Russia’s thirst for gold remains insatiable as it adds another 300,000 Ounces of Gold to its reserves in August.
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Russian Gold Reserves Continue to Grow
Russia adds 300,000 ounces of Gold to its Reserves in August
As Russia continues to battle with the United States and the European Union over Ukraine, talks of unplugging the Internet in an emergency and sends fighter jets into U.S. air defense identification zones, it increases its gold reserves at a steady pace.
In August, as part of their de-dollarization efforts, Russia added 300,000 ounces of gold to their reserves after adding 300,000 ounces last month and 1.4 million ounces in the past four months.
As of the end of August 2014, Russia’s gold reserves are approximately 36 million ounces, up nearly three fold since 2008. Russia’s gold reserves place them in the top ten nations by gold reserves.
Russia is also the world’s third largest gold producer.
Russian Central Bank Gold Reserves