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Russian banks run low on gold amid surging demand
From Russia Today, Moscow
Tuesday, October 25, 2022
Banks in Russia are facing a shortage of gold bars after demand for the precious metal increased sharply, the Vedomosti newspaper reported, citing experts.
The executive director of precious metals operations at Uralsib Bank, Andrey Vasiliev, told the media outlet that supply disruptions arose due to the limited production capacity of refineries and growing demand for gold bars from citizens.
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Small ingots are more in demand among individuals, while refineries were focused on bulk purchases of large bars and couldn't quickly adapt to new market requirements, he explained. The production of small gold bars is a more expensive process, according to experts. It is cheaper to produce one ingot weighing 12 kg than several smaller ones, Evgeny Safonov from Promsvyazbank has confirmed. ...
... For the remainder of the report:
https://www.rt.com/business/565294-russia-gold-surging-demand/
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