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

Russia cuts gold sale estimates, may sell only domestically

By cpowell
Created 2009-10-29 17:09

From Interfax, Moscow
Thursday, October 29, 2009

http://www.interfax.com/3/526442/news.aspx [1]

MOSCOW -- The Russian Finance Ministry has not shelved plans to sell gold from the State Precious Metals and Gemstones Repository (Gokhran) and could sell approximately 25 tonnes of the metal, possibly on the domestic market, a ministry official told Interfax.

"We might notsell on the external market," Alexander Akhpolov, a department head responsible for precious metals, said. "But how can we not sell at all if we have a presidential decree and sales plan, endorsed by the government?" he said.

"The decree does not specify a volume, but there is a general amount for sales by the Gokhran in total. It's not all gold -- there are other metals as well, and we plan to sell not 40-50 tonnes but something like 25 tonnes," Akhpolov said.

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