Russia's gold reserves worth more than its USD holdings
On January 11 the Russian Central Bank (CBR) published statistics showing how its gold reserves have appreciated in value. The report details the situation 6 months ago.In June 2020 Russia had USD 128.5 billion in gold. That was 23% of the country's international reserves. These gold reserves were worth USD 4 billion more than its USD cash reserve. Russia has USD 165 billion worth of EUR.Since 2018 Russia has moved its reserves from USD to gold, EUR, RMB and other currencies. The large gold reserve strategy is unusual for a large country.Since coronavirus struck gold has appreciated markedly. Russia stopped buying gold in March 2020. Moscow had been the biggest gold producer for several years.