by David Russell, Gold Seek:

Across Russia, household wealth is undergoing a transformation. Citizens who once saved in euros and dollars are now accumulating small bars, coins and jewellery. What began as a reaction to sanctions and currency restrictions has evolved into a structural change in how Russians perceive and preserve wealth. According to data reported by Bloomberg and compiled by Al Banyan Tree Research, retail gold purchases in Russia are expected to exceed sixty tonnes this year, bringing total household accumulation since 2022 to roughly 280 tonnes, an amount comparable to the official gold holdings of Spain. Much of this recent analysis was brought to wider attention by the GoldFix Substack, which has closely tracked the emergence of Russia’s domestic gold market.