Russian Gold Mining Production vs. Gold Reserves

Russian Gold Mining Production vs. Gold Reserves.

Russia added 208 tonnes of gold to its reserves in 2015.

Where is all that gold coming from?

Russia’s Gold Mining Output

Russia was the third largest producer of gold in the world in 2014. During the past few years, Russia has been adding an increasing percentage of its gold mining output to its reserves.

From 2006-2015, acording to the Russian Union of Gold Producers, Russia mined 2,189 tonnes of gold and according to the Central Bank of Russia added 1,028 tonnes of gold to its reserves during the same time period.

Over the last ten years Russia has retained approximately 47% of its gold mining production for reserves. In 2015, however, Russia retained 71% of its gold mining production as reserves. In 2015, Russia mined 298 tonnes (est) and added 208 tonnes of that to its reserves.

Russian gold mining vs gold reserves 2006-2016

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

While China has greater foreign reserves and the largest gold mining output in the world, the Central Bank of Russia (at least officially) has been adding more gold to its reserves than the People’s Bank of China.

chinese and russian gold additions 2015

Russia has added about 50% more gold to its reserves than China since July of 2015.

Russia’ gold acquistions have placed her in sixth place among gold holding nations.

top ten gold reserves by country jan 2016

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

Russia Swaps Roubles for Gold

Russia’s choice to exchange roubles for domestically mined gold has paid off as the rouble has crashed vs. other currencies.

russian rouble vs gold jan 22 2016

Gold is near all time highs vs. the Russian Rouble.

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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)

Russia, Ukraine and the Dollar

Are Russia and China Moving Against the Dollar

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