https://www.bullionstar.com/blogs/ronan-manly/neck-neck-russian-chinese-official-gold-reserves/
China and Russia are accumulating gold reserves in preparation for the loss of confidence or collapse in USD. It is without a doubt that there is a rise in non-USD trading in the world, be it using RMB or Euro, especially in the Middle East and Russia. Although the USD constitutes around 60% of international trading (including foreign reserves of other countries), this figure has been dwindling over the years because countries have been diversifying their foreign reserves and also the rise in non-USD trading.
Therefore, China and Russia are accumulating gold for this upcoming currency war. Many analysts believe that China and Russia are under-declaring their gold reserves of 1850ton & 1800ton respectively and there are more golds hidden in both countries.
Equity benchmarks have been again on the bullish monitor in the past few sessions, largely after Moody’s upgraded India’s sovereign rating.
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