The Dirty Demon-etizing End Of A Reserve Era
Late in March 2020, the Bank of Russia (BoR) abruptly announced it would no longer purchase gold. For years, Russia’s monetary authorities had been the metal’s biggest buyer, not just among official institutions but anywhere in the world. In fact, the country had been steadily accumulating bullion ever since October 2006; an effort that accelerated, not coincidentally, in April 2014 [...]
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