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Money has changed. Sanctions on Russia’s central bank eliminated its USD, EUR and JPY reserves.
We used current reserve holdings in troy ounces for gold, and we used the current exchange rate to convert the monetary base liability into U.S. dollars.
Emerging market currencies (EMFX) are also a potential beneficiary. However, the framework above isn’t suitable for applying to EMFX, so we are not including them in this discussion.