Russia Increases Gold Reserves by 700,000 Ounces in January
After adding 6,700,000 ounces (208 tonnes) of gold to her reserves in 2015, the Central Bank of the Russian Federation announced today that it had added another 700,000 ounces of gold (21.77 tonnes) to its reserves in January 2016. The report indicated that Russian gold reserves increased by 700,000 ounces from its December 2015 report to 46.2 million ounces (1,436.98 tonnes).
Since 2009 Russia has added more than 813 tons of gold to its reserves more than China who added (724 tons) during the same time period.
Russia has been rebalancing its foreign reserves to favor gold vs. U.S. Treasury Bonds. Russia’s gold buying binge had coincided with a steady sell off of her U.S. Treasuries.
Russia’s top central banker Elvira Nabiullina said recently “Regarding gold and foreign currency reserves, we have the desired benchmark of $500 bln, and not in the three-year term, it could be 5-7 years and more. We believe it is necessary in terms of creating additional financial cushion for the state in the face of such external uncertainties.”
A wise move given that the global is saturated with US dollars and US Treasury securities and there is no doubt a collapse for both ahead.