Russia at a dead end: nowhere to sell gold

The embargo on Russian gold, which was introduced by Western countries, led to its oversupply in the Russian market. Russian media write about this with reference to sources.

The Central Bank does not redeem it, for the jewelry industry, such volumes are useless, and the population does not need gold in its pure form. Of the 365 tons produced a year, the jewelry industry chooses only 30-35 tons, and individuals who tried to attract VAT will acquire a maximum of 30 tons. Thus, 300 tons will remain in limbo.

The head of the Union of Gold Professors, Sergei Kashuba, said that a critical situation has developed in the industry, because the cost of production has grown, and there is almost nowhere to sell gold.

“To people who stand with a shovel and with a bucket of an excavator, they said: go and trade in gold! That’s all the support of the industry. Let the Central Bank, the Ministry of Finance, the Government, the FNB, anyone, redeem the entire volume of the gold that we produced and which we produced and which He remained after the internal demand is satisfied. Where you go, decide for yourself, ”he said to the Federation Council.

According to Sergei Kashuba, the industry needs to be prepared for the worst, since the solution to the problem was not found. “There will be no miracles. If the state does not want to buy gold, then we have no one to sell it,” he emphasized, noting that the investigation of this policy will be a stop of enterprises.