Russia and friends continue to add to their gold reserves
Peter Walden, News Editor
29 Oct 2014, 11:12 a.m.
The Russian Central Bank increased their official gold reserves for the six consecutive month. According to The International Monetary Fund (IMF) Russia added a further 37 tonnes of gold to their reserves in September. Russia now has 1,149 tonnes of gold making their holding the 6th largest in the world.
The former Soviet states of Azerbaijan and Kazakhstan also increased their holdings in September. Kazakhstan increased their holdings by 2.1 tonnes to 184 tonnes, while Azerbaijan added 4 tonnes, taking their overall gold holdings to 37 tonnes.
Under Gordon Brown the UK government sold a high proportion of their gold reserves in the early 2000’s when the gold price was at multi-decade low. The UK has only 310.3 tonnes of gold left which represents 11.5% of the country’s total reserves.
Central bank buying and selling can potentially affect the gold price.