Over 10 years the Russian Central Bank has increased gold holdings by x4.5

🇷🇺 Gold is now 35% of all international reserves held by Russia 🤯

🇺🇸 Comparatively, for USA the number is 5%

This is why Russia and Ruble have been so resilient to sanctions

(re)monetization of gold is already in progress

central banks have been consistently buying gold for many years

this is especially true for Russia & China

as more markets develop over gold - so will its usage as collateral in short-term/repo credit markets

it will likely become a more frequent choice for collateral/hedge during the multipolar transition. specially if bond yields continue to exhibit increased volatility

gold did exactly this during the 2008 GFC

its share in collateral usage in global repo markets increased

and in 2025 we're seeing the same trend, with gold share in repo market collateral increasing