【特稿】俄央行确认出售实物黄金

Core Viewpoint - The Central Bank of Russia has confirmed the sale of physical gold reserves to address budgetary needs, marking a significant shift in its financial strategy amid ongoing sanctions and economic challenges [1]. Group 1: Gold Sales and Reserves - The Central Bank of Russia has begun selling its physical gold reserves, although it has not disclosed the timing or scale of these sales [1]. - Russia holds over 2,300 tons of gold, making it the fifth-largest holder of gold reserves globally [1]. - Since the escalation of the Ukraine crisis in February 2022, the EU and G7 have frozen nearly half of Russia's foreign exchange reserves, totaling approximately €300 billion, with about €200 billion held in European clearing banks [1]. Group 2: Domestic Gold Demand - To stimulate domestic demand for gold, Russia has eliminated the value-added tax on retail gold purchases and is assisting sanctioned mining companies in finding alternative export solutions [1]. - A survey cited by Bloomberg indicates that gold has become one of the most favored savings methods among Russians over the past four years, with consumer purchases of gold expected to reach levels comparable to national reserves of Spain or Austria [1]. - It is projected that Russian consumers will purchase approximately 62.2 tons of retail gold, including bars, coins, and jewelry, this year [1]. Group 3: Market Dynamics - Following the imposition of sanctions, the convenience of using Western currencies for savings has diminished, leading to an increased demand for gold since 2022 [2].