According to the International Monetary Fund (IMF) the former Soviet states of Russia Kazakhstan, Azerbaijan and Ukraine all increased official gold reserves in August.
The Russian Central Bank added 35.769 million ounces whilst The National bank of Kazakhstan added 795,213 ounces. Russia is now the world’s sixth largest holder of gold.
With the conflict continuing in the East of Ukraine it’s unclear where the government is storing their gold. There have been reports suggesting Ukrainian gold was flown out of the country in March and now being stored at the Federal Reserve Bank in New York. Neither Central Bank has commented on the issue.
The Swiss Central Bank has not added to their gold reserves for some time. However, if the Swiss are successful in their November referendum the Swiss Central Bank will be forced to hold 20% of their reserve assets in gold and repatriate their gold from overseas.