Bank of Russia maximizes gold acquisition, sets new records in gold reserves

In July, the Central Bank of the Russian Federation acquired more than 26 tons of gold, having thus increased total gold reserves to 1,970 tons evaluated at $77.41 billion.

Source: REX/Shutterstock

The Bank of Russia has increased the volume of gold purchases to the maximum since the beginning of the year, reports Bloomberg.

In July 2018, the Central Bank of Russia purchased 840,000 troy ounces of gold, or more than 26.1 tons. The last time, when the Central Bank of Russia bought more gold in one month, was in November 2017 - 880,000 troy ounces, or 27.37 tons.

In the spring of 2018, Russia cut its investments in the US public debt, getting rid of most of its US treasury bonds. Bloomberg believes that Russia used a part of the revenues to purchase gold.

US experts say that this is a very wise move that Putin is making at the ешь when Russia lives in a state of financial war. In a nutshell, Russia gets rid of dollars and invests in gold. Russia will therefore be protected if the Washington freezes its dollar assets.

As of August 1, the volume of gold reserves of the Central Bank of Russia made up 63.34 million troy ounces, or more than 1,970 tons. The Central Bank evaluated its gold reserves at $ 77.41 billion.

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