Putin Turns Black Gold Into Bullion as Russia Out-Buys World

By Scott Rose & Olga Tanas - Feb 10, 2013 3:00 PM ET

When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.

Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.   LINK...
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World Gold Demand Up 6% In Third Quarter

Market Watch
By Francesca Freeman

LONDON (MarketWatch) -- World gold demand rose 6% in the third quarter, boosted by a 33% increase in investment demand as the deteriorating economic landscape in Europe heightened the appeal of the yellow metal as a hedge against insecurity, the World Gold Council said Thursday.

Third-quarter gold demand totaled 1,053.9 metric tons, up from 991.1 tons in the same period of 2010, the industry body said in its latest Gold Demand Trends report. In dollar terms, this equated to $57.7 billion, an all-time high in value terms.   LINK...