Russia boosting gold holdings as defence against 'political risks'
By GCRU Gold News on Wednesday, May 27 2015, 03:05 - Permalink
Russia is increasing its gold holdings because gold is a reserve asset that is free from legal and political risks, a senior central banker said on Tuesday.
The comments by Dmitry Tulin, who manages monetary policy at the central bank, reflect Russian fears that the country's overseas assets could be frozen as part of a possible toughening of Western sanctions over the Ukraine crisis.
"As you know we are increasing our gold holdings, although this comes with market risks," Tulin told lawmakers in the lower house of parliament.
"The price of it (gold) swings, but on the other hand it is a 100 percent guarantee from legal and political risks."