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Jun 24, 2022
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Russian gold: Russian assets are now being taken away in the most active way

Russian gold: Russian assets are now being taken away in the most active way

Photo: DPA/TASS

Russian gold miners complain that the state refuses to buy their products, the situation is similar for diamonds. For some reason, the authorities do not create a strategic reserve of “eternal values” in the Russian Federation, on the contrary, more and more assets are again in dollars and euros. Which at any moment can “burn out” – the West is preparing another package of anti-Russian “sanctions”.

The Union of Gold Producers of Russia made a request to guarantee the redemption by the state of all gold produced in the country in 2022-2024.

“Among other things, we asked the Ministry of Industry and Trade to guarantee the organization of the purchase of all gold produced in the country in 2022-2024 by the Bank of Russia, Gokhran, the National Welfare Fund and state banks. We have long-term investment projects in the industry, and stable sales are needed to finance them. At the same time, we ask that the purchase from those refineries that, due to the current political situation, the London Bullion Market Association (LBMA) deprived of the Good Delivery status, take place without the discount that is usually done when buying gold from producers without this status “, – says the chairman of the Union of Gold Producers Sergei Kashuba.

Until April 1, 2020, the Central Bank regularly replenished international reserves with gold, but after this date, the purchase of gold on the domestic market was suspended. It resumed only on February 28, 2022. All the metal went abroad in exchange for dollars and euros, which the “common people” then froze. That is, they stole it. In fact, we gave them gold. The same asset that is not subject to depreciation.

In theory, in the current difficult international situation, Russia should have been accumulating the precious metal in the most active way. By any means, including exchanging for it the currency that is now accumulating on the foreign accounts of Gazprombank and other structures. The funds received for the export of gas, oil and other raw materials must be promptly saved, that is, transported into gold, and then, by hook or by crook, take it to the Russian Federation. Plus, store everything that is mined in the country in a government piggy bank.

“I do not know anything about the proposal to form stocks of precious metals and stones in the countries for mobilization needs. Contact the Ministry of Finance for clarification, ”said a Kremlin spokesman Dmitry Peskov.

The position of the Ministry of Finance is already known to the citizen Siluanov by virtue of his “liberal” views, nothing is needed. Although it is he who, in theory, should be engaged in saving public money. It seems like the Minister of Finance, he has such a job.

“The Ministry of Finance of the Russian Federation is ready to purchase part of Alrosa’s production in Gokhran, but there is no need for this. Alrosa has enough financial reserves, this is not required yet,” the Deputy Minister of Finance believes Alexey Moiseev.

Concern for the financial condition of the Alrosa company is, of course, very touching, but it seems like the Ministry of Finance should act in the interests of the entire state. And these interests, if you look specifically at this department, are to preserve and increase public funds. Accordingly, they must be placed in the most reliable way, plus the country is simply obliged to have reserves. The most reliable.

In 2021, more than 300 tons of gold went mainly to London – the capital of the most unfriendly (base quotes!) Russia state. For January-February 2022 – about 30 more tons. This is just some kind of betrayal, pure wrecking! There was no happiness, but misfortune helped – starting from the first days of March of this year, “common people” blocked our work in this market.

“Sanctions against Russian gold were introduced back in March, when the London Precious Metals Market Association canceled Good Delivery certification for all Russian bars – for three months now they cannot be delivered to any European country, the USA, Canada, Australia … Water will find a hole. So Russian gold found a way out. Now deliveries go through Dubai and – this is news – through Switzerland. Both countries, as it turned out, did not join the old sanctions and, perhaps, will not join the new ones. So for now, there is nothing to worry about, the domestic yellow metal, like oil and gas, is still very necessary for global financial markets,” explains the candidate of economic sciences Alexander Razuvaev.

Yes, unfortunately there is a hole. So, in May, 3.6 tons of Russian gold went to Switzerland, moreover, the volume of deliveries is growing. As you might guess, in exchange we again receive dollars and euros. Which we, in general, have nowhere to put. The exchange rates of these currencies falling into tartare against the ruble are a clear confirmation of this.

In theory, the gold mined in the Russian Federation could be bought by the Central Bank. But for some reason, everything is arranged in such a way that its prices are 15% lower than the market ones. The Association of Subsoil Users warns that the consequence of such a policy of the situation may be the criminalization of gold mining and its reduction. The loss of jobs in the industry has already been estimated at 40,000 people.

Criminalization is a very serious problem for the Russian gold market. According to official data, everything is “transparent” on it, such as there are, of course, illegal miners, but there are one and a half people or something like that. In fact, it is far from being the case.

“Firstly, do not believe the official export figures, they do not correspond to reality. Secondly, this is not the metal of some “illegal immigrants” at all, there really are almost no such left. First of all, because they themselves shot each other. Thirdly, everything goes through quite official structures, but “by the cash register”. And everyone who needs it is in the subject, ”says the head of the ex-head of the precious metals department of a Russian bank.

Thus, we de facto do not know how much gold is flowing out of Russia today. The West has ceased to buy Russian gold only officially, in fact they are willing to take it. And attempts to classify gold and foreign exchange reserves are another step in order to hide the true state of affairs from the citizens of the country. The situation appears to be extremely unsatisfactory. The bill has already been approved in the first reading, there is no doubt that it will successfully pass all stages of the state bureaucracy.

In recent days, gold is generally on the buzz – after the senator Nikolay Ryzhkov doubted that it exists in the Russian Federation at all. In his opinion, “before the start of the conflict in Ukraine, gold went to England, someone made such a decision.”

It is unlikely that a member of the Federation Council will throw unfounded accusations, and the reaction of the Ministry of Finance is alarming. Alexei Moiseev immediately rushed to the upper house of parliament and began to convince everyone that Russia’s gold reserves were not exported abroad. However, he did not provide any evidence of this. And soon they will not be needed, after the new law is adopted, it will be possible to do whatever you want.

“I responsibly declare that no gold from the state fund of the Russian Federation went to any England. At least for the seven years that I have been in charge of the industry, gold has never been exported from the Gokhran, on the contrary, we only buy it and have been increasing the stock all these years, ”said Alexei Moiseev.

True, he immediately admitted that some time ago, a certain amount of rough diamonds and jewelry were sold from the State Fund. Why and where – did not explain.

There is no smoke without fire. Many experts have repeatedly expressed fears that Russia’s assets are now being taken away in the most active way, and that there is practically nothing left. But the authorities do not deny this. I mean, with evidence. Although, it seemed you, what is easier. Suppose Anton Siluanov and Aleksey Moiseev – persons, no doubt, with the appropriate clearances – arrange a selfie in the gold vault. And it’s better to shoot a “vidosik”: here we go, here are boxes of gold, there is a lot of it. Let’s open it, here, catch it, Alexey, an ingot, and here’s another one. The second box, the third, and so on. Don’t get overwhelmed. Unless, of course, there is something else left.

The situation with gold mining is also strange, apparently, they still want to curtail it. What for? Perhaps so that the future foreign owners of these enterprises would get more?

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