俄罗斯人狂囤黄金，过去四年购金量即将追平两国官方储备！

Core Insights - Over the past four years, gold has become one of the most popular savings options for Russian consumers, with retail gold purchases expected to reach 62.2 tons (approximately 2 million ounces) by 2025 [1] - Since the onset of the Russia-Ukraine conflict in 2022, the cumulative retail gold purchases in Russia are estimated to have reached 282 tons, indicating a shift towards gold as a preferred means of wealth preservation [1][4] - The demand for gold in Russia has been driven by restrictions on traditional savings channels like euros and dollars, leading consumers to seek alternative safe-haven assets [4] Group 1 - Al Banyan Tree Research forecasts that despite a recent surge in international gold prices exceeding $4,000 per ounce, the enthusiasm for gold purchases in 2024 is expected to decline compared to previous years [1] - The Russian banking sector has largely ceased offering euro and dollar deposit services, complicating cross-border transactions and further driving the demand for gold [4] - The Russian government has eliminated value-added tax on retail gold purchases to stimulate domestic demand and provide alternative export channels for sanctioned gold mining companies [4] Group 2 - Russia, as the world's second-largest gold producer, extracts over 300 tons of gold annually, but since 2022, Russian gold has been banned from entering Western markets, impacting its export capabilities [4][5] - Financial institutions in Russia are also contributing to domestic gold market support, with an estimated 57.6 tons of gold held by these institutions by August 2025 [5] - The establishment of physical gold trading on the St. Petersburg Exchange in October 2025 aims to replace the LBMA pricing benchmark, although current trading volumes remain low [5] Group 3 - The shift in domestic demand for gold suggests that even if sanctions are lifted, the trading landscape and consumer saving habits may not fully revert to previous conditions, as distrust in dollars and euros is likely to persist [8]