If anyone has been buying gold on strength, then it’s Russia. The nation just bought another 22.5 tonnes of gold reserves in May, after adding 27.6 tonnes in April. This continues a long streak of gold additions since 2005, as shown in the chart below.
If Russia kept up the April-May 2010 rate of gold additions in June, then Q2 buying will prove itself the largest quarterly accumulation of gold reserves for Russia in recent history. (Note the last data point shown is only a 2-month period comprised of April and May)
Given gold’s performance, Russia has been looking smart, so far at least, despite today’s golden air pocket. Across the same period, America has added virtually nothing, as shown in blue. Luckily America’s stagnant gold reserves are still more than 10 times even Russia’s latest 703 tonne stash.