The chart above shows the growth of Russia’s gold reserves in tons. Russia’s gold purchases show that “the Kremlin wants to break the economic dominance of America and Europe. Unlike the dollar or the Euro, gold is a stateless currency. No government can dictate its value, which is why the precious metal is also liked by authoritarian rulers,” writes Germany’s leading conservative daily Die Welt. The motivation of the purchases is made all the more clear by the fact that Russia has dropped US Treasury securities, by US$60 billion, in tandem with the gold purchases. Russia now holds US$100 less in US debt than at its peak.
Kremlin buying gold to “break” US-EU dominance
Die Welt investigates Putin’s gold buying strategy
