Russia Officially Adds 19.5 Tonnes of Gold Reserves

Here's an indication of what Russian officials think of paper currencies. Russia bought 19.5 metric tons of gold in October bringing their total gold reserves to 871.1 tons according to IMF data released today.

Belarus increased holdings by 1 ton, Colombia by 1.2 tons, Kazakhstan by 3.2 tons and Mexico by 0.9 ton, the data show. Germany reduced reserves by 4.7 tons and Tajikistan cut reserves by 0.4 ton, the data show. Germany’s gold reserves are at 3,396.3 tons. A Bundesbank spokesman confirmed the sale of German gold and said it was done to mint commemorative coins.