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The Gold War: Russia Bleeds, China Hoards
Last month, two of the world’s largest holders of gold did the exact opposite thing. First, we saw the People’s Bank of China take delivery of over 7 tonnes of gold bullion. For the record, that was their 18th consecutive month of buying, and Xi’s reserves now sit at 2,313 tonnes. Yet at the same moment, the Bank of Russia became the single largest seller of gold in 2026 — Putin’s golden war chest is bleeding out. I guess sanctions and three years of military spending left him no choice. During the first quarter this year, Russia sold 22 tonnes of the precious metal — its largest drawdown since 2002. Is ... (full story)
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- May 15, 2026 10:57am Posted byFundamental Analysis155
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