Facts About Gold: Russia to Buy 100 Tons

Insider Monkey reports that Russia is planning to buy 100 tons of gold a year to replenish its reserves.

The editorial is quoted as saying:

Investing in gold isn’t much different from investing in tulips. People buy it because they think they can sell it to other people when they want to. Gold doesn’t pay any dividends or generate any income. It’s just a piece of shiny metal, deriving its value from people’s expectations and its relative scarcity. Russia is planning to buy 100 tons of gold a year. The 5 foot, 8 inch cube would be valued at $4.3 Billion.

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