29 March 2021
SCHIFF GOLD — The Russian Finance Ministry has given the green light for the Russian National Wealth fund to diversify and invest in gold and other precious metals. According to a report by RT, this is part of a broader move to de-dollarize the wealth fund.
The National Wealth Fund falls under the direction of the Russian Finance Ministry. One of the fund’s primary purposes is to support the nation’s pension system. According to the fund’s website, “Fund’s primer assignments are to co-finance voluntary pension savings of Russian citizens and to balance the budget of Pension Fund of the Russian Federation.” The fund can also be tapped to cover government budget deficits in times of a crisis. According to RT, as of November, the fund held more than $167 billion in assets, totaling about 12% of Russia’s GDP.
According to RT, the fund’s move into gold and other precious metals is aimed at diversifying assets to ensure the “safety” of the fund “as well as for increasing the yields.” […]