Dollar detox: Russia’s gold reserves near 2000 tons to set historic benchmark

Dollar detox: Russia’s gold reserves near 2000 tons to set historic benchmark, by RT.

Russia’s gold holdings are approaching the Soviet era record [of 2,800 tons] after the central bank added another 106 tons of bullion in the first half of the year. It’s part of a plan to diversify national reserves away from the US dollar. …

At the same time, the Central Bank of Russia (CBR) launched a massive sell-off of US Treasury bonds, having dumped nearly all of the country’s holdings. …

According to mining and financial experts, the world could run out of mineable gold in the next two decades. If this happens, the prices for bullion could soar to $3,000 per ounce or higher.

Australia, whose GDP is only a little less than Russia’s, has less than 80 tonnes of gold. We used to have a lot more, but Peter Costello, the treasurer under John Howard, sold 167 tonnes of it in 1997 when gold prices were at a record low.

Costello was later offered a job as head of the World Gold Council. Curious, no? Maybe the WGC is there to prevent a true World Gold Council, that promotes the use and value of gold, from being formed.

hat-tip Stephen Neil