Wealthy Russians invest in gold
Russia’s wealthiest are piling into the bullion sector and eight of the country’s 10 richest men are investing in gold.
This week, OAO Severstal, the Russian steel maker owned and run by billionaire Alexei Mordashov, said most of London’s Celtic Resources Holdings PLC shareholders, which has gold projects in Kazakhstan, had tendered to a $328 million takeover bid.
Last week, Russia’s richest man, Roman Abramovich, and his partners agreed to pay $400 million for a 40% stake in Highland Gold Mining Ltd., Russia’s fourth-largest bullion producer. The sudden focus of Russia’s billionaires on gold comes as the metal hit a 28-year-high last month and hovers near $800 an ounce.
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