Washington’s weaponization of the dollar in an effort to crush Russia’s economy seems to be backfiring. The policy encouraged Moscow to pivot to gold and this week the cost of an ounce broke the $2,000 barrier for the first time.
Russia’s choice to move away from storing Benjamins as a reserve currency and to gradually replace the dollar in trade was accompanied by a relentless gold-buying spree. The moves were a reaction to US sanctions, the primary tool of America’s economic war on the world’s largest country.
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