A gold bubble? The Central bank of Russia clearly does not think so having established a new gold buying record!

Author: Stepan Vorobiev, www.goldenfront.ru – First Russian gold investment portal, contacts: db@goldenfront.ru

According to the report released on 20^th of October, The Central Bank of Russia’s gold reserves stood at 756 tons at the end of September, having grown by hefty 21.8 tons in one month.

Since the year’s beginning CBR’s gold reserves increased by 118.5 tons or 19% with the share of gold in overall reserves growing from 5.1% to 6.5%.

Thus September became not only42st month in a row of the epic Russian gold buying spree which began in April 2007 (see graph 1), but also one of the three months of 2010 with most active buying of yellow metal. 

Total growth of Russia’s gold stash over the first three quarters of 2010 exceeded that of the same period of last year by 66%.CBR added more gold to its reserves in the first three quarters of the year 2010 than in the entire year 2009 when it bought the total of 117.6 tons.Not much will change till the end of year therefore we can congratulate CBR with a new yearly gold buying record of at least the last decade.