Russia Is Dumping U.S. Dollars to Hoard Gold
- Renaissance Capital says Russia may start to import gold
- Gold buying last year exceeded mine supply for the first time
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Vladimir Putin’s quest to break Russia’s reliance on the U.S. dollar has set off a literal gold rush.
Within the span of a decade, the country quadrupled its bullion reserves, and 2018 marked the most ambitious year yet. And the pace is keeping up so far this year. Data from the central bank show that holdings rose by 1 million ounces in February, the most since November.