This is the first time during the current precious metals bull market that any central bank has announced silver purchases for state reserves.
If Russia is buying silver, it could be helping drive the precious metal to a 14-year high, with the price surpassing $42/oz in September, up nearly 28% year-to-date.
The move is not just financial; it highlights silver’s strategic importance in a world where supply deficits and industrial demand are increasing.
Poland, Turkey, and China are key gold buyers, with Russia doubling its own gold shipments to China. Across Europe and Asia, gold is being purchased not only for financial stability but as a strategic hedge against currency debasement and geopolitical risk.
Both gold and silver are setting records. Gold hit an all-time high of US$3,667/oz on September 9, 2025, driven by economic instability and surging central bank demand.
Silver, meanwhile, is posting new highs in multiple currencies and regions, and maintains velocity with back-to-back weekly records. The gold-silver ratio, once over 100:1, now reflects silver’s increasing strength as gold’s “precious metal sister” comes out of the shadows.
Central bank buying drives scarcity and price. As these institutions move their reserves out of the dollar and into metals, gold and silver serve as a vote of no-confidence in fiat currencies. It fuels inflation-hedge narratives and exacerbates supply constraints that push prices higher.
If Russia is buying silver, it affirms that even “tiny” markets can feel outsized pressure when central banks take notice.
