Russia Increases Gold Reserves

Russia Follows the Yellow Brick Road, Increases Gold Reserves

from Russia Today
Russia continues its gold buying spree, adding 0.3 tonnes to its 996.4 tonne stockpile, marking a nine month increase, according to the IMF’s June statistics report.
Russia’s Central Asian neighbors followed suit in June- Kazakhstan boosted reserves by 1.4 tonnes to a total of 130.9, Azerbaijan added 2 tonnes for a total of 8 tonnes, and Kyrgzstan, which bought less than 0.1 tonnes to total 3.3 tonnes. Ukraine, Greece, Belarus and Bulgaria also added small amounts to their gold reserves.
Gold has become an attractive hedge against currencies since the unfolding of the 2008 financial crisis, and increasingly, emerging markets are showing interesting in owning gold as part of their reserves.
Gold slumped 11 percent in June, the biggest drop since September 2011. The metal has already recovered 9 percent in July.
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