Russia Gold “Buying Spree” Continues – Buy 22 Tons In November…(Putin Likes “Pet Rocks”!!)
By: GoldCore
GoldSeek.com
Tuesday, 22 December 2015
– Russia adds another 700,000 ounces (22 tonnes) to gold reserves in November
– Russian ally Kazakhstan increased gold reserves for 38th month – 7 Mil ounces
– Russia has added 197.1 tonnes in 2015 – Compared with 172 tonnes in all 2014
– November gold buying is Russia’s ninth straight month of increase
– Russia now has sixth largest gold reserves in the world
– Central bank buys all Russian gold production
– Other Russian gold demand imported
– Russia views gold bullion as “100% guarantee from legal and political risks”
Russia continues to add to its gold reserves and added another 700,000 ounces in November or another 22 metric tonnes, and analysts believe this buying will continue and may intensify in the coming months.
Russian ally Kazakhstan increased its gold reserves for a 38th month to 7.03 million ounces in November from 6.96 million ounces a month earlier.
The latest large increase in Russia’s gold reserves – a “buying spree” as reported on Reuters Africa has again gone largely unnoticed by most analysts. Indeed, the important monetary and geopolitical ramifications continue to be largely ignored in western media.
Russia’s total gold reserves have now increased to 44.8 million ounces or around 1,392.8 metric tonnes, with a current value of just $48.3 billion. Russia’s total FX reserves are $371.2 billion and their gold allocation remains just 13% of their total reserves.
The share of gold in Russian foreign exchange reserves is much lower than in many other countries such as the U.S., Italy and France. Russian diversification into gold is likely to continue and could intensify if relations with the U.S. and NATO powers further deteriorate.
Russia still have less than a fifth of the gold reserves of the U.S. which are believed to be over 8,400 metric tonnes of gold. However, the U.S. has no foreign exchange reserves and is the largest debtor in the world – indeed it is one of the largest debtors the world has ever seen.
Russia now has the sixth highest gold reserves in the world – behind the U.S., Germany, Italy, France and China.
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