Russia buys most gold for reserves since financial crisis of 1998

Section:

By Nicholas Larkin
Bloomberg News
Wednesday, October 29, 2014

LONDON -- Russia boosted gold reserves by the most since defaulting on local debt in 1998, driving its bullion holdings to the largest in at least two decades.

The country expanded its stockpile, the world's fifth-biggest, by 37.2 metric tons in September to 1,149.8 tons, according to data on the International Monetary Fund's website. The increase, valued at about $1.5 billion, was the biggest since November 1998. Russian reserves, which overtook those of Switzerland and China this year, almost tripled since the end of 2005 and are at the highest since at least 1993, the data show. ...

... For the remainder of the report:

http://www.bloomberg.com/news/2014-10-29/russia-buys-most-gold-for-reser...



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