Russian Gold Reserves Increase By 1.1 Million Ounces in September

Russian Gold Reserves.

Russian Gold Reserves September 2015.

Russia added 1.1 million ounces (34.21 tons) of gold to its reserves in September.

Russia Boosts Gold Reserves and U.S. Treasury Holdings.

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Russian Gold Reserves

Today, the Central Bank of the Russian Federation issued its official September, 2015 reserves and other foreign currency assets report. The report indicated that Russian gold reserves increased by 1,100,000 ounces from its August 2015 report to 43.5 million ounces.

russian gold reserves 2009- september 2015

Russia added 1.1 million ounces of gold to its reserves in September 2015.

Since 2009 Russia has added more than 745 tons of gold to its reserves more than China who added (654 tons) during the same time period.

The 1.1 million ounce increase in Russia’s September gold reserves followed last month’s addition of one million ounces.

Russian Monthly Gold Purchases June 2014 – September 2015

Russian gold purchases June 2014 - September 2015

Russia has added 8.8 million ounces (273 tonnes) to its reserves from June 2014 through August 2015 and 4.7 million ounces (146 tonnes) from January 2015 through August 2015.

Gold Bless the Russian Central Bank

In June, the Russian Central Bank announced that they would be boosting their foreign reserves by about 40% from $356 billion to about $500 billion.

“Recent experiences forced us to reconsider some of our ideas about sufficient and comfortable levels of gold reserves,” said Elvira Nabiullina, Chairwoman Russian Central Bank.

Russia has been rebalancing its foreign reserves to favor gold vs. U.S. Treasury Bonds. Russia’s gold buying binge had coincided with a steady sell off of her U.S. Treasuries. In the past four months through August 2015, however, Russia has also added to her U.S. Treasury holdings. Higher oil prices have helped the Russian Ruble stabilize in recent months, prompting some analysts to believe Russia’s central bank will cut its bench mark interest rate.

Currently, inflation is running close to 16% in Russia.

Russia’s Central Bank Governor Elvira Nabiullina said at a conference earlier this month regarding the possibility of further rate cuts “when inflation falls and when in our assessment inflation risks ease,” “If the situation will proceed as forecast and inflation will be at 7 percent in a year, that allows us to speak about rate reductions.”

Ms. Nabiullina also remarked that she believed that a four percent inflation rate is possible by 2017. To which, Russian President Vladimir Putin remarked “God Bless the Central Bank!”

Earlier this month Russia President Vladimir Putin noted “All this gives grounds to believe that the situation in the Russian economy will be stable and, despite the well-known decline in domestic demand, we will work hard to make it rise and become an essential factor in ensuring high rates of economic development,” adding “Russia’s economy will maintain a good development potential.”

It might be expected that as Russia increases its foreign reserves it would do so at least in proportion with that of its current gold reserves.

In August 2015, Russia added 1,000,000 ounces of gold to its reserves and $7.8 billion of U.S. Treasuries.

Russian U.S. Treasury Holdings

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

Russian US Treasury holdings

Russia added $7.8 billion in U.S. Treasuries to its reserves in August, increasing its US Treasury reserves four months in a row.

Russian Gold Reserves in Tons 1994-2015

chart showing russian gold reserves 1994-2015 in tonnes through september 2015

Russia has added 146 tonnes of gold to its reserves in 2015 through September.

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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

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

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

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