Eastern European Gold Reserves Swell, As Western European Gold Reserves Stagnate

Russian Central Bank Gold Reserves Rose to 2,251.892 Tons in October.

Serbia, Hungary, Poland, Belarus join Russia in Gold Buying Binge.

Russia added 300,000 ounces of gold (9.33 tons) to reserves in October.

Russian gold reserves are the fifth largest central bank holdings in the world.

Russia added a record 271 tons of gold to reserves in 2018.

Since June 2015, the Central Bank of Russia has added over 998 tons of gold to reserves.

Overall Russian reserves rose from $475.944b in January to $540.917b in October.

Gold reserves worth $107.902 billion constitute 19.9% of overall Russian reserves.

The Central Bank of Russia added 86% of its domestic gold mining production of 314 tons to reserves in 2018.

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Russia Adds Another 9.33 Tons of Gold in October

After adding 6,700,000 ounces (208 tonnes) of gold to reserves in 2015, the Russian Central Bank added 6,400,000 ounces (199 tonnes) in 2016, another 224 tons (7,202,000 ounces) in 2017</a> and a record 271 tons (8,700,000 ounces) in 2018.

Today, the Central Bank of Russia revealed that their gold reserves increased by another 300,000 ounces or 9.33 tons in October bringing their 2019 gold acquisition to 137 tons and total gold reserves to 2,252 tons worth $107.902 billion as of the end of October 2019.

The chart below shows the Central Bank of Russia’s Gold Reserves by month with tonnage rounded to the nearest metric ton.

Russian Gold Reserves 2015 - 2019

The Central bank of Russia has added about 998 tons of gold to reserves from June 2015 – to October 2019.

Russian Gold Reserves Additions and subtractions 1994 - 2019

Russian Central Bank gold reserve buying has averaged well over 200 tons a year since 2015.

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Russian Monthly Gold Purchases June 2014 – October 2019

Russian Gold Reserves by Month 2014 -2019

Russian Gold Additions and Subtractions 1994 - 2019

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Top Ten Gold holding nations

Russia has the fifth largest gold reserves of any nation.

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While Russia leads the world’s central banks in gold acquisition, each year India imports three to nearly five times the amount of gold that Russia adds to reserves on an annual basis.

Russian central Bank gold reserves vs Indian Gold Imports 2014 - 2018

The Russian Central Bank announced that it would begin buying gold on the Moscow Stock Exchange.

Russian gold mining production vs reserves
Source USGS/Central Bank of Russia

Russia is retaining an increasing percentage of its gold mining output.

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Roubles For Gold

Increasingly, Russia has been buying up more of their gold mining production, in effect converting roubles into gold.

Russia does little trade with the United States and has been subject to a series of U.S. inspired sanctions for the past few years. As a result, while Russia had been working on increasing its overall foreign reserves in recent years, it focused more on adding gold than U.S. Treasuries.

Russian Gold Reserves vs. U.S. Treasury Holdings

Russian Gold vs U.S. Treasury Holdings January 2017 - 2018 through May

Russian U.S. Treasury and gold reserves source: U.S. Treasury TIC report and Russian Central Bank, respectively.

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Further reading on Russia’s gold production:

Russia’s VTB bank to supply 15-20 T of gold to China in next 12 months

Russia to increase gold production

Russian gold and reserve data from the Central Bank of the Federation of Russia

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Further Reading:

Russian Gold Reserves (monthly archive)

Russia’s U.S. Treasury Holdings vs. Gold Reserves

Top Foreign Holders of U.S. Treasuries

Gold Repatriation Requests (updated regularly)

Gold Supply and Demand

The Importance of Gold

The Smaulgld Gold Buying Guide

Gold Reserves By Country – Top 20

Russia, Ukraine and the Dollar

Are Russia and China Moving Against the Dollar

Gold and Silver Price Manipulation – Suspected

Gold and Silver Price Manipulation – Actual

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