Peter Schiff: Did Ukraine Sell More Gold Than it Had Prior to the War?

With the conflict in Ukraine showing no signs of ending anytime soon, the country’s economy remains in a state of disarray and financial hardship. In order to shore up some additional financial resources, Ukraine’s central bank has embarked on a gold-selling spree, liquidating $12.4 billion worth of gold reserves since the beginning of Russia’s invasion.

“We are selling [this gold] so that our importers are able to buy necessary goods for the country,” said National Bank of Ukraine deputy governor Kateryna Rozhkova as cited by Reuters, whilst assuring the sale was not an attempt to boost the country’s currency. However, according to infamous stock broker Peter Schiff, something doesn’t quite add up. “When the Russians invaded, UNB held about 27 tons of gold in its reserves valued at about $1.6 billion,” he wrote in a blog post citing data from the World Gold Council.

“In other words, according to Rozhkova, the central bank has sold more than 7 times its total gold holdings.” Although Schiff described the sale as “murky,” he theorized that Ukraine’s central bank might be selling gold held by the country’s commercial banks, or that other nations or entities could be donating the precious metal to Ukraine. Or, he posits, the country could have suddenly boosted its gold mining output, given that it sits on almost 3,000 tons of gold— but, he adds that such a scenario is unlikely, given that Ukraine had very little mining infrastructure before the invasion,

Ukraine’s economy has substantially deteriorated since Russia invaded on February 24, with the country’s government going as far as to appeal for a deferral on its foreign debt payments by two years.


Information for this briefing was found via Reuters and Schiffgold.com. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

One Response

  1. I read about 6 months ago that when Ukraine parted from Russia ,Russia held ownership of certain mining areas and actually rent the mines to Ukraine. Any truth in this?
    Thank you

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Gold Lion Resources: Gold Exploration In Idaho

Vancouver-based Gold Lion Resources Inc. (CSE:GL) is an early-stage exploration company looking for gold in the resource-rich...

Sunday, November 22, 2020, 01:59:00 PM

Freeman Reports Multiple Instances Of Visible Gold In Drill Cores

Freeman Gold Corp (CSE: FMAN) has hit visible gold in Idaho. The company provided a...

Thursday, October 29, 2020, 08:46:11 AM

GoldSpot Discoveries To Conduct $10.0 Million Bought Deal Financing

GoldSpot Discoveries Corp. (TSXV: SPOT) announced this morning that it has entered into an agreement...

Tuesday, May 11, 2021, 07:49:14 AM

Grande Portage Releases Sample Assay Results At Herbert Gold

Grande Portage Resources (TSXV: GPG) this morning reported early results from its ongoing exploration program...

Thursday, September 9, 2021, 09:44:00 AM

Gold, Silver, Crude Sent Plummeting Amid China’s Covid-19 Resurgence, Russia-Ukraine War Escalation

Gold, silver, and oil fell sharply on Monday morning, as traders’ demand for commodities soured...

Monday, April 25, 2022, 12:17:00 PM