by Thinker
In the last year, the Reserve Bank of India bought 8.6 metric tons of goal, its first big purchase since 2009. New Delhi (Sputnik): The Reserve Bank of India (RBI) purchased 8.46 metric tons of gold during the last fiscal year (April 2017 to March 2018). In its annual report, the RBI revealed that it had 566.23 metric tons of gold as of June 30, 2018, compared to 557.77 metric tons in June 30, 2017, indicating that the bank had purchased gold for the first time since 2009 when it had purchased 200 metric tons of the precious metal following America’s sub-prime crisis. India has joined the league of other BRICS countries such as China and Russia that are actively accumulating physical gold as part of their international reserve assets.
sputniknews.com/business/2018090…ates-gold/
Switzerland Unveils 100% Gold-Backed Currency
Switzerland has outlined plans to create a 100 percent gold-backed currency to replace the US dollar as the world’s premiere currency. Following in Russia and China’s footsteps, Switzerland has decided to switch from paper-backed securities in US dollars to something more viable and sovereign – gold bullion. “The Swiss government Pension System decided to change from paper gold in the amount of 700 million CHF into physical gold and store it in Switzerland. The 700 million only stands for 2 percent of the total assets, but it is quite a surprise that they do this,” Claudio Grass, an independent precious metals advisor confirmed.
Rt.com reports: “Physical gold is the best way to hedge as well as to accumulate wealth over decades. If you would have purchased for $100,000 gold in mid 70ties the holding without doing anything would be worth more than $2 million,” the analyst said. Another factor why the pension fund demanded physical gold was that they understand that paper gold just represents a claim on gold in a highly paper-leveraged gold market, Grass explained. “It makes common sense under the actual circumstances to assure it is stored in the home country, Switzerland, instead of London or the US, which reminds me of the central bank repatriation,” the analyst added.
Grass adds that countries are noting the geopolitical shift from West to East and that is why they are buying more real gold instead of the US dollar-based papers.
“The last geopolitical shift that started with WWI and ended with WWII, put the US in a dominant position and it owned and stored 70 percent of the gold reserves of the free world. This is also one of the main reasons why the US won the Empire over from the Brits. Now we can witness another geopolitical power shift, with the rise of the East,” he said. The global debt burden continues to grow, while more than 65 percent of all monetary reserves on this planet are in US dollars, Grass notes.
“Holding physical gold is definitely the:
yournewswire.com/switzerland-gol…-currency/
Gold advances as dollar softens
Gold prices steadied near 18-month lows on Tuesday, attempting a break back above the key $1,200 level as the dollar eased and analysts said the precious metal could have fallen too far. Spot gold was up 0.01 percent to $1,193.41 an ounce. In the previous session, the bullion hit $1,191.35, its lowest since Jan. 30, 2017.
U.S. gold futures settled up $1.80 an ounce at $1,200.70.
The dollar, in which commodities such as gold are priced, edged lower against a basket of its peers as the Turkish lira regained its footing, easing concerns of a negative ripple effect on global markets. “A lot of investors got very disappointed because they thought that gold would be the safe haven in trade conflict and also with Turkey and emerging markets and it wasn’t,” said Georgette Boelle, commodity strategist at ABN AMRO.
“It’s still very difficult to point out where the low is going to be but we are in cheap territory and gold should:
www.cnbc.com/2018/08/14/gold-mar…-high.html