by PR, Jerusalem Post:
Russia may be poised to make a notable shift in its precious metals strategy, with silver potentially emerging as a key asset in the country’s expanding State Fund. According to a report released by Interfax this week and cited by Bloomberg, Russia’s Draft Federal Budget outlines plans to significantly bolster its holdings in precious metals over the coming years. Notably, the budget includes plans to acquire gold, platinum, palladium, and, for the first time, silver.
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The inclusion of silver in the State Fund’s acquisition strategy marks a departure from recent trends. While central banks around the globe, particularly Russia, have set records in gold purchases following international sanctions, silver has largely remained off their radar. This latest development suggests that silver’s role in Russia’s financial strategy may be evolving.
A New Phase in Precious Metals Acquisition
Russia’s move comes as part of an ongoing response to economic sanctions that have isolated the country from the SWIFT banking system. Since then, Russia has increasingly focused on diversifying its reserves with highly liquid assets, like gold. However, the mention of silver in this latest budget is significant, as it represents the first time any central bank has explicitly included silver in its purchasing plans during the current bull market for precious metals.
It’s Official
Russian gov starts buying palladium, platinum and silver (besides gold) pic.twitter.com/RnAVN27sli
— Willem Middelkoop (@wmiddelkoop) September 30, 2024
Details about the volume of silver Russia plans to acquire remain scarce. While we don’t yet know what percentage of the funds will be allocated to silver, the announcement itself signals a potential shift in the global perception of silver as a strategic asset.
Could Silver Follow Gold’s Path?
This development raises questions about whether central banks and governments are beginning to rethink silver’s place in their reserves. Gold, once treated with a degree of skepticism by some governments, has become a safe haven asset, particularly in times of economic uncertainty. Could silver follow a similar trajectory?
Despite its shared precious metal status, silver has traditionally been viewed differently due to its widespread use in industrial applications. A large portion of the global silver supply is consumed in manufacturing, particularly in sectors like green energy, which relies heavily on silver for products like solar panels. This has historically influenced the way governments and financial institutions approach silver as a store of value.
