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IPFS News Link • Gold and Silver

Russia Buys Over 800,000 Ounces Of Gold In July After Dumping US Treasuries

• by Tyler Durdan

25-ton addition brings Russia's Central Bank holdings to 1,969 tons; the world's 5th largest gold reserves

Central bank buying Russian gold on Moscow Exchange for now

Russia sees gold's role as independent currency and safe haven as is a "100% guarantee from legal and political risks"

Russia now has total gold reserves worth  just $76 billion; Dumped $90 billion of US Treasuries in April and May

Russia under Putin continues to add to its gold reserves and added another 839,000 ounces or 25 metric tonnes in June. Many analysts believe this buying will continue in the coming months given the very serious geopolitical tensions between Russia and the U.S.

Russia's total gold reserves now amount to 63.3 million ounces or around 1,969 metric tonnes, with a current value of just $76 billion (based on gold at $1,200/0z).