Commodity Trade Mantra

Posts Tagged ‘Western Sanctions’

Russia Coordinating Gold Reserve Accumulation With Ex Soviet States?

Over last 6 months, Russia has increased its gold reserves by 54 tonnes & Kazakhstan has purchased 12 tonnes. Given close economic cooperation between Russia, Kazakhstan & Belarus, it is probable that they would be coordinating monetary policy, including a common approach to official gold reserves accumulation.

Over the last few weeks there has been a significant interest in the market from large Russian companies that are now preparing to switch contracts to renminbi & other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market. It looks like this is not just a blip, this is a trend.

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