LAWRIE WILLIAMS: Russian gold reserves on way to 2,000 tonnes

LAWRIE WILLIAMS: Russian gold reserves on way to 2,000 tonnes from Sharps Pixley

TDC Note – The Russian’s seem to be making a major move to gather up as much gold as possible to refill their “foreign” reserves.

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The Russian central bank has announced that it has added another 800,000 ounces (24.9 tonnes) to its gold reserves in July, confirming its official position with the IMF as the world’s fifth largest national holder of the precious metals in its reserves. With the latest addition, the Russian gold reserve is at around 1,969 tonnes so the continuation of gold reserves at the current rate will see it surpass the 2,000 tonne mark within a couple of months. Should it continue to add to its gold reserves at the present and recent rate it will move into third place in the table by the end of the current decade.

World’s Top 10 National Holders of Gold (as reported to the IMF)

Rank     Nation          Tonnes reported

1.           USA                  8,133.5

2.           Germany           3,369.9

3.           Italy                  2,451.8

4.           France               2,436.0

5.           Russia               1,968.9

6.           Mainland China  1,842.6*

7.           Switzerland       1,040.0

8.           Japan                  765.2

9.           Netherlands         612.5

10.         India                   561.9

Figures as at end June 2018 except Russia adjusted for latest addition

* China appears to be back to reporting additions to gold reserves at multi-year intervals, so true figure is almost certainly higher.

Source: IMF and Lawrieongold.com

So far this year, Russia has added a total of just under 131 tonnes of gold to its reserves, which could put it on target to add 225 tonnes over the full year extrapolating this data over the full 12 month period. This would be an increase over the around 200 tonnes a year it has been adding for the past three years. Russia sees gold as a safe haven monetary defence against what it sees as aggressive anti-Russian policies by the USA represented by sanctions being imposedon Russian goods, expertise and individuals. This will undoubtedly drive Russia closer to the third major global power, China.

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Lawrence Williams

Lawrence (Lawrie) Williams is a well known London-based writer and commentator on financial and political subjects, but specialising in precious metals news and commentary. He is a qualified and experienced mining engineer having graduated in mining engineering from The Royal School of Mines, a constituent college of Imperial College, London – recently described as the World’s No. 2 University (after MIT). He has worked in mines in South Africa (gold, uranium and platinum), Canada (uranium), Zambia (copper) and U.K (coal) and holds a South African Mine Managers certificate. He also worked as a gold mining company analyst for one of the major South African mining houses. He left South Africa to join Mining Journal as Financial Editor and worked his way through that organisation to edit Mining Magazine, and then join the Board. He was Managing Director (CEO) of the company for 13 years up until it was sold in 2001. During part of this period he was also President of Nevada-based U.S. company Mining Media Inc which was publisher of North American Mining magazine.