Russia Adds 600,000 Ounces of Gold To its Reserves in October

Russian Gold Purchases in October 2014

Russia adds 600,000 ounces of gold its gold reserves in October

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Russia Continues its Gold Buying Binge – Adds Another 600,000 Ounces to its Gold Hoard in October

Today the Central Bank of the Russian Federation published its October official reserve assets and other foreign currency assets report indicating that it had added 600,000 ounces of gold to its reserves.

Russia’s gold reserves now stand at 37.6 million ounces.

Chart showing that Russia has added another 600k ounces of gold to its reserves in october.

Russia adds 600,000 ounces of gold to its reserves in October.

We have been reporting on Russia’s monthly gold purchases since May. In September, Russia made its largest gold purchase in 14 year, buying 1.2 million ounces.

Earlier this month Russia announced that it had added 150 tons of gold to its reserves in 2014. These gold reserves provide some hedge against a falling rouble as they account for about 10% of Russia’s foreign reserves.

Currency Wars/Gold Wars

Russia has been buying gold as part of its de-dollarization strategy and in reaction to western sanctions.

Against a back drop of furious gold buying, the Russia economy has suffered from inflation of about 9 percent due to a decline in the value of the Rouble of about 30 percent.

Tough Times For Russia

While western sanctions have harmed the Russian economy and value of the Rouble, Russian President said speaking to the People’s Front this week that the United States will never ‘subdue’ Russia.

“They do not want to humiliate us, they want to subdue us, solve their problems at our expense,” “No one in history ever managed to achieve this with Russia, and no one ever will.”

Earlier this month Ksenia Yudaeva, deputy chairwoman of Russia’s central bank, noted that Russia may need to sell some of its gold to fund its imports, “if necessary”.

For now, however, Russia is still a net gold buyer.

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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)

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

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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