Mongolia’s central bank announced on Tuesday that it has bought a total of 14.4 tons of gold from legal entities and individuals in the first 11 months of this year.
As of November, the bank’s average gold purchase price was 128,002.45 Mongolian tugriks (over 47 U.S. dollars) per gram, the Bank of Mongolia said in a statement.
Purchasing gold is said to be one of the key instruments for the Asian country’s central bank to increase its official foreign exchange reserves.
The Bank of Mongolia has been striving to ensure economic stability by consistently increasing its foreign currency reserves.
The country’s foreign exchange reserves reached 4 billion dollars at the end of July. The central bank aims to increase the reserves to at least 6.5 billion dollars in the medium term. Source
Another nation within the Mackinder’s Heartland Acquires Gold: Mongolia Adds 14.4 Tons
Another nation within the Mackinder’s Heartland Acquires Gold: Mongolia Adds 14.4 Tons by Rory for The Daily Coin
We see another nation in the Heartland acquiring gold. Another nation along the BRI, member of the EAEU and SCO acquiring gold. Sure Mongolia is a small, out of the way nation, but it appears Mongolia, like several of their neighbors, is acquiring gold for their future endeavors and partnership with other nations like China, Russia, Iran, India and other non-Western nations.
Gold may be a “barbarous relic” in the West, but it is still money in the East.
While most Americans have probably never heard of Mongolia and certainly couldn’t find it on a map, it is another nation that creates the border between China and Russia, loaded to the brim with minerals and over the coming century will become another important member of a growing alliance of nations. Meanwhile, the Western world continues its track of destruction and debt based theft while nations around the world, like Mongolia, build for the future.