Government out of the precious metals business

"...from April 1, 2020, the Bank of Russia has suspended the purchase of gold in the domestic precious metals market..."

Because of this. They keep engaging in ad hoc entry and exit with no rationale.  Industry survives only if precious metals flows are reasonably stable.  This is why I do not like the gold standard, it is why Uncle Milt Selgin eventually became a free banker.

The standard two color sandbox banker targets liquidity among the risk adjusted traders, some sell it, some buy it; the currency banker is market maker. That, in turn, is a cutnpaste from the sandbox economist tool box. We really run the Monte Carlo analysis in real time, the sandbox economists really just adding an interface for her current cloud based economic model. Redneck U undergrads pioneered the technique in their basketball betting empire.

Risk adjusted means the cost of chasing scofflaws is known and small, the bottom rung of the Markov Tree, I call it. My claim is that Moore's Law and the SmartCard functionality help reduce scofflaws to a very small queue. Transaction costs of risk adjustment goes way down on entry or exit, the trader previously volunteering to share credit information up to a certain level.