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Russia buying more gold

Someone_else

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This is a week old, but I think it is interesting.
Russia’s sovereign wealth fund will take a punt on gold and slash $40 billion of US currency entirely out of its investment portfolio amid growing tensions with Washington, the country’s finance minister announced on Thursday. Anton Siluanov said that the National Wealth Fund would reduce its share of dollars to zero within the next month.
So they will be selling off $40B in one month.
Under the plans, the proportion of dollars in the fund will fall from 35% to zero,
So if 35% of their fund is worth $40B, then their fund has a total value of $114B
while the investment vehicle will buy into gold for the first time, with 20% of its assets to be hedged on the precious metal.
So they will be buying 20% of $114B, or $22.85B of gold. Or 12.7 million ounces if my calculator is right. Or 435 tons. That seems like it might make a blip on the charts.
 

Goldbrix

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Update on Russia Buying Gold:
 

Ebie

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And the paper gold price is...not rising, yet....
 

Halcyon

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dollarout.jpg


No dollars left, Gold, EUR, yuan added.
Of course Russia is relatively small fry economically speaking, but geopolitically important.
 
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