© AP Photo / Mike GrollЗолотые bars© AP Photo / Mike Groll
MOSCOW, 25 Jul — RIA Novosti, Natalia Dembinski. The country’s gold reserves is very close to the level of 2,000 tons. In the first half, the Central Bank bought almost 106 tons of the precious metal, bringing its share in international reserves to a record 18%. In parallel, the regulator launched a massive dumping of US government bonds, selling off almost the entire U.S. national debt. Why the Central Bank buys gold bars how much he needs and why Russia is getting rid of dollar assets — in the material RIA Novosti.
Now the volume of international reserves of $ 460 billion, the planned Central Bank with a target of $ 500 billion. Moreover, the structure of the reserves over the last decade has changed significantly: the proportion of gold increased tenfold, but the investments in debt securities U.S. Treasury, by contrast, fell to a minimum. In 2010 the volume of investments in us government debt reached 176 billion dollars. The issue of de-dollarization and reduce the related assets ripe for a long time.
After the United States began to impose sanctions and any threat of disconnecting Russia from the international system of payments and limitations on transactions with the Russian public debt, the Central Bank took decisive action. For six months the regulator has reduced investments in treasuries up to a paltry $ 15 billion.
The debt pyramid
The world has accumulated too much unsecured debt (the current level of global debt — 247 trillion, or 318 percent of global GDP). Under these conditions, the reserves of gold — anchor; they are unable to depreciate sharply, in contrast to those of treasuries.
Remember 2008-the year: the threat that some countries, in particular China, will bring down the value of U.S. debt was real.
This is possible now — on the background of the expanded the trump trade war.
«If suddenly, for whatever reason, a number of States will show US all the paperwork for payment, they just depreciate. This pyramid, because the US debt, apparently, did not pay off ever. It will work as long as you believe in it», — said Alexander Egorov, currency strategist at Oanda.
Such risks and insuring the gold. Of course, the precious metals are less liquid than bonds of the United States or Germany, it may become more expensive and cheaper. But in the case of the collapse of the dollar system gold is definitely not worthless. Keeping the function of means of payment in world trade, the asset reduces the dependence on any currency.
In February Russia entered the top five countries on a gold standard, for the first time, overtaking China. At the current pace of purchases of Russia in three years may take the third place among the largest holders of gold. And in ten to fifteen years to update the record of the Soviet period: 2800 tonnes, said Timur Nigmatullin, an analyst of the company «Opening Broker».
However, to abandon the dollar completely fails. The world financial system is arranged in such a way that it accounts for 70% of all calculations. «Russia sells oil, and it is denominated in dollars. Accordingly, in order to support import and export operations, a significant portion of the reserves must be in U.S. currency», — said the expert.© RIA Novosti / Oleg Elastokinematic in fotobanka gold© RIA Novosti / Oleg Elastokinematic in fotobanka gold
Gold will soar in price
Continuous operation of the printing press, increasingly threatening the stability of the global economy, acceleration and the price of gold. And will affect not only monetary factors, but also problems with supplies.
According to the forecasts of Goldman Sachs, in the coming years the volume of world gold production will begin to decline, and by 2022, according to estimates Goldcorp, one of the largest gold mining companies, the production of precious metals will sink to the level of the beginning of the XXI century.
The USGS believes that the gold reserves in the bowels of the earth is already exhausted by 2034.
Analysts believe that the combination of all the factors will cause a truly explosive growth in the yellow metal prices to two thousand or even three thousand dollars per ounce.