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Gold Reserves
2,335.9t
Reserve Value
$217.79B
% of Reserves
27.1%
YoY Change
+36.9t
Est. Purchase Cost
$3.44B
Gold/Currency Ratio
47.87%
Russia aggressively accumulates gold to sanctions-proof its reserves following Western financial isolation over Ukraine. This buying advances de-dollarization and builds a neutral asset base resilient to asset freezes. Gold bolsters ruble stability amid geopolitical tensions.
Notable Activity
Russia added 36.9 tonnes year-over-year, continuing rapid diversification.
Key Motivations
What this means
The gold/currency ratio measures how much of a country's money supply is "backed" by gold reserves. A higher ratio suggests stronger implicit gold backing of the currency. This country has relatively strong gold backing compared to peers.
Bullion Fear & Greed Index
Was the market fearful or greedy when Russia was buying? Central banks often buy gold during market fear — the opposite of retail.
Gold/Silver Ratio
Central banks buy gold, not silver. Track the gold/silver ratio to understand relative value between the two metals.
Mining ETFs
Central bank buying supports gold prices, which flows through to mining company valuations. Track GDX, GDXJ, and miner sentiment.
Data Sources
Gold holdings from IMF International Financial Statistics (IFS) and World Gold Council. M1 money supply from FRED and IMF. Geopolitical context enriched monthly. Last updated: 2026-03-31.