General Day to Day Banter, page-419

These countries are being forced to unload their exposure to USD denominated assets,
With inflation coming on all fronts they will have few other places to go.
Nations require real security that will still be there after a major global conflict, they cannot fire their reserves into crypto
It requires a solid and transportable asset

https://www.rt.com/business/533618-russians-investments-gold-record-high/ 1 Sep, 2021


https://www.nasdaq.com/articles/top-10-countries-with-largest-gold-reserves-2021-05-02
No 5. Russia
Tonnes: 2,295.4
Percent of foreign reserves: 22.0 percent
The Russian Central Bank has been one of the largest buyers of gold for the past seven years and overtook China in 2018 to have the fifth largest reserves.
In 2017, Russia bought 224 tonnes of bullion in an effort to diversify away from the U.S. dollar, as its relationship with the West has grown chilly since the annexation of the Crimean Peninsula in mid-2014.
To raise the cash for these purchases, Russia sold a huge percentage of its U.S. Treasuries.

https://www.rt.com/business/517158-record-gold-demand-russia/