Russian Gold?

This is probably wrong, but…

Putin: We are currently gradually stabilizing our economy. Last year, the gross domestic product had dropped by 3.8 per cent. Inflation is approximately 12.7 per cent. The trade balance, however, is still positive. For the first time in many years, we are exporting significantly more goods with a high added value, and we have more than 300 billion dollars in gold reserves. Several programs for modernizing the economy are being carried out.

$300 billion of gold?

$300 billion/ $1085/oz = 276,497,695 oz.

276,497,695 oz/ 32150.7 ounces per tonne = 8600 tonnes.

Officially Russia’s gold reserves are more like 1300 tonnes.

Bloomberg has the figure for Russian foreign reserves & gold at $370 billion.

So its gotta be a translation error, but it would be something if Putin just casually dropped an f(inancial)-bomb and no one noticed.




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