Russian Central Bank Slows Gold Purchases in May

Russian Gold Reserves May 2016.

The Central Bank of the Russian Federation added 100,000 ounces (3.11 tonnes) of gold to its reserves in May.

Gold added was the lowest amount since May 2015.

Russia now has 1,480 tonnes of gold in reserve; the sixth most of any nation.

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Russian Gold Reserves

After adding 6,700,000 ounces (208 tonnes) of gold to her reserves in 2015, 700,000 ounces (21 tonnes) in January 2016, 300,000 ounces (9.33 tonnes) in February, 500,000 ounces in March and 500,000 ounces of gold (15.55 tonnes) in April, the Central Bank of the Russian Federation announced today that it had added another 100,000 ounces of gold (3.11 tonnes) to its reserves in May 2016.

The report indicated that Russian gold reserves increased by 100,000 ounces from its April 2016 report to 47.6 million ounces (1480.53 tonnes). The chart below shows the Central Bank of Russia’s Gold Reserves by month with tonnage rounded to the nearest ton.

russian central bank gold reserves 2015 - 2016 may

The Central Bank of Russia added 100,000 ounces of gold to its reserves in May 2016.

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Since 2009, Russia has added more than 855 tons of gold to its reserves more than China who added about 754 tons during the same time period.

Russian Monthly Gold Purchases June 2014 – May 2016

russian gold reserves august 2014 - May 2016

Russia has added 12.9 million ounces (approximately 400 tons) to its reserves from June 2014 through May 2016.

Russia Adding Gold To Reserves At A Faster Pace Than China

From August to April 2016 China added 131 tonnes of gold to its reserves, while Russia added 189 tonnes, or 44% more. The People’s Bank of China added no gold to its reserves in May 2016, while Russia added just over three tonnes.

Russian and Chinese Central Bank Additions to Gold Reserves August 2015 - April 2016

Russia added 59 more tonnes of gold to its reserves than China from August 2015 – April 2016.

gold reserves by country june 20 2016

According to the World Gold Council, Russia holds the sixth most gold of any nation.

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Overall Russian Reserves

The reserves of the Central Bank of Russian have grown $20 billion since January. Rising oil prices, however, may curb Russia’s need to continue to build reserves

According to the Russian Central Bank, January official reserves assets were $371,559.1 million of which foreign currency reserves were $302,759 million.

In February, official reserves assets grew to $380,544.3 million and foreign currency reserves increased to $311,094.4 million.

In March, official reserves assets grew to $387,008.1 million and foreign currency reserves increased to $317,834.9.

In April, official reserve assets grew to $391,521.1 million and foreign currency reserves increased to 319,000.9 million.

In May official reserve assets fell to 387,716.0 million and foreign currency reserves increased to 319,521.9

Gold represented about $58 billion of Russia’s overall reserves in May 2016, or about 15%.

Russia’s foreign reserves, were the only major emerging market central bank that showed a gain over the past year.

Russian U.S. Treasury Holdings

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

The Russian Central Bank has increased its US Treasury reserve holdings selling off a good portion of them in the summer of 2015.

As of April, 2016, Russia held $82.5 billion in U.S. Treasury Bonds down from $131.8 billion in January 2014 but up from $66.5 billion in April 2015.

Russian holdings of US treasury bonds jan 2015 - May 2016

Russia reduced their U.S. Treasury bond holdings in April 2016 by $3.5 billion from March, bringing their total to $82.5 billion

Roubles For Gold

Increasingly, Russia has been buying up more of their gold mining production, in effect converting roubles into gold.

Russian gold mining vs gold reserves 2006-2016

Russia is retaining an increasing percentage of its gold mining output.

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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

The Smaulgld Gold Buying Guide

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

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