from Winter Watch:
The latest “news reporting” coming from Business Insider (BI) is that Russia “has been forced to sell $4.3 billion in gold reserves.” This may be careless math and failure to correctly translate from Russian, or it may signal someone with an agenda. But it seems to be happening with far too much frequency to chalk up to extreme incompetence.
BI reports Russia’s “gold reserves” fell $4.3 billion, from $420.5 billion to $416.3 billion. The only problem is that this is Russia’s total international reserve and combines currency and gold. Russia holds 1,168.7 tonnes of gold reserves, 10.2% of total reserves. That would be $42.5 billion. There is nothing in the Russian story that mentions gold being sold. Further, Russia has $374 billion in foreign, fiat-based securities it can resort to, long before the need to sell gold.
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