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

Buy Gold Online

How To Buy Gold

Fractional American Gold Eagles in 1/10, 1/4 and 1/2 oz Sizes for Smaller Budgets

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.

Get Free Updates From Smaulgld.com

Subscribe to Smaulgld.com and get the free In Case You Missed Itweekly email as well as updates and analysis on gold, silver, real estate and the economy.

Also get the free report “Twelve Key Differences Between Gold and Silver” when you subscribe.






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


Please visit the Smaulgld Store for a larger selection of recommended Kindles, books, music, movies and other items.

Or you can support Smaulgld.com by making all your Amazon purchases through the search widget below and by ordering your gold and silver by clicking on the JM Bullion, BGASC, Golden Eagle Coin, Perth and Royal Canadian Mint ads on the site.

Buy American Gold Buffalo Coins

*DISCLOSURE: Smaulgld provides the content on this site free of charge. If you purchase items though the links on this site, Smaulgld LLC. will be paid a commission. The prices charged are the same as they would be if you were to visit the sites directly. Please do your own research regarding the suitability of making purchases from the merchants featured on this site.

Chart Disclaimer: Information presented here has been obtained from a third party and is presented for information purposes only. Smaulgld can not and does not guarantee the accuracy or timeliness of the data displayed on this site and therefor the data provided should not be used to make actual investment decisions. You should always consult a professional investment adviser before investing in precious metals or any type of investment. You acknowledge that Smaulgld assumes no responsibility for the integrity of data on this site.

The content provided here is for informational purposes only. Making investment decisions based on information published by Smaulgld (SG), or any Internet site, is not a good idea. Accordingly, users agree to hold SG, its owner and affiliates, harmless for all information presented on the site. SG presents no warranties. SG is not responsible for any loss of data, financial loss, interruption in services, claims of libel, damages or loss from the use or inability to access SG, any linked content, or the reliance on any information on the site.

The information contained herein does not constitute legal, tax or investment advice and may be subject to correction, completion and amendment without notice. SG assumes no duty to make any such corrections or updates. As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment. SG disclaims any and all liability relating to any investor reliance on the accuracy of the information contained herein or relating to any omissions or errors and as such disclaims any and all losses that may result.

Post Navigation