"The Reserve Bank of India (RBI) has intensified its efforts to transfer gold reserves back to India," "As of September-end, out of the total gold holdings of 880.8 tonnes, the RBI maintained 575.8 tonnes within India, whilst 290.3 tonnes remained in the custody of the Bank of England and the Bank of International Settlements (BIS)." TOI. It makes sense because the price of gold has soared in recent months. In 2015, one troy ounce of gold would have cost $1,060 (onlygold.com), while today the price has more than trebled to $3,957 per troy ounce (goldprice.org). These banks charge a fee for storing gold. Storing 100 tonnes of gold with the Bank of England for one year would cost 102,200. bullionstar.com. Western countries have not forgotten their colonisation habit of plunder. "As much as $250 billion worth of Russian assets have been frozen in the EU since the US and its allies prohibited transactions with Russia's central bank and finance ministry after Moscow sent forces into Ukraine in February 2022." Reuters. The US and the EU think they have a right to order India to stop trading with Russia although India is a sovereign nation and Russia has been a trusted friend of India, while Richard Nixon, a Republican president, considered using a nuclear weapon on India (nyt.com) during the 1971 war between India and Pakistan, which resulted in the creation of Bangladesh (wikipedia) . "Two and a half decades ago, India and Russia elevated their enduring ties into a formal strategic partnership - a commitment not just to friendship, but to shared purpose and joint endeavor." ET. "Many Indian refiners have paused new orders for Russian oil since US sanctions last week on Moscow's two top crude exporters as they await clarity from the government and suppliers, with some turning to the spot market for alternatives, industry sources said. However, state-run Indian Oil said...it would not stop buying Russian oil as long as it is complying with sanctions." Reuters. In March, "India has signed a $248 million with Russian state arms exporter Rosoboronexport to acquire more powerful engines for its Soviet-era battle tanks, the Indian Defence Ministry said." Reuters. India is also looking to acquire more S-400 surface to air (SAM) missiles from Russia at a cost of Rs 100 billion. Defence Security Asia. In September, "Russia has submitted a proposal to India for the supply and local production of its fifth-generation Su-57 fighter jets, news agency TASS reported ." India Today. Just to annoy India, Trump has continued to claim that he was responsible for stopping the conflict between India and Pakistan in May 2025, known as Operation Sindoor in India (pib.giv.in ), which India claims to have won. Yesterday, once again Trump said in Tokyo that "Seven-brand new, beautiful" aircraft were shot down during the conflict. DH. Daily foreign exchange trading reached $9.6 trillion in April 2025 and of that the US dollar "was on one side of 89% of all Fx trades in April 2025." The euro was second with a share of 28.9%, the Japanese yen was at 16.8% and the UK sterling at 10.2%. bis.org. If we cannot use these currencies we can use gold. Get all our gold back to India. We can buy more from countries like South Africa. With dollars.
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