Moscow's gold mystery deepens
"Where is the gold?" This is the question posed by Russian economist Valentin Katasonov, challenging official data on Russia's gold production and highlighting a discrepancy exceeding 100 tons between the estimates of the Ministry of Natural Resources and international analysts. The issue takes on even greater significance at a time when gold has emerged as the ultimate "safe haven" for investors and states, with its prices moving to historic highs amid geopolitical tensions and global uncertainty.
According to Katasonov, the US Geological Survey (USGS) estimates that Russia produced approximately 345 tons of gold in 2025. However, the Russian Ministry of Natural Resources presented an estimate reaching 480-485 tons at the St. Petersburg International Economic Forum, creating a "gap" of over 100 tons. "Where is the gold?" the economist asks, arguing that no one has provided a clear answer as to where this quantity ended up or in which reserves it is being held.
Doubts are reinforced by the fact that since 2022, Russia has significantly restricted the publication of data on gold production and reserves, making independent verification of the data more difficult. The lack of transparency has fueled a multitude of speculations regarding exports, state purchases, and the true picture of Russian reserves.
At the same time, despite the reduction in the physical quantity of gold in state reserves, their total value continues to rise thanks to the surge in international prices. At the beginning of 2026, the value of Russia's gold reserves was estimated at more than $326 billion, while available information indicates that physical reserves fell to their lowest levels in the last four years. The result is a new veil of mystery surrounding Russian gold, at a juncture where the precious metal has been transformed into a strategic tool of economic and geopolitical power.
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