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ER Editor: Some tweets —
So much for sanctions & Weaponising the Dollar; it just pushed the rest of the World into the BRICS, de-Dollarization & Gold, whilst simultaneously de-industrialising the West …
‘Russia’s holding of #Gold has reached a new high of $188 Billion and bullion’s share in the… pic.twitter.com/IN4iTK1mo9
— Silver Gold News (@SilverGold_News) September 8, 2024
Russia’s gold holdings are now at a RECORD high of $188.8 billion.
For the first time in nearly 25 years, gold now accounts for over 30% of the country’s international reserves.
The foundation has always been laid in gold. pic.twitter.com/Lo0HWeYTCd
— Gold Telegraph ⚡ (@GoldTelegraph_) September 7, 2024
From the end of last year —
Vladimir Putin says the next BRICS summit in 2024 will be dedicated to establishing a “fair” world order.
Russia’s gold reserves hit a new record in November.
China also continues to stockpile.
Energy trade between Russia and China is skyrocketing. pic.twitter.com/p2cBM3JtC2
— Gold Telegraph ⚡ (@GoldTelegraph_) December 16, 2023
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Russia’s gold reserves approach historic landmark
Bullion holdings stood at nearly $190 billion as of September 1, according to the central bank
RT
Russia’s holdings of gold have reached a new high of $188.8 billion and bullion’s share in the country’s international reserves now exceeds 30% for the first time in almost a quarter century, according to the central bank.
The Bank of Russia reported on Friday that the value of monetary gold in international reserves had increased by more than $9 billion, or 5.1%, since the beginning of August.
The gold price rose 3.6% in August to finish the month at $2,513/oz, meaning that a significant part of the increase in the value of Russia’s holdings was due to the revaluation effect.
This is still the highest share of monetary gold in Russia’s international assets since January 2000, when it reached 31.2%. The highest level in the country’s modern history was recorded in January 1993, at 56.9%.
According to the central bank, the country’s international reserves have continued to grow, reaching $613.7 billion as of September 1, up by more than $11 billion from the previous month.
Russia’s international reserves are officially defined as highly liquid foreign assets held by the Bank of Russia and the country’s government, consisting of foreign currencies, special drawing rights with the IMF, and monetary gold.
Nearly half of Russia’s international reserves were frozen in the West in early 2022 as part of Ukraine-related sanctions. The Bank of Russia has not provided a detailed breakdown of what was immobilized.
The portion of Russia’s reserves that was not frozen consists of gold and foreign currency held within the country, as well as holdings of Chinese yuan.
Bank of Russia Governor Elvira Nabiullina has said the country’s financial stability will not be affected if the West seizes its frozen assets. The regulator has been diversifying its forex reserves for several years, and is currently conducting operations with reserves that are not affected by sanctions, according to Nabiullina.
Moscow has denounced the freezing of the central bank assets as illegal, saying it has “eroded the credibility” of Western countries. The Kremlin has warned of retaliation if the funds are confiscated.
Source
Featured image source: https://x.com/viktoriyarus34/status/1750741968857002017
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Published to The Liberty Beacon from EuropeReloaded.com
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