Russians Are Hoarding Gold Equal to Spain Reserves, Study Shows

Russian consumers’ gold purchases are set to equal the state reserves of Spain or Austria after the metal has become one of the nation’s most popular savings options during the past four years, according to a study.

Retail purchases of gold in bars, coins, and jewelry are expected to reach 62.2 tons (almost 2 million troy ounces) this year, according to Hong Kong-based Al Banyan Tree Research, a quantitative research startup founded by financial analysts and risk managers with experience in the Russian commodities sector.