Russia is growing its gold stockpiles as analysts begin to sound the alarms, suggesting another worldwide recession might be in the making.

According to its foreign reserve data updated on Friday, Russia’s central bank’s gold reserves increased by 31.1 tonnes to 2,149 tonnes in February. The move is not a substantial surprise to some experts who expect that worldwide central bank gold demand will persist as an important theme for the gold market.

Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the annual In Gold We Trust report, noted, “Russia’s demand for gold is part of the whole de-dollarization story that continues to get stronger and stronger,” adding, “Central bank gold demand is clearly a trend that is gaining momentum.”

Stoeferle included that with the growing debt concerns in the U.S. it’s not surprising that central banks are looking for alternative assets. The commodities market’s intensity and liquidity make it the ideal asset for financial powers, he stated.

According to product analysts at Bank of America Merrill Lynch, Russia has actually been the most notable gold customer for the last ten years. The analyst kept in mind that Russia has also been the most aggressive country in diversifying its foreign reserves considerably from the U.S. dollar. They said that the share of U.S. dollars in its reserves fell from 46% to 22% in 2015.

Authorities on the matter have stated that the growing international central bank need bodes well for the gold market, of which Russia is anticipated to remain the dominant player. Central banks around the world bought an overall of 651.5 tonnes of gold last year, the most substantial quantity since 1971.

What is behind the Russia gold grab?

Gold is generally utilized to hedge against financial unpredictability. As sanctions are levied on other countries, the U.S. dollar loses power within the world economy.

Russia is not alone in looking for to diversify out of U.S. debt holdings and transfer wealth into rare-earth elements.

If sanctions grow tighter and more numerous, the international economy will continue to shutter. The world is primed for huge amounts of gold shifting hands this year, with several countries constructing growing gold stockpiles.