Commentary: Russia is bulking up its gold reserve
By Brett Arends
I can’t imagine it means anything cheerful that Vladimir Putin, the
Russian czar, is stockpiling gold as fast as he can get his hands on it.
According to the World Gold Council, Russia has more than doubled its
gold reserves in the past five years. Putin has taken advantage of the
financial crisis to build the world’s fifth-biggest gold pile in a
handful of years, and is buying about half a billion dollars’ worth
every month.
It emerged last month that financial gurus George Soros and John Paulson
had also increased their bullion exposure, but it’s Putin that’s really
caught my eye.
No one else in the world plays global power politics as ruthlessly as
Russia’s chilling strongman, the man who effectively stole a Super Bowl
ring from Bob Kraft, the owner of the New England Patriots, when they
met in Russia some years ago.
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