2016-11-26 Sat

Russia has been buying gold bullion like pancakes to improve its precious metals reserves. Officials have revealed that the central bank has added 40.4 tonnes to its gold reserves in October. The number is 2.5 times more than the September figures with official claims of 50.9 million ounces — 1583.167 tonnes — in total gold reserves.

Russia has been accumulating gold since 2014 to counter the losses that were incurred from foreign currency buying. There has been an increase of 50 percent in the gold reserves since the past two years. Along with Russia, China is also following suit.