Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Russia on a Gold Buying Spree

  by    1   1

The Russians have launched into a gold buying spree.

Based on recently released International Monetary Fund numbers reported at Mining.com., the Russian central bank ranked as the world’s leading gold buyer in February, adding 356,000 ounces to its reserves:

russia bank

Last December, Russia announced plans to increase its gold reserves to $500 billion within the next five years. As a Russian publication put it, “Gold is considered to be a buffer against external economic risks and is currently in favor in Russia.”

China continued to add to its gold hoard as well. The IMF has not included China to its statistics to date, but the People’s Bank of China reportedly bought around 320,000 ounces in February.  The Chinese central bank reported its total gold reserves at 57.5 million ounces. It has added about 130 tons of the yellow metal to its stash since it resumed regular reporting back in July.

Senior economic adviser to Rosland Capital LLC Jeffrey Nichols told Bloomberg that China and Russia are accumulating gold for similar reasons:

The Russian central bank is similar in some sense to the Chinese central bank. They’re acquiring gold for strategic and political gain, with the hopes that their currencies will look more attractive if they have larger gold reserves.”

Many analysts believe these countries are increasing their gold holdings to minimize exposure to the US dollar. Victor Thianpiriya of Australia & New Zealand Banking Group Ltd. told Bloomberg last December that many countries have been diversifying holdings away from the dollar for years.

Central bankers recognize that gold represents stability and historically provides a safe haven for wealth. They are buying gold for the same reasons individual investors should consider investing in the yellow metal.

TaxFreeGold.Banner.1000x285

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Gold Hits New All-Time Record High

Gold hit a new all-time nominal high, surpassing the previous record set in December of the previous year. The precious metal’s price reached approximately $2,140, indicating a robust and continuing interest in gold as a safe-haven asset, despite a rather peculiar lack of fanfare from the media and retail investors. This latest peak in gold […]

READ MORE →

Is a Weak Yen Feeding the Global Gold Bull?

The gold price has been surging, with unprecedented central bank demand gobbling up supply. It has been a force to behold — especially as US monetary policy has been relatively tight since 2022, and 10-year Treasury yields have rocketed up, which generally puts firm downward pressure on gold against USD. 

READ MORE →

World Gold Council: “Blistering Central Bank Buying” Fuels Strong Gold Demand

Total gold demand hit an all-time high in 2023, according to a recent report released by the World Gold Council. Last week, the World Gold Council (WGC) released its Gold Demand Trends report, which tracks developments in the demand for and use of gold around the world. Excluding over-the-counter (OTC) trade, 2023 gold demand fell slightly from 2022 […]

READ MORE →

VIX – The Calm Before the Storm

The VIX, often referred to as ‘Wall Street’s fear gauge,‘ is currently portraying a sense of calm among investors, registering well below the 20 level. 

READ MORE →

Four States Consider Lifting Taxes on Precious Metals

Citizens of Georgia, Kentucky, Wisconsin, and Kansas may soon enjoy lower taxes on precious metals if recently introduced pro-metal bills are made law in 2024.

READ MORE →

One thought on “Russia on a Gold Buying Spree

  1. MS says:

    IF DOW MAKES A NEW HI,AND KEEPS ON RISING FR A YEAR, WILL GOLD RISE OR FALL UNDER THE CIRCUMSTANCES,

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now