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POSTED ON January 12, 2021  - POSTED IN Key Gold Headlines

For the first time ever, Russia holds more gold than US dollars.

According to a Central Bank of Russia report published this week and analyzed by Bloomberg, gold made up 23% of the Central Bank of Russia’s reserves as of the end of June. The bank’s share of dollar assets dropped to 22%. In 2018, more than 40% of Russian reserves were in dollars.

POSTED ON June 9, 2020  - POSTED IN Key Gold Headlines

The pace has slowed somewhat this year, but central banks are still buying gold, and the World Gold Council expects central bank demand to continue over the next 12 months.

In April, central banks globally added another net 31.6 tons of gold to their reserves, despite Russia following through on its commitment to suspend its buying program.

POSTED ON October 8, 2019  - POSTED IN Key Gold Headlines

China has accumulated more than 100 tons of gold since it resumed buying the yellow metal last December in a quest to diversify its reserves away from the US dollar.

The People’s Bank of China added another 5.9 tons of gold to its hoard in September, according to data on its website reported by Bloomberg. It was the 10th straight month of gold-buying for the Chinese central bank and it added to the 99.8 tons accumulated during the prior nine months.

POSTED ON September 16, 2019  - POSTED IN Guest Commentaries

We’ve written extensively about a push toward de-dollarization by countries like Russia and China and their desire to undermine the ability of the US to weaponize the dollar as a foreign policy tool. The global gold rush on the part of central banks is part of this movement.

And it’s not just countries like Russia and China. As fund manager Ronald-Peter Stöferle wrote in an article for the Mises Wire, Europe as also joined the de-dollarization party.

POSTED ON September 9, 2019  - POSTED IN Videos

Is the US losing its grip on the world? And could the dollar ultimately be dethroned from its spot as the world’s reserve currency?

We’ve reported extensively on countries working to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool, along with the global gold rush on the part of central banks. Last week, Peter Schiff appeared on RT, along with former Pentagon official Michael Maloof, to talk about the world’s growing frustration with America. Peter said countries worldwide are ready to dump the US.

POSTED ON August 1, 2019  - POSTED IN Key Gold Headlines

We’ve reported extensively on the central bank gold-buying spree that has been going on for nearly two years. Russia and China have led the way, along with several other countries including Turkey, Kazakstan, India and Poland.

Central banks are buying gold to diversify reserves and minimize exposure to the dollar. This has been the mainstream narrative and it’s true. But China and Russia have a bigger geopolitical objective. They want to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool.

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