Russia has quadrupled its gold reserves in the past decade as it diversified away from U.S. assets, reports Bloomberg.
In the past year, as gold prices trade at a six-year high, the value of Russia’s gold jumped 42% to $109.5 billion and the metal now makes up the biggest share of Russia’s total reserves since 2000.
Nice trade, Vlad.
But, as I point out in the EPJ Daily Alert, the climb is just beginning.
I should also point out that there has never been a thorough audit of the gold held by the Treasury at Fort Knox, so it is very unclear as to the quantity and quality of the gold held by the United States government.