Russia buys 500 tons of Gold in last 5 years

The Central Bank of Russia for the last 5 years, bought 500 tonnes of gold. It is reported by the World Gold Council / World Gold Council, WGC /.

According to the latest data WGC, China's central bank from 2008 to 2012, was able to accumulate 454 tons of gold.

India's central bank, which is currently the largest consumer of gold in the world, over the past 5 years, bought 200 tons of gold to the gold reserves of the country.

According to the World Gold Council, Russia has shown an active policy of accumulation of gold in their reserves. Russia has played a crucial role in changing the paradigm of the gold market, turning from the seller of gold in its net buyer. The same strategy pursued by now and some other central banks around the world.

But not only the formal sector in Russia is hoarding gold. Ordinary citizens are also actively buying jewelry made of gold, which account for 40 percent of the total consumption of gold in Russia.

Demand for gold jewelry in Russia amounted to 76.7 tons in 2011 - is 3.9 per cent of global demand for gold jewelry. Thus, Russia was able to rise to fourth in the world consumption of jewelry after India, China and USA.

At the same time, if you assign all of the annual consumption of gold in Russia in 2011 among its citizens, the per capita will have 0.69 grams, which is paltry compared to the indicator of the demand for gold among the people in Hong Kong, Taiwan, and Thailand.

Most Russians prefer 14-karat gold / 585 /. It accounts for 80 percent of the Russian market of gold. In Moscow, sold to 40 percent of all gold jewelry Russia, but the market has three major retailers, "Jasper", "Almaz-Holding" and "Adamas".

The report WGC says that "given the economic growth, Russia has a great potential to increase the demand for gold due to revenue growth in the population and development of the middle class."

As for the extraction of gold, according to this indicator, Russia ranks fourth, ahead of South Africa. According to WGC, gold production in Russia will show further growth over the next 24 years, according to the available geological surveys. In the future, Russia may be up to 10 percent of the world's supply of gold.

Central banks of the world massively buying gold

In the period between 2002 and 2011 the demand for gold in Russia grew annually by an average of 34.8 percent. The last few years the Bank of Russia pursues a strategy to increase gold reserves to diversify Russia's international reserves of the country.