Russia Adds 79.5 Tonnes Of Gold In 2013 To Its Reserves

The Central Bank of the Russian Federation finally got around to updating their website for December—and for the first time in four months they added to their gold reserves.  This time it was 700,000 troy ounces.  Their total gold reserves that they’re reporting on their website now totals 33.3 million troy ounces.  For all of 2013 they added 2.5 million troy ounces to their ‘reported’ reserves—about 79.5 metric tonnes.

It’s estimated that Russia will produce about 240 metric tonnes of gold in 2013—so it appears that only a third of what they produced last year is going into their reported reserves.  But as I’ve speculated before, there’s a chance that the Russians may be learning from the Chinese—and not reporting all they’re doing in this regard.  Only time will tell if that’s the case or not.


This article is an excerpt from Ed Steer’s daily gold and silver newsletter. Chart courtesy: Goldchartsrus.

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