2026-01-21 | UPDATES #110 | Russia is burning through its gold — is this a sign that Putin’s war economy is getting desperate? The easy money is running out – from hydrocarbons, minerals, from the sovereign wealth fund and from strategic reserves. Now Putin must dig deeper to fuel his war mania and lust for conquest – appropriation of businesses, default on financial commitments to the poor and marginalised, and sell off Russia’s strategic assets – such as its gold reserves. The Kremlin has started to pawn the crown jewels of its economy, and that signal not only desperation, but the beginning of the end for Putin’s vicious regime. ----------SUPPORT THE CHANNEL:https://www.buymeacoffee.com/siliconcurtainhttps://www.patreon.com/siliconcurtain----------SOURCES: Reuters — oil & gas budget revenue expected to drop 46% y/y in January (Jan 19, 2026). The Moscow Times — record pace NWF sales; NWF gold down to ~173 tons by Dec 1, 2025 (Jan 16, 2026). The Moscow Times — early-year budget deficit risk; MMI warning on possible exhaustion of liquid assets (Jan 21, 2026). Reuters — central bank: NWF-linked net sales of FX and gold throughout 2025 (Nov 19, 2025 background). Reuters — central bank cuts FX sales from 2026 (Dec 26, 2025 background). Bloomberg (via secondary mirrors) — value of Russia’s gold holdings up sharply since 2022 (Jan 20, 2026). Reuters — gold at/near records; context on the gold rally (Jan 20, 2026). Atlantic Council — analysis on militarization and NWF depletion as a “lost buffer” forcing trade-offs (Dec 12, 2025 background). ----------SILICON CURTAIN LIVE EVENTS - FUNDRAISER CAMPAIGN Events in 2025 - Advocacy for a Ukrainian victory with Silicon Curtainhttps://buymeacoffee.com/siliconcurtain/extrasOur events of the first half of the year in Lviv, Kyiv and Odesa were a huge success. Now we need to maintain this momentum, and change the tide towards a Ukrainian victory. The Silicon Curtain Roadshow is an ambitious campaign to run a minimum of 12 events in 2025, and potentially many more. Any support you can provide for the fundraising campaign would be gratefully appreciated. https://buymeacoffee.com/siliconcurtain/extras----------