- Russia, China Continue “Massive Substitution” Of Dollar Assets By Gold
by Tyler Durden, https://www.zerohedge.com/
“I think it’s clear to everyone now” exclaimed Russian President Vladimir Putin, (and French President Macron recently said so publicly), “that the leading role of the West is ending. I cannot imagine an effective international organization without [Russia], India and China.”
And while most politicians are all talk, in the case of both Russia and China, their actions speak louder than their words. China‘s foreign exchange reserves jumped to $3.1072 trillion despite the falling yuan and escalating trade war with the US, while raising its gold holdings by nearly 2.89 million troy ounces (99 tons) in nine months. That’s nearly five percent more since the end of last year.