Silver Rises Over 120% YTD 
Russia’s strategic gold investments are paying off during sanctions. Since early 2022, their gold reserves have surged 72% in value to $229 billion, offsetting about a third of the $322 billion in foreign assets frozen by Western nations after the Ukraine invasion. This gold strategy began after
Russia’s 2014 Crimea annexation, when they accumulated 40 million ounces while prices were low.
Today, Russia ranks among the top five central bank gold holders globally. While their gold and yuan holdings remain accessible, unlike their frozen dollar and euro assets, gold is typically less liquid than traditional reserves. However, current high global demand for gold could make it easier for Russia to sell if needed during a financial crisis.
