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Russia to sell two-thirds of its gold holdings
Russia, which had increased its gold holdings by 74 tonnes in the year-to-date, now appears to be in need of selling about two-thirds of that accumulated pile before the calendar runs out on 2009. Russia plans to sell as much as 50 tonnes of gold this year to help plug a budget deficit in the first major bullion sale by its precious metals repository since the fall of the Soviet Union, a high level source told. The sales from Russia's State Precious Metals and Gems Repository (Gokhran) could account for 0.5 to 1.25 percent of global consumption of the metal, which soared in price to a record of $1,070.40 per ounce on Oct.14. Read News
