January 16, 2018 – FRN –
It is forecast that Russia and China will be able to shift the US from the dominant position in the world economy with the help of gold, in a number of years.
Chinese Internet portal Sohu, writes that Moscow and Beijing have already abandoned the dollar in the oil trade, and an increase in gold production and its purchase in reserves will insure against the fall of the value of the dollar.
Other countries are also looking for an alternative to the dollar as a reserve currency.
Today 3,670 tons of gold in reserves (1842.6 and 1828.6 tons, respectively) account for Russia and China alone.
Nevertheless, the United States is today in the first place with 8133.5 tons, while China and Russia occupy only the sixth and seventh places.
Meanwhile, in the coming years these countries will continue to accumulate gold, and aggregate reserves will overtake those of the United States. Given the growing ties between Russia and China, this directly threatens the dollar and hence the US position in the world economy.