Gokhran for the first time in 2015, bought platinum and palladium in the state Fund


Moscow. November 25. The Gokhran in 2015 for the first time made purchases of platinum and palladium in the state Fund, said the head of budgeting of the state Fund of the Gokhran of Russia Oleg natars at the conference “metallurgy and mining”, organized by Sberbank SV.

“In the first place, of course, gold. Then the priority in the direction of silver. And this year after a long break we first bought platinum and palladium”, – he said.

Gokhran bought a ton ton of palladium and platinum (around 32 thousand Troy ounces), clarified the natars to journalists on the sidelines. Based on current NYMEX prices, this volume is about 2.9 billion rubles ($44.3 million).

The purchase of PGE will most likely be continued, said the head of Gokhran. Unlike gold, which is purchased as an investment metal, platinum and silver for emergency need of the industry, he explained. In the next couple of years, Gokhran has no plans to sell metals.

The main strategy of Gokhran now is to buy metals, sell the stones, the official said.

About half of the budget limit for the purchase of Gokhran in 2016 (11,962 billion) will be in gold.

Buy platinum

Head of Gokhran Andrey Yurin several times expressed earlier about the possibility of switching to the Gokhran purchases of platinum. The procurement was not carried out after the only producer of palladium in Russia “Norilsk Nickel” was in the early 90’s right of independent export, bypassing the Gokhran. Reserves of “Soviet” ran out of palladium in Gokhran in 2013-2014.

The costs of replenishment of the state stocks of precious stones and precious metals in 2015 amount to 14 billion rubles. 3 billion of them were used to purchase diamonds from Smolensk “Crystal” owned by the state. The diamonds of the Gokhran this year did not purchase. The main item of procurement Gokhran this year is gold.