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.
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)
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
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