Russia leaps to no 5 in the list of countries holding maximum Gold

Moscow: Russia faced with sanctions from the United States and European countries, has performed a Golden Task in the last year. The Russian Gold reserves have reached a record 2,100 tonnes, and the valuation of this Gold reserve stands at a whopping $87 billion. Russia has reached the fifth place at the international level, surpassing China, in countries with maximum Gold reserves, crossing the 2,000 tonnes mark.

Since the last few years, Russia has started openly challenging the primary international currency, the US dollar. A few months ago, Russian President Vladimir Putin had drawn attention with a statement that the US dollar is losing faith. At the same time, Russia had initiated steps to sell the US bonds on a big scale and reducing its USD holdings.

At the beginning of 2018, Russia had US bond holdings of more than $100 billion. But this has been brought down to less than $10 billion by the year-end, and investment has been increased in currencies Yuan, Euro and Gold. Only last week, Russia purchased Euro and Yuan worth more than $44 billion, and it is being indicated that the dealings in USD will soon drop to nought.

As per the information given by the Russian Central Bank, Russia purchased a whopping 273.7 tonnes of Gold in the year 2018. Russia is the first country to purchase Gold on such a large scale in a single year. A major proportion of this Gold is said to have been purchased at the local level. Russia is ranked third in the Gold producing countries and Russia is believed to have produced more than 270 tonnes of Gold in the year 2018. But the Russian Central Bank has not given the details about the amount of local Gold purchase.

Russia has reached the fifth place among countries with the highest Gold reserves with a Gold stock of 2,100 tonnes. The United States tops the list with 8,100 tonnes followed by Germany Italy and France. China with a Gold reserve of 1,842 tonnes, is in the sixth place. But as per the claims of the international analysts and experts, China holds more than 20,000 tonnes of Gold.

The record Gold reserves indicate the future Russian economic policy. Russia intends to shake up the United States by using Gold and Chinese Yuan for international transactions stopping the use of US dollar. This Russian effort enjoys complete support from China, and the indications are that this Russia-China front will shake up the domination of the United States and will create a stir in the international system.