Putin’s big bet on gold is paying off
“For years, Russia has been the world’s biggest sovereign gold bug: Even while gold prices were in the doldrums, it doggedly kept increasing its reserves. Now that gold is at the highest level since 2013, the tactic appears to be paying off.”
USAGOLD note: An interesting short study on Russia’s reserve deployment strategy in which gold plays a central role. Most of the gold going into Russia’s coffers comes from domestic production. Russia is the third largest producer behind China and Australia. The United States is fourth. Russia at last count has just over 1800 tonnes of gold in reserve – the seventh largest stockpile in the world. It has added just under 600 tonnes since 2015 for a 48% gain.