Who owns the gold flowing out of Russia today?

Large Russian banks continue to sell gold, among the leaders are Otkrytie, Promsvyazbank and Sberbank. Today, in the vaults of Promsvyazbank (PSB), for example, there are only 173 kilograms of this precious metal from the previous 2,2 tons.

What can the dumping of these assets, famous for their reliability, testify to right now?

Some economists believe that all credit institutions can not be evaluated, as they say, "on one comb." For example, Promsvyazbank is somewhat different from everyone.

PSB was chosen as a reference bank for the Russian defense industry, as well as a “collector”, an agent of the Russian government for the fulfillment by foreign customers of its financial obligations to our defense industry. Some time ago Promsvyazbank sharply increased its assets in gold, and now almost all of them have dropped. There is a popular version among experts that Moscow could help Caracas hide Venezuelan gold from the Americans. A credit institution has a special “opaque” status, therefore this explanation seems quite plausible.

With other large banks, the story is somewhat different. Since May 2019, the Central Bank of the Russian Federation, the main buyer of precious metal in the country, set a discount on its purchase for itself, which began to gradually increase. Thus, conditions were created under which gold producers became interested in selling it to other customers. According to experts, several dozen Russian financial institutions have a license for operations with gold. It is not beneficial for them to indicate yellow metal as equity, since the rules of Basel III, which should evaluate it at 100% of the market price, not at 50%, as it is now, have not entered into force.

There was such a situation in which it became profitable for foreign buyers to buy gold in Russia through banks as intermediaries or trust managers. It is highly probable that assets being exported abroad via London are in their bulk precious metals purchased by non-residents in our country at a price lower than the world one. In general, this is their right, but one has to wonder why this is happening right now.

It is suggested that a crisis is brewing in the banking sector, which is not surprising given the general economic the situation. The risk of Western sanctions is increasing, which could lead to the blocking of certain financial transactions. Apparently, the owners of credit institutions act in the interests of their foreign clients, leading the precious metal to a zone that is more secure from their point of view in advance.
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  2. Alexei Ushakov Offline Alexei Ushakov
    Alexei Ushakov (Alexey Ushakov) 18 May 2020 12: 09
    2/3 of all gold will be bought by the Central Bank. And in 18 years, 18 tons were sold for export. And for 2019, the Central Bank bought back almost 90% of all gold produced))).

    The Central Bank of the Russian Federation, the main buyer of precious metal in the country, has set for itself a discount on its purchase.

    The Central Bank agreed with the largest producers of gold at a discount, in exchange for an easing for additional. cost of production and permission to place shares.
  3. 123 Offline 123
    123 (123) 18 May 2020 15: 19
    Hazy and generally about nothing. request There are much more questions than in the article information.
    An interesting list of banks, if it is, of course, complete ....
    If there is at least some version with Promsvyazbank, nothing is clear with the rest. There is no information about the volumes and terms, even approximate, when and how much. If Sberbank was doing this before it came under the control of the government, then questions arise for Nabiullina, where and for what she brought gold. "Discovery" can also be added to this process, it fits well into the logic of the process. In our area, the reputation of this gadyushnik was not high, if you can describe it in one word - bandyuk. As a result, the bank got under reorganization, last summer the Central Bank reported on its completion, but, as far as I remember, it has not yet appeared new owners.
    If Sberbank sold gold after the sale, then this is the actions of the new government and in this context it can be merged with Promsvyazbank as a group.
    In general, one can only guess .... go or something, make coffee?
  4. Bakht Online Bakht
    Bakht (Bakhtiyar) 18 May 2020 15: 29
    The risk of Western sanctions is increasing, which could lead to the blocking of certain financial transactions.

    Perhaps this phrase contains the truth. Again, questions to the "elite". When will you start shedding?
  5. Citizen Mѣshkov (Sergѣi) 18 May 2020 22: 06
    Gold belongs to the Russian state and population!
  6. Astronaut Offline Astronaut
    Astronaut (San Sanych) 18 May 2020 23: 32
    Assets withdrawn abroad through London are, for the most part, precious metals purchased by non-residents in our country at a price lower than the world

    Only predators (illegal gold miners) trade at a price lower than the global one. And the official purchase of gold in Russia is carried out by banks and in particular the Central Bank, at the price of the London exchange, naturally in rubles.
  7. Maxim727 Offline Maxim727
    Maxim727 (Maksim) 19 May 2020 00: 22
    There are two major buyers of gold - the first is the Central Bank of the Russian Federation and the second is the Russian state, and these are two different entities. Both that and other subject now increase purchases of yellow metal. But who bought how much is a mystery. And how many foreigners bought is a mystery. Maybe zero, why not? But although Britain recently bought Russian gold, but it was a political move, the British forced the Russians to sell their gold.
  8. Nikolay Malyugin (Nikolai Malyugin) 19 May 2020 08: 37
    Perhaps the Central Bank was once beneficial to individuals. But it's time to decide. The Central Bank should work directly for Russia.
  9. Bulanov Offline Bulanov
    Bulanov (Vladimir) 19 May 2020 17: 51
    If you equate gold with strategic weapons, it is unlikely that they will be sold without government permission. When, finally, they will begin to sell Russian gold and other precious metals bullion to the population, for example. from 50 g?
    1. antibi0tikk Offline antibi0tikk
      antibi0tikk (Sergei) 20 May 2020 06: 02
      So they have been selling for a long time. And gold, and silver, and platinum, and palladium. You want in bullion (from 1 gram to 1 kilogram and above), you want in coins. Go to the website of Sberbank or VTB, or some other one and see for yourself. A kilo of gold bullion is worth about 3.5 million.