„Russia has overtaken China as the fifth-biggest sovereign holder of gold, allowing it to diversify its foreign currency holdings amid a deepening rift with the U.S,“ reports Bloomberg agency. Bank of Russia increased its holdings of gold by almost 20 metric tons to 1 857 tons. This acqusition means that The Bank of Russia toppled the People´s Bank of China place in the top five biggest holders of gold reserves in the world.
Russia was increasing its holding severy month since March 2015. The latest reports that China buys gold have appeared in October 2016. According to Bloomberg, only three countries in the top 10 have increased their holdings materially in recent years. With 8 134 tons of gold stored in Fort Knox, The United States is by far the largest owner of precious metal. Second place belongs to Germany, with 3 374 tons of gold. The International Monetary Fund owns 2 814 tons of gold.
„Gold offers Russia independence from the dollar amid financial sanctions from the U.S. and its allies. The measures were imposed in 2014 as punishment for Russia’s involvement in Ukraine and could be tightened in future. Much of the country’s gold purchases come from local production — Russia is the world’s third-largest miner of the metal, according to research firm Metals Focus,“ Bloomberg reports.