N e w s

Lately, the market has been experiencing a drastic fall of precious metal prices, including gold, silver and metals of platinum group. The most dramatic changes were recorded at the gold market. Release of future contracts on the metal supplies began on Monday just after the beginning of trading session, when the morning newspapers became available for traders. According to several French editions, the Central Bank of the country is soon going to sell part of its gold reserves in order to fill up the national pensions fund. Thus France might break the terms of the international agreement concluded last September by 15 European countries. According to it, each of the 15 countries agreed to limit redemption of gold from its reserves. In this case the total amount of the actual metal circulating on the market would not exceed 2 tons, which will provide acceptable level of gold prices. As of now, the prices are falling rapidly and have reached their minimum since the beginning of 2000.

Parallel with this there was a considerable fall of rates for platinum metals. Prices on platinum regained their level whereas palladium showed a steady fall during a nuimber of sessions. The market traders were most probably impressed by how easily Vladimir Putin won the Presidential elections. It is with his name that most observers are connecting the hopes on renewed regular supplies of Russian palladium.

Elina Shkurupiy

Source: Izvestia