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ИД «Финансы и кредит»






Finance and Credit

Gold in the international reserves of countries

Vol. 27, Iss. 4, APRIL 2021

Received: 18 January 2021

Received in revised form: 18 February 2021

Accepted: 4 March 2021

Available online: 29 April 2021

Subject Heading: Financial system

JEL Classification: E58

Pages: 763–784


Lyubov' N. PARSHINA Emperor Alexander I St. Petersburg State Transport University (PGUPS), St. Petersburg, Russian Federation


Nina V. BORISOVSKAYA Ivangorod Humanitarian Technical Institute, Branch of Saint-Petersburg State University of Aerospace Instrumentation (SUAI) St. Petersburg, Russian Federation


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


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