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Gold: Russia’s diversification strategy?

The IMF’s latest international gold reserves data, updated yesterday, shows that in July, Russia raised its official gold reserves to 35.5 million ounces (1,104 tonnes).

This confirms data released last week by the Central Bank of the Russian Federation, which reported an increase of over 300,000 ounces from June’s 35.197 million ounces figure. IMF data is reported with a one month lag.

The latest IMF data also shows that in July, the National Bank of Kazakhstan added 45,000 ounces to its official gold reserves, taking its total holding to 5.1 million ounces.

According to the World Gold Council, over the last six months, Russia has now increased its gold reserves by 54 tonnes. In the same period Kazakhstan has purchased 12 tonnes.

Russia now has the world’s 6th largest gold reserves, officially higher than both Switzerland’s 1,040 tonnes and China’s 1054.1 tonnes. As a comparison, in the second quarter of 2009, Russia only had 550 tonnes of gold in its official reserves meaning that their reserves have nearly doubled in just over 5 years.

Source Hard Assets

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