Putin's gilded war. 62 tons of precious metal sold in three quarters

The Central Bank of Russia has been selling gold reserves since December 2025, with a significant drop of 6.2 tons in September, bringing total reserves to 72.8 million ounces. This marks the lowest level since late 2019, with a total decrease of about 62 tons since the beginning of the sell-off. The current pace of gold sales is unprecedented since the 1998 financial crisis when Russia sold 118 tons in three months. The ongoing sell-off has made the Russian central bank the largest gold seller among global central banks, driven by budget deficits exacerbated by falling oil and gas revenues. China has emerged as a major buyer, with gold exports to Hong Kong reaching record levels this year, tripling compared to the previous year.