| The currencies of Russia and China are moving to become as "good as gold," F. William Engdahl notes, explaining why the countries are buying gold at a steady pace. Since US President Nixon unilaterally abrogated the 1944 Bretton Woods Treaty in 1971 the US dollar has been no longer backed by gold; however, gold still remains as a store of value which paper money cannot compete with.
Remarkably, the Central Bank of Russia became the world's leading purchaser of gold, as it bought 356,000 ounces of the precious metal in February 2016, according to the International Monetary Fund (IMF). In general, Russia increased its reserves of monetary gold by 208.4 metric tons in 2015 and continues to buy the precious metal at a growing pace...............................................Full Article: Source
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