12, November 2017
Russia buying gold at ‘record pace’ 0
The latest market figures show Russia has increased its purchases of gold to record highs in what appears to be part of the country’s policy to cushion itself against the sanctions of the United States.
Figures released by the World Gold Council (WGC) show that the Central Bank of Russia bought 63 tonnes of the precious metal in the third quarter of 2017. The WGC added in a statement that the Russian stockpile of the bullion had already reached 1,778.9 tonnes as of the end of September.
In September only, the regulator added 34.6 tonnes of bullion to its reserves, in the highest monthly increase since October 2016, reported the Russian news website Sputnik News citing the country’s business newspaper Kommersant.
Currently, the Russian Central Bank has been ranked sixth in the world in terms of bullion reserves. The top five are the United States (8,133.5 tonnes), Germany (3,373.7), Italy (2,451.8 tons), France (2,435.9) and China (1,842.6).
At the same time, according to the WGC, the Russian Central Bank is leading in terms of the pace at which it is stockpiling gold.
Russia’s campaign to collect gold is meant to enable the country to have guarantees amid the tightening of the US Federal Reserve’s policy and amid the growing tensions between Moscow and Washington. Russia also wants to protect its reserves against possible geopolitical risks.
Market analysts also suggest that the Russian Central Bank will continue to expand its gold reserves.
If the Russian Central Bank continues to buy gold at the same pace Russia is likely to topple China as the world’s fifth-biggest holder of bullion in early 2018, according to Kommersant.
Culled from Presstv




















12, November 2017
40 Conservative MPs ready to oust Prime Minister Theresa May 0
Nearly 40 Conservative MPs have agreed to sign a letter of no confidence in Prime Minister Theresa May, according to The Sunday Times.
A vote of no confidence means that May could be forced from office and replaced by another Conservative.
There is a need for eight more MPs to trigger a party leadership contest. That is not unlikely as the number of parliament members, who want to oust May, has increased in recent weeks.
One minister told the paper, “It’s a horrible thing to say… but we are getting closer and closer to the point whereby we need some time in opposition to regroup.”
Divided over how to pull Britain out of the European Union and hit by several sex scandals involving ministers, May’s government has been getting weaker in asserting control over the country’s chaotic political situation
On Friday, EU Brexit chief Michel Barnier handed Britain a two-week ultimatum to make concessions on a divorce agreement if it wants to unlock the next phase of talks in December.
Frenchman Barnier said it was “vital” for Britain to increase its offer on its exit bill — a figure senior EU officials put at up to 60 billion euros — to open up talks on a future trade deal.
Tory Brexiteers, however, warned May over the ultimatum, advising the premier against giving in to the EU demands.
One Conservative former cabinet minister called the demands “unacceptable,” while another prominent backbencher said any more concessions would be a “sign of weakness.”
May has also come under criticism after two lawmakers from the Labour Party and two from the Conservative Party were accused of harassing and propositioning young women inappropriately.
UK Defense Secretary Michael Fallon has also resigned from his position after accepting his misconduct toward a female journalist in the past.
Source: Presstv