric tons, with another 800 metric tons anticipated to be added over the next two years.
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