The enormous effort by eastern hemisphere countries to diversify their reserves out of the dollar and into physical gold is quite remarkable. The latest reports out of Russia show that is has cut its dollar exposure in half since January 2014 and appears to be accelerating its accumulation of gold:
OUT OF DOLLARS (source: Smaulgld.com, U.S. Treasury):
AND IN TO MORE GOLD:
Meanwhile, physical gold held in western custodial accounts at Central Banks and trading exchanges continues its exodus.