Data released yesterday by the International Monetary Fund shows that Russia has continued to frantically increase its gold reserves, adding 1.2 million ounces for the month of September. This marks the sixth-consecutive month the country has increased holdings of the precious metal.
It is also the largest month to month increase in gold purchases for Russia EVER. In just the past 5 years, Russia has DOUBLED its gold reserves.
Russia’s continued accumulation of gold has many analysts believing that the country is undergoing a reserve diversification strategy to reduce the impact of sanctions imposed by western countries and the weakening rouble. Some analysts suggest the gold accumulation could be a part of a plan to align with China and India to further destabilize the dollar.
Russia is currently the world’s sixth-largest holder of gold with total holdings now standing at 1049 tonnes. Many believe that the country has begun coordinating its accumulation of gold with other eastern-bloc countries. Last month Azerbaijan added 4 tonnes, Kazakhstan added 2.1 tonnes, and Turkey added 12 tonnes of gold to its reserves.
China also added to its reserves but total numbers are currently unknown. A market insider revealed earlier this month that China’s imports would likely increase 30% for September and could rise by 50% for the month of October.