Posted on Jul 28, 2018
Russia is Dumping Its US Bonds for Gold, But Where Is It Storing Its Bullion?
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https://sputniknews.com/business/ [login to see] 66767110-russia-gold-reserves-where-are-they/
More interesting is the list of countries following suit. What does this say about confidence in the dollar? What does it say about the future of the dollar as the international medium of exchange?
More interesting is the list of countries following suit. What does this say about confidence in the dollar? What does it say about the future of the dollar as the international medium of exchange?
Russia is Dumping Its US Bonds for Gold, But Where Is It Storing Its Bullion?
Posted from sputniknews.com
Russia
International Trade
Economics
Posted 6 y ago
Responses: 4
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Not so much about confidence in the US dollar, but rather taking an advisariable role. They’re trying to get other nations (e.g., China, Iran, NK, etc) to buy/sell oil in other than dollars. They want to become independent of US rules and policies by ditching US financial instruments.
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Think they have lots of underground locations that would work. Hard currency is their ultimate goal and can't get much harder than gold bullion.
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Gold isn't worth much these days, Russia will never advance as long as they keep their Cold War mentality with the same people running the country.
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