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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Russian banks consider exporting more gold

By cpowell
Created 2019-06-05 00:53

By Elena Mazneva and Yuliya Fedorinova
Bloomberg News
Tuesday, June 4, 2019

Russian banks are considering increasing gold exports after the central bank said it would buy gold only at a discount, a move that could pressure global bullion prices.

The Bank of Russia made the change to its pricing policy this year, saying it would buy from dealers at a level slightly below the benchmark London gold price. It's part of a broader policy push to stimulate growth in the market for gold as a financial investment, namely bars and coins, rather than foreign currencies or assets priced in U.S. dollars.

... Dispatch continues below ...


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... For the remainder of the announcement:

http://www.gata.org/files/Kinesis-Contis-06-04-2019.doc [1]



However, gold as an investment option in Russia doesn't have the same cachet as in other countries, like China or the United States, and demand for the metal has been stagnant. Given the new discount, some dealers may be reluctant to sell to the central bank, said Oleg Petropavlovskiy, a BCS Global Market analyst. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-06-04/russian-banks-mull-ex... [2]

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Source URL:
http://www.gata.org/node/19115