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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