Buy Gold As “Extremely Low-Risk Asset” Says Rogoff As Russia Buys 500,000 Ounces In April
Buy gold as it is an “extremely low-risk asset” is the advice of Professor Kenneth Rogoff to emerging market, creditor nation central banks including the People’s Bank of China (PBOC).
Rogoff believes that there is a good case to be made that emerging market central banks, such as the People’s Bank of China who have over $3.3 trillion in foreign exchange reserves, accumulate gold as this would “help the international financial system function more smoothly and benefit everyone”.
Russian central bank bought another 500,000 troy ounces of gold in April (ShareLynx)
The latest data from Russia over the weekend shows that the Russian central bank bought another 500,000 troy ounces of gold in April.
Russia and China continue to be the largest sovereign buyers of gold today and central bank demand remained robust in the first quarter of the year – central banks purchased 109 metric tonnes. This represents the 21st consecutive quarter that central banks have been net purchasers of gold as they continue to diversify their huge exchange reserves and significant US dollar exposures.
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