Russia’s $40 Billion Gold Buying Binge Is Slowing Down
- The central bank cut bullion purchases by 44% in 2019
- Gold makes up about 20% of total reserves, the most since 2000
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Russia, the world’s biggest buyer of gold, is losing interest in the precious metal.
After spending an estimated $40 billion on gold in the past five years, the central bank is starting to rein in spending. It bought 149 tons of gold in the first 11 months of 2019, 44% less than the year before. Annual purchases are expected to be the lowest in six years.