Russia's announcement about its gold stash has been making headlines in the financial world. The Gold reserve has been increased by 1 million ounces of gold to its stash, and this addition brings up its total gold reserves to over 70 million ounces.
Russia's Gold Reserves
Russia' stand on 5th among the gold reserve economies of the world, with its current stash accounting for over 23% of its total reserves. The country's gold stash has been steadily increasing over the years, and its recent addition of 1 million ounces has increased its reserves by 1.4%.
Impact on the Global Gold Market
As Russia showing more interest in collecting and increasing gold reserve this announcement has had a significant impact on the global gold market, gold prices rising by around 1% after the news broke. This news plays a catalyst role in increase in prices as demand increased, as countries such as Russia, China, and India continue to increase their gold reserves.
Russia's Motives for Hoarding Gold
After a cold war it is gold war, the motives behind Russia's hoarding of gold have been a subject of debate for a while now.
It is talk of the town that Russia is trying to diversify its assets away from the US dollar, by increasing its gold reserves, Russia is reducing its reliance on the dollar and protecting itself against any potential economic or geopolitical risks.
Russia continuously trying to reduce Its dependence on US dollar among its foreign reserve in recent years
The Future of Russia's Gold Reserves
Russia adhere to its policy of compiling gold reserve as its central bank has indicated that it will continue to add to its gold stash in the coming years. Russia is trying to follow the global trend to focus on gold reserve to strengthen the economy, gold is becoming an increasingly valuable asset.
Russia's recent announcement about its gold stash has caused a stir in the financial world, and the gold prices rising as a result. the motives behind Russia's hoarding of gold are still unclear but it is clear that the country is taking steps to diversify its assets from US dollar to Gold, and protect itself against potential economic or geopolitical risks.
- What is the current value of Russia's gold reserves?
- As of March 2023, Russia's gold reserves are worth approximately $132 billion.
- The countries with the largest gold reserves in the world are the United States, Germany, Italy, France, and Russia.
- Russia's hoarding of gold has helped the country diversify its assets and reduce its reliance on the US dollar, which has been beneficial for its economy in the long term.
- As of March 2023, the current price of gold per ounce is approximately $1,750.
- Gold has historically been considered a safe-haven investment during times of economic and geopolitical instability. However, like any investment, it comes with its own set of risks and should be considered as part of a diversified portfolio.