As China has cooled her heals as far as adding more physical gold to their official gold holdings, Russia pushes forward. Another month, another big pile of gold added Russia’s central bank holdings.
While 8.5 tons is down from their norm, which is usually mid-high teens of tonnage per month, it is still pushing them higher in gold holdings.
The interesting part of the China equation is the fact that Russia agreed to sell China upwards of 100 tons per annum beginning last year.
As we reported in September 2016
Wether China is going to making jewelry, trinkets or has other ideas we can confirm Russia will be supplying China with a lot of gold in the coming months and years – from Reuters
VTB Bank, Russia’s second-largest lender, said on Tuesday:
* VTB plans to supply 15-20 tonnes of gold to China in the next 12 months;
* VTB plans to continue increasing gold supplies to China, the exact volume of supply is subject to demand in the region;
* In April, VTB said it aimed to supply between 80 and 100 tonnes (2.57-3.22 million troy ounces) of gold to China per year;
* In the second quarter of 2016, VTB dispatched its first batch of gold to China, becoming the first Russian bank to start direct supplies of physical gold to the world’s largest buyer and consumer of the precious metal.
This post was published at Alt-Market on Tuesday, 25 July 2017.
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