But in March, in the midst of the coronovirus pandemic, stocks at COMEX stockpiles were depleted. There was a huge deficit, which began to be covered from the reserves of the London gold market (LBMA). However, British metal also began to be missed. As a result, the British began to buy ingots around the world, including in Russia.
According to the Federal Customs Service, Russia in April 2020 delivered to Britain 29.6 tons of precious metals worth $ 1.6 billion. Switzerland received another 7.1 tons of gold worth 383 million dollars, where the largest refineries are located, which are also involved in the casting of the required size and sending them to New York.
It should be noted that Russia increased the export of yellow precious metals by 14 times year on year and 4 times on a monthly basis, thereby participating in saving the world gold market and gaining big profits due to the rally of the gold exchange rate to $ 1,700 per troy ounce. According to analysts, domestic gold miners in April and May alone could earn more than $ 1.6 billion in direct supplies of yellow precious metals to the West.