Russian Gold Reserves.

Russian Central Bank Gold Reserves November 2015.

Russia added 700,000 ounces (21.77 tonnes) of gold to its reserves in Novemberr.

Increase in Russian Gold Reserves of 186 tonnes in 2015 is a record, surpassing record set in 2010 of 176 tonnes.

Russia Boosts Gold Reserves; sells U.S. Treasury Holdings.

Year to date the Russian Central Bank has added 6,000,000 ounces (186.62 tonnes) of gold to its reserves.

Russia has added more gold to its reserves since October 2014 (7,800,000 oz) than COMEX has in its vaults (registered and eligible) (7,780,000 oz.)

Russian Gold Reserves

Today, the Central Bank of the Russian Federation issued its official November 2015 reserves and other foreign currency assets report. The report indicated that Russian gold reserves increased by 700,000 ounces from its October 2015 report to 44.8 million ounces.

Russia added 700,000 ounces of gold to its reserves in November 2015.

Since 2009 Russia has added more than 785 tons of gold to its reserves more than China who added (690 tons) during the same time period.

Russian Monthly Gold Purchases June 2014 – November 2015

Russia has added 7.8 million ounces to its reserves from October 2014 through November 2015.

Russian Central Bank Gold Reserves

Russia’s massive additions to its gold reserves come at a time when they are seeing their biggest decline in wages and retail sales since 1999.

Russia’s top central banker Elvira Nabiullina said recently “Regarding gold and foreign currency reserves, we have the desired benchmark of $500 bln, and not in the three-year term, it could be 5-7 years and more. We believe it is necessary in terms of creating additional financial cushion for the state in the face of such external uncertainties.”

Russia has been rebalancing its foreign reserves to favor gold vs. U.S. Treasury Bonds. Russia’s gold buying binge had coincided with a steady sell off of her U.S. Treasuries.

Last month Russia President Vladimir Putin noted “All this gives grounds to believe that the situation in the Russian economy will be stable and, despite the well-known decline in domestic demand, we will work hard to make it rise and become an essential factor in ensuring high rates of economic development,” adding “Russia’s economy will maintain a good development potential.”

It might be expected that as Russia increases its foreign reserves it would do so at least in proportion with that of its current gold reserves.

In October 2015, Russia added 600,000 ounces of gold to its reserves while shedding $7.2 billion of U.S. Treasuries.

Russian U.S. Treasury Holdings

Russia’s U.S. Treasury Bond Holdings January 2014-October 2015

Russia shed $7.2 billion in U.S. Treasuries in October 2015.

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