Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/7/2012 (2 years ago)

Catholic Online (www.catholic.org)

Ruthless Russian strongman has been collecting bullion on a monthly basis

Russian President Vladimir Putin is buying gold as fast as he can. Russia has more than doubled its gold reserves in the past five years, according to the World Gold Council. Putin has reportedly been buying about half a billion dollars' worth of the precious metal every month. What can this mean?

Russian strongman Vladimir Putin is notorious for his global power politics. A favorite anecdote is how the wily Putin was able to steal a Super Bowl ring from Bob Kraft, the owner of the New England Patriots, when they met in Russia some years ago.

Russian strongman Vladimir Putin is notorious for his global power politics. A favorite anecdote is how the wily Putin was able to steal a Super Bowl ring from Bob Kraft, the owner of the New England Patriots, when they met in Russia some years ago.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/7/2012 (2 years ago)

Published in Business & Economics

Keywords: Vladimir Putin, gold, gold purchases, global economy, doom


LOS ANGELES, CA (Catholic Online) - Financial gurus George Soros and John Paulson have likewise stepped up their purchases of gold recently, but none had aroused so much interest as Putin. 

The Russian strongman is notorious for his global power politics. A favorite anecdote is how the wily Putin was able to steal a Super Bowl ring from Bob Kraft, the owner of the New England Patriots, when they met in Russia some years ago.

There are two ways to look at gold in the broad scope of the 21st Century global economy. It's seen by many as a foolproof investment, which by contemporary standards makes little sense. Gold generates no cash flow and serves no practical purpose. Multi-billionaire Warren Buffett has pointed out that the world digs itself out of one hole in the ground only to stick it in another.

Gold has never really been "real" money. "Money is just an accounting device, a way of keeping track of how much each of us produces and consumes," columnist Brett Arends with Market Watch writes. "Gold is a shiny and somewhat tacky looking metal that is malleable, durable and heavy."

However, Arends points out, gold is the most liquid reserve in times of turmoil -- or worse.

The preeminent story of the times, Arends warns, is the fact that the sun has begun to set on the United States status as the sole superpower. 

"As was first reported here in April of last year, according to International Monetary Fund calculations, the U.S. is on track to lose its status as the world's biggest economy - when measured in real, purchasing-power terms - to China by 2017.

"As investment bank bonus pools continue to shrink, banks are expected to continue to lay off staff," Arends writes.

"We will soon be the first people in two hundred years to live in a world not dominated by either Pax Americana or Pax Britannica. This sort of changing of the guard has never been peaceful. The declines of the Spanish, French and British empires were all accompanied by conflict. The decline of British hegemony was a leading cause of the First and Second World Wars . What will happen as the U.S. loses its pre-eminence?"

Arends comes short of being a total doomsayer. "Maybe this will turn out better than similar episodes in the past. Maybe the Chinese will embrace an open society and the rule of law. If you believe that, there is probably no reason to hold any gold."

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for February 2015
General Intention:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Missionary Intention: That married people who are separated may find welcome and support in the Christian community.



Comments


More Business & Economics

SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


80 MILLION Americans have their privacy invaded in Anthem data breach Watch

Image of An internal investigation, days later verified that the company was a victim of a cyber-attack, the company said, and federal authorities were alerted.

By Catholic Online (NEWS CONSORTIUM)

Insurance giant Anthem suffered a massive security breach when hackers broached computer safeguards and mad a wild data grab. Up to 80 million Americans have had their privacy effectively invaded, although authorities say more sensitive information was not ... continue reading


Electronic giant RadioShack files for bankruptcy - but will keep some stores open Watch

Image of The Chapter 11 filing, made in federal bankruptcy court in Delaware, surprised few. RadioShack had not turned a profit since 2011.

By Catholic Online (NEWS CONSORTIUM)

RadioShack, an iconic, 94-year-old electronics chain has filed for bankruptcy protection. The company has decided to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. LOS ANGELES, CA ... continue reading


Is your bank account suffering? Here are 5 INCREDIBLY EASY TIPS on how to save money! Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Saving money is not a simple task. It is hard to resist eating out or buying the hottest new music. How can your savings account grow when spending money is so easy in today's world? LOS ANGELES, CA (Catholic Online) - Whether you're planning on moving or looking to ... continue reading


Game over: Saudi Arabia threatens to increase oil production to dangerously drive America out of the oil market Watch

Image of America's rising oil production has threatened Opec's control of the global oil market, but Saudi Arabia may be striking back, upping its own production in order to drive costs beyond the ability of American oil corporations to compete.

By Matt Waterson (NEWS CONSORTIUM)

Despite the continuing decline of the price of oil, Saudi Arabia has actually increased its oil production in an attempt to gain a victory in the oil war against shale drillers in the United States. LOS ANGELES, CA (Catholic Online) - The Middle Eastern oil ... continue reading


Talk about a killer app! Apple posts largest profit in history of mankind Watch

Image of The iPhone 6, which has helped Apple post the record largest profit ever made by a corporation.

By Matt Waterson (NEWS CONSORTIUM)

Apple has sold 74.5 million iPhones in just the last three months, helping the tech giant's profits soar to $18 billion, up more than 37 percent. LOS ANGELES, CA (Catholic Online) - This is the largest profit ever made by a corporation, edging out the $16.2 billion ... continue reading


ECONOMIC EARTHQUAKE: IBM rumored to lay off 110,000 employees - biggest cull in business history Watch

Image of First reported on the Forbes Web site, IBM scoffed at the news. Representatives said that the reported scale of the job cuts

By Catholic Online (NEWS CONSORTIUM)

There are alarming indications that the largest corporate layoff in history may be near. There are rumors afoot that computer IBM plans to lay off 110,000 employees shortly. As their entire worldwide workforce is estimated at 430,000, this represents a quarter ... continue reading


Living on less than $2 dollars a day: Only 5 percent of global wealth belongs to the poorest 80 percent of the world Watch

Image of Millions of people around the world are living off of less than two dollars a day.

By Abigail James (NEWS CONSORTIUM)

The staggering increasing inequality among the wealthy and poor around the world continues to be a pressing issue. Eighty rich billionaires have as much money as 3.5 billion of the poorest people. LOS ANGELES, CA (Catholic Online) - The wealthy are occuring their ... continue reading


An amazing 2,500 of the world's most prestigious people canvas Davos, Switzerland for this year's World Economic Forum Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Around 1,700 private jets will cover the sky, as the most elite people of the world descend on the annual World Economic Forum in Davos, Switzerland. Throughout the next week, world leaders, wealthy businessmen and even influential pop stars will come together to speak ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Deuteronomy 26:16-19
16 'Yahweh your God commands you today to observe ... Read More

Psalm, Psalms 119:1-2, 4-5, 7-8
1 How blessed are those whose way is blameless, who ... Read More

Gospel, Matthew 5:43-48
43 'You have heard how it was said, You will love ... Read More

Saint of the Day

Saint of the Day for February 28th, 2015 Image

St. Hilary, Pope
February 28: Pope from 461-468 and guardian of Church unity. He was born in ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter