In 2018 Russia Bought Nearly as Much Gold as All the Rest of the World Combined

And the spree continues

A wonderful bit of information in this piece to really put Russia’s gold-buying in perspective:

In the meantime the structure of GIR changed, as the CBR has boosted its gold reserves and cut the share of US dollar in its currency holdings. In 2018 the CBR bought a record-high 274.3 tonnes of gold, bringing its share in GIR to about 19% and accounting for 42% of gold purchases of all central banks last year. At the same time the share of US dollar was cut from 43.7% to about 20%.

Russia has been consistently adding to its gold reserves every month since 2006 now, but last year’s spree was truly remarkable. Not only did the Russian Central Bank gobble up almost the entire gold mined in Russia that year (and even imported some on top), it made 42% percent of all gold purchases by central banks in the entire world.

What is more, the purchases are continuing, and now China seems to be doing the same. After a 25-month gold-buying hiatus China has now for the 4th month in a row disclosed it has added to its gold:

 



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Mistaron
Mistaron
27 days ago

Is there any gold left in the West? Or is it all paper at 100 to 1? If ever the demands for delivery grow appreciatively it will be time to get out the popcorn. Should be quite spectacular.

David Bedford
David Bedford
27 days ago
Reply to  Mistaron

It’s all just paper

Séamus Ó Néill
Séamus Ó Néill
27 days ago

The move to get rid of the petrodollar has begun,,,,and there is one inevitable effect of that….America , with its $230 trillion debt , will have to drastically cut its military expenditure…..1,000,000 soldiers in 1000 military bases is not feasible…..maybe we’ll get peace at long last …….but what do we do with Satan , squatting in Palestine !

BillA
BillA
27 days ago

one has to wonder how long such purchases can continue at this pricing level
no paper gold for China and the RF

David Bedford
David Bedford
27 days ago

Up until now Russia has been buying gold from their mining industry but their purchases have just grown outside of that and he will have to start purchasing gold from the open market which will start pushing the price up.

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