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There are a lot of concepts as to why central banks, and Russia particularly, are cutting down the gold purchases, but when it comes to Russia the reason is just that they need cash money, this according to Jeff Christian, taking care of companion of CPM Team.
" The Russian government is strapped for money. It's dealing with the pandemic that everyone else is dealing with, yet it was slow to carry on it so it's got serious troubles there. It still has permissions, it doesn't have a great deal of fx can be found in, it's shedding cash on every barrel of oil that it sold in Russia," Christian informed Kitco Information. It does not have the money to get gold.
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Why Russia’s central bank really stopped buying gold - Jeff Christian
There are a lot of theories as to why central banks, and Russia in particular, are cutting down the gold purchases, but in the case of Russia the reason is simply that they need cash, this according to Jeff Christian, managing partner of CPM Group.
“The Russian government is strapped for cash. It’s facing the pandemic that everybody else is facing, but it was slow to move on it so it’s got serious problems there. It still has sanctions, it doesn’t have a lot of foreign exchange coming in, it’s losing money on every barrel of oil that it sold in Russia,” Christian told Kitco News. It doesn’t have the money to buy gold.
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