What Do They Know? Russia Increases Daily Gold Purchases by 700%
In a significant move, Russia’s Finance Ministry has announced plans to allocate 8.2 billion rubles ($92 million) each day for gold and foreign currency purchases until October 4, the nation’s Finance Minister announced.
“The amount of funds allocated for purchases of foreign currency and gold totals 172.9 billion rubles,” the ministry said in a statement. “Transactions will be carried out from September 6 to October 4, 2024, respectively, daily volume of purchase of foreign currency and gold will equal 8.2 billion rubles.”
This marks a sevenfold increase in purchases of physical precious metals over the previous spend, which has already been much higher for the last year. The Finance Ministry also projected “windfall” oil and gas revenues of 162 billion rubles in September, noting that actual oil and gas revenue in August exceeded initial expectations by 10.9 billion rubles ($129 million).
These revised figures “make it possible
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