Click here to get this article in PDF
Bloomberg/Anna Baraulina, Aine Quinn and Yuliya Fedorinova
“VTB Bank PJSC, Russia’s second-biggest lender, is betting on gold and other precious metals to boost profits this year as investors flock to havens amid the global pandemic. The bank is prioritizing physical gold trading, as well as lending to mining companies and deals with their shares, because they are one of the few sectors to benefit from Covid-19, First Deputy Chairman Yuri Soloviev said in an interview.”
USAGOLD note: VTB Bank is not the only high profile commercial bank to take a position in precious metals over the past few years. The list is long and getting longer by the day.
Repost from 11-5-2020
The post Russia’s top gold buyer bets on precious metals as virus rages first appeared on Today’s top gold news and opinion.