SOVIET GOLD SITUATION

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP69B00369R000100180016-9
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 1
• Document Creation Date: December 15, 2016
• Document Release Date: February 11, 2004
• Sequence Number: 16
• Content Type: REPORT

Approved For Release 2004/03/11 : CIA-RDP69B00369R000100180016-9
The 1'- ' ".;'1 - ..., lion
The Soviet Uni riven -nnsiderable priority
to the mining of gn"~, a id production has boon
increasing steadily 'n rccent years. About $190
million in gold was precl ycoci in 1967, compared
with about $125 million in 1960. The USSR is the
largest producer in the world after the Union of
South Africa, which ni_oes about $1 billion in
gold annually. Domes .`:_c consumption of gold in
the USSR probably is small and would not change
much from year to year.
In each of the years 1963, 1964 and 1965 the
USSR sold gold on the world market in amounts of
around $500 million. These largo sales were made
primarily to pay for emergency imports of wheat
made necessary by poor crops in the USSR in 1963
and 1965. Soviet sales of gold were only about
$50 million in 1966 and a more $5--10 million in
1967.
At the present time the USSR's total gold
reserves are probably around $1.2 billion. Total
reserves declined sharply in 1963-65 because of
the large sales of gold, but rose in 1966 and
1967.
Approved For Release 2004/03/11 : CIA-RDP69B00369R000100180016-9