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Russian Gold Reserves have crossed the 1,000-tonne mark

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Russia’s gold purchases are surging as the metal’s price has slumped
By Gwynn Guilford @sinoceros November 14, 2013
russia-gold.jpg

Gold fingers. Reuters/Sergei Karpukhin

Since the great gold crash of March 2013, it’s been tough times for the yellow metal. A troy ounce of gold is now worth 22% less than it was in January. Despite voracious bottom-feeding from China that continued in Q3, gold demand fell 21% last quarter, compared with Q3 2012, says the World Gold Council, which cited people selling shares in gold exchange-traded funds (ETFs) as the biggest reason.

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But one country is still aggressively building up its gold holdings. Russia’s central bank added another 18.7 tonnes (20.6 tons) to its gold reserves in Q3 2013. The 1,015 tonnes it now has marks the first time it has crossed the 1,000-tonne mark.

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Along with Turkey and Kazakhstan, Russia was the only country among the top 30 gold reserve-holding countries to add to its stockpiles.
Russian lawmakers have in the past attributed the central bank’s gold binge to a strategic shift away from reserve currencies like the dollar or the pound. It’s not the only one—since the beginning of the US Federal Reserve’s Quantitative Easing programs, many countries’ central banks have been spooked by the decreasing value of their dollar reserve holdings. Russia’s been buying far more aggressively than anyone else, adding 520 tonnes in the last five years.

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Though the huge legacy holdings of the US and European countries mean that the size of Russia’s reserves still only ranks seventh in the world, it’s gaining fast on Switzerland’s 1,040 tonnes. (The latest number for China is 1,054 tonnes, but that is outdated since China stopped reporting its holdings long ago.)

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And it’s not just the central bank in Russia that is betting on gold’s long-term value. Russian companies ramped up production in both mines and gold recycling facilities, cranking out 13.4% more in the first nine months of 2013 than they did during the same period a year earlier. That puts Russia on track for an even bigger jump in gold production than the 6.8% increase in 2012.

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Russia’s gold strategy isn’t entirely a bad idea. Even as prices drop, supply has been shrinking, which could contribute to steady or higher prices down the line.

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Output of recycled gold plummeted 12% in the four quarters ended Sep. 2013, compared with the same period a year earlier. Mine production, which produces around twice what recycling does, increased 3% during that same period—not enough to keep overall supply from shrinking. That drop is due in some part to the fact that, throughout Q2 and Q3, prices have been too low relatively for gold sellers. But it’s also due to a growing scarcity of old gold used to be recycled.

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Great,maybe those thieves can return those 93.4 tonnes of gold they stole from us now.This wasn't even taken by conquest just plain old theft.

Romania wants Gold treasure back from Russia

Why should Romania get anything for what it did in WW2? Romania directly and indirectly by virtue of supplying soldiers and fuel to the Germans caused trillions of dollars in damage. So if anything, Romania is still in debt.
 
can anyone please tell what exactly are gold reserves of india and us.
 
Good going. Getting ready to dump the USD as fiat reserve currency
 
Why should Romania get anything for what it did in WW2? Romania directly and indirectly by virtue of supplying soldiers and fuel to the Germans caused trillions of dollars in damage. So if anything, Romania is still in debt.

- First, it's from WW1, when, you know, we where allied. We shipped it to you for safe keeping (documents and all) on account that half of our country was overrun with Germans

-Second, you guys really didn't gave us a choice when it came to choosing sides in WW2, didn't you?

Nevertheless, this should be a first step in improving relations with it's Eastern neighbors on Russia's side..sadly, your government is acting like a thug in this issue
 
- First, it's from WW1, when, you know, we where allied. We shipped it to you for safe keeping (documents and all) on account that half of our country was overrun with Germans

-Second, you guys really didn't gave us a choice when it came to choosing sides in WW2, didn't you?

Nevertheless, this should be a first step in improving relations with it's Eastern neighbors on Russia's side..sadly, your government is acting like a thug in this issue


Exactly,nobody is crying for what they took in WW2 (gold,oil,entire factories dismantled and taken to Russia) ,in the end,don't cry for what you couldn't defend but these is different ,this was theft ,plain and simple.

P.S. Shameful how indian members agree with this (see the likes) and they moan in every thread how the brits robbed them. :tdown:
 
- First, it's from WW1, when, you know, we where allied. We shipped it to you for safe keeping (documents and all) on account that half of our country was overrun with Germans

-Second, you guys really didn't gave us a choice when it came to choosing sides in WW2, didn't you?

Nevertheless, this should be a first step in improving relations with it's Eastern neighbors on Russia's side..sadly, your government is acting like a thug in this issue
Oh yeah. You were given no choice, so you've committed atrocities on our territory. I live in an area where the border between the Romanian and German occupation zones. Oldman told that many crossed the river to get away from the Romanians and live on German territory.
What gold? Say thank, that we have not taken as compensation Northern Dobrogea, denying you access to the sea and the mouth of the Danube.
 
Oh yeah. You were given no choice, so you've committed atrocities on our territory. I live in an area where the border between the Romanian and German occupation zones. Oldman told that many crossed the river to get away from the Romanians and live on German territory.
What gold? Say thank, that we have not taken as compensation Northern Dobrogea, denying you access to the sea and the mouth of the Danube.

This is from WW1 dingbat,23 years before we went to war in WW2 clown !

And stop moaning about WW2 ,when it comes to Romania you were agressors.
 
Oh yeah. You were given no choice, so you've committed atrocities on our territory. I live in an area where the border between the Romanian and German occupation zones. Oldman told that many crossed the river to get away from the Romanians and live on German territory.
What gold? Say thank, that we have not taken as compensation Northern Dobrogea, denying you access to the sea and the mouth of the Danube.

What the f.uck was your army doing in Moldova in 1940? "Russia Stronk!!!11!!", right? And you wonder why we all joined NATO and why you will end up with a missile shield right next to Kremlin in a couple of years?


Btw, my grandad was from Moldova and fought in ww2, do you want to swap stories? I can tell you a lot about what your ancestors did


Edit: as Flamer said, I don't have a issue with what you took after WW2 as compensation + 50 years of communism..it was a war, we lost, life sucks, let's get over it..
But what we gave you for safe keeping, as allies in WW1, is a whole different story
 
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can anyone please tell what exactly are gold reserves of india and us.
1 United States 8,133.5
2 Germany 3,390.6
3 International Monetary Fund 2,814.0
4 Italy 2,451.8
5 France 2,435.4
6 China 1,054.1
7 Switzerland 1,040.1
8 Russia 1,015.4
9 Japan 765.2
10 Netherlands 612.5
11 India 557.7
12 European Central Bank 502.1
13 Turkey 487.3
14 Taiwan 423.6
15 Portugal 382.5
16 Venezuela 365.8
17 Saudi Arabia 322.9
18 United Kingdom 310.3
19 Lebanon 286.8
20 Spain 281.6

Gold reserve - Wikipedia, the free encyclopedia
 

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