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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

Azerbaijani oil fund not to use gold for speculation

Posted on 30 April 2013

Azerbaijan’s state oil fund,SOFAZ, is not going to use gold for speculative purposes, SOFAZ Executive Director Shahmar Movsumov told reporters.According to him, speculative activity involves the purchase of gold and its sale at a higher price in the shortest possible time.
“We do not speculate. Our decision on the purchase of gold is of strategic importance. Through diversification of the state’s foreign exchange reserves we have invested some funds in gold and do not intend to sell it,” Movsumov said………………………………………..Full Article: Source


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