Russia Adds 100,000 Ounces of Gold To Its Reserves in May

Russian Gold Reserves.

Russian Gold Purchases in May 2015.

Russia adds 100,000 ounces of gold to its reserves in May

Russia Boosts Gold Reserves, Reduces U.S. Treasury Holdings

The Central Bank of the Russian Federation published its official May 2015 reserve assets and other foreign currency assets report today indicating that its gold reserves had increased 100,000 ounces from its April 2015 report to 40.2 million ounces.

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The Russian Central Bank recently announced that they would be boosting their foreign reserves by about 40% from $356 billion to about $500 billion.

“Recent experiences forced us to reconsider some of our ideas about sufficient and comfortable levels of gold reserves,” said Elvira Nabiullina, Chairwoman Russian Central Bank.

Russia has been rebalancing its foreign reserves to favor gold vs. U.S. Treasury Bonds. Russia’s gold buying binge has coincided with a steady sell off of her U.S. Treasuries. It might be expected that as Russia increases its foreign reserves it would do so at least in proportion with that of its current gold reserves.

In a recent CNBC interview Ms. Nabiullina remarked on Russia’s increasing gold reserves “…we base ourselves upon the principles of diversification of our international reserves and we bought gold not only last year but during the previous years. Our gold mining industry is very well developed and it is ready to supply gold. That is why our attitude towards here is based upon diversification of our reserves.”

Ms. Nabiullina also dispelled the notion that the objective to increase Russia’s gold reserves was a function of buying up domestic gold supply that could not be sold abroad: “…we don’t run the objective to support any specific industry. In terms of the share of gold, actually we are not holding the records because there are countries that have a bigger share of gold in their reserves.”

In May Russia added 100,000 ounces of gold to its reserves and shed $3.4 billion of U.S. Treasuries from its reserves in April.

Russia’s U.S. Treasury Bond Holdings January 2014-April 2015

Russian US Treasury holdings chart

Russia sold another $3.4 Billion in US Treasuries in April and has cut its US Treasury Bond holdings in half since January 2014.

Russian U.S. Treasury and Gold Reserves November 2013

Relative holdings of Russia's gold and treasury reserves chart

In November of 2013 Russia held $139.9 billion worth of US Treasury Bonds and $43.05 billion worth of gold in her reserves.

Russian U.S. Treasury and Gold Reserves April May 2015

Russian spring 2015 gold and treasury holdings

Russian gold holdings as a percentage of their reserves increased vs their U.S. Treasury reserves from 23% in November 2013 to 43% in the spring of 2015.

Russian Gold Reserves May 2015

Russian gold reserves chart may 2015

Russia added 100,000 ounces of gold to her reserves in May.

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Russian Gold Reserve Chart courtesy of Nick Laird of Sharelynx.

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

Save our Swiss Gold

The Smaulgld Gold Buying Guide

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

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

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