Gold News

Russian gold reserves increase

The amount of gold and foreign exchange reserves held by Russia grew by a staggering 19.8 per cent in the second quarter of this year, Interfax reports.

A statement on the country's central bank website indicated that these assets had grown by $67.011 billion to $405.841 billion in that time period.

This increase built on the increase logged for the first quarter of 2007, which was $35.905 billion.

The United States has by far the highest level of gold reserves in the world - around 8,130 tonnes, followed by Germany (3,400 tonnes), the International Monetary Fund (3,200 tonnes) and France (2,900 tonnes).

Meanwhile, debate is ongoing as to whether or not India should increase its own gold reserves in order to fuel the booming economy.

"In the last few years, the foreign exchange reserves in India have risen significantly while gold reserves have remained static," said Resource Investor.

"But even though the forex reserves have been going up, gold tonnage has remained static. Today, the proportion of gold in forex reserves has come down to a pitiful low of 3.6 per cent."


BullionVault-cube-18207464-ADNFCR

See all articles by Gold Bug here.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals