The Central Bank of the Russian Federation continues to buy gold bullion at a record pace to bolster its precious metals reserves.

Gold stock analyst Jason Hamlin is reporting that the central bank added 40.4 tons, 1.3 million ounces, to its gold reserves during the month of October.

“This is a new monthly record and more than 2.5 times as much as was added in September,” Hamlin reports. “Russia now claims an official 50.9 million ounces — 1583.167 tons — in total gold reserves.”

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Since 2014, Russia’s Central Bank has been accumulating gold primarily to help offset billions of dollars in losses from foreign currency buying. The gold reserves have grown nearly 50 percent over the past two years.

Hamlin reports that China is also amassing gold at record levels.