Russia increases its gold reserves by $ 400 mln. from 1993
In July, Russia expanded its gold reserves by nearly 9.4 tons for the amount of $ 400 million., This is the highest rate for two decades.
According to the data of the Central Bank of the country, the stock rose to 35.5 million ounces last month what is equal to 1,104 tonnes. For comparison, in late June the stock was 35.2 million ounces. By the information of International Monetary Fund, the amount of gold is the highest since 1993 at the moment.
This year the reserves of Russia has reached the figures of Switzerland and China , according to the IMF, their quantity has been increased in almost three times since late 2005. The ruble against the dollar fell in price by about 6.3% since June, due to the problematic relationship between these countries. The Crimea conflict in March led to sanctions that harm the trade and economy of the country.
Gold makes about 9.7% of Russia's total reserves, according to the London Gold Council. This compares with 70% for the United States and Germany, the largest holders of gold ingots, and Italy and France have the next largest stocks.
Last year Russia produced 248.8 tons of gold, ranking the third place after the largest producers, such as China and Australia, by the data of GFMS, the research division of Thompson Reuters.
According to the statement of Eugene Weinberg, the head of commodities research at Commerzbank AG in Frankfurt, Russia was the largest official purchaser for many years. This is a part of its long-term strategy of accumulation of foreign exchange reserves, as well as the diversification of its foreign exchange reserves.
European leaders say that it is necessary to stop the conflict, which led to the deaths of more than 2,000 people and split Ukraine.
Despite all the negative consequences, the war in this country has contributed to the growth of the price of gold to $ 1,294.18 an ounce this year.
Regarding the impact of the world currencies, as predicted by Weinberg, due to the current cooling of relations with the West and the reorientation to the East, we can expect that the value of the euro and the dollar against the yuan will fall further. Thus, according to experts, the price of gold will continue to rise.
World Gold Council announced in mid-August that central banks around the world can add to their reserves on the whole 500 tons of gold this year.
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Category: Gold news Publication date: 2014-08-29 10:00
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