Russia became the leader in gold purchases in the period 2013-2023, which largely helped it avoid hyperinflation, and even default, during the “storm of first-wave sanctions,” RIA Novosti columnist Sergei Savchuk writes on August 31.
According to the source, a joint analysis by the IMF, the World Bank and the World Gold Council (WGC) was published last week. It highlights a number of countries that were the most active buyers of physical gold during the period 2013-2023.
According to the data presented in the analysis, Turkey ranked third (+424 tons), China ranked second (+1,180 tons), and Russia took the leading position. Another 1,300 tons of gold were stored in the cities of Moscow, St. Petersburg and Yekaterinburg.
The author explains that it was these tons that became the balancer of the country’s financial system, supporting the ruble and filling it with real value. According to the observer, this largely saved Russia from hyperinflation, and even default, during the “first wave of the sanctions storm.”
As they say, Russia has two allies: the army and the navy. The Russian economy has much more support, but the production of steel and other metals and the availability of gold occupy the most important places, the author of the article concludes.
Source: Rossa Primavera
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