Silver Rises Over 120% YTD 
Published: 02-12-2025, 04:30 pm | Updated: 02-12-2025, 01:57 pm
Russians are increasingly turning to gold as a financial safe haven amid growing economic pressures. Consumer gold purchases hit 75.6 metric tons in 2024, marking a 6% increase from 2023 and a dramatic 62% jump from pre-war levels in 2021.
Why? A few reasons: record-high inflation at 9.5%, the ruble’s historic lows, and international sanctions limiting investment options.
The trend benefits both consumers and the Russian government, which needs outlets for its annual 300-metric-ton mining output, especially since the central bank has reduced its historically large gold purchases.
The strategy has paid off for Russian buyers, with gold prices surging 28% in 2024 and adding another 10% gain in early 2025, reaching a new record of $2,902 per ounce.
