Ronan Manly: Russian central bank's gold buying now may extend to international markets

Section:

11:15a ET Tuesday, December 25, 2018

Dear Friend of GATA and Gold:

Increasing gold acquisition by Russia's central bank, Bullion Star researcher Ronan Manly writes today, is beginning to overtake the country's gold production, raising the possibility that Russia is or soon will be buying gold on international markets and influencing supply and prices there, though prices there now are set mainly by derivatives trading.

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In 2004 the deputy chairman of Russia's central bank, Oleg Mozhaiskov, mentioned GATA in a speech to the London Bullion Market Association's summer meeting, which was held in Moscow. Mozhaiskov mused that the gold price was being set by factors other than supply and demand:

http://www.gata.org/node/4235

In 2005, shortly after a well-connected Russian delegate attended GATA's Gold Rush 21 conference in Dawson City, Yukon Territory, Canada, the gold price began a steady increase and the Russian central bank announced that it would be buying gold on all markets where it was available:

https://sputniknews.com/russia/2005112442206145/

But in 2011 the central bank said it was buying gold only on domestic markets:

http://www.gata.org/node/9535

Manly writes today that leading Russian banks dealing in gold, particularly Sberbank and VTB, "already have the experience and trading infrastructure in international gold markets to source supplies elsewhere, such as in Zurich and London."

Manly's analysis is headlined "Russian Central Bank Buying Gold on the International Market?" and it's posted at Bullion Star here:

https://www.bullionstar.com/blogs/ronan-manly/russian-central-bank-buyin...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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