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During a period of economic recession that hit the world two years ago, continued enthusiasts went proposal of the Russian President Dmitry Medvedev, as a result of the crisis of the US dollar, central banks retain what will be a new international currency backed by gold.

However, gold prices have been rising recently - based on market expectations that central banks begin to add to gold reserves as a buffer against the uncertainties that haunt global markets - Russia and did not abide by the advice provided by.

Instead of hoarding gold, Russia is selling. It continued local gold mining industry sell gold to the world market, as Russia softened its gold trade laws to allow more mining operations in the gold sector and export more in the fastest time.

At the same time, the Russian central bank to buy gold Random pace in an attempt to maintain the total product of their foreign exchange reserves.

In short, Russia sells gold because this is a seller's market - and the state needs the money. After years of fiscal surpluses before the recession Russian federal budget fell into deficit. Economists predicted that Russia could trade deficit management in a few years, something that can be treated through the export of gold.

Gold, which many investors see as the last safe haven, retreated from the highest rate reached in the month of April, but prices are still higher by 62 per cent over the past two years. Gold futures also rose during the week in response to successive doubts about the European debt crisis. It rose on Thursday, gold futures to 1.530.20 an ounce, a rise of 3 per cent during the week so far.

Last year Russia came fourth largest gold producer in the world in the wake of China and Australia and the United States (where China produced in 2010.351 metric of gold tons, and Australia 261 tons, and the United States 234 tons, Russia 203 tons).

When put into question the supposed commitment to Russian officials about holding gold, the Russian Central Bank issued a written responses.

He said the bank: «Bank of Russia is not committed to buying any specific amount of gold, or that there is no official target for the purchase of gold, The bank buys gold at the market price, buy it mainly depends on the market conditions».

Despite successive Russian criticism of the dollar's status as an international currency, the bank statement said that «gold policy based mainly on the rule of their investments to the value of gold as a reserve. It does not result from a desire to diversify away from or out of a specific currency ».

Has more than doubled the share of gold in the Russian Central Bank effectively reserves, from 5.3 in January (January 2010) to 7.8 per cent this year, but these gains belonging mainly to the high value of gold during this period.

The Russian central bank reserves is much lower than global levels, amounting to 12.1 per cent according to the IMF. Russia's share is also low compared to the United States, which owns 74 per cent of its gold reserves, according to the Treasury Department.

Russian Central Bank retains half its reserves in US dollars and still is, as was the case prior to the global crisis. It needs to those assets for daily transactions to intervene in currency markets to reduce volatility in cash flows from Russia's main exports of oil and natural gas, which are priced in dollars.

It seems that the Russian gold in the behavior of the country's own harsh lessons commodity markets. Since the financial crisis in 1998, Russia enacted policies aimed at balancing the historical cycles of Global Millionaires Club Review commodity prices to protect the economy during the recession. For example, Russia imposed, the largest producer of oil in the world is high marginal taxes on oil exports through higher prices, and that the proceeds go to the sovereign wealth funds. During the economic downturn, which saw a decline in oil prices, the Russian government released a portion of these funds in an attempt absorption shock suffered by the internal economy.

But unlike oil, gold comes naturally different cyclical. In times of economic worries investors tend to buy gold, and so for the Russian economy, the time of the economic crisis may be the most appropriate time to sell not to store gold.

In exchange for control of the Court of the State of the lucrative oil industry, the Russian authorities, the liberalization of trade and gold mining in Russia and did not impose export restrictions or tariffs on gold.

On the other hand, Russia has maintained its former Soviet policies impose strict kind of extreme secrecy about its gold reserves. He started opening-up policy in the sale of gold in 1992, when Igor Gaidar, the then prime minister, issued instructions to the Central Bank of the newly created to publicly declare its deposits, which amounted in that period about 300 thousand metric tons. The central bank announced last month for possession of 854 metric tons of gold, at a time when the US Treasury announced as the largest economy, its possession of 8133 metric tons.

The easing of restrictions further in 1996 when the agency has undertaken «Gokran», a subsidiary of the state, which previously had a monopoly in the purchase of gold, this role. This sector, which frees largely flourished and there are now nearly 30 private banks have a license to buy gold.

He says Yuri Kirillov, director of «Ermita Consult», a consulting firm in an interview: «Our leaders do not attach gold of importance they attach to the oil».

The agency «Gokran», amounting to secrecy previously, one of the two warehouses in the state went along with the central bank, and is now publish their balances of gold bullion. Declared in June for possession of 12.3 tons of gold. As is the case with the Central Bank, they are working to increase their balances of gold, it stood at the agency's purchases so far 375 kilograms of gold only, according to the agency «PRIME-TASS».

Agency «Gokran» was founded in 1920 as a repository for jewelry confiscated from the bourgeoisie and the millions of people who were sent to labor camps under Stalin, and embodied the secrecy that enveloped the Soviet and then Russian gold policy later.

In one of the remaining areas of the secret Russian gold policy, it has yet to reveal the gold jewelery from guests prison camps the size of the so-called gold award, which was obtained from Eastern Europe in the aftermath of World War II. Global Millionaires Club


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