Russia added 34 tonnes of gold to reserves in September

Russia has a lot of gold in its reserves in the month of September added, according to the latest figures from the Russian central bank. The gold stock grew by 1.1 million troy ounces (34.21 tonnes) to a total size of 43.5 million troy ounces. Russia remains a lot Buy gold, because in August the central bank also added one million troy ounces to its reserves.

Since 2009, the central bank of Russia has bought more than 745 tonnes of gold, the website analysed Smaulgld. That's even more than the 654 tonnes of gold that China's central bank added to its reserves over the same period. From June 2014 to August 2015, the Russian central bank bought a total of 8.8 million troy ounces of gold, compared to 4.7 million troy ounces for this year alone.

Russia keeps buying gold

Since 2006, the central bank of Russia has added gold to its reserves almost continuously. The following chart from Sharelynx shows that the total gold supply has increased from about 400 tons to more than 1,300 tons over the past nine years.

According to Elvira Nabiullina, the governor of the Russian central bank, the developments of the past summer have spurred the central bank to review its policy on the gold reserve. Since then, Russia seems to be buying even more gold every month than before.

From foreign exchange reserve to gold reserve

In the last two years, we have seen a clear shift in foreign exchange reserves towards gold in Russia. Despite the decline in the price of gold over the past two years, Russia has been able to expand its position in precious metals from eight to thirteen percent. And that's based on the current Gold price, because the Russian central bank has been valuing its gold stock to the market price on a monthly basis since 2006. Before that, a much lower fixed rate of $300 per troy ounce was used.