Russia bought 37 tonnes of gold in November

The central bank of Russia added 37.3 tonnes of gold to its reserves in November added. With this purchase, the country's total gold reserves rise to more than 2,100 tons of gold, good for fifth place in the ranking of countries with the largest gold reserves. Since the beginning of the year, the central bank has added a record amount of more than 260 tons to its stockpile.

The fact that the Russians have been Buy gold was already known, but the pace at which they are expanding their stock only seems to be increasing. The central bank sees the gold reserve as a form of protection against political risk, because this form of reserve is not sensitive to possible sanctions. Since 2014, Russia has increased its gold purchases, coincidentally the year in which the first Western sanctions were imposed.

Russia expands gold supply

In ten years' time, Russia has quadrupled its gold reserves, from 510 to 2,100 tonnes. Due to the increase in Gold price the value of the precious metal has risen even faster, from just $12.6 billion in 2008 to more than $80 billion today. Gold has also taken on a more prominent role as a percentage of total reserves. Ten years ago, the precious metal represented only 2.6% of all Russia's reserves, but at the end of 2018 it was almost 18%.

In recent years, several central banks have added gold to their stockpiles. Poland Bought for the first time in a long time, some precious metal, while Hungary increased its stock tenfold. Several European countries have also withdrawn some of their gold from abroad, including the Netherlands, Germany and Austria. The precious metal is seen as a strategic reserve in times of economic and political uncertainty.

Russia added 37.3 tonnes of gold to reserves

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