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Monthly Archives: August 2018

Russian Gold Sales Soar As Country Works Towards Cutting Its Dependence On The U.S Dollar

Russia has been buying up gold, increasing its gold reserves since March 2015. Speculators have been throwing the idea that Russia is working towards decoupling its economy from the Dollar, especially with the growing tensions that America has had with other countries primarily because of the tariffs and economic sanctions. Russia was the third biggest producer of gold in the world in 2017. It produced 266.2 tons of gold in 2017, just 6 tons less than what Australia the second largest gold producer reported in the same year. According to the World Gold Council, the Russian Central bank increased its gold reserves by 224 tons. This would be the third year that the Russian Central bank has increased its reserves by 200 tons.