Reuters/Max Hunder/7-17-2022
USAGOLD note: Unless my math skills have taken a serious turn to the south, there’s something about these numbers that doesn’t add up. The $12.4 billion mobilization translates to more than 200 tonnes at $1900 gold. Ukraine, prior to the war, reported 27.06 tonnes in reserve, according to Trading Economics. By the way, when you do the numbers, it brings home the point just how undervalued gold is at current prices. $12 billion = 200 metric tonnes of gold? What does $12 billion even buy anymore against the needs of most nation-states?
Ukraine gold reserves
(Metric tonnes)
Chart courtesy of TradingEconomics.com
