Russia bought 100,000 troy ounces of gold in May

The central bank of Russia added 100,000 troy ounces of gold to its reserves in the month of May added, according to new figures recently published. With this purchase, the total gold supply grew to a total of 40.2 million troy ounces, converted to about 1,250 metric tons. With this expansion, Russia strengthens its sixth position among countries with the largest gold reserves.

In the month of April Added Russia already added 300,000 troy ounces of gold to its reserves and since the beginning of this year, the central bank has bought more than 42 tons of gold. "Recent events have forced us to revise some of our ideas regarding the desired and necessary size of our gold reserves"so Stated the Governor of the Russian Central Bank Elvira Nabiullina.

Russia wants more gold

Just like last year, Russia is leading the way in terms of the strategic expansion of the gold supply. The central bank wants to revise the ratio between foreign exchange reserves and gold reserves and has therefore sold a lot of dollars in recent years and exchanged them for precious metals. Currently, 13.5% of the total reserve consists of gold, up from just over 2% in 2007.

Dmitry Tulin of the Russian central bank recently told Reuters that the gold reserve is an important hedge against regulatory and political risks. "The Gold price It may fluctuate, but on the other hand, it is a 100% guarantee against legal and political risks." Based on this vision, Russia wants to have a gold reserve that can compete with other economic power blocs such as the United States, Europe and China.

Russia's gold holdings of 40.2 million troy ounces are valued at $47.87 billion by market value. Converted, that is a gold price of $1,190.92 per troy ounce. The total foreign exchange reserve of Russia remained more or less the same as in the previous month.

Gold as a percentage of total reserves Russia

Total gold and foreign exchange reserves Russia