Russia & China hoard gold in face of global economic collapse


Richard Moore

Russia¹s gold and forex reserves reach all-time high

Russia¹s gold and foreign currency reserves have increased by $11.5 billion (2.5
percent) over the past three weeks, to $477.7 billion. This is the highest level
since records began.

From January 4 to 11, the reserves increased by $1.1 billion, or 0.2 percent, 
the Central Bank reported.

As a result, Russia has slightly reduced its gap from China and Japan, which 
have the largest gold and foreign currency reserves in the world. China¹s 
reserves top $1.5 trillion, up 43 percent last year alone, due to foreign 
investment and strong export revenues. Japan has over $973 billion.

The government had expected to bring Russia¹s gold and foreign currency reserves
to $470 billion by the end of 2007, but they fell slightly short of the target. 
As of January 1, 2007, the reserves stood at $303.7 billion.

Gold and foreign currency reserves are highly liquid financial assets controlled
by the Central Bank and the Finance Ministry. They consist of monetary gold, 
special drawing rights, the reserve position in the International Monetary Fund,
and foreign currency.

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