Gold News

Russia's Gold Bullion Reserves Reach Post-Soviet Record

Gold Bullion holdings at the Bank of Russia have reached a post-Soviet era record, according to new figures.

In an e-mailed statement, the Russian central bank reported the value of its gold holdings advanced 2.8% last month to $28.2 billion. This goes over the previous post-Soviet record from 1993.

The amount of Gold Bullion reserves in Russia has almost doubled from 1995. Russia now holds the 9th largest central-bank holdings, and is Buying Gold at a steady rate.

Market-development body the World Gold Council this week issued a new research report, highlighting the advantages of Gold Bullion in official-sector currency reserves. This comes at the same time as South Africa’s reserves of gold also increased by $88m to $4.969bn, with no indication of a change of strategy.

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Roy Peel is working as a research assistant at BullionVault, the world's No.1 gold and silver ownership service for private investors.

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