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Thu, Oct 12, 2017 Jim Rickards 5,842

The World Gold Council has reported that the Central Bank of Russia has more than doubled the pace of its gold purchases, bringing its reserves to the highest level since Putin took power 17 years ago.

Russia’s desire to break away from the hegemony of the U.S. dollar and the dollar payment system is well-known. Over 60% of global reserves and 80% of global payments are in dollars.

The U.S. is the only country with veto power at the International Monetary Fund, the global lender of last resort.