SOVIET GOLD SALES JANUARY - JUNE 1955

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79-01203A000200260002-4
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 3
• Document Creation Date: November 9, 2016
• Document Release Date: October 28, 1998
• Sequence Number: 2
• Publication Date: December 14, 1955
• Content Type: SUMMARY

Approved FoFelease 1999/09/02: CIA-RDP71203A000200260002-4
Soviet Gold Sales
January - June 1955
NOM
14 December 1955
Soviet gold sales in Free World markets during the first half of 1955
are estimated at $62 million as compared with $9206 million during all of
1954 A sharp decline in sales in the second half of 1955 is already
evident,
Estimated Soviet Gold Sales in Free World Markets
1953 - 1955
in millions of US dollars)
1953
1954
1955 (Jan-June)
15060 2/
9206
6203
In addition to the above, Soviet gold deliveries to Finland and Iran
amounted to approximately $14,,9 million in the first six months of 19558
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
computational
? 2~.' As reported in ED/EC D-80/39 of 10 November 1954, this figure was accepted
timated amount of gold
i
i
m m es
n
by an interagency working group as the m
sold by the Soviets to the Free World in 19536 (Later used in MDAC Fact
25X1X6 estimated 1953 sales aL P.L)u UU.".1Q116 r-L%M-0 ubiu
Currency Report, my 1955, P. 109 estimates 1953 sales at $131 million,
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Discussion
The bulk of USSR gold exports continues to be sold on the London gold
market. Exports of Soviet gold bullion to the United Kingdom during the
first half of 1955 are comparable in volume to Soviet gold exports during
the first six months of 1954 The sharp decline in Soviet shipments already
evident in the second half of 1955 recalls the sudden cessation of Soviet
gold exports after June 1954?
Imports of USSR Gold Bullion b the United Kin dom il
(In.milliona)
1955
Troy. US Troy US
Ounces Dollars Ounces Dollars
Jan-Jun l0 44.8 1.4 W 47,,6 W
Jul-Dee None
a As officially reported in the House of Commons and in Parliament in
July 1955.
Imports in the second quarter of 1955 amounted to 1.2 ounces,
equivalent to 042.0 million compared to 0.16 ounces in the first
quarter of 1955, or $5.6 million.
In addition to the $47.6 million of gold bullion sold on the London
market during January?June 1955, it is reliably reported that an Anglo-
Swiss banking group purchased six tons of Russian gold in April 1955
valued at $6.8 million, Participants in this group are probably the
Union Bank of Switzerland (Schweiz. Bankgesellschaft) in Zurich and
Samuel Montagu & Co., Ltd., London.. These firms are reported to have a
working agreement relating to gold purchases from the USSR4 Soviet sales
of gold on the Paris market early in 1955 are reported in the amount of 25X1 X60
$749 million. The figure of $62.3 million for total Soviet commercial
shipments during the first six months of 1955 appears realistic
Approved For Release 1999/09/02 : CIA-RDP79-01203A000200260002-4
 Approved Fa tlease 1999/09/02 : CIA-RDP7J- 1203A000200260002-4
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 $14.9 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 World 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
195510
Future supplies of gold from the USSR will continue to be an incalculable
factor in Free .4orld 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 Western 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 gold
sales to the Westo
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S-&C-R-E T
Approved For Release 1999/09/02 : CIA-RDP79-01203A000200260002-4