Russia Adds 1.2 Million Ounces Of Gold To Its Reserves In September

Russian Gold Reserves

Russia’s made its largest gold purchase in fifteen years in September, adding 1.2 million ounces (37.3 tons) of gold (worth approximately $1.5 billion) to its reserves.

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Russia Makes its Largest Monthly Gold Purchase in Fifteen Years

In the Importance of Gold to Nations and Individuals we noted that while the United States government and its citizens ignore gold, countries like China and Russia take a more favorable view of the shiny metal.

In September, Russia continued its voracious gold buying while its currency, the Rouble tumbled caused by sanctions imposed by western nations over the Ukraine crisis and falling oil prices.

Russia’s Gold Reserves Are Now Larger than Switzerland’s

Russia, realizing that having a large gold reserve is perhaps the best hedge against currency devaluations, added 1.2 million ounces of gold to its reserves in September, bringing its reserves to 37 million ounces, or approximately 1.150,00 tons, placing them, most likely, ahead of Switzerland who sold 60% of its gold reserves in the mid 2000’s.

At the average September gold price of $1238 per ounce, Russia’s September gold purchase is worth approximately $1.5 Billion.

Russia Central Bank Gold Reserves Through September 2014 (ounces)

Russia makes it's largest monthly purchase of gold in 15 years with 1.2 million ounces

Russia adds 1.2 million ounces of gold to its reserves in September.

Russia Central Bank Gold Reserves Through September 2014 (tons)

Russia adds 37 tons, the most in fifteen years to its gold reserves. Russia now has more gold than Switzerland

Russia adds 37 tons of gold to its reserves in September, bringing its gold reserves over 1,150 tons.

Gold Reserves by Country- Top 20. Russia and China Have Increased Their Gold Reserves And Are Now In The Top Top 10.

As of September 2014, Russia probably has more gold than Switzerland.

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Chart courtesy of Nick Laird owner of Sharelynx – The Gold Standard in Precious Metals Charts

Further Reading:

Russian Gold Reserves (monthly archive)

The Smaulgld Gold Buying Guide

The Importance of Gold

Save our Swiss Gold

The West Sells Paper Gold While the East Buys Physical Gold

Gold Continues to Move From West to East

Gold Reserves By Country – Top 20

Top Foreign Holders of U.S. Treasuries

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

China Hoards its Gold Production and Ramps up its Imports

Russia and China move to de-dollarize; switch to Yuan

Russia and China join forces to de-dollarize

Russia signs oil deal with Vietnam

Royal Canadian Mint


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  • Robert Happek

    On a per capita basis, Switzerland has roughly 20 times as much gold as Russia does. Indeed, the population of Russia is 20 times as large as tiny Switzerland.

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    • Louis Cammarosano

      Switzerland also sold about 60 pct of their gold around 2000

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      • Robert Happek

        Yes, in 2000 the official gold holdings of Switzerland were 2,500 tons. Today they are 60% down to 1000 tons. I guess the difference is invested in interest bearing securities. Here is a chart of gold holdings over time:
        http://www.tradingeconomics.com/switzerland/gold-reserves

        At 1000 tons, the official gold reserves of Switzerland are roughly the same as of Russia despite the fact that the population of Russia is 20 times as large as the Swiss population.

        However, Russia has a huge arsenal of nuclear weapons which allows them the luxury of affording a foreign policy which many other nations with lots of gold can not afford.
        So I would say that the Russian gold is much more secure than the Swiss gold.

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