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The Swiss branch of Russia's Sberbank Started with the sale of gold through the Shanghai Gold Exchange (SGE). Last September , this bank received a license to offer the precious metal through this platform and this month the first delivery took place. This year, the bank wants to sell a total of 5 to 6 tons of gold through the SGE.
The first delivery consisted of 200 Gold bars of 1 kilogram, but the intention is that Sberbank will supply several tons of gold to the Chinese market on an annual basis. Sberbank wants to sell a total of 5 to 6 tonnes of gold in neighbouring China this year, much of it through the Shanghai Gold Exchange. This gold exchange is the main trading platform for Chinese banks, traders, and jewelers who purchase physical bullion to serve the domestic market.
Every year, a few thousand tons of gold are traded through the Shanghai Gold Exchange, China's most important gold exchange. Several banks have joined the platform, including a handful of foreign banks that deal in precious metals.
Russia is also well represented on this platform, because in addition to Sberbank, VTB Bank also has a license to trade gold through the Shanghai Gold Exchange. Last year, this bank made its plan known for selling 80 to 100 tons of gold annually to China, which today is the largest market in the world for the precious metal.
Russian bank to supply gold to China
