Russian Gold Reserves Grow Again In April 2013

31.8 million troy ounces. That is the number of physical gold that the Russian central bank is holding at the end of April 2013. The Russian central bank just published their latest figures. Russis has added some 200,000 troy ounces of gold to their reserves. The chart (courtesy of Goldchartsrus, via Ed Steer) shows the evolution since 2006. In less than 7 years, the Russian gold holdings have risen almost threefold. New holdings have been added in an accelerated way in 2009 and 2010, after which the growth has been steady.

russian_gold_reserves_april_2013

One could rightfully ask why countries like Russia and China keep on adding to their gold reserves. The answer is very obvious. The currency devaluation driven by easy monetary policies asks for monetary protection. While central banks in the West keep on creating new units of currency out of thing air, the BRICS have repeatedly expressed their concern about those policies. There is absolutely no coincidence that Russia recently started participating to the currency war by explaining step-by-step their objective to dismantle the existing global financial system (driven by the US dollar). Their efforts include a focus on the following objectives: r

  • eduction of the risks of destabilization of currency and equity markets linked to massive cross-border flows of capital,
  • increasing the use of national currencies in the trade between BRICS countries, …

Receive these articles per e-mail

Subscribe for the free weekly newsletter and receive 3 papers about physical precious metals investing