RUSSIA’S CENTRAL BANK ADDS 500,000 OUNCES OF GOLD TO RESERVES IN SEPTEMBER

by Louis Cammarosano, Smaulgld:

The Central Bank of the Russian Federation added 500,000 ounces (15.55 tons) of gold to its reserves in September.

From January 2016 through September 2016, Russia has added over 125 tons of gold to reserves.

September’s gold addition brings Russia’s gold holdings to over 1,542 tons; the sixth most of any nation.

Russian Central Bank adding gold to reserves more than 50% faster than the People’s Bank of China.

Overall Russian Reserves are up over 7% since January 2016 from $371 billion to $397.7 billion.

Russian Gold Reserves

After adding 6,700,000 ounces (208 tonnes) of gold to her reserves in 2015, 700,000 ounces (21 tonnes) in January 2016, 300,000 ounces (9.33 tonnes) in February, 500,000 ounces (15.55 tonnes) in March, 500,000 ounces (15.55 tonnes) in April, 100,000 ounces (3.11 tonnes) in May 2016,, 600,000 ounces (18.66 tons) in June, 200,000 ounces (6.22 tonnes) in July, and 700,00 ounces (21.77 tons) in August, the Central Bank of the Russian Federation announced today that it had added 500,000 ounces (15.55 tonnes) of gold to her reserves in September.

The report from the Russian Central Bank indicated that Russian gold reserves increased by 500,000 ounces from its August 2016 report to 49.6 million ounces (1542.73 tonnes). The chart below shows the Central Bank of Russia’s Gold Reserves by month with tonnage rounded to the nearest metric ton.

central-bank-of-russia-gold-reserves-june-2015-september-2016

The Central Bank of Russia added 500,000 ounces of gold to its reserves in September 2016.

Since 2009, Russia has added more than 895 tons of gold to its reserves more than China who added about 770 tons during the same time period.

Russian Monthly Gold Purchases June 2014 – September 2016

russian-central-bank-monthly-gold-additions-june-2014-september-2016

Russia has added 14.9 million ounces (approximately 464 tons) to its reserves from June 2014 through September 2016.

Russia Adding Gold To Reserves At A Faster Pace Than China

From August 2015 to September 2016 China added 160 tonnes of gold to its reserves, while Russia added 245 tonnes, or 53% more. The People’s Bank of China added about 5 tons of gold to its reserves in September 2016, while Russia added over 15 metric tons.

russian-and-chinese-central-bank-monthly-gold-additions-august-2015-setember-2016

Russia has added about 85 more tonnes of gold to its reserves than China from August 2015 – September 2016.

gold-reserves-by-country-top-ten-october-20-2016

Russia has the sixth largest gold reserves of any nation.

Overall Russian Reserves

The reserves of the Central Bank of Russian have grown $25 billion since January. Rising oil prices, however, may curb Russia’s need to continue to build reserves

According to the Russian Central Bank, January official reserves assets were $371,559.1 million of which foreign currency reserves were $302,759 million.

In February, official reserves assets grew to $380,544.3 million and foreign currency reserves increased to $311,094.4 million.

In March, official reserves assets grew to $387,008.1 million and foreign currency reserves increased to $317,834.9.

In April, official reserve assets grew to $391,521.1 million and foreign currency reserves increased to 319,000.9 million.

In May official reserve assets fell to 387,716.0 million and foreign currency reserves increased to 319,521.9
million.

In June official reserve assets rose to $392,756.5 million and foreign currency reserves fell to $316,701.3 million.

In July official reserve assets rose to $393,912.5 million and foreign currency reserves fell to $316,179.1 million.

In August official reserve assets rose to $395,198.4 million and foreign currency reserves rose to $318,254.1 million.

In September official reserve assets rose to $397,743.4 million and foreign currency reserves rose to $320,381.3 million.

Gold represented about $52 billion of Russia’s overall reserves in September 2016, or about 15%.

Russia’s foreign reserves, were the only major emerging market central bank that showed a gain over the past year.

Russian U.S. Treasury Holdings

Russia’s U.S. Treasury Bond Holdings January 2014-July 2016

The Russian Central Bank has increased its US Treasury reserve holdings selling off a good portion of them in the summer of 2015.

As of July, 2016, Russia held $88.2 billion in U.S. Treasury Bonds down from $131.8 billion in January 2014 but up from $66.5 billion in April 2015.

russian-holdings-of-us-treasury-bonds-january-2015-july-2016

Russia held 88.2 billion in U.S. Treasury bond holdings as of July 2016

Roubles For Gold

Increasingly, Russia has been buying up more of their gold mining production, in effect converting roubles into gold.

Russian gold mining vs gold reserves 2006-2016

Russia is retaining an increasing percentage of its gold mining output.

Further reading on Russia’s gold production:

Russia’s VTB bank to supply 15-20 T of gold to China in next 12 months Russia to increase gold production

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