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Russian Banks Buy 181.4 Tons Of Gold In 2013 | Zero Hedge

Russian Banks Buy 181.4 Tons Of Gold In 2013 | Zero Hedge.

With headlines crowing of gold’s worst year since 1981 as a signal that the status quo is winning and proof positive that fiat-currency naysayers must be wrong, it would appear that the rest of the world’s central banks (and banks) have used the price depreciation to stack the precious metal. As Bloomberg reports,

  • *RUSSIAN BANKS BOUGHT 181.4 TONS OF RUSSIAN GOLD IN 2013: RIA
  • *RUSSIAN BANKS BOUGHT ALMOST 90% OF RUSSIA 2013 GOLD OUTPUT: RIA

This 5.834 million ounce addition (8.3% YoY) is more than double that of Russia’s central bank additions in 2013 with Bitcoin-favoring Sberbank piling up 48.5 tons alone in 2013.

 

Russia’s central bank added 2.485 million ounces to November – so the bank additions are very large…

 

Biggest buyers according to Finance Ministry include Sberbank (48.5 tons), VTB (38.9 tons), Gazprombank (29.1 tons), Nomos Bank (19.6 tons), Lanta Bank (8.6 tons).

So, like China, we are sure Russia will be sending a big “Thank You” to the Fed (and BIS) for their efforts.

 

Russia’s Largest Bank Proposes Bitcoin Alternative | Zero Hedge

Russia’s Largest Bank Proposes Bitcoin Alternative | Zero Hedge.

Hot on the heels of JPMorgan’s “web cash” developments in the virtual currency arena, the CEO of Russia largest bank – Sberbank – appears to be looking for alternatives…

  • *SBERBANK CEO GREF SAYS FUTURE BELONGS TO VIRTUAL CURRENCIES
  • *GREF SAYS DEVELOPMENT OF VIRTUAL CURRENCIES ‘CAN’T BE STOPPED’
  • *SBERBANK CEO CALLS FOR GREATER REGULATION OF VIRTUAL CURRENCIES
  • *SBERBANK MAY FORM OWN VIRTUAL CURRENCY ON BASIS OF YANDEX MONEY

When a pseudonymous ‘Japanese’ coder creates a crypto-currency that gains acceptance among thousands of vendors, it’s dismissed by the powers-that-be and called a ponzi scheme by the MSM. One wonders what happens when the largest banks of the US and Russia sanction the ‘idea’ of a decentralized, unregulated, ‘money’ transfer system.

Via Bloomberg,

“We are at a new stage of technological development. I can’t imagine how it can be stopped,” Sberbank CEO Herman Gref tells reporters in Moscow.

 

Gref says virtual currencies need greater regulation

 

“These experiments must end in one or two crashes” before virtual currencies become firmly established, Gref says

 

Says Yandex Money isn’t “a currency but it’s a first step in that direction”

 

Of course, the difference is – the banks want to own it…

 

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