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Russian banks consider exporting more gold

Section: Daily Dispatches

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.

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Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

... For the remainder of the announcement:

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. ...

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