Russia added mightily to its national gold reserves, purchasing over 37 metric tons of gold bullion last month as the country continues to accumulate an impressive holding of the precious metal. The move is the largest that we have seen out of Russia since the country defaulted on its national debt in the late 1990’s. Russia now controls the worlds fifth largest gold reserves with 1150 metric tons of gold.
The purchase cost Russia an estimated $ 1.50 billion and added to a conspicuously increasing stockpile of gold. Earlier this year, the country made additional purchases that now have Russia’s national gold reserves larger than China and Switzerland.
The latest buy in September has Russia on the verge of tripling its gold reserves in the last decade. Russian president Vladimir Putin appears to be committed to stabilizing a Russian economy that is now under international pressure due to the Ukraine conflict.