Central Banks continuing to boost gold reserves
Duncan Richardson, News Editor
6 Aug 2014, 10:08 a.m.
Given the war in Ukraine and deteriorating relationships with the U.S and Europe, Russia has been adding aggressively to their central bank gold reserves.
The International Monetary Fund (IMF) confirmed the Russian Central Bank added 16.8 tonnes of gold in June taking their overall holdings to 1,094.8 tonnes. The Central Banks off Ecuador, Mexico, Kazakhstan, Tajikistan, Serbia and Greece all added to their gold reserves in June.
Russia has almost doubled its gold reserves in the last five years, whilst the Central Bank of India has increased their reserves by 55% to 557 tonnes over same time period.
By the close of 2013, total global central bank gold reserves stood at 30,500 tonnes which equates to one fifth of all the gold ever mined. There is no recent official data about China’s central bank gold holdings, as the bank last reported figures of 1,054 tons as long ago as 2009. The lack of reporting has led many to speculate that China has accumulated significantly more gold than the 1,054 tonnes they report.