Лучшая защита – нападение
(The best defence is an attack)
Central banks have now been the biggest buyers of gold bullion for two years.
Yet almost none of this buying is coming from Western central banks.
You see, in the late 90s, Western central banks dumped the metal.
Australia dropped 167 tonnes of gold in one day in 1997.1
Canada sold some 500 tonnes between 1992 and 2002, leaving the Bank of Canada with zero gold in the vaults.2
The infamous ‘Brown’s Bottom’ saw Gordon Brown — the Chancellor of the Exchequer in the UK at the time — sell 395 tonnes of the yellow metal over three years.
None of those countries have bought an ounce of gold since.
This is in stark contrast to the central banks of Russia, China, Iran, Malaysia, Poland, Kazakhstan, Hungry, the Netherlands, Turkey, Mexico, Brazil and India, to name the more recent buyers.3
The point is, many central banks around the world are increasing their gold reserves.
Partly for protection from US sanctions and partly in a bid to move away from the US dollar.
Russia has been the largest buyer for over a decade, quadrupling its yellow metal position in that time.
As Jim explains today, it looks like Russia has revealed its strategy. It isn’t just out to protect itself from the US dollar, but may be launching a full-scale attack against US dollar dominance.
Until next time,
Australia’s ‘Miracle Economy’
WHY OUR LUCK IS ABOUT TO RUN OUT…
Australia’s recession-free economy is now a world record. We surpassed Japan’s previous record three years ago…
In fact, if you’re under 28 years old, Australia hasn’t had a recession in your lifetime…
Australia’s last recession ended in June 1991. Compared to the rest of the developed world, we breezed through the GFC, the ending of the commodities boom, the dotcom crash and the Asian financial crisis…
It’s a fascinating and insightful interview. Simply enter your email address in the box below and click ‘Send Me My FREE Report’.