The Central Bank of
the Russian Federation continues to buy gold bullion at a record
pace to bolster its precious metals reserves.
Gold stock analyst Jason Hamlin is reporting that the central bank added 40.4 tons,
1.3 million ounces, to its gold reserves during the month of October.
“This is a new monthly record and more than 2.5 times as much as was
added in September,” Hamlin reports. “Russia now claims an official
50.9 million ounces — 1583.167 tons — in total gold reserves.”
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Since 2014, Russia’s Central Bank has been accumulating gold
primarily to help offset billions of dollars in losses from foreign
currency buying. The gold reserves have grown nearly 50 percent over
the past two years.
Hamlin reports that China is also amassing gold at record levels.