This video discusses Why Russia Is Buying So Much Gold locally?

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The Bank of Russia, the country’s central bank, has surprisingly announced a fixed price for buying gold with roubles. With a price of RUB5,000 (£45.12) for a gram of gold, to my knowledge it’s the first time that a nation’s currency has been expressed in “gold parity” since Switzerland decided to stop doing so in 1999.

The main goal of these moves is to try to ensure the credibility of the rouble by making it more desirable in the forex market, though it also fits into longstanding attempts by Russia and China to weaken the US dollar’s dominance as global reserve currency (meaning it’s the currency in which most international goods are priced and which most central banks hold in their foreign reserves).

This video will help you understand
○ Why is russia buying gold?
○ Is Russia on the gold standard
○ How much gold does Russia own
○ Russia gold reserves 2022
○ Will gold prices increase in 2022?


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