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.
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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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