RUSSIAN GOLD AND SILVER

Press, Volume XCI, Issue 27637, 19 April 1955, Page 9

RUSSIAN GOLD AND SILVER

HEAVY SALES IN LONDON SOVIET SHORT OF STERLING (Special Correspondent N.Z.P.A.) (Rec. 10 p.m.) LONDON, April 18. Russia has been selling gold and silver again in London for the last two or three weeks, says the “Manchester Guardian.”

About £2,000,000 worth of gold has been sold in London and perhaps as much as £750,000 worth of silver. Sales have also been made in Switzerland and elsewhere on the Continent.

Both the gold and the silver have been quickly absorbed, though this is a fair amount of silver to be thrown on the market in a short period, the newspaper says. It came at the right time, for silver has been scarce and the price high. No-one knows if the flow of Soviet metal has ended. Some bullion merchants suggest that little more silver is to be expected for the time being though there- might be further sales of gold as the Russians are said to be short of sterling again. That obviously is the purpose, of the present sales of gold and. silver —to obtain pounds to pay for purchases from Britain and other sterling countries, the newspaper says. Russian of transferable sterling has helped bring the rate up to the present high ’level.