Russian gold spree accounts for 33% of global central banks’ purchases

Russian gold spree: The Central Bank of Russia bought 152 tons of gold last year – just under one third of the 461 tons that the entire global community of central banks bought between them in 2014. Russia’s enthusiasm for gold was triggered both by a determination to decrease her dependency on the dollar and the euro in light of the political tensions that have characterised her relations with the US and the EU since it annexed Crimea,  and by the collapse in the value of the rouble. Active procurement has also given a boost to the domestic gold mining industry.,