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supersquirrel ( supersquirrel@lemmy.ca )  to World News@quokk.au · 13 days ago

Russia Makes Largest Gold Sell-Off Since 1998 Default to Fund Putin’s War Budget

united24media.com

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Russia Makes Largest Gold Sell-Off Since 1998 Default to Fund Putin’s War Budget

united24media.com

supersquirrel ( supersquirrel@lemmy.ca )  to World News@quokk.au · 13 days ago
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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.
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  • Archangel1313 ( Archangel1313@lemmy.ca ) 
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    13 days ago

    They’re getting so desperate, they had to pull out the pee tape and use it on Trump.

    • bedwyr ( bedwyr@piefed.ca ) 
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      12 days ago

      The pee tape is hardly the most damaging I’m sure, a pee tape wouldn’t even register, he would say deep fake and his supporters would buy it.

      I bet it’s more fucking underage girls, with backup evidence and not just recordings. Plus dirty business deals but that wouldn’t register either.

      • Talcosis ( impairedimperator@lemmy.zip ) 
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        12 days ago

        Yeah, it’s not the “pee” tape, it’s the “P” tape.

      • Malica ( Malica@lemmy.zip ) 
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        12 days ago

        I think there are rape, torture and murder tapes

  • LifeInMultipleChoice ( LifeInMultipleChoice@lemmy.dbzer0.com ) 
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    13 days ago

    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

    • GardenGeek ( GardenGeek@europe.pub ) 
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      12 days ago

      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.

    • bedwyr ( bedwyr@piefed.ca ) 
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      12 days ago

      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.

      • Vetis ( Vetis@sh.itjust.works ) 
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        12 days ago

        2001 hmmm right when the world order started going to shit ?

    • majster ( majster@lemmy.zip ) 
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      12 days ago

      Well the point of the article is: Russia is failing, for real this time.

      Could be true could be exaggeration.

      • Sina ( Sina@beehaw.org ) 
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        12 days ago

        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)

    • axus ( axus@lemmy.ca ) 
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      12 days ago

      They’ve been stealing gold from Africa, so the net decrease might be low even if the amount sold is higher

  • Mouselemming ( Mouselemming@sh.itjust.works ) 
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    13 days ago

    I think it all ended up in the Oval Office and Mar-a-Lago bathroom

  • Phoenixz ( phoenixz@lemmy.ca ) 
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    12 days ago

    By early 2022, holdings reached 74 million troy ounces, or 2,300 metric tons,

    Troy ounces? Why not the weight in bananas?

    • boonhet ( boonhet@lemmy.zip ) 
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      12 days ago

      Everyone knows it should be florida ounces tbh

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