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Gold $1295 16.2
Silver $17.34 0.23
Talk to a representative: 855-242-4121


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Russia And China Buying Gold

Vladimir Putin has been in the news lately as one of the foreign leaders President-to-be Donald Trump admires most.

I’m sure he has a lot of good reasons, both political and financial, but I can’t help think that one issue that Putin and Trump agree upon is the attractiveness of gold. I’ve just read a MarketWatch article that describes how Russian and China are steadily building up their gold stockpiles.

These two giant countries are way behind smaller countries like France and Italy, and that’s not where they want to be.

Russia has been buying gold at the rate of 14 tons a month in the first half of 2016. Russia is being spurred on by a gold gap it has with China, which has 300 tons more than does Russia. And if there’s anything we know about Putin, is that he wants to be Number 1, just like the Donald. So Russia is expected to continue scarfing up gold until it pulls ahead of China.

Not that China is going to sit around like a patsy. It also is buying up gold, in part to fight the strength of the U.S. dollar and bolster the value of its own currency, the yuan. As of last year, China holds 1,658 tons of gold, worth about $70.5 billion. Yet that only makes up 2.1 percent of Chinese international reserves as opposed to 60 to 70 percent reserves held by the big industrial countries.

So you can see, Russian and China have a long way to go to catch up with the 8,134 tons of gold held by the U.S. One thing in China’s favor is that they don’t count in their gold reserve numbers the gold that they domestically mine. By the way, Germany has 3,380 tons, Italy 2,452 tons and France 2,436.

China is rumored to be in talks to bid on a gold mine in Kazakhstan owned by the company Glencore, and has agreed to buy Barclay’s metal-storage business. All of these factors have helped total gold holdings increase by 702.5 tons in 2015, compared to a 176.7-ton increase in 2014.

The bottom line is that gold holdings are skyrocketing all around the world. The result is an exploding gold price, one that you can take advantage of by opening an Augusta Precious Metals IRA, in which you can take a tax deduction on contributions that you can use to buy tax-sheltered gold. Contact us today, and you’ll be showing solidarity with Trump and Putin.

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Michael Dallo, CPA, JD, LL.M. is a tax attorney and certified public accountant (CPA) of Dallo Law Group, a Professional Corporation. For over 10 years, Michael has zealously represented hundreds of clients in resolving tax disputes with the Internal Revenue Service and California taxing agencies, as well as developing sound tax positions and arguments to minimize their federal and state tax liability.

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