Russia Adds Over 6 Tonnes of Gold to Reserves for 4th Month In A Row

June 24th, 2013 by

russia-gold

The Russian central bank added 200,000 troy ounces (6.2 metric tonnes) of gold to their reserves in May, the fourth month in a row they have added 200,000 ozt. Russian gold reserves now stand at an estimated 32 million ozt, over 995 tonnes, worth an estimated $519 billion.

This behavior is similar to China, which is not only the world’s largest gold producer, but they keep everything that they mine. However, the Chinese keep their gold reserve totals secret. As China makes more overt moves to promote the renminbi as an international reserve currency, it is expected that the will add many more tons of gold to central bank reserves.