American financial expert Peter Schiff praised Russia's eagerness to reduce the dependence of its financial system on the U.S. Dollar. Peter Schiff told journalists that the U.S. currency is losing its position in the Russia's gold and FX reserves: while the share of the US currency in the past stood at 46%, at present it represents only 22%. The dollar has been replaced by gold, whose share in Russian reserves rose from 2% to 19% during the past 10 years. According to Schiff, the position of the USD as the world's main reserve currency will soon be questioned.

"I think that Russians betting on gold is conditioned by the understanding that a large-scale dollar crisis is imminent around the world. After the U.S. draw the global economy away from the gold standard, the global financial system was converted to the dollar standard. So long as the U.S. currency remained secured by gold, things were fine. Today, however, it is not secured by anything," comments Peter Schiff.

The financier is certain that the dollar crisis is inevitable. The problem with the United States is that it does not have enough of the precious metal as a guarantee against the dollars already printed.

No country in the world appreciates the fact that the United States use the USD as a global weapon, the expert observed. Among the others is Russia, which now buys large amounts of gold to reduce its dependence on the USA and its currency. This tactic is the most effective under the circumstances as it allows to protect state reserves from any future geopolitical shocks.

As for the U.S., it seems as if the Administration is puzzled by the actions of Russia, as well as by those of China, which is now also focused on gold. At the moment, Washington does not have an effective counteraction plan. Earlier this year, the U.S. Treasury released data on the public debt during Trump's presidency which increased by more than USD 2 trillion up to USD 21.974 trillion.