Monday, November 16, 2009

Article: Bank of Russia poised to purchase gold

MOSCOW, Nov. 16 (UPI) -- A Bank of Russia spokesman said the central bank was ready to buy whatever gold the State Depository for Precious Metals and Gems has for sale.

"In certain conditions, we will be ready to buy everything the State Depository offers for sale," deputy chief Alexei Ulyukayev said, RIA Novosti reported Monday.

The Finance Ministry in Russia is contemplating a sale of as much as 27 tons of gold to cover a portion of the state's budget deficit.

Gold prices have repeatedly set record highs in recent weeks. On Monday, gold was priced at $1,140.60 per ounce in New York.

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