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Currency Wars Deepen – Russia, Kazakhstan Buy Very Large 30 Tons Of Gold In August
Greetings,
Currency Wars Deepen – Russia, Kazakhstan Buy Very Large 30 Tons Of Gold In August
Russia and ex Soviet States Kazakhstan, Kyrgyz Republic and Azerbaijan continued to accumulate significant gold reserves in August in a trend that we highlighted last month.
Latest official gold reserve data from the International Monetary Fund (IMF) shows that Russia again added to its gold reserves in August, with the Central bank of the Russian Federation purchasing 232,510 ozs (7.23 tonnes) and bringing its total gold reserves to 35.769 million ozs or 1,112.5 tonnes.
Likewise, the National Bank of Kazakhstan purchased a massive 795,213 ozs or 24.7 tonnes in August bringing its total gold reserves to 5.848 million ozs (181.9 tonnes).
Turkey was also a gold buyer in August and the Turkish central bank adding 96,783 ozs (3 tonnes) to bring its total official gold reserves to 16.45 million ozs (511.6 tonnes), which is the world’s 12th largest official gold holding.
According to the IMF data, other countries which added to their gold reserves in August included the central banks of Azerbaijan and Ukraine.
With the ongoing conflict in Ukraine, its not clear where the official Ukrainian are now stored. There had been reports in March that the Ukrainian gold was flown out of Kiev to the Federal Reserve Bank of New York, but neither central bank would comment on this issue at the time.
Kazakhstan now has the world’s 23rd largest holdings, just behind the Philippines which has 194.4 tonnes of gold reserves.
With 1,112.5 tonnes, Russia remains the world’s 6th largest official gold holder, ahead of China (1,054.1 tonnes) and Switzerland (1,040 tonnes).
The Swiss National Bank (SNB) has not been a gold buyer recently but this may change if a Swiss gold referendum to be held in November goes through, which would force the SNB to maintain 20% of its reserves in gold and to repatriate all gold held abroad back to Switzerland.
It is widely believed that China’s gold reserves are understated and as David Marsh of the Official Monetary and Financial Institutions Forum (OMFIF) said last week “over the past six or seven years the Chinese authorities probably have been adding to their holdings in different ways.”……MORE HERE
Read more at http://investmentwatchblog.com/currency-wars-deepen-russia-kazakhstan-buy-very-large-30-tons-of-gold-in-august/#Jh2fbmCqrLJlekSz.99
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