You are here

Russian commercial banks can't get enough gold

Section: Daily Dispatches

From Interfax News Service
Monday, January 10, 2006

http://www.interfax.ru/e/B/0/26.html?id_issue=11657879

MOSCOW -- A total of 42 commercial banks signed contracts to buy 161.9 tonnes of gold from producers in 2006, a source at the Gokhran precious metals and gemstones repository told Interfax.

Not all of the gold will have been delivered by the end of last year, so there could be some discrepancy between the amount of gold ordered and actually received, the source said.

A total of 43 commercial banks signed contracts to buy 176.6 tonnes of gold from producers in 2005. Russia produced 168 tonnes of gold in 2005.

The Russian Gold Producers' Union has said it expected Russia to produce 165 tonnes of gold in 2006.

The Gokhran source said that 18 banks had so far ordered 56.3 tonnes of gold for 2007. "Some banks are already signing contracts for 2011," the source said.

Russia's biggest gold buyers are Vneshtorgbank, Sberbank, Rosbank, Zenit, UralSib, Gazprombank, Nomos Bank, Soyuz, Expobank, Lanta Bank, and Khanty-Mansiisk Bank.

* * *

Join GATA
at the
2007 Vancouver Resource Investment Conference
Vancouver Convention and Exhibition Centre
Sunday and Monday, January 21 and 22, 2007

http://www.cambridgeconferences.com/ch_jan2007.html

Admission is free for those who register in advance. The conference has arranged discount rates at the Pan Pacific Hotel adjacent to the convention center.

GATA will hold a reception at the conclusion of the conference: from 6 to 8 p.m. Monday, January 22, in the Cypress Suite at the Pan Pacific, 999 Canada Place. The Cypress Suite is on the hotel's restaurant level, one floor above the lobby. The reception will offer snacks, a cash bar, and some brief remarks by GATA's delegates to the conference, including Chairman Bill Murphy. There will be no admission charge for the reception but so that we might prepare better, if you plan to attend please let Secretary/Treasurer Chris Powell know by e-mail at CPowell@GATA.org.

* * *

Help Keep GATA Going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at www.GATA.org. GATA is grateful for financial contributions, which are federally tax-deductible in the United States.