Russia Buys 800,000 Ounces Of Gold In July

Tuesday, August 21, 2018
By Paul Martin

By: GoldCore
GoldSeek.com
Tuesday, 21 August 2018

– Russia buys 800k ozs of gold as diversifies reserves from USD
– Russia now has total gold reserves worth just $76 billion; Dumped $90 billion of US Treasuries in April and May
– 25-ton addition brings Russia’s Central Bank holdings to 1,969 tons; the world’s 5th largest gold reserves
– Central bank buying Russian gold on Moscow Exchange for now
– Russia sees gold’s role as independent currency and safe haven as is a “100% guarantee from legal and political risks”

Russia under Putin continues to add to its gold reserves and added another 800,000 ounces or 25 metric tonnes in June. Many analysts believe this buying will continue in the coming months given the very serious geopolitical tensions between Russia and the U.S.

Russia’s total gold reserves now amount to 63.3 million ounces or around 1,969 metric tonnes, with a current value of just $76 billion (based on gold at $1,200/0z).

Foreign exchange diversification intensified in April this year and their gold accumulation is averaging over 20 tonnes per month. It is interesting to note that Russia dumped some $90 billion of US Treasuries in April and May – which is significantly more than the value of the entire Russian gold reserves, now worth $76 billion.

Russia’s total foreign exchange reserves are $458 billion and their gold allocation has risen to 17% of their total reserves – even at these depressed gold prices.

This ranks Russia in fifth place globally in terms of gold reserves behind the U.S., Germany, Italy, France, and China.

Russia is also ranked fifth now in terms of gold held as a percentage of total fx reserves. However, 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.

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