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Russia is playing aggressively on the world gold market. What a last-minute maneuver the "tsar" ordered from the Kremlin

13 July 2021

According to the saying, in troubled times you have to buy gold, the Russians bought huge amounts of gold, only in the first months of this year. Gold is the only "currency" that never devalues, warn Moscow specialists.According to the daily Izvestia, the population bought only this year over 11.8 tons of gold, either in the form of jewelry or directly in coins or bullion. Russian journalists claim that in 2021 there was an increase of nine percent in the case of buying gold.

Dmitry Enukov, director of Rosbank's Investment Solutions Development Department, says people's interest in buying gold stems from the fact that capital markets are volatile and the national currency is constantly devaluing. For this reason, gold is considered a good investment in troubled times. For example, in 2019, the Russians bought 3.7 tons of gold.Another reason, say experts from the Moscow Ministry of Finance, is the dedolarization of the Russian economy. The National Welfare Fund (ETF) has given up the US dollar, most likely as a response to anti-Russian policies. To date, the US dollar accounts for 35 percent of the huge business of the ETF."As a result of these operations, the dollar was excluded from the ETF structure, the share of the pound sterling was reduced to five percent, the share of the euro and the Chinese yuan were increased to 39.7 percent and 30.4 percent, respectively." while the share of gold reached 20.2 percent ", said the Ministry of Finance.

Hungary is consolidating its gold reserve

Recently, the Prime Minister of Hungary, Viktor Orban, declared that the world can no longer continue to live according to the pre-pandemic model. Hungary's gold was repatriated from the big banks where it was stored."The large amount of gold is important for people, because they need money, and for that money must have value. The value of money is guaranteed by three factors: gold, the central bank and the government, "said Orban.The prime minister of Budapest also made a prophecy that some see as apocalyptic.Confused times are coming, dangerous times are coming, the world can no longer continue its life before the pandemic, in such times we need reserves, coverage and security ", the Hungarian prime minister added.

Hungary currently has an estimated gold reserve of 63 tonnes.