Russia remains convinced that gold is the safest form of wealth storage.
The country made headlines last year when it was announced that the Bank of Russia began buying gold. In total, Russia’s central bank added over 5.5 million ounces of gold to its hoard in 2014 – becoming the sixth-largest owner of the yellow metal.
However, Russia’s gold purchases in 2015 may exceed last year’s. According to the latest data from the IMF, Russia had purchased 5.22 million ounces of gold through this year – boosting its assets for nine consecutive months.
Full-year data from Russia’s 2015 gold purchases won’t be complete and available until several weeks into 2016.
– Luke Burgess
Energy and Capital