Russia Adds 12.7 Tonnes To Gold Reserves In August, Totals 1,015 Tonnes

It is getting kind of a cliché: the monthly gold reserve accumulation mainly by Russia and China continues non stop. The most up-to-date chart (see below, courtesy of Goldchartsrus) shows that Russia has been accumulating gold bullion for 6 straight years. What’s more, from a shorter term point of view, this appears to the be the 11th month of gold accumulation.

Recent official data from the International Monetary Fund provided some more details, not only about Russia but also Kazakhstan and Turkey. In particular, Bloomberg notes that “Russian assets gained 12.7 metric tons to 1,015.5 tons, International Monetary Fund data showed today. Kazakhstan’s reserves rose 2.5 tons to 134.5 tons and Turkey added 23.4 tons to 487.4 tons, the data showed.”

Earlier this week, Marc Faber explained what’s behind the trend of PHYSICAL gold moving from West to East: “In the East, we have a tradition of owning physical gold, but what is new is the Chinese government encouraging citizens to own gold. I believe that in the face of political instability and a lack of faith in the U.S. dollar, Asians will continue to accumulate physical gold and silver.”

russia_gold_reserves_august_2013

We have written repeatedly about gold’s move from the West to the East. Read more in these articles:

Gold Continues to Move from West to East: Is Yours?

China’s Central Bank Official Calls For New Monetary System

Demand For Gold In The East Remains Explosive

This Is How Gold Rush Asia 2013 Looks Like

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