Analysts of the World Gold Council: China and Russia Have Become the Largest Savers of the Precious Metal
By Intel Slava Z
Analysts of the World Gold Council: China and Russia have become the largest savers of the precious metal. The central banks of the two countries are buying gold at the fastest pace since 1967.
The last time this level of buying was seen was a historic turning point for the global monetary system, accelerating the demise of the Bretton Woods system, which pegged the value of the US dollar to the precious metal.
The main message is that Russia and China no longer want to rely on the US dollar as their main reserve asset.