Russian precious metals and gems repository Gokhran is likely to start buying palladium in 2015, Interfax news agency reported on Monday, citing Andrey Yurin, the head of Gokhran.
State-owned Gokhran has said repeatedly it planned to start palladium purchases from Russian miners, but has yet to take action.
“Plans (to start palladium purchases for the state stock) will be realized,” Yurin was quoted as saying by Interfax. Asked whether these purchases would start in 2015, he said: “Most likely yes.”
Gokhran has been buying gold on the Russian market this year, he added.
Gokhran was influential on global platinum group metals (PGMs) markets in the 1990s and 2000s, when its palladium stocks, accumulated during the 1970s and 1980s, came to the market, depressing prices.
While its palladium reserves are a state secret and analysts try to guess the level each year, most in the industry believe stocks have been heavily depleted by years of massive sales.
With a decline of 2.6% to JPY 2,839 ($25.95) per gram on Monday, September 29, Japanese palladium bar recorded the biggest price drift of the day. Chinese palladium bar closed 2.3% lower at CNY 172.00 ($27.81) per gram. At $786.00 per ounce, US palladium bar fell 1.4% on Monday.
Chinese platinum bar ended the day at CNY 274.00 ($44.31) per gram, after the 1.8% drop yesterday. US platinum bar finished the day down 0.5% to $1,303 per ounce. Japanese platinum bar gained 0.2% to finish at JPY 4,590 ($41.95) per gram.
At JPY 4,285 ($39.16), the price of Japanese gold bullion finished the market day up 0.8% per gram. The price of Indian gold bullion declined 0.6% to INR 26,902 ($438.42) per 10 grams. Chinese gold bullion prices saw a 0.5% decline to CNY 241.21 ($39.01) per gram. The price of US gold bullion fell 0.3% to $1,218 per ounce.
Chinese silver prices inched up 0.6% to CNY 3,925 ($634.70) per kilogram. At INR 39,100 ($637.21) per kilogram, Indian silver fell 0.6% on Monday. After falling for two days, the price of US silver rose 0.2% to $17.54 per ounce. Japanese silver finished the day down 0.2% to JPY 615.00 ($5.62) per 10 grams.