Russia now holds more gold than U.S. dollars

The de-dollarization push continues?

According to new data from Bloomberg, Russia now owns more gold than U.S. dollars. Gold accounted for nearly one-quarter (23 percent) the central bank’s reserves. The U.S. dollar’s share of assets declined from 40 percent in 2018 to 22 percent at the end of the second quarter of last year.

But this has been part of a broader campaign by Moscow as the central bank has been divesting itself from U.S. Treasurys, selling half of its holdings of U.S. debt in April 2018.

Will this destroy the greenback? Unlikely.

However, it is part of a larger campaign of nations trying to move away from the international reserve currency.