Official: Russian repository Gokhran to buy only gold in 2017

MOSCOW, Oct 31 (PRIME) -- Russian state precious metals and gems repository Gokhran plans to purchase only gold in 2017 after buying only gems for 5 billion rubles in 2016, Director Andrei Yurin told PRIME in an interview published on Monday.

“Gold investment is more effective in the long-term than investment in all other metals, which is why next year we will most probably buy only gold,” Yurin said.

Yurin also said that there is no need for Gokhran to sell metals on foreign markets because the government has enough reserves to cover budget deficit.

According to the official, no gold sales are planned in the foreseeable future: “In accordance with Russian legislation, the state fund contains part of the gold reserve of the state, aimed at carrying out of financial policies of the state and fulfillment of extreme needs of the state in case of emergency. Gold sales from the state fund are not planned any time soon,” Yurin said.

Yurin said that Gokhran can consider selling diamonds on the Eurasian Diamond Centre trading floor in Vladivostok open by ALROSA in September.

Gokhran’s palladium fund is not to be united with the recently established palladium fund of Norilsk Nickel, Yurin said. “The Russian state fund has the entire range of all metals in a sufficient quality and we will be able to provide any metal if there is such a need. But state reserves are state reserves. They were established with different goals and I think they will not be united.”

(62.9037 rubles – U.S. $1)

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