Russia’s Massive Gold Stash Is Now Worth More Than $100Bln
The country quadrupled gold reserves in the past decade as it diversified away from U.S. assets, a move that has paid off recently as haven demand sent prices to a six-year high.
In the past year, the value of the nation’s gold jumped 42% to $109.5 billion and the metal now makes up the biggest share of Russia’s total reserves since 2000.
Russia’s central bank
has been the largest buyer of gold in the past few years as President Vladimir Putin seeks to break reliance on the U.S. dollar as relations between the countries remain strained.
If Russia did need to tap its gold holding, it would fetch a hefty price — the metal is heading for the best year since 2010 as the U.S.-China trade war hurts global growth and central banks ease monetary policy.
The Moscow Times
CITI: Gold could shatter $2,000, reach all-time high if recession risks continue
Gold could hit historic highs and even break $2,000 per ounce in the next couple years if recession risks and rate cuts continue, analysts at Citi said in a Tuesday note.
The precious metal is up about 17% year-to-date as trade war tensions and downturn fears drive investors toward the “safe haven” asset.
Markets Insider