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According to Gold Telegraph, it’s “likely” that Russia is buying silver for its reserves, sending shockwaves through precious metals markets. For the first time, a central bank is disclosed to be actively accumulating silver, marking a sharp shift in global reserve strategy and a “monumental” moment for silver itself.
A new era if Russia is buying silver
In its 2025–2027 Federal Budget, Russia allocated $535 million to buy precious metals, with silver explicitly included alongside gold, platinum, and palladium.
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.
Other countries are buying gold
Silver’s run is happening alongside a multi-year record spree in gold buying. Central banks globally are expected to buy 1,000 metric tons of gold in 2025, marking the fourth consecutive year at these levels.
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.
A vote of no-confidence in fiat currencies
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.
For Bitcoin and digital assets, it’s a double-edged sword: rising gold and silver prices highlight inflation risks, make hard assets attractive, and drive more capital into alternative stores of value. But they also show that Bitcoin is now competing in a world where governments are hedging with tangible assets, not just digital ones.
If Russia is buying silver, it affirms that even “tiny” markets can feel outsized pressure when central banks take notice.
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