12:55 GMT11 May 2021
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    Russia appears to have surpassed China as the fifth-biggest holder of gold reserves, much of its gold purchases coming from local producers.

    In January, the Bank of Russia boosted its holdings of the precious metal by almost 20 metric tons, reaching 1,857 metric tons, thus overtaking the People’s Bank of China, which reported 1,843 tons, Bloomberg wrote.

    The last time China reported topping up its gold was in March 2015, whereas Russia has topped its hoard every month since March 2015. It is worth noting that Russia is also the world’s third-largest miner of the metal, according to research firm Metals Focus, and it purchases mostly locally produced gold – something which allows for more independence from the greenback amid US-imposed sanctions.

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    Turkey comes third in the top 10 counties to have recently increased their gold reserves. The US is still the leader in the field, boasting as much as 8,134 tons; the lion’s share of the US's holdings are stored at Fort Knox. Germany is the second largest gold holder, with 3,374 tons overall, and the International Monetary Fund owns 2,814 tons.

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    gold reserves, banking, gold, finance, sanctions, Bank of Russia, Germany, China, Turkey, US, Russia
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