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overtheedge
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Russia and China building their gold reserves

- Alasdair Macleod - Finance and Eco.

There is also the difference in citizenry's concept of money, security and wealth between the West and the East (Russia included).

Savings is wealth in the East. It is security.

Credit card limits is wealth in the West. It is security.

Now factor in the why of credit scores and credit card limits. The parents of the boomers made the conscious choice that their offspring would never suffer from the stoicism demanded by a life of austerity.

The East is just emerging from austerity and hasn't as yet gotten drunk on managed debt.

Government is just a reflection of the people. It is a protection racket. It is the perception of security. Little different from the security of knowing you still have several hundreds of dollars worth of headroom on your credit card. Or that dozens, possibly hundred ounces of gold is saved in the floor.

Now expand that. Spending limit to be passed by Congress that hasn't passed for years versus packing away several hundred more tons of gold each year.

Commented 4120 days ago

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Beginning of the headline :Western economic commentary on China and Russia is usually coloured by monetarist assumptions not necessarily shared in Moscow and Beijing. For this reason, Russian and Chinese fiscal and monetary policies are misunderstood in financial markets, as well as the reasons their governments buy gold. China has been notably relaxed about her own people acquiring gold, and the government itself appears to be absorbing all of China’s mine output. Russia is also building her official reserves from her... Read More

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