Russia dumps Treasuries for gold
USAGOLD note: Unlike other reports we have seen on Russian gold purchases, this one ties the those acquisitions directly to liquidation of U.S. sovereign debt. In related news, China’s holdings of U.S Treasuries declined by $5.8 billion in April and Japan net sold $12.3 billion. These liquidations are important both with respect to the actual liquidations and because these countries obviously are withdrawing from the U.S. sovereign debt market at a time when U.S. offers of sovereign debt are running at record levels. If China has been quietly swapping U.S. debt for gold, it has not been made public. Japan has not been a gold buyer in the past.