SOVIET GOLD SALES IN FREE WORLD MARKETS, JANUARY-JUNE 1955

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP62-00328A000100380004-1
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 4
• Document Creation Date: December 9, 2016
• Document Release Date: September 8, 1998
• Sequence Number: 4
• Publication Date: February 8, 1956
• Content Type: MF

i
Approved For Release 2000/08/2 62-00328A000100380004-1
EDIC/ID..?0
Control No, 2216
8 February 1956
MEMORANDUM FOR: Economic Defense Intelligence Committee
FROM : Acting Executive Secretary, ERIC
SUBJECT Soviet Gold Sales in Free World Markets,
January-June 1955.
REFERENCES : EDIC Case No. 11, 28 September 1955;
FDIC Intelligence Request No. 15, 9 September 1955.
1a The attached working paper has been prepared by CIA in
response to the request of the Economic Defense Intelligence
Committee for semi-annual reports on Soviet Bloc sales of gold
in Free World markets,
2,, This paper is circulated to EDIC members for review and
comment..
25X1A9a
Acting Executive Secretary
Distribution s
Cato B (1-m12, 14, S/TF, M/FM)
C (1-3)
D (All)
E (13)
Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1
 S-EmG-R=E-T
Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1
14 December 1955
Soviet Gold Sales
January - June 1955
Nmm
Soviet gold sales in Free World markets during the first half of 1955
are estimated at $62 million as compared with $92.6 million during all of
19546 A sharp decline in sales in the sedond half of 1955 is already
evident,
Estimated Soviet Gold Sales in Free World Markets.1
1953 - 1955
(In millions of US dollars)
1953
150.0
1954
92,6
1955 (Jan-June)
6263
In addition to the above, Soviet gold deliveries to Finland and Iran
amounted to approximately $1449 million in the first six months of 1955s,
and gold valued at about $5 million was shipped to Finland in June 1954
in partial settlement of the 1954 Finnish trade credit.
Includes European Satellites. Possible unrecorded gold sales through
the Near and Far Eastern. markets have not been included in the above
romputationso
As reported in ED/EC D-80/39 of 10 November 195410 this figure was accepted
by an interagency working group as the minimum estimated amount of gold
sold by the Soviets to the Free World in 1953. (Later used in MDAC Fact
Sheet #C=3, 25 March 1955). In June 1955 a source close to Samuel Montagu
& Coo, London, also estimated 1953 sales at 3150 million. Pickas 'lorld
Currency Report, 3 July 1955, p. 10, estimates 1953 sales at $131 million.
Approved For Release 2000/08/2"762-00328A000100380004-1
 25X6A
Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1
Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1
 Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1
Aside from commercial sales, Soviet shipments of gold to the West
,were augmented during the first half of 1955 when the USSR delivered a
total of 13.2 tons (valued at approximately X14.9 million) to Iran and
Finland. This included the shipment of 11 tons of gold to Iran in
June 1955 pursuant to an Iranian-Soviet agreement concluded in December 1954
which provided for settlement of Iranian claims against the USSR arising
out of the 'torld War II occupation of Iran by Soviet troops. The transfer
to Finland comprised a drawing of about $2.5 million in value against the
Russian gold loan of 40 million rubles granted to the Finns on 24 January
1955-D
Future supplies of gold from the USSR will continue to be an incalculable
factor in Free World gold markets since the shipments apparently depend
primarily upon Soviet willingness to use gold to meet planned or unplanned
deficits in trade and other payments on '7estern markets. Present trends,
however, give evidence of a favorable Soviet balance of trade with the Free
World for 1955 and consequently little, if any, increase in Soviet ;old
sales to the West.
-3m
Approved For Release 2000/08/22 : CIA-RDP62-00328A000100380004-1