A Shopping Spree
From January to April of 2019, Russia obtained 56 tonnes of gold, and bought 37.3 tonnes of that between January and February. In the month of March alone, Russia bought 18.7 tonnes of gold. Russia has been steadily and increasingly quickly acquiring gold within the last decade. Altogether, Russia is officially holding 2,150.5 tonnes of gold. Russia’s foreign exchange reserves are priced at just around $491 billion. Gold now makes up 19.1% of the foreign exchange reserves, which is roughly $93.3 billion.
Diversification of Funds Many analysts are suggesting that Russia, along with several other countries, has been purchasing more gold to diversify from the too relied upon U.S. dollar. In the months of April and May of 2018, Russia liquidated 85% of its US Treasury holdings, and dumped over $90 billion of Treasuries. These ginormous purchases show no sign of slowing down. In fact, it is predicted to only continue to accelerate, not only just within Russia, but China as well.