Russia Purchases 900,000 Ounces of Gold in Response to Sanctions

Sprott Money wrote today that, in addition to measures such as moving forward with a major LNG deal with China, Russia has purchased approximately 900,000 ounces of gold as the west continues to threaten the ex-soviet nation with sanctions. Nathan McDonald of Sprott Money News suggests that Russia is accumulating the yellow metal as part of its attempts to disconnect itself from Europe and North America, and that sanctions from the west could result in a harmful ‘boomerang effect.’

As quoted in the publication:

This brought Russian gold holdings to 34.4 million ounces, making it a major and actively growing player in the world gold market. Since 2006, Russia has been acquiring the yellow metal at a rapid rate. On average, they have been adding 0.5 million ounces per month to their reserves, as seen in the chart below.

Click here to read the full Sprott Money article.