Russia Still Adding to Gold Reserves

Mineweb reported that during December, Russia’s gold reserves increased by 600,000 ounces. The rise is interesting given that many thought the country would sell some of its gold that month.

As quoted in the market news:

The Russian Central bank announced [on January 22] that its gold reserves grew by a further 600,000 ounces (18.7 tonnes) in December – the ninth successive month of gold reserve increases. Clearly President Putin is a believer in the ultimate economic benefits of a strong national gold holding – particularly if some kind of global reserve currency realignment lies ahead in the relatively near future.

As a Reuters report points out, Russia has now more than tripled its gold reserves in the past ten years, even as it recently has presumably had to use some of its its international currency reserves to defend the ruble with the national economy having been driven to the brink of recession. The ruble slid almost 50% in the past 12 months which makes the nation’s gold reserves ever more important to its global economic status.

Click here to read the full Mineweb report.