Russia indeed dumped a record $26 billion, or some 20% of all of its holdings, bringing its post-March total to just over $100 billion – the lowest since the Lehman crisis.
This is just partial payback for meddling in the Ukraine and for putting sanctions on Putin and his boys. This is part of Russia’s plan that I discussed here:
According to Mr. Rickards and others, the real way for Russia and/or China to
cripplekill the U.S. economy would be to announce the creation of a gold-backed ruble or renminbi/yuan.
China, as Goodman highlights, has been aggressively buying physical gold in recent years. And while some market watchers speculate that the Asian country’s end goal is to make the yuan a reserve currency, Goodman sees it differently. China’s end goal, according to Goodman, is to “eliminate the United States dollar as the reserve currency.”
To support his claim, Goodman points to China’s ties with Russia, and more specifically, Russian President Vladmir Putin.
“Mr. Putin is not a best friend of the United States,” Goodman said. “He would be in favor of eliminating [the US dollar] as that reserve currency.”
We live in interesting times, indeed.