“The Russian central bank will continue to buy gold as it seeks to diversify its foreign reserves away from paper assets it views as risky, First Deputy Chairman Alexei Ulyukayev said on Thursday.  The Bank of Russia has built up the world’s fourth-largest foreign reserves, worth $530 billion, by buying oil export dollars to keep the rouble competitive. The hoard includes two rainy-day budget funds that guard against fiscal shocks.  The bank has also been a bullion buyer and the share of gold in its reserves is approaching a medium-term target of 10 percent.”

http://www.reuters.com/article/2013/01/24/russia-cbank-idUSL6N0AT41J20130124

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