Russia becomes world's largest buyer of gold

The IMF could not but pay attention to recent actions of the Russian authorities. It turned out that the Bank of Russia became the world's largest buyer of gold among all central banks of the planet as of January 2016. International Monetary Fund experts said that the Bank of Russia acquired 688,000 ounces of gold.

The statistics did not include China. Reportedly, the Chinese central bank purchased about 520,000 ounces of gold in January.

"This is a quiet attack on the almighty dollar. Russian President Putin buys a lot of gold without attracting much attention to it. As long as political circles fear a new cold war between Moscow and the West, this war has already erupted in the financial sector," Germany's Die Welt wrote.

According to German economists, Putin is trying to undermine the power of the United State and Europe. Those who buy gold stand in the way for Western currencies in their global domination. This is a part of Putin's plan for world domination, economists say.

Noteworthy, Want China Times reported with reference to Duowei News that China's enormous gold reserves may crush the US currency." The publications also said that Russia had doubled its gold reserves since 2005.

Leading publications of the world started the buzz about anti-dollar intentions of Russia and China. "It appears that Russia and China have indeed decided to create a counterweight to the supremacy of the dollar," Die Welt's economic analyst Holger Zsch├Ąpitz said. He adds that "the Kremlin has been secretly and purposefully buying gold for eight months already.

Russia becomes world's largest buyer of gold