The reason for this was explained by experts.
For the first time in its recent history, Russia began to earn more on the sale of gold than on the sale of gas. Only in April-May this year, thanks to the export of precious metal abroad, it was possible to raise funds in the amount of 3.58 billion US dollars.
Aricapital Management Company’s investment expert, Sergey Suverov, pointed out that it could be directly related to the actions of the Central Bank, which stopped buying gold for its own international reserves. This circumstance, in his opinion, led to an increase in exports.
The Izvestia publication cites the opinion of another economist and WMT Consult employee Ekaterina Kosareva. According to her, the fall in gas revenues and the growth in profits from gold trading are two completely unrelated events. It is pointless to consider gold as a "new gas", since the proceeds from it will never cover the losses from the coronavirus crisis, she said.
Photo: from open sources