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 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 of gold to its reserves in September, bringing its gold reserves over 1,150 tons.
As of September 2014, Russia probably has more gold than Switzerland.