By Dave Russell
GoldCore, Dublin
Friday, October 31, 2025
Across Russia household wealth is undergoing a transformation.
Citizens who once saved in euros and dollars are now accumulating small bars, coins, and jewelry. What began as a reaction to sanctions and currency restrictions has evolved into a structural change in how Russians perceive and preserve wealth.
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According to data reported by Bloomberg and compiled by Al Banyan Tree Research, retail gold purchases in Russia are expected to exceed 60 tonnes this year, bringing total household accumulation since 2022 to roughly 280 tonnes, an amount comparable to the official gold holdings of Spain.
Much of this recent analysis was brought to wider attention by the GoldFix at Substack, which has closely tracked the emergence of Russia's domestic gold market.
At first glance, it seems a localised response to international sanctions. Yet it also reveals something universal about the relationship between people, money, and trust. Gold is not returning to Russia by government command but by instinct. When confidence in institutions falters, savers revert to what they regard as real money. The pattern is as old as monetary history itself. ...
... For the remainder of the commentary:
https://www.goldcore.com/blog/the-peoples-gold-standard [4]
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