"Bloomberg": Russia bets on gold and wins the bet

Russia's long-term gold bets are proving effective, precious metal prices, a safe haven, increasing due to the trade war raging between Washington and Beijing, reported Bloomberg.

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According to Bloomberg, Russia has quadrupled its gold reserves over the past decade as part of a strategy to diversify its foreign exchange reserves and move away from the dollar.

She pointed out that this decision proved to be correct, as this action was starting to bear fruit as the price of gold had reached its highest level in six years as a safe haven.

With soaring gold prices last year, the value of the metal jumped 42% to $ 109.5 billion, and the precious metal is now the largest share of Russia's total reserves since 2000.

The Russian central bank has been the biggest buyer of gold for years. Russian leaders' efforts to reduce their dependence on the dollar, as well as the tense relations between Moscow and Washington, have shown that Russia's gold reserves could be very beneficial as gold moves towards annual performance. From the year 2010.

"Russia has protected its macroeconomic stability through neutral instruments, so the dollar has been largely replaced by gold, a strategy that has yielded billions of dollars to the Russian central bank in a few months ", said strategist Vladimir Miklashevsky.

Source: Bloomberg

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