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Russia is paving the way to invest portions of its sovereign wealth fund in gold, as a defensive measure in these hyper-inflationary times.
Russian Prime Minister Mikhail Mishustin has signed a decree validating the possibility of investing the funds of the National Wealth Fund (NWF) in gold, according to a statement released on the website of the government, reported Russian state news agency TASS.
“It will be possible to place the funds of the National Wealth Fund (NWF) on bank accounts with the Bank of Russia in precious metals, particularly in gold, which is traditionally a defensive asset,” the explanatory note to the document said.
The decision will make it possible to diversify the investments by the Fund in a move to guard them against loss, as well as increase yield, according to the explanatory note.
Up until now, the National Wealth Fund, through its 2008 investment management decree has been allowed to allocate funds to all main financial asset classes, such as foreign exchange, debt securities of foreign states, debt securities of international financial organizations, managed investment funds, equities, Russian development bank projects, and domestic bank deposits. The latest amendment now adds gold and precious metals to that list, reported Zero Hedge.
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1 comment
The Russians see the chaos caused by the pursuit by nations including the U.S. (under Current Admin) towards global reset (One world order)….Biden is busy sinking the value of the U.S. dollar. Gold will be priceless soon and unattainable…Already silver can barely be found on the open market as well gold in physical form is getting rarer and rarer to find.