Gold reserves by Central Bank top 10 through August 20 2018

Russia Adds 800,000 Ounces of Gold to Reserves in July

Gold News
Central Bank of Russia adds another 24.883 Tons of Gold to Reserves in July.

The Russian Central Bank announced today that its gold reserves had reached 63.3 million troy ounces (approximately 1969 metric tons). The total included an additional 800,000 ounces (approximately 24.883 metric tons) of gold added in July.

Facing sanctions from the United States and Europe over the past few years, the Central Bank of Russia has increased its foreign reserves, largely by increasing their gold reserves.

In 2017, the Russian Central Bank added a record 7.2 million ounces or approximately 224 tons of gold to reserves. Over the past two years, Russia has led the world in adding gold to her central bank reserves, ahead of the People’s Bank of China, the central bank that has added the second largest of amount of gold. Indeed, in 2017 the Russian Central Bank’s gold holdings surpassed the People’s Bank of China’s gold reserves to take sole possession of fifth place among the gold holding nations of the world.

The Central Bank of Russia added 208 tons of gold to reserves in 2015. In 2016, Russia added 199 tons of gold to her reserves.

Through July of 2018, the Russian central bank has added about 130 tons of gold. At the current pace of gold acquisition, the Central Bank of Russia will add about 223 tons of gold, about the same amount as was added in 2017.

In addition to increasing its gold hoard, Russia’s overall foreign reserves have grown from $371 billion in January 2016 to $458.031 billion as at July, 2017, a 23.5% increase.

As of July, 31 2018, Russia’s 1969 tons of gold constituted about 16.9% of the Central Bank of Russia’s $458.031 billion reserves with her gold hoard valued at approximately $77.41 billion, up from $52 billion or 12% of overall reserves as at August 31, 2016.

Gold price YTD august 20 2018
Lower gold prices the past two months have reduced the value of Russia’s gold hoard, despite adding a total of about 40 tons of gold in June and July.

Russia Sells $81 billion in U.S. Treasuries

Russia held $96.1 billion in United States Treasury securities as of the end of March 2018. As of the end of May 2018, Russia held just $14.9 billion in U.S. Treasuries or a decrease of $81.2 billion in their U.S. Treasury holdings

Russian Gold Purchases by month June 2014 - July 2018
The Central Bank of Russia has added 4.47 million ounces (approximately 130 tons) of gold to her reserves from January 2018 – July 2018.
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Russian Gold Reservess June 2015 - July 2018
Russian gold reserves have increased by about 690 tons since July 2015.

As a result of Russia’s gold buying binge, Russia has vaulted into fifth place among holding nations.

Gold reserves by Central Bank top 10 through August 20 2018
The Central Bank of Russia holds approximately 1969 tons of gold.

Alan Greenspan said recently that “Gold is currency… the premier currency, no fiat currency, including the dollar, can match it”. Russian gold mining produces the second largest annual output in the world behind China. Russia adds a substantial percentage of its domestic mining production to her reserves. By retaining a large percentage of its gold mining output the Central Bank of Russia has been in effect converting its currency, the rouble, into gold.

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This article by BGASC is not, and should not be regarded as, investment advice or as a recommendation regarding any particular course of action.