Leonid Bershidsky: Putin's big bet on gold is paying off

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By Leonid Bershidsky
Bloomberg News
Tuesday, June 25, 2019

For years Russia has been the world's biggest sovereign gold bug. Even while gold prices were in the doldrums, it doggedly kept increasing its reserves. Now that gold is at the highest level since 2013, the tactic appears to be paying off.

... Dispatch continues below ...



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Glint Completes L5 Million Private Placement
and Welcomes Sprott as Strategic Investor

Company Announcement
Thursday, June 13, 2019

Glint Pay Inc. (glintpay.com), the first-mover company that enables physical gold to make instant payments using a debit Mastercard, today announced the completion of a private placement of L5 Million in London-based parent Glint Pay Ltd. The financing was led by Sprott, an alternative asset manager and a global leader in precious metal and real asset investments with approximately $8 billion in assets under management.

Founded in the United Kingdom in 2016, Glint established the first app-based account in February 2018 giving clients in Europe a low-cost way to buy, sell, and save physically allocated gold and for the first time instantly spend it via the Glint Mastercard anywhere Mastercard is accepted. Glint Pay then added multiple currency wallets, including U.S. dollars, British pounds, and euros in July 2018. The company is working on its launch into the United States. ...

... For the remainder of the announcement:

https://glintpay.com/en_us/glint-en_us/glint-completes-5-million-private...



The U.S. dollar's dominance as a global reserve currency is commonly thought to result from the dearth of safe assets. Russia, however, recently has provided an example of how a sizable economy with the world's fifth-biggest international reserves can minimize dollar assets and still do well. So far it doesn't have many followers, but gold buying by central banks is going up. ...

... For the remainder of the report:

https://www.bloomberg.com/opinion/articles/2019-06-25/putin-s-gold-bet-i...

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