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Eastern Central Banks Accumulate Gold

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Occidental central banks have printed their way out to temporarily avert the financial crisis and economic contraction risks. Before the financial crisis, central banks were net sellers of gold; this trend has clearly reversed regarding Eastern central banks. Central banks still hold a very minute percentage in gold. With Germany repatriating gold back and foreign governments taking physical control of gold, there is a legitimate movement in which governments are slowly stockpiling gold. Russia and China have added hundreds of metric tons of gold to their central banks as financial insurance against Westernized currency regime frameworks. Russia has been buying gold bullion and the Russian Central Bank has a sense the western central banks have been undermining the gold market to the detriment of the developing world. Russia has first-hand experience in currency crises. In 1998, Russia defaulted on US$ 40 billion in domestic debt.

Eastern central banks are not the only group amassing gold. Some sovereign funds have been purchasers of gold.

The State Oil Fund of Azerbaijan (SOFAZ) purchased 17.4 metric tons of gold bullion as of March 1, 2013. 3 tons of gold have been delivered into Baku, the capital of Azerbaijan.

In a Bloomberg telephone interview in Moscow, on February 10, 2013, Russian lawmaker Evgeny Fedorov stated, “The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency.”

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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