I agree. There simply isn't enough physical gold to support anything other than maybe some crypto coins. Should all the King Midus clones seek to sell their gold during arduous global circumstances they may have a slight problem. There is only so much retail demand in any Indian wedding season.
Russia may be licking its lips in glee like a cat following a feed of cheap tinned rubbish food. Russia's underlying problem is an ongoing polarised view of the world. It's always a them verus us, Russia is always the victim, Russia will defeat its (perceived) enemies undertow. The reality of global trade and commerce is very different from the perception being spread by Russian State media.
That said, I haven't been a fan of Treasuries for the past 15 years. I don't understand why anyone would logically buy them in current circumstances but it is as it is. Iceland holds a lot. So does Singapore. And pension funds are buying for some unknown reason. I do understand that many banks are required to hold Treasury type stuff to keep their licences (for the time being).
