Russian financial analyst expects gold price suppression


Russia Ditching U.S. Treasuries for Gold to Protect Economy and Diversify, Analysts Tell RT

From Russia Today, Moscow
Sunday, July 22, 2018

Russia ditching U.S. Treasuries for gold in bid to protect economy and diversify, analysts tell RT

Russia has left the top-30 list of top lenders to the United States by radically slashing US Treasury bills ownership. RT-polled analysts have shared their opinion on the move.

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"Both political and economic reasons could be found here. The central bank may have thought that Russian-owned Treasuries could be frozen because of geopolitical tensions. The regulator announced in the spring that it plans to diversify its reserves," said Zhanna Kulakova, financial consultant at TeleTrade.

The analyst thinks the Russian central bank could re-invest the money from the sale into Chinese bonds and gold. "Gold is a tangible asset that cannot be completely depreciated under any circumstances. In periods of global financial or political crises, gold will be much more useful than securities or cash," Kulakova said, noting that gold is also prone to price fluctuations from time to time. ...

Vladimir Rojankovski, an expert at the International Financial Center in Moscow, gives another reason for Russia withdrawing its assets from the United States. "They could be frozen by foreign courts based on the results of biased/politicized legal proceedings," he said. ...

Rojankovski praises the move by the Russian central bank to diversify, but warns that gold prices could be manipulated on the market like oil. "In the event of a global decline in the interest of large sovereign investors in U.S. Treasury bonds, I expect an increase in speculative activity in precious metals in order to artificially lower their market valuation," he said.

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