Tension may be high with China right now, as tariffs and other trade laws continue to strain the trade economy between us. But there’s one obvious country that we may have overlooked economically: Russia. In an effort to beat any U.S. set sanctions, the eastern country has started stockpiling gold.
According to Russian central bank’s First Deputy Governor Dmitry Tulin, Moscow considers gold to be a complete “guarantee from legal and political risks.” The local government has begun purchasing large amounts of the precious metal as American president Donald Trump plans for new sanctions on the capital.
Last reported, Russia is nearing 2,800 tons of gold, which haven’t been this high since 1941. Now valued at around $77.4 billion, the country has held nearly 10 times the value in gold than previous years.
Russia has also started reducing their holdings of US treasure. They’ve reduced their US debt from $96.1 billion to $14.9 billion in only a few months.
Other counties are beginning to not only sense a drop in the US economic state, but are making an effort to distance themselves from the country. Maybe now is a good time to start investing in silver, yourself.