Rus News Journal

The gold share in ZVR will continue to increase smoothly

Volume of the international reserves of the Russian Federation as of September, 11th 2009. Made 410,9 mlrd dollars against 404,9 mlrd dollars for September, 4th 2009. On it has informed department external and public relations of Bank of Russia. Thus, gold and exchange currency reserves of Bank of Russia in their weekly calculation for the set date have increased for a week on 6 mlrd dollars, or by 1,5 %.

According to the experts, from the end 2008. The gold share Russian ZVR smoothly increases in structure, and is not excluded that the given tendency will be supported by Bank of Russia further. As the analyst " marks; Arbat the Capital Artem Bahtigozin, according to World Gold Council, gold volume in reserves of Bank of Russia continues to increase gradually. As of the end of the first half of the year 2009. This indicator has raised to 536,9 t (growth for 6, 12 and 18 months has made 8,3 %, 17,3 % and 22,5 % accordingly), however the gold share in Russian ZVR remains concerning low - about 4 %.

Thus the expert notices that the tendency of increase in a share of gold in reserves is peculiar to Central Banks of developing countries in whole (considering rather low current values) while (first of all the European Central Banks and in the long term IMF) it reduce the developed countries. for comparison, at the USA it makes 78 %, in reserves of the European Central Banks (Germany, Italy, France and the Netherlands) - 60 - 70 % whereas, for example, China, the basic potential buyer of a precious metal for the purpose of replenishment of reserves, has placed in gold only 1,8 % of the reserves - the expert speaks.

the Basic motive of such actions of Central Banks of the developing states are fears concerning the further destiny of the dollar, connected with its potential devaluation and easing of the status of reserve currency. on this background the requirement for wider diversification increases, and as one of tools for this purpose gold which unlike paper currencies is a physical active is considered and consequently is not subject to negative influence of the press - marks A.Bahtigozin.

as a whole the Bank of Russia seldom enough makes gold purchases, preferring to use more liquid tools nominated in dollars and euro, analyst UK " makes comments on a situation; the Alpha - the Capital Maxim Simagin. However he notices that for August gold volumes in structure ZVR of the Russian Federation have increased practically by 4 % that, according to an analyst, has been connected with the decision of the Central Bank of the Russian Federation zahedzhirovatsja from proceeding devaluation of dollar.

easing of dollar concerning the basic world currencies leads to a rise in prices for the goods including on precious metals, therefore the logic in replacement of the actives nominated in dollars, is, considers M.Simagin. Truth it is necessary to consider that the market of precious metals is less liquid, than, for example, the oil market - he adds.

according to the expert the Alpha - the Capital if the Central Bank of the Russian Federation also buys up gold acquisition volumes are rather small that hardly will find serious reflexion in dynamics of the world prices in the market of this precious metal, therefore the given fact can be established only after the regulator will open monthly structure ZVR.

the Director for investments UK The Everest Esset Management Alexey Hmelenko in turn believes that neither the Central Bank nor whoever that was from large Russian players does not buy gold in the Russian Federation as the basic volumes of the auctions on it pass in London. And the idea to support gold miners, as he said, usually goes not through market mechanisms, and, as in a case with AK ALROSA by means of address purchase. The expert recognises that for dollar there is a serious pressure and gold looks adequate replacement, however underlines that liquidity of the American currency and yellow metal cannot be compared.

the organised market of gold in Russia is absent, and as - or to track activity of Bank of Russia in home market of this precious metal is problematic enough, analyst IB " considers; the WHALE of Finans Dmitry Polevoj.

In its opinion, necessity of preservation of a part of reserves for gold is dictated not by so much aspiration to earn and choose more attractive tool from the investment point of view, how many necessity simply to support its certain stock. I think that the special need in replacement of currency tools of the Central Bank in which reserves are now placed, precious metals is not present, as a regulator main objective is all - taki preservation of reserves, and tools used now (short debt papers, deposits in the foreign Central Banks, operations REPO), from my point of view, can carry out this function more effectively, than precious metals - the expert speaks.

as gold is considered directly in the international reserves of the Central Bank, dynamics of change of its stocks can be traced under the monthly data of the Central Bank, marks D.Polevoj. so, with 2003. Up to the end 2005. The gold share in reserves steadily decreased - about 8 % to 2,2 % then remained concerning stable in a range 2 - 3 %. Only from the end 2008. The share of this precious metal has started to grow, having reached by the end of August 2009. 4,3 %. And in the future it is probable its further, on - former smooth, growth - the analyst " has concluded; the WHALE of Finans .

the International reserves of the Russian Federation represent vysokolikvidnye the financial actives, at the disposal of Bank of Russia and the government of the Russian Federation as of accounting date. The international reserves develop of actives in foreign currency, the monetary gold, the special rights of loan (SDR), a reserve position in IMF and other reserve actives.

as of January, 1st 2009. The international reserves of the Russian Federation officially made 427,080 mlrd dollars, including is direct actives in foreign currency - 406,205 mlrd dollars In August 2008. Volume ZVR reached record value 600 mlrd dollars
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