Russia has been buying gold… and a lot of it. Russia has increased its gold reserves to 34.4 million toz in April, an increase of 900,000 since March 2014.
At current Physical gold prices that it worth in the region of $1.17 billion. That being said it is still only a fraction of their foreign exchange reserves, though since 2006 they have been increasing their Gold reserves on average by 500,000 toz per month.
Thats 500,000 toz per month, for nearly 8 years. Watch this space.
EVR Bullion (UK)