Who’s Buying Silver by the Ton in 2025? Russia’s Big Move Explained. Russia has budgeted billions to buy silver. Are central banks quietly hoarding tons of bullion? Here’s what’s known—and what remains hidden.
In 2025, the question “who is buying physical silver by the ton?” remains one of the more opaque puzzles in the precious metals world. Unlike gold, which is routinely disclosed in central bank balance sheets, silver is rarely broken out explicitly. But an accumulation of signals — budget allocations, vault withdrawals, delivery mechanics, anecdotal reports — increasingly point to sovereigns, including Russia, quietly stepping into the silver space. This article walks through what’s known (and what isn’t), with Russia as a case study, and explores how market participants interpret these clues. The Russia / Gokhran / Budget Narrative Institutional framework: Gokhran and the State Fund The Gokhran of Russia is the government institution responsible for forming, storing, and releasing the State Fund of Russia’s precious metals and precious stones (gold, silver, platinum group metals, gems, etc.). gokhran.ru +2 Interfax +2 The Gokhran has in the past issued public tenders and pur...