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Putin’s Big Bet On Gold Is Paying Off

Putin’s Big Bet On Gold Is Paying Off
Image by Rabax63
Nikolaus II 5 rubles gold coin 1898

For years, Russia has been the world’s biggest sovereign gold bug: even while gold prices were in the doldrums, it doggedly kept increasing its reserves. Now that gold is at the highest level since 2013, the tactic appears to be paying off. 

The U.S. dollar’s dominance as a global reserve currency is commonly thought to result from the dearth of safe assets. Russia, however, recently has provided an example of how a sizable economy with the world’s fifth biggest international reserves can minimize dollar assets and still do well. So far, it doesn’t have many followers, but gold buying by central banks is going up…

To read more visit Bloomberg.

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