Russians Buy Gold Again In June - Another 25 Tonnes

Russians Buy Gold Again In June - Another 25 Tonnes

- Russia adds another 800,000 ounces or 25 tonnes to gold reserves in June
- Russia’s has sixth largest gold reserves in the world
- Allocates 13% of FX reserves to gold
- Central bank buys all Russian gold production
- Other Russian gold demand has to be imported
- Billionaire oligarchs to diversify into gold?
- Russia views gold bullion as “100% guarantee from legal and political risks”
With all the focus on the Chinese lowballing their total institutional gold holdings, combined CIC, SAFE and PBOC, this week and the continuing attacks and manipulation of the gold market on Sunday night, the latest large increase in Russia’s gold reserves has gone largely unnoticed and barely covered by commentators - especially the more vocal bearish ones.

Russia continues to add to its gold reserves and added another 800 million ounces in June or another 25 metric tonnes, and analysts believe this buying will continue in the coming months.

Its total gold reserves now amount to 41 million ounces or around 1,275 metric tonnes, with a current value of just $48 billion. Russia’s total FX reserves are $362 billion and their gold allocation is now 13% of their total reserves.

ENDS

© Scoop Media