We recently wrote about Russia’s purchase of 1.2 million ounces of gold during the month of September, the country’s largest gold purchase in over 15 years. If you’re wondering what is behind this growing Russian appetite for gold, Newsy has produced a video offering an explanation.
What’s driving Russia’s gold buying spree?
Highlights from the video:
- One reason for the recent large purchases is that “Buying up gold is a way for Russia to diversify its assets and reduce dependence on the euro and the dollar.”
- There are also geopolitical factors at play, as “Sanctions are blocking Russian mines from selling gold on the international market, so the Russian government has been forced to buy up all that domestic gold.”
- China has also been making huge purchases of gold, possibly to “undo [the U.S.] dollar’s supremacy as a key currency.”
Interested in buying gold yourself? Ask us about a Gold IRA
Gold ownership is not limited to central banks. Individuals may purchase physical gold coins and bars for direct delivery or add them to a retirement account through a Gold IRA. If you are interested in doing either of these things, American Bullion can help. Call us at 1-800-326-9598 to speak with a precious metals specialist.