The $140 Billion Question: Can Russia Sell Its Huge Gold Pile?
- Russia spent years building world’s fifth-biggest gold reserve
- Selling that metal to shore up the ruble will be difficult
March 11: Gold Prices to Keep Rising Through Second Quarter: Standard Chartered
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Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis. But any attempt to sell it will now be a challenge just when it’s needed most.
Bank of Russia expanded its gold reserves almost sixfold since the mid-2000s, creating the world’s fifth-biggest stockpile that’s valued at about $140 billion. It’s the type of asset it could sell to shore up the ruble, which has plunged as global economies isolate Russia following its invasion of Ukraine.