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Gold Rush: Nations Ditching US Dollar in Favor of Precious Metal, Says Russian Official

Gold Rush: Nations Ditching US Dollar in Favor of Precious Metal, Says Russian Official

A high-ranking Russian government official has disclosed that some nations are decreasing their dollar reserves and increasing their gold holdings.

In a recent report by TASS, a Russian state-funded news organization, Alexander Pankin, the deputy minister of Foreign Affairs, called the US dollar “toxic” due to its growth as a world reserve currency over the past year.

Pankin states that a few countries accumulated gold in 2022 at the dollar’s expense. According to the deputy minister, Russia favors reducing the US dollar’s role in global trade to minimize increased volatility.

Sergey Lavrov, the Russian foreign minister, reportedly said earlier this month that the de-dollarization trend is now irreversible and set to quicken.

Lavrov claimed that the Commonwealth of Independent States members have seen their trade flows increase significantly without complying with US demands.

READ MORE: BRICS Takes on the Dollar: The Rise of Gold-Backed Currencies

BRICS nations, which include Brazil, Russia, India, China, and South Africa, are also said to be amassing gold quickly as they move away from the US dollar.

US Treasury Secretary Janet Yellen recently announced that Russia, China, and Iran are collaborating to reduce the dollar’s dominance in the international oil settlement.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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