Gokhran Sells $1 Billion of Gold
December 27, 09 by Edon Ophir
Gokhran, Russia’s precious metals and gemstones repository, has sold 30 tons of gold to Russia’s Central Bank for approximately $1 billion, according to an Interfax report.
A Finance Ministry representative told reporters that the gold sale was an anti-crisis measure, meant to help ease Russia’s budgetary issues, and that the finance ministry did not plan to sell any more gold in the near future.
Russian Finance Minister Alexei Kudrin had originally announced the plan on November 18, stating the $1 billion would be used to purchase rough diamonds from Alrosa by the end of 2009. Alrosa sold the $1 billion worth of diamonds to Gokhran in early December.
According to the recent announcement, Kudrin said the gold sale will also support miners and Russia’s regional budgets. Kudrin also stated that the proceeds from the sale would be used to buy other resources, such as an additional purchase of rough diamonds.
The deal comes at a time when gold prices are reaching historic highs of over $1,100 an ounce.
