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Russians are hoarding gold equal to Spain's reserves, study shows
By Andrey Biryukov
Bloomberg News
Wednesday, October 19, 2025
Russian consumers' gold purchases are set to equal the state reserves of Spain or Austria after the metal has become one of the nation's most popular savings options during the past four years, according to a study.
Retail purchases of gold in bars, coins, and jewelry are expected to reach 62.2 tons (almost 2 million troy ounces) this year, according to Hong Kong-based Al Banyan Tree Research, a quantitative research startup founded by financial analysts and risk managers with experience in the Russian commodities sector.
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Although buying has slowed compared to 2024 as gold prices surged past a record $4,000 per ounce recently, total retail purchases since the Kremlin sent troops into Ukraine in 2022 are projected to total 282 tons, Al Banyan Tree estimates.
The trend highlights how Russians, cut off from traditional saving options such as euros and US dollars, are seeking new ways to preserve their wealth. Gold has emerged as one of their preferred safe havens. ...
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