Russia's growing gold reserves may crush US dollar in a few years

The fact that Russia is buying gold is "bad" for the West, because Western currencies may lose their value in a few years, while the Russian ruble will be backed by gold, economist Valery Maslennikov believes.  In April of 2019, Russia's international reserves exceeded the country's foreign debt. As of April 1, Russia's gold and currency reserves made up $487.8 billion, a report from the Central Bank of the Russian Federation said. At the same time, Russia's gold assets make up less than 20 percent of the country's currency reserves.  Moscow has been accumulating gold and foreign exchange reserves while decreasing the share of  investment in US securities. The Russian authorities work to reduce the dependence of the Russian economy on the US dollar.

from PravdaReport

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