Inside China Business Russia, China, India, Turkiye, and the UAE are driving gold markets higher, while draining supply
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📃 Оригинальное описание:
The major BRICS countries of Russia, China, India, Turkiye and the UAE are wrecking havoc in world gold markets, which are already setting record highs.
Developing world central banks and governments are strongly motivated to move reserves from Western banking systems, following US and European seizures of Russian USD and Euro reserves. Besides moving gold out of vaults in Western countries, these buyers are scooping up high volumes of Russian gold, despite heavy sanctions on Russian producers.
Resources and links:
India outpaces the rest of the G20 in gold purchases
Vladimir Putin’s gold strategy explains why sanctions against Russia have failed
Russia is facing more than 16,000 sanctions — so why hasn’t its economy buckled?
UK Office of the Foreign Secretary, UK cracks down on gold and oil networks propping up Russia’s war economy
Russia’s currency bounces back after Moscow mandates payment for gas in gold-pegged ruble
Statista, Trade balances for United Arab Emirates
Bloomberg, Swiss Imports of Russian Gold Rise to Most Since April 2020
Reuters Exclusive: From Russia with gold: UAE cashes in as sanctions bite
The price of gold is at a record high. Here’s why
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Top 10 gold producing countries
PBS, Tens of billions of dollars in gold flows illegally out of Africa each year, a new report says
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