Dow Jones: Russian Central Bank Wants to Purchase 100 Tons of Gold by the End of 2011

So far in 2011, the Central Bank of Russia has purchased 90 metric tons of gold and is well on it's way to purchasing 100 tons before the year's end, so says deputy head of the bank Sergey Shevtsov.

The bank has already stated that it plans on buying 100 tons of gold every year to increase the amount of gold the country has is it's reserve. This plan to buy all this gold was put into place in order to protect the country from going volatile on all of the international financial markets. Hopefully, this plan will bolster Russia's economy and help keep the country stable in all of their different markets.

On January 1, 2011, The Central Bank of Russia gold reserve contained 789.9 tons of gold. By October 1, 2011, The Central Bank of Russia's gold reserve now contains 852.14 tons thanks to the 90 metric tons of gold purchased so far this year.

In 2010, Russia's Central Bank gold reserve increased by an astonishing 24% to make their gold reserve in 2010 to be 25.2 Million Troy Ounces. While this increase was 24% in quantity, the dollar increase on their gold reserve was 60% rising to $35.788 Billion Dollars in 2010 alone. The share of gold in Russia's total gold and currency reserve over the span of 2010 increased by 2.4% to take their total to 7.5% in 2010.

With gold and other precious metals on the constant rise and with Russia purchasing 100 tons of gold every year, Russia's gold reserve and market stability has nowhere to go but up.

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