Russia

The Russian Central Bank announced last week that its gold reserves had reached 56.1 million troy ounces (approximately 1,745 metric tons). The total included an additional 500,000 ounces (approximately 15.5 metric tons) of gold added in August . . . .

The largest Russian bank, Sberbank, is planning to increase the supply of gold to China up to 10-15 tons in 2018. Keeping in mind that both the Russian ruble and Chinese yuan are covered by gold, this step is a part of the “de-dollarization” of their economies . . . .

Not only are the Turks buying more gold at a substantially more aggressive pace than the Russians adding 950,000 ounces of the yellow metal in just three months, the purchases are also much more meaningful when you look at the bigger picture . . . .

Unlike the other big central bank buyer of gold, China, Russia is continuing to add to its gold reserves and reporting its increases . . . .

Many U.S. politicians believe the dollar is better than gold . . . .

This keeps Russia in sixth place among global national holders of gold after China in fifth, but closing the gap given China seems to have ceased to report monthly gold reserve increases since last October . . . .

Russia is hoarding gold at a breathtaking pace, and the Russian Central Bank is now the world’s largest buyer of gold . . . .

Analysts cited news reports that the Russian central bank bought around 48 tons of gold in October, the biggest monthly gold purchase of this millennium . . . .

The rapidly evolving geopolitical “weapon” brandished by Russia is an ever increasing stockpile of gold, as well as Russia’s native currency, the ruble . . . .

Adding gold to official reserves protects Beijing, Moscow against dollar dominance . . . .