Hot on the heels of their 24 tonne August, news is out today that Russia added another 48 tonnes in October. That’s a new all-time high for one country in one month. A stronger ruble is no doubt helping them – just like US Dollar strength does in America, a stronger ruble translates to lower gold prices in Russia. Still, 48 tonnes is a lot of gold to add in just one month, and 72 tonnes across three months is a great big lot. (The Gold Enthusiast can’t find any figures for Russian gold adds in September, so for our purposes we’ll use a zero-add for September.) The article linked below gives more.
There is a limited amount of mined, refined gold available on this planet. China and Russia seem to be in accumulation mode. What does this mean for the overall picture? What might Russia be up to? The Gold Enthusiast will write about his thoughts in the near future. Until then, have a golden day!
