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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
