Russia-China Combined Gold Reserves Could Shake US Dominance in Global Economy – Expert Tells RT

• Russia-China Combined Gold Reserves Could Shake US Dominance in Global Economy – Expert Tells RT
  by https://www.rt.com/
  The gold accumulated by China and Russia could be seen as part of a strategy to move away from international trade denominated in US dollars, according to Singapore’s BullionStar precious metals expert Ronan Manly.
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  Manly exclusively told RT that there is a shift occurring regarding the two countries building up their gold reserves, to perhaps returning to gold-backed currencies in the future and a move away from the global dominance of the US dollar, which is no longer supported by gold.
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  “China and Russia have both been aggressively accumulating their official gold reserves over the last 10 – 15 years,” he said, adding that only a decade ago each of them held around or less than 400 tons. “But now both these nations hold a combined 3670 tons of gold.”
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  “Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to gold as a strategic monetary asset. They make no secret of this. But on the flipside, the US does the opposite, and constantly downplays the strategic role of gold.”
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  According to Manly, for Russia and China gold is the only strategic monetary asset that could provide independence from the US dollar. Manly said the sides could conceivably be holding a lot more gold than they declare in their official reserves due to many channels through which they could buy the precious metal.
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