Russia steps up gold purchases to counter US, European sanctions
Emerging economies also stocking up, driven by fears of negative impact of QE policies
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RUSSIA has stepped up purchases of gold to counter sanctions, while the central banks of China and other emerging markets have also been buying the precious metal.
The overall fear is that the US, Japanese and European quantitative easing (QE) money flows will have a negative impact on global financial stability and regional currencies. Countries wish to hold bullion as a reserve asset and backing for their currencies.
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