Russia has produced more than 185.1 tons of the precious yellow metal from January to July this year, according to recent data published by Russia’s Finance Ministry.
This is a 17.8 increase compared to the same period in 2018, when the volume of bullion production stood at nearly 157.2 tons, the ministry said in a statement.
Silver did not post the same gains, however, as the production of the metal saw a 6 percent drop over the reported period. Its year-on-year output fell from 585.3 tons in 2018 down to 549.9 tons in 2019.
© Pavel Lisitsyn © Sputnik
Russia has been steadily piling up gold in its national reserves which currently amount to $548.7 billion. The bullion holdings alone are worth around $108 billion and topped 2,261 tons (72.7 million troy ounces) as of December 1, according to the country’s central bank. It brings Russia’s gold purchases in January-November to nearly 150 tons.
Moscow’s growing appetite for the yellow metal comes as Russia, together with some other countries, is diversifying its reserves away from the US dollar. Through October of this year, central banks around the world filled their coffers with some 562 tons of gold and this year’s global bullion purchases are expected to roughly match last year’s total of over 650 tons.
How long still needed to ditch the worthless dollar completely?
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The Empire has grown out of its humble Republic beginnings. Pieced together with the fragments of the last great Empire it now slithers over sovereign jurisdictions, like water seeking its own level, through the tentacles of the Five Eyes Network. This was made all the more obvious by the parachuting of Mark Carney from his position as the head of the Confederation of Canuckistan's central bank to that of Britain's in; that centre of the world's financial dominance; London.
You may be interested in a more detailed explanation of how the Banksters are, themselves, moving from the USD dominance as the world currency in the following James Corbett episode, in preparation of the collapse of which you herald.
If you are thinking that they are sitting around picking their noses while the Petro Dollar is made more vulnerable daily by Yemen drones or strategically scuttled tankers in the Strait of Hormuz, then you would be sadly mistaken in my opinion.
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