Russia's $40 billion gold-buying binge is slowing down

Section:

Or maybe just its gold-acquisition reporting is slowing down.

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By Yuliya Fedorinova and Andrey Biryukov
Bloomberg News
Thursday, January 16, 2020

Russia, the world's biggest buyer of gold, is losing interest in the precious metal.

After spending an estimated $40 billion on gold in the past five years, the central bank is starting to rein in spending. It bought 149 tons of gold in the first 11 months of 2019, 44% less than the year before. Annual purchases are expected to be the lowest in six years.

... Dispatch continues below ...


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in 'Gate Zone' at MPD Project in Southern British Columbia

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... For the remainder of the announcement:

https://dunnedinventures.com/2020/01/16/dunnedin-drills-new-copper-gold-...



Analysts say that Russia's central bank has maxed out the proportion of gold it wants to keep in reserve. They also view the threat of U.S. sanctions and the need for a buffer against economic shocks diminishing as issues like the annexation of Crimea, election interference, and the poisoning of a former Russian spy on British soil fade from public conversation.

To be sure, even at these lower levels Russia is still buying a lot of gold and ranks at the top of the biggest purchasers. The country owns 2,262 tons of the precious metal, worth $106 billion, and stores some in vaults at the central bank in Moscow. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-01-16/russia-s-40-billion-g...

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