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Russia accumulate another 34.2 tonnes of gold


Duncan Richardson, News Editor
21 Oct 2015, 4:03 p.m.

Russia increased its gold holdings by another 34.2 tonnes in September, taking its total holdings to 1,353 tonnes. Septembers purchase was Russia’s seventh in a row and consolidates there position as the world’s sixth largest holder of the yellow metal. Gold now represents 13% of the countries total foreign exchange reserves and shows Russia is attempting to reduce their dependence of the U.S. dollar.

China also increased their official central bank holdings last month, although many believe Russia and China are failing to report the true value of their gold holdings.

Below is the top ten national holders of gold in forex reserves.

Country Gold Holdings tn
1 USA 8,133.5
2 Germany 3,381.0
3 Italy 2,451.8
4 France 2,435.4
5 China 1,677.4
6 Russia 1,288.2
7 Switzerland 1,040.0
8 Japan 765.2
9 Netherlands 612.5
10 India 557.7

View original source at: seekingalpha.com

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