Lavrov warns against partition of SyriaRussian Politics & Diplomacy September 23, 0:00
Lavrov calls to coordinate Russian, US military action in SyriaRussian Politics & Diplomacy September 22, 21:05
Lavrov blames Obama administration for souring Russia-US tiesRussian Politics & Diplomacy September 22, 20:41
Waging war on Korean Peninsula inadmissible, says LavrovRussian Politics & Diplomacy September 22, 20:36
Russian Northern Fleet completes drills in ArcticMilitary & Defense September 22, 18:01
OPEC and non-OPEC countries to continue talks on oil production cut dealBusiness & Economy September 22, 17:28
Russian pair figure skaters Kavaguti, Smirnov retire from sportSport September 22, 16:48
Record number of delegations register for St. Petersburg-hosted IPU AssemblyRussian Politics & Diplomacy September 22, 16:47
Astronauts to make quickest trip ever to ISS in DecemberScience & Space September 22, 16:27
The report indicated that “Russian reserves, which overtook China and Switzerland this year, almost tripled since the end of 2005 and are the highest since at least 1993.”
The agency said Russia mined 248.8 tons of gold last year, thus occupying the third position among global producers, with China and Australia being number one and number two. The London-based World Gold Council says gold accounts for 10% of Russia’s total reserves.
Bloomberg says the latter parameter compares with the US and Germany where bullion holdings make up almost 70% of all reserves.
It quoted Daniel Briesemann, an analyst at Germany’s Commerzbank in Frankfurt as saying the ratio of gold holdings compared to foreign-exchange reserves is still relatively low in most countries, “so there’s still room to buy more goal.”
“Buying gold might be a protection against devaluing currencies,” he said.