Subject. The article addresses the enhanced position of gold as the main international reserve asset of countries. Objectives. The purpose is to prove the increasing role of gold as the main financial asset in the international reserves of countries throughout periods of economic volatility. Methods. The study rests on economic analysis, statistical, economic, and systems approach. Results. Annual changes in the structure of international reserves of the Russian Federation show a decrease in reserve assets denominated in foreign currency. The reserve position in the IMF makes up about 1% of the country's total assets, and SDR-denominated reserve accounts – from 1 to 2 percent. The share of monetary gold has increased; the overall increase in Russian gold reserves amounts to over 14%, in USD. Conclusions and Relevance. Currently, the reserves of six largest leading countries in terms of gold reserves amount to over 20 thousand tonnes of the precious metal. However, the presence of large gold reserves does not always allow the gold to occupy a leading position in the structure of international reserves of countries. This is evidenced by statistics from China, Switzerland and other countries. The U.S. reserves contain the largest amount of physical gold, its value at the official price that was established after the dollar devaluation in 1973 is as follows: one Troy ounce of the precious metal (31.1 grams) is equivalent to 42.2 USD.
Keywords: gold, international reserve, central bank, gold producer, gold mine
Vashchenko L.A., Surzhenko I.M. [The quantitative reduction program: Advantages and disadvantages]. Fotinskie chteniya, 2017, no. 1, pp. 170–176. (In Russ.)
Mallaby S. [The era of magic money]. Rossiya v global'noi politike = Russia in Global Affairs, 2020, vol. 18, no. 4, pp. 22–35. (In Russ.)
Borisov S.M. Zoloto v ekonomike sovremennogo kapitalizma [Gold in the modern capitalist economy]. Moscow, Finansy i statistika Publ., 1984, 478 p.
Meloni M. Rukovodstvo po investirovaniyu v zoloto i serebro [Guide to Investing in Gold and Silver: Protect Your Financial Future]. Minsk, Popurri Publ., 2009, 320 p.
Katasonov V.Yu. Zoloto v ekonomike i politike Rossii: monografiya [Gold in the Russian economy and politics: a monograph]. Moscow, Ankil Publ., 2009, 286 p.
Sidorov V., Dmitriev V. [On the coinage of gold in the USSR in 1923–1924]. Peterburgskii kollektsioner, 2018, no. 5, pp. 38–54. (In Russ.)
Bukato V.I., Lapidusa M.Kh. (Eds.) Sovremennyi rynok zolota [The modern gold market]. Moscow, Finansy i statistika Publ., 2004, 319 p.
Mysnik V.G., Paramonova T.D. Zoloto Vostoka Rossii: istoriya, ekonomika, organizatsiya truda: monografiya [Gold of the East of Russia: History, economics, labor organization: a monograph]. Khabarovsk, Far Eastern State Transport University Publ., 2011, 234 p.
Vyazovskii A., Iskrin N. Metall, pokorivshii mir [The metal that conquered the world]. Moscow, De’Libri Publ., 2018, 307 p.
Potemkin S.V. Blagorodnyi 79-i: Ocherk o zolote [Noble 79: An essay on gold]. Moscow, Nedra Publ., 1988, 174 p.
Bykov A.Yu. Tsifrovaya ekonomika i budushchee zolotogo standarta. Ocherki po istorii mirovoi tsifrovoi ekonomiki [Digital Economy and the future of the gold standard. Essays on the history of the global digital economy]. Moscow, Prospekt Publ., 2020, 228 p.
Burtsev S.V. Demonetizatsiya zolota. Problemy sozdaniya novoi valyutnoi sistemy: monografiya [Demonetization of gold. Problems of creating a new currency system]. St Petersburg, Saint Petersburg State University of Economics and Finance Publ., 2012, 37 p.
Borisov S.M. Mirovoi rynok zolota na sovremennom etape: monografiya [The world gold market at the present stage: a monograph]. Moscow, IMEMO RAS Publ., 2005, 156 p.
Parshina L.N. [Gold – the basic element of the financial system]. Istoriko-ekonomicheskie issledovaniya = Journal of Economic History and History of Economics, 2020, vol. 21, no. 3, pp. 405–426. (In Russ.) URL: Link.405-426
Rudakov V.V., Smirnov A.P. Zoloto Rossii [Gold of Russia]. Moscow, Krugozor-nauka Publ., 2006, 279 p.
Jagerson J., Hansen S.W. Vse ob investirovanii v zoloto [All about Investing in Gold]. Moscow, Mann, Ivanov i Ferber Publ., 2013, 243 p.