How gold was traded in the USSR…

Some comrades / neighbors somehow sarcastically refer to the times of the USSR, thinking, that then all around were only communists and everyone was building socialism, but we haven’t heard of the stock exchanges. To somehow dispel their delusion, I will introduce you one interesting article Krotov, a well-known expert on banks and banking activities in narrow circles..

Read, enjoy, scold ... but this is history, these are facts and you can't run away from it.

If we digress from the artistic merits of the film and concentrate on the plot line and psychological charge, which he carries, then, taking into account the realities of that time, we can say, what movie is a classic example of special propaganda, imposing certain stereotypes. So, for example, there was at one time a series about Rambo or a Soviet response to it - the film "Solitary Swimming". However, enough about cinema. Let's better turn to history.

In Zurich, where the main action of the film takes place, there was only one Soviet foreign bank: "Voskhod Handelsbank" (Wozсhod Handelsbank). And a tall boss, checking this bank, really died suddenly. But here's the question, what happened at the heart of Swiss business life in 1984 G. (and not on the eve of the Emergency Committee, as it appears from the film) and to whom and what the active overseas bank in Zurich interfered with, not so simple at all, how is it presented in film detective.

This story did not begin with the creation of Voskhod Handelsbank in 1965 G., and with the decision of US President Roosevelt. After the Great Depression, he imposed a state monopoly on all gold transactions and announced a fixed price for this metal - 35 Doll. per troy ounce.

IN 1944 G. in the American town of Bretton Woods at the International Financial Conference, the Regulation on the International Monetary Fund was adopted (IMF) and a new world monetary system was created. She relied on the gold standard, the dollar has become a reserve currency, and it was proclaimed, that the US national currency is not worse than gold. In Fort Knox to 1949 G. was kept 21,8 thousand. tons of gold, owned by the United States. They also preferred to keep 9,3 thousand. t of their gold are central banks of several European countries. All this amounted to approximately 75% world reserves of precious metal. Gold was traded in London at the interstate level at the US dollar price set. The Americans kept their course artificially and every time, when the price of gold started to rise, loaded a B-29 bomber with gold and sent it to London for intervention. Many countries that recovered after the war, this system soon ceased to suit.

AND, as it always is, under the conditions of deficit and restrictions in different countries, their own underground gold markets appeared. The trail of smuggling operations stretched, which were attended by Arab sheikhs, selflessly loving gold, and created the jewelry industry, being one of the best, Italians. They all solved their problems illegally. A lot of black and gray appeared (semi-legal) gold markets.

The system was gradually loosened. IN 1965 G. Charles de Gaulle presented a large amount of dollars, accumulated by the Central Bank of France, and demanded to exchange them for gold. This clearly did not contribute to the strengthening of the dollar.. As a result of this and similar operations in the late 1960s. the Americans have only 8,6 thousand. tons of gold. Then I had to abandon the standard and the obligatory exchange of the dollar for the yellow metal..

IN 1968 G. the gold market was split. State monetary authorities were allowed to trade with each other only according to the previous, official price. Private traders could now work, and their gold prices could fluctuate as desired. A "two-tier market" was formed. In London, five specialist firms still performed fixing operations twice a day in the Rothschild office., "Combining" the selling and buying prices of gold into a single price. At the same time, Swiss bankers created a powerful competing center of the world gold trade.. The Golden Pool united three major gross banks, each of which provided 65 tons of metal. Banks opened "gold accounts". Banks agreed to work together, ie. jointly sell and buy gold. These were: Swiss Bank Corporation, Credit Suisse и United Bank of Switzerland (UBS). They also quoted silver, platinum and palladium.

Should say, that the restrictions applied only to countries, ratified the Bretton Woods Agreement and joined the IMF. The USSR could also work as a manufacturer in the private market.. Stalin did not trade in gold, but preferred to increase the gold reserve.

But for 12 years after Stalin's death, we sold more than 3000 tons of gold. Moreover, most (1244 T) was sold in 1963-1964 G.

We produced then 200-300 tons of gold per year, and this figure was top secret. The British followed our prey with satellites. They also analyzed publications in the Soviet district newspapers., recognizing in such an indirect way, how much overfulfilled the plan at the gold mines. Presenting the dimensions of the plans, it was easy to calculate the volume of real production.

Voskhod Handelsbank was established in Zurich two years earlier. (named after Soviet spaceships) with authorized capital in 10 million Swiss francs. The State Bank of the USSR became its shareholders, Vneshtorgbank of the USSR and several foreign trade associations. The main task of the bank was to develop trade relations between the USSR and other socialist states with Western countries..

IN 1969 G. Voskhod Handelsbank has a new director for foreign exchange operations - Yuri Yurievich Karnaukh, who, after graduating from the Moscow Financial Institute, first held a number of positions in the State Bank of the USSR, and left the high position of Deputy Head of the Monetary and Financial Department of Vneshtorgbank of the USSR.

For two years he mastered a new position., until the deputy chairman of Vneshtorgbank, Georgy Leonidovich Trusevich, flew in from Moscow with an order from the head of the Council of Ministers of the USSR Alexei Nikolaevich Kosygin to take a loan on security 80 tons of gold. However, Trusevich and the then head of "Voskhod" Albert Nikolaevich Belichenko took over all the negotiation work. Swiss, interested in long-term clients, the loan was denied, but they offered 80 t just buy. Money was badly needed, Moscow agreed to sell, and the technical work on the sale of gold fell on Karnaukh. As Yuri Yurievich recalls, he was assigned to attend UBS, representing the pool, and notify buyers of the arrival of each shipment of gold at 7 T: “Moreover, I should not have done this by phone., and personally ».

