Loading ...Russia reveals its gold stash after it adds 1 million ounces
As of March 2023, Russia’s central bank holds 74.9 million ounces of gold worth $135.6 billion. This is one million ounces more than the 73.9 million ounces reported in February 2022 – the last disclosure before the introduction of Western sanctions against Russia.
Russia’s recent gold buying is considerably less than China’s purchases. During the same one-year period, the People’s Bank of China bought over 100 tonnes of gold.
Yet, Russia’s 31 tonnes is still impressive, given that some analysts debated whether the country would be forced to sell some of its gold to cover its growing budget deficit.
So that would be about 2,300 Tonnes of gold vs a non audited reported holding of 8,300 tonnes by the USA. That’s a much higher percentage vs GDP, money supply or outstanding debt. Who knows how much China has, but the most informative piece I have seen is the YouTube video that Dominic Frisby posted a few years back making the case they had over 20,000 tonnes.
Either way, China and Russia have enough gold now to establish a new world monetary system. When its time to establish a new monetary regime the only ones at the table are the ones who hold gold.
Thanks Plunger