Remember the whole “de-dollarization” thing? It’s totally still a thing…
(by Half Dollar) Russia now has more reserves in gold than it does in US dollars.
From BloombergQuint (bold added for emphasis and commentary):
A multi-year drive to reduce exposure to U.S. assets has pushed the share of gold in Russia’s $583 billion international reserves above dollars for the first time on record. Gold made up 23% of the central bank’s stockpile as of the end of June 2020, the latest date for which data on the breakdown is available, according to a report published late Monday. The share of dollar assets dropped to 22%
De-dollarization has been going on for many years, and Russia is but one nation getting rid of their US dollar exposure, and not only that but check out the percentage of reserves consisting of gold!
Most “analysts”, “experts”, “gurus”, and the like recommend a 5 to 10 percent allocation of one’s portfolio to gold, but Russia has nearly 25% of its reserves in the shiny phyzz!
Why is this taking place?
Well, it’s no rocket science.
It’s simple: The Federal Reserve Note, commonly called the “US Dollar”, is unbacked, debt-based fiat currency dependent on exponential, unsustainable growth.
Hyperinflation is simply the destination of the path we’ve chosen to go down, and by now, it should be crystal clear that there is no turning back.