In September, the Central Bank of Russia reduced its gold reserves by 0.2 million troy ounces - about 6 tons. By October 1, 72.8 million ounces remained, about 2,264 tons, the minimum since the end of 2019. During 9 months of 2026, approximately 62 tons will be consumed. Metal is depleted in small portions while budgetary actions affect the emergency reserve. The impression of the amounts can easily be distorted by the wrong price. As of October 1, the central bank estimated the gold balance at 301.607 billion dollars. Calculated per ounce, it is about 4,143 dollars. The value of 2 million ounces at this price is about $8.3 billion. The amount describes the quantity at the price of the reporting date, not the government's revenue. There is even more of a visual account. On September 1, gold was recorded at about 73 million ounces worth $333.484 billion. A month later, its value dropped by $31.877 billion. If we value the reduction in September at the price of October 1, it will be only about $829 million. The remaining approximately $31 billion comes from the drop in the dollar value of the surviving metal. Almost 97% of the decrease in value is explained by revaluation. The calculation is approximate: the central bank's physical volume is rounded to 0.1 million ounces. These 31 billion dollars cannot be considered as revenues of the treasury. On September 11, the head of the Bank of Russia, Elvira Neviolina, linked the reduction of gold mainly to the activity of the Ministry of Finance with the funds of the National Welfare Fund under the fiscal rule. She also mentioned coinage. The central bank does not disclose details of operations. Regular government payments affect the reserve. But according to her, it is impossible to divide the 62 tons that died between the activity of the welfare fund and the production of coins. There is also no public information to announce all these bars being sold in the foreign market. Checking the reports of the Ministry of Finance itself brings an unexpected detail. As of September 1, the accounts of the National Welfare Fund at the Central Bank contained 131,487.9 kg of gold anonymously, as of October 1 - already 131,664.2 kg.

In September, the Central Bank of Russia reduced its gold reserves by 0.2 million troy ounces - about 6 tons. By October 1, 72.8 million ounces remained, about 2,264 tons, the minimum since the end of 2019. During 9 months of 2026, approximately 62 tons will be consumed. Metal is depleted in small portions while budgetary actions affect the emergency reserve. The impression of the amounts can easily be distorted by the wrong price. As of October 1, the central bank estimated the gold balance at 301.607 billion dollars. Calculated per ounce, it is about 4,143 dollars. The value of 2 million ounces at this price is about $8.3 billion. The amount describes the quantity at the price of the reporting date, not the government's revenue. There is even more of a visual account. On September 1, gold was recorded at about 73 million ounces worth $333.484 billion. A month later, its value dropped by $31.877 billion. If we value the reduction in September at the price of October 1, it will be only about $829 million. The remaining approximately $31 billion comes from the drop in the dollar value of the surviving metal. Almost 97% of the decrease in value is explained by revaluation. The calculation is approximate: the central bank's physical volume is rounded to 0.1 million ounces. These 31 billion dollars cannot be considered as revenues of the treasury. On September 11, the head of the Bank of Russia, Elvira Neviolina, linked the reduction of gold mainly to the activity of the Ministry of Finance with the funds of the National Welfare Fund under the fiscal rule. She also mentioned coinage. The central bank does not disclose details of operations. Regular government payments affect the reserve. But according to her, it is impossible to divide the 62 tons that died between the activity of the welfare fund and the production of coins. There is also no public information to announce all these bars being sold in the foreign market. Checking the reports of the Ministry of Finance itself brings an unexpected detail. As of September 1, the accounts of the National Welfare Fund at the Central Bank contained 131,487.9 kg of gold anonymously, as of October 1 - already 131,664.2 kg.