Putin is buying the gold in anticipation of the economic war with the West – Western media

“Cold” war may prompt Russia to withdraw from foreign currencies, dominated by the dollar. Russian central bank buying gold can say that Russia is preparing for the economic war in the West, writes The Sydney Morning Herald magazine.

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Purchase of gold by Russia may occur amid expectations of the beginning of “cold” war. Given the volatility in the currency market, nothing wrong with buying gold.

“We see a lot of comments in the media that Russia could unleash a new “cold” war. If that happens, I think, the logical result will be some diversification”, – says the author.

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“Russia is rich in natural resources and China is relatively poor. These countries border each other, and between them is due to start trading, and all this stuff now priced in dollars. I think in the future there will be a continuation of the trend for a further departure from the foreign currencies, including dominated by the dollar”, – said in the article.

According to some forecasts, the devaluation caused by the Russian crisis, “eat” a huge part of bank capital. Even at 45 rubles to the dollar, the impact on the balance sheets of Russian banks will be at a level of 1 trillion rubles.

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