Russia shows no signal to slow down purchases of gold as the owner of the world's fifth largest gold reserves were increased for 9 consecutive months. Russia's gold reserves rose to about 28.8 million ounces as of 1 January from 38.2 million ounces a month earlier, according to the central bank today on its website. This is the longest consecutive monthly rise since August of 2013, according to data from the International Monetary Fund.
The amount of gold reserves Russia has climbed more than 3 times since 2005 and reached the highest level since at least 1993, though after later was used to defend the ruble. The sanctions imposed by the United States, the European Union and its Alliance adds to the severe impact of energy prices and bring anjloknya perekonomia Russia to the front gates of the recession. The ruble weakened nearly as much as 50% in the last 12 months.
"The Central Bank seems not to change direction quickly and Russia Meanwhile continue to buy gold," said David Jollie, analyst at Mitsui & Co. Precious Metals, Inc. in London. "But it was a little surprising to see them replacing the reserves of foreign currencies to gold in a situation where oil prices are plummeting." Current Gold purchases reach around 18.7 metric tons, equal to the number of purchases in November and December last year, and compared with the purchase of sebanyal 37.3 tons in September.