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28

Russia Doubles Its Gold Reserves

Russia's gold reserves may be doubled, Russia's Head of External Reserves Management Maria Guegina said

Russia?s gold reserves may be doubled as a proportion of all reserves, Russia's Head of External Reserves Management Maria Guegina, said at the LBMA Precious Metals Conference.

Noting that Russia presently has 5% of its national reserve portfolio invested in gold, Guegina said, ?10% of gold in reserves would be appropriate?. She added that the change was part of an ongoing effort to optimize the composition of assets and reserves managed by the bank. Russia presently has 500 tons of gold in reserves which it segregates as monetary gold, allocated gold and term deposits.

The envisaged doubling of Russia?s gold reserves would consume all the country?s annual gold output for around three years. Russia produced nearly 182 tons of gold in 2004 and is expected to mine and sell 183 tons this year.