Recent Statements by Soviet Officials on Production and Reserves of Gold in the USSR

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP70T00666R000100090007-9
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 13
• Document Creation Date: December 12, 2016
• Document Release Date: March 30, 2001
• Sequence Number: 7
• Publication Date: October 22, 1959
• Content Type: MF

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iMIORANDUti s Deputy Dir ctorfIntiiigenee
SUBJF0T1
ff_! OCT i959
Reeent atatements by Soviet Officials on Production and
Reservee of Cold in the USMI
1. This memorandum is in response to weveral questions asked by
personnel in your office and other regarding recent statements by
Soviet offioials, particularly one by a member of rremier Khrushehey's
cortege, on the production and reserves of gold in the r5sa1
2. Although no ?Medal figures on domestic production, sales
to the Free World, domestic consumption, or reeerves of gold have been
released by the un5R wince 1927, Soviet officials occasionally refer to
the gold position of the USSR. Their references, no matter how casual,
are publicized because of the great eignificance of gold. Without
exception their statements have alluded to high levels of gold produc-
tion and huge reserves.
3, Widely quoted during the part month were the remerke of two
Soviet officials. On 22 September 1959 Ceorge 7. Arkadev, the soviet
Deputy Permanent Representative to the CR Security Council, said that
output of gold in the USSR was *clover to 50 tons a month"then to 60.
On 24 September 1939, a member of rhreadichevis party during the recent
tour of the U9 claimed that the gold reserves of the CS7R amounted to
8 billion dollars and that 650 million dollars are being added to the
gold reserves annually. Converting these figures into ounces et the
current market price yields an annual level of gold production of nearly
19 million ounces, about a million ounces higher than :losith Africa's
output and 14 million ounces higher than Cenedats,and a gold reserve
of About 230 million ounces.
4. We believe that the levels of both production and reserves
implied by thee remarks are much too high. Our reasons are as followss
Current Soviet behavior in matters of international
trade is inconsistent with a large annual output of gold and
large gold reserves. Not only have the Soviets attempted to
minimize exports of gold by expanding export e of other goods,
but they have requested deferred payment terns free the ua
and other countries in the PrO4 'eorld. During his trip to
the US, MT. Mikoyan made the following remarks: "We have no
large reserve of -loners. If we had leans we mould be able
to make large orders,... .it you tthe cannot make credit
available, then we must do with/alit trade."
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&UIJC Ite.nt tAatements by noviet Officials on ?roduction and
Reserves of Oad in the MLIR
b.
informati both liMonindicatesthatIneductonenereserveso
gold in the UR are mach less than implied by the recent
Soviet statements. lie estimate from intelligenee information
that the output of gad in the IleeR from both primary and
secondary sources in 1956 was 3,600,100 ounces, worth
126 million dollars, and that the sold reserve of the Ceen
is not more than 120 million ourcee, worth at a maximum
4 billion dollars.
3. Oer belief that the .cL':eviet etatements on gold in the USeR are
erroneous is aeeported by the most recent definition of Eetate 3eorets
as decreed by the Council of Ministers. On 2B April 1956 the Coeneil
declared that "coepiled data on productive opacity, ?lent-, for prndac-
tion of nonferroas, precious and rere metels and reporte on their
fulfilment expressed in absolute fieuree of produetion in the as
a whole, the Ministry of Nonferrous eetal Industry of the tle5R, the
Ministry of Nonferrous Pieta indestre of the Katakh TYLP and their
Directoretee" are considered FAete :=ecrett. The Coencil also
decreed that divulgence of each infermation "insofar es these 'activities
cannot be elastified as high treaeon or espionege, is punishable by
imprisonment in a corrective labor eemp.....for periods rnnging from
4 to 12 years." EVen Mr. MiNoyen, ,.then questeoned repeetedly en the
sebject of gole during his visit to the US, replied that each informa-
tion was a Stete f:eoret and refused to discuee the matter further,
ee conclude, therefore, that foviet titatements t,or implying
the releaEe of, compiled data on proauction and roserven of gold in the
li,Wh are unreliable and cannot be tined as a beris for intelligenee
estimatee.
Distribution:
Orig. & 1 - Addressee
1 - CAD
2 - ChM NF
1
oc: CSS
S/TF
lieseareh ane. Reports
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Total No. of Teseas:
by Sino-8or1at Bloc Cointries
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11,630
10,391
1,556
1,554
11,517
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5,215
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Costde 8,44
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*Asses
5,215
, *Woe kale 8,453
,
. 1411kkettetio 9,086
i Nyvernitie 9.000
ihorzerigt" 9,125
ee ?.,162
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, xtrethilatiseet 9# 345
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, is. Goorittas 13,152
i Itagamt IPsterat 7)216
kl*sese 9#94
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Flom* 9,949
Polaris 9,603
Pal 9,188
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Teta No. or Vessels: 13 Mt T
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