Russian Finance Ministry Accelerates De-Dollarization with Massive Gold Buy Russia is significantly increasing its gold purchases, leveraging a surge in oil and gas revenue to diversify its financial reserves and reduce dependence on the US dollar. The Russian Finance Ministry plans to allocate 172.9 billion rubles ($1.9 billion) for foreign currency and gold purchases over the next month, representing a sevenfold increase in daily purchases. This move is part of Russia’s ongoing strategy to strengthen the link between the ruble and gold, creating a new gold standard and insulating its economy from US dollar transactions. As the world’s second-largest gold producer, Russia is well-positioned to accumulate the precious metal, with this latest announcement indicating a more aggressive approach to gold acquisition in the coming months. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Pros and Cons of Investing in Physical Precious Metals READ MORE Barron's: Gold Prices Are About to Shoot Even Higher READ MORE Bitcoin Faces Pressure but Rebound Hopes Remain, Says Grayscale Analyst READ MORE LBMA Releases Precious Metals Market Report: Q4 2023 READ MORE Fed's Rate Cuts Ahead: What It Means for the Economy READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment