- "I believe it's necessary for the Central Bank to pay more attention to precious metals within the territory of the Russian Federation when forming gold and foreign-currency reserves. Those reserves are even called 'gold and foreign-currency' reserves. There's nothing to be shy about here."
At the start of 2026, gold represents ≈43% of Bank of Russia's (BoR) international reserves. Back in 2005, gold accounted for a mere ≈3.5% of the same reserves account.
Since November 2005, gold is up ≈840%, i.e. almost 10 times. In the same period, S&P 500 TR increased ≈726%, or almost 9 times. This means that (anecdotally) Central Bank of Russia's strategy outperformed the U.S. stock market index by ≈14%