- Petrodollar Shock: Russia Could Invest Part Of Its National Wealth Fund In Gold
by Tyler Durden, https://www.zerohedge.com/
In the past two years Russia has been quite explicit in its shifting preference between fiat, in the form of the world’s reserve currency, US Dollars and hard assets, i.e., gold: after liquidating almost all of its Treasury holdings in mid 2018, roughly around the time relations between the US and Russia hit rock bottom and started digging, Russian gold holdings continued to climb and just a few months back rose to a record, more than doubling in the past 4 years.
It now appears that the recent gold-buying spree wasn’t enough, because according to Russia’s Finance Minister Anton Siluanov, Russia is now also considering investing part of its National Wealth Fund in gold, adding that it is Russia’s view that investment in the precious metal as more sustainable in the long-term than in financial assets.
“There is a discussion on whether to invest the fund’s money in gold and precious metals. There are a lot of supporters and opponents,” Siluanov said.