Reuters/Staff/2-27-2022
“Russia’s central bank on Sunday said it would resume buying gold on the domestic market from Feb. 28, as it undertakes measures to try and ensure financial stability during Western sanctions against Moscow for its invasion of Ukraine.”
USAGOLD note: Normally, we would not rate a Russian announcement of domestic gold purchases as particularly newsworthy. Russia routinely stops and starts its gold purchases from domestic miners. The timing of the announcement, though, coming simultaneously with increasing speculation that Russia might be forced to sell gold to support the ruble, is worth noting. Russia’s intentions with respect to gold at this point are a matter of speculation. The purchases for reserves directly from miners seem to indicate a desire to keep the metal within Russia’s borders but, at this juncture, that can only be viewed as speculation.
