May. 25 at 4:43 PM
$GLD $GDX $GDXJ $AEM $SLV Russia is LIQUIDATING its gold reserves:
The Bank of Russia's gold holdings PLUNGED -900,000 ounces in the first 4 months of 2026, to 73.9 million ounces, the lowest since February 2022.
With gold prices averaging ~
$4,800 per ounce over the same period, the sales are estimated to have generated ~
$4.3 BILLION in proceeds.
In fact, since last year, the Finance Ministry has been liquidating gold and foreign currency from the National Wellbeing Fund to offset budget deficits driven by declining energy revenues.
Before 2020, the Bank of Russia spent years accumulating gold and became one of the world’s largest sovereign buyers.
It halted its gold purchase program in March 2020 as prices spiked at the onset of the pandemic and largely paused large-scale buying thereafter.
Russia is drawing down its gold reserves at a furious pace.
