“Only three countries in the top 10 have increased their holdings materially in recent years…”
Of course, these are “official” numbers.
We’ve covered many times how many analysts estimate China’s gold reserves to be unofficially around 30,000 to 40,000 tons. There’s a wealth of information on our China gold reserves page.
Then, of course, there’s the World Gold Council reporting which is suspect and also lags:
Regardless, here’s the news coming out of Mining.com
Russia has overtaken China as the fifth-biggest sovereign holder of gold, allowing it to diversify its foreign currency holdings amid a deepening rift with the U.S.
The Bank of Russia in January increased its holdings by almost 20 metric tons to 1,857 tons, topping the People’s Bank of China’s reported 1,843 tons. While Russia has increased its holdings every month since March 2015, China last reported buying gold in October 2016.
Only three countries in the top 10 have increased their holdings materially in recent years, with Turkey being the third. The U.S. is still the largest owner of gold, with 8,134 tons, much of it stored in Fort Knox. Germany is the second-largest, with 3,374 tons, and the International Monetary Fund owns 2,814 tons.
Gold offers Russia independence from the dollar amid financial sanctions from the U.S. and its allies. The measures were imposed in 2014 as punishment for Russia’s involvement in Ukraine and could be tightened in future. Much of the country’s gold purchases come from local production — Russia is the world’s third-largest miner of the metal, according to research firm Metals Focus.
Either way, the importance of this news cannot be understated.
China and Russia (and Turkey, India, even Kazakhstan) are all preparing to move on from the U.S. dollar.
This is yet another nail in the U.S. dollar coffin.
Once that sucker is sealed, it’s never gonna be pried open.
– Half Dollar
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About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.