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Russian National Wealth Fund Turning To Gold, Dumping Dollars

 
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03/30/2021 10:58 AM
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Russian National Wealth Fund Turning To Gold, Dumping Dollars
[link to www.zerohedge.com (secure)]

less than 40%


The Russian Finance Ministry has given the green light for the Russian National Wealth fund to diversify and invest in gold and other precious metals. According to a report by RT, this is part of a broader move to de-dollarize the wealth fund.


According to RT, the fund’s move into gold and other precious metals is aimed at diversifying assets to ensure the “safety” of the fund “as well as for increasing the yields.”

The Russian central bank has added significant amounts of gold to its reserves in recent years, although halted its buying spree last spring as the coronavirus pandemic gripped the world. Prior to the pause, the central bank added an average of 205 tons of gold to its reserves every year since 2014. In February 2018, Russia passed China to become the world’s fifth-largest gold-holding country.

Meanwhile, the Russian central bank was aggressively divesting itself of US Treasuries. Russia sold off nearly half of its US debt in April 2018 alone, dumping $47.4 billion of its $96.1 billion in US Treasuries. In January, the value of Russia’s gold holdings eclipsed its dollar holdings for the first time ever.
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