American Bullion -- Russian Gold

Monday, November 23, 2009 at 09:45am

MOSCOW, November 23, 2009 Russia Central Bank buys Gold in October

Russia's central bank gold stocks rose by 0.5 million ounces (15.6 tonnes) or by 2.6 percent in October to 19.5 billion ounces (606.5 tonnes), data on the bank's web site www.cbr.ru showed. Russia's central bank has said it aims to increase gold's share in its reserves this year to keep its investments diverse. The metal is also seen as a safe-haven at times of financial market turbulence and economic crisis -- a status which has helped send the price of gold XAU= to record highs this year. FB]

The web site said the total value of gold in the bank's stocks rose to $20.4 billion at Nov. 1 from $18.8 billion a month earlier. Gold made up 4.7 percent of Russia's total gold and foreign exchange reserves -- the world's third largest -- which stood at $434.43 billion at the start of November. A source in the Russian state precious and metals repository Gokhran said the gold did not come from its stocks. The central bank had been steadily building its gold stocks this year from 16.7 million ounces on Jan. 1, 2009. The largest monthly increase this year -- of 0.6 million ounces -- took place in July, when stocks rose to 18.3 million ounces from 17.6 million. In September Russia's gold stocks were the world's ninth-largest. Copyright: Reuters 2009