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Ronan Manly: Russia lines up new gold buying through its sovereign wealth fund
By Ronan Manly
Bullion Star, Singapore
Wednesday, May 26, 2021
In a significant and strategic development for monetary metals, the government of the Russian Federation has just introduced legislation that will allow Russia's giant National Wealth Fund to invest in gold and other precious metals. The fund is Russia's de-facto sovereign wealth fund, and has assets of US$185 billion.
... Dispatch continues below ...
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Introduced as a resolution to the procedures for managing the investments of the National Wealth Fund and approved by the Russian prime minister Mikhail Mishustin on May 21, the changes will allow the National Wealth Fund to buy and hold gold and other precious metals with the Russian central bank, the Bank of Russia.
In a note accompanying the gold announcement, the Russian government refers to gold as a traditional protective asset, and says that the move to add gold will introduce more diversification into the fund's investment allocation, while promoting overall safety and profitability for the fund. ...
... For the remainder of the report:
https://www.bullionstar.com/blogs/ronan-manly/russia-lines-up-new-gold-b...
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