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Russian Central Bank Gold Reserves Top 214 Tons in 2017

Gold News
Russia adds record amount of gold to reserves in 2017.

The Russian Central Bank announced this week that its gold reserves had reached 58.8 million troy ounces (approximately 1828 metric tons). The total included an additional 900,000 ounces (approximately 28 metric tons) of gold added in November.

Year to date, the Russian Central Bank has added over 6.9 million ounces or approximately 215 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.

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

In addition to increasing its gold hoard, Russia’s overall foreign reserves have grown from $371 billion in January 2016 to $432 billion as at November 31, 2017.

Russia’s gold purchases in 2017 of over 214 tons is a record.

As of November 31 2017, gold constituted about 17.6% of the Central Bank of Russia’s $432 billion reserves with her gold hoard valued at approximately $76.1 billion, up from $52 billion or 12% of overall reserves as at August 31, 2016.

Russian gold reserves by month 2014 - 2017 through november
The Central Bank of Russia has been adding gold to her reserves at a vigorous pace, often adding more than one million ounces a month for the past three years.
Russian Gold Reserves June 2015 - November 2017
Russian gold reserves have increased by about 550 tons or over 42% since June 2015.

U.S. Treasuries as Part of Russia’s Foreign Reserves

In January 2014, Russia’s U.S. Treasury position was $131 billion. In reaction to U.S. inspired sanctions being placed on her, Russia sold a substantial portion of her U.S. Treasury holdings. Russian U.S. Treasury holdings reached a low of $66.5 billion in April 2015. Since then Russia has added back a large portion of its U.S. Treasury holdings. As of October 2017, Russia held $105.0 billion in U.S. Treasury Securities.

Russian US Treasuries October 2016 october 2017

As a result of Russia’s gold buying binge, Russia has vaulted into the top ten gold holding nations and is now the sixth largest.

Gold reserves by central Bank top 10 through December
The Central Bank of Russia holds 1828 tons of gold.

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 Roubles 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.