Russia's central bank sold 62 tons of gold over ten months, cutting reserves to 72.8 million ounces to cover a doubled 7.3 trillion ruble budget deficit.
Is my math wrong or is that not less than 3% of it? Which according to the article from 1998 to now they haid raised their gold 5 fold meaning comparing today to 1998 when they have 485% of the gold they had in 1998.
The U.S. in that time has never seemed to try to raise or lower their gold reserve so one could say they have ~100% of what they had in 1998.
I’m not so sure gold in this context shows enough overall to compare such numbers
Afaik countries planing for war fill their gold reserves in order to stay liquid even if their they’re blocked/sanctioned by others… cause you’ll always find someone willing to buy gold.
That’s also the reason China enlarging their gold reserves makes Taiwan nervous.
Idk but I know the price of gold is way overvalued, it’s 30x what it was in 2001 or so. The gold to silver ratio is the metric used throughout history, and 15 silver to one gold, or 13 by some estimates, is traditional. The ratio now, is 70/1.
I’d love that to be true, but a country with 2,264 metric tonnes of gold in reserves is far from financially starved. (for reference that’s USD 300 billion)
Is my math wrong or is that not less than 3% of it? Which according to the article from 1998 to now they haid raised their gold 5 fold meaning comparing today to 1998 when they have 485% of the gold they had in 1998.
The U.S. in that time has never seemed to try to raise or lower their gold reserve so one could say they have ~100% of what they had in 1998.
I’m not so sure gold in this context shows enough overall to compare such numbers
Afaik countries planing for war fill their gold reserves in order to stay liquid even if
theirthey’re blocked/sanctioned by others… cause you’ll always find someone willing to buy gold.That’s also the reason China enlarging their gold reserves makes Taiwan nervous.
Idk but I know the price of gold is way overvalued, it’s 30x what it was in 2001 or so. The gold to silver ratio is the metric used throughout history, and 15 silver to one gold, or 13 by some estimates, is traditional. The ratio now, is 70/1.
2001 hmmm right when the world order started going to shit ?
They’ve been stealing gold from Africa, so the net decrease might be low even if the amount sold is higher
Well the point of the article is: Russia is failing, for real this time.
Could be true could be exaggeration.
I’d love that to be true, but a country with 2,264 metric tonnes of gold in reserves is far from financially starved. (for reference that’s USD 300 billion)