Tuesday, January 25, 2011

Russia Plans to Buy 100 Tons of Gold a Year

From The Wall Street Journal:
By GRIGORI GERENSTEIN

MOSCOW—The Central Bank of Russia plans to buy from domestic banks 100 metric tons of gold a year in order to replenish the country's gold reserves, Deputy Head of the bank Georgy Luntovsky said Monday, according to the bank's press service.

In 2010 Russia's gold reserve increased 23.9% to 790 tons, or 25.4 million Troy ounces.

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