Our country over the past ten years quadrupled the volume of monetary gold. According to the Bank of Russia, its reserves since 2008. grew from 451 to 1838 tons. In terms of purchases, the Russian Central Bank is the world leader for the sixth consecutive year. The gold reserve by itself does not help Russia become richer, but is a reliable insurance against hard sanctions or depreciation of currencies. As a result of this year, our country can enter the top five of the largest holders of monetary gold. Now Russia is on the sixth place, and at the disposal of the fifth-ever China, only five tons of precious metal is more - 1842.6 tons, according to "Rossiyskaya Gazeta". Russia's yellow metal accounts for a significant portion of foreign exchange reserves - as much as 18%. At the same China - only 2,5%. However, to the US and Germany, which have the largest gold reserves, Russia is far away both in absolute and relative terms. Americans keep in gold 70% of their reserves, the Germans - 67%. The established rule on gold reserves in the world does not exist. But according to the generally accepted opinion, having a large gold reserve is good for the country, since any currency can depreciate, and the metal is almost not subject to it. Experts agree that in our turbulent times the financial authorities of Russia correctly do that they actively buy up precious metals. In the period of stability, gold is not a very good asset.

Now the profitability of transactions with gold is no more than 1.75% per annum. Securities (for example, US government bonds) bring more substantial profits. But now the situation is not the same. "Buying gold in reserves, the Central Bank supports gold producers and banks that work with them. In addition, gold is good in case of severe sanctions, if US Treasury bonds will not be possible, "explains Georgy Vashchenko, head of operations at the Russian stock market at Fried Finance Investment Company. So, under the current conditions, the Bank of Russia's investment in gold is the right step. "The CBR buys gold only from commercial banks that have a license to work with precious metals. In 2018 year. It is also planned to carry out purchases through the Moscow Stock Exchange. Probably, if the metal prices remain at the same level, the Russian mega-regulator will continue to build up the gold reserve, since in conditions of instability, gold is a reliable "airbag", believes Anna Kokoreva, deputy director of the analytical department of Alpari. Two-thirds of the country's gold reserves are stored in Moscow, another third - in St. Petersburg. To ensure security and proper storage conditions, the Central Bank spends significant funds. But the game is worth the candle. Gradual increase in the price of gold allows to level devaluation of currencies. In addition, gold is a universal means of payment that can be used as collateral for the issuance of other derivatives. According to Andrei Kochetkov, analyst of Broker's Opening, gold reserves do not give direct profits, "but this is an important tool for diversifying reserves and ensuring the sustainability of the financial system".

It should be added that gold helps emerging economies reduce dependence on international payments in dollars. The need to switch to other instruments of mutual settlements has recently been repeatedly spoken by the authorities of Russia, China, India and other countries. Earlier this week, the Central Bank announced that our country for the second consecutive year increases the reserves of monetary gold by 14%. Last year, the regulator purchased 223.95 tons of precious metal.