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overtheedge
Member since May 2012
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Russia Sees Gold Reserves As “Additional Financial Cushion” In Face Of “External Uncertainties” - Mark O'Byrne - gold.ie

My math must be faulty or ... ,

$500 billion.
Assume that is in USD and we use US tons as the metric.
1 ton = 24,000 troy ounces
24,000 ozt X $1100 USD = $26.4 million/ton
$500 billion/$26.4 million = 18,938.4 tons

US gold reserves assumed to be 8,133.5 tonnes
1 tonne = 1.023 US (short) tons
8,133.5 x 1.023 = 8,320.6 tons

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Beginning of the headline :- Gold and fx reserves are “additional financial cushion” for state in face of “external uncertainties” – Russia bought another 77 tonnes of gold in Q3 – Ruble volatility does not create risks for financial stability in Russia – Russia intends building fx and gold reserves to $500 billion in coming years – Gold is a “100% guarantee from legal and political risks”Russian central bank governor, Elvira Nabiullina spoke about Russia’s gold and foreign currency reserves today saying Russia intended b... Read More

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