Russian cabinet validates possibility to invest funds of National Wealth Fund in gold

Russian Prime Minister Mikhail Mishustin has signed a decree validating the possibility of investing the funds of the National Wealth Fund (NWF) in gold, according to a statement released on the website of the government. “It will be possible to place the funds of the National Wealth Fund (NWF) on bank accounts with the Bank of Russia in precious metals, particularly in gold, which is traditionally a defensive asset,” the explanatory note to the document said. The earnings of the NWF’s funds invested in gold will be formed based on transactions on its purchase and sale considering the gold prices effective on…