The extraordinary currency maneuver undertaken by Russia impressed economic observers around the world. Journalists of the Chinese edition of Sohu concluded that no one expected such actions from the Russian Federation.
Recently, Russia has gained a reputation as an active supporter of the policy of dedollarization. This is evidenced by the massive sale of US debt bonds, which the Russian Federation replaces in its reserves with gold, writes PolitRussia, noting that in this way Moscow protected its financial system from the risks associated with US sanctions. But not so long ago, the US Treasury released statistics that surprised many. They showed that Russian investment in US public debt grew by almost 80%, amounting to 6.85 billion dollars.
“The Central Bank of the Russian Federation explained its actions by the need to adjust financial reserves, which is tantamount to avoiding the answer,” the authors of Sohu emphasized.
It should be clarified that three years ago, the Russian Federation was one of the main foreign investors in the US public debt, having in its hands US bonds worth $ 100 billion. And in March 2020, the CBR investment portfolio totaled only $ 3.8 billion.
Selling US bonds and buying gold, Russia entered the top five countries holding the largest gold reserves in the world. According to the analysts of the Chinese publication, Russia’s non-trivial move speaks of its cold calculation, based on the constantly changing geopolitical and economic situation in the world.
The authors of the publication also expressed the opinion that now is the perfect time to make money on gold.
“If the Russian Federation sells part of its gold bars at one of the peaks of their value, then it can make good money on it. After price stabilization, you can continue to invest in precious metals again, ”Sohu reporters shared their forecast.
Former CIA adviser James Rickards said earlier that risk tolerance makes gold Russia’s most dangerous weapon in its fight against the US dollar.