Understanding, that colleagues are unlikely to have sold gold more expensive than those mentioned 35 Doll. per ounce, and watching, how the "yellow metal" is growing in price (and she rose in that short time before 40 Doll.), Karnauch had ambivalent feelings.

On the one side, the order was fulfilled, on the other hand, it was "insulting for the state", since this form of sale was clearly unprofitable. And then the head of the "golden division" of one of the banks participating in the pool, Fredi Schneider, asked about the meeting., who told, that UBS "squeezed" Soviet gold from accomplices and violated the jointly established rules of the game.

Immediately after the meeting with Schneider, Karnauch was invited to take turns to dine and other participants of the "golden pool", including from UBS. Soon, the "sincere" colleague from Russia became practically his own for the Swiss bankers..

And dinners turned into a regular event. Experienced Westerners taught the "youngest" the intricacies and intricacies of the gold trade.. Truth, they met all the time in the same restaurant and seated him in the same place. Maybe, in order to reinforce friendships with appropriate records. The Swiss still remained competitors for each other and therefore willingly used Russian, to try to find out, how are the "sworn friends". However, this did not interfere with business cooperation. In this situation, overflowing with new knowledge, Karnauch, on his own initiative, began to turn to Moscow with a request to transfer the sale of gold from London to Zurich and carry it out through Voskhod.. Indeed, until then, the main seller of Soviet gold was another Soviet overseas establishment - Mosnarbank, headquartered in London., where trading was conducted at fixed prices.

IN 1972 G. Karnauch's proposal was approved at the very top of the bank. To begin with, he was entrusted to sell two tons, setting the lower price bar. Karnauch sold gold much more expensive. The next couple of tons also left with a significant fat gain. As a result, recalls Yuri Yurievich, “They gave me all the gold, passing through the monetary plan of the Soviet Union! The total amount was not given to me, since specific amounts were established by a closed decision of the Politburo of the Central Committee of the CPSU and the USSR Council of Ministers! Assignments were never given over the phone, for this I was summoned to Moscow ". Later, a special person came to formulate tasks.: “Most often it was the Deputy Chairman of Vneshtorgbank of the USSR E.K.. Kuzkin. Evgeny Kuzmich on the street (the office was probably bugged), looking back, are there any spies, announced, how much gold is required to sell ".

But the method of transporting gold to Switzerland was chosen from the current point of view as the most fantastic.: “We transported him in ordinary Soviet passenger planes. Seven tons of gold (in standard ingots by 12,5 Kg) evenly laid out under the passenger seats! For many years people flew to Zurich and did not know, that literally sit on gold! And in Zurich, we contacted Matt Transport to ensure security., which provided us with security and delivered gold to the vaults of partner banks. They collected our cargo ". Having received freedom of action, Karnauch turned around, what is called, in full: “Partners in Zurich recalculated, weighed the ingots and determined the exact weight of the goods. Sometimes the Swiss credited gold to our accounts in London on my behalf.. They began to appreciate me as a partner. Under the verbal surety, it was allowed to carry out transactions up to 10-12 T. The money was paid long before the delivery of the goods, because in the event of a sharp rise in price, the planes with a cargo of gold were late. Each of the gross banks had their own gold smelting and refining facilities.. And our partners washed hammers and sickles from ingots and put their brands on them.. The fact, what do the Arab sheikhs, major gold buyers, I was allergic to our symbols ". However, the main feature of the Soviet gold trade was the use of all possible market instruments. Unlike the main supplier of precious metals to the world market - the Republic of South Africa. If South Africa regularly (weekly) threw another portion of gold onto the market and simply sold it, then Soviet bankers played the role of real players. As Karnauch recalls, “When trading, I immediately began to use three principles of behavior: sold in small portions, redeemed the evil, when the price fell, and, if necessary, participated in the creation of alliances. Ie. we have successfully applied our science of creating scarcity. Implementing their annually 200-300 tons of gold, we practically set the price for all metal, held in national banks, ie. on 35 thousand. T! As a result, in the 1980s. the price has already reached 800-850 Doll. per ounce, rising behind 10 years in 23-24 Times!»

Freedom of action and prompt response to market conditions did not go unnoticed by foreign experts. The Guardian newspaper then wrote: “Dealers celebrate, that Russians are now very sophisticated market participants, buying and selling, based on the situation ". She was echoed by other publications. "As other bankers point out, "Sunrise Handelsbank", Zurich, quite successfully engaged in both sales, and buying gold in the London markets, Zurich and the Far East. South African gold sales policy is significantly inferior to the Soviet one in its flexibility " (Financial Times). “Moscow does not want to miss a single chance to use as intensively as possible the methods of optimizing sales proceeds developed by the capitalist West ... According to one Zurich banker, when Russians think, that the price of gold will rise, they are more likely to come out with purchases, than sales " (Wirtschaftswohe).

Where did this money go?? The answer is simple: to a large extent in the USSR they were simply consumed. So, for example, the head of the State Bank Alkhimov once, instructing one of the subordinates, trying to reproach the Soviet "Swiss bankers", sharply besieged him: “So you know - out of five loaves of bread, three are paid for by“ Voskhod ”!»Is it any wonder, what, returning to Moscow (rotation of personnel) in 1974 G., For successful work, by a closed decree, Karnaukh was awarded the Order of the Red Banner of Labor. However, Zurich did not stay long without its "Russian banker". Two years later, Karnauch returned to Switzerland. Now for the position of Chairman of the Board of Voskhod Handelsbank.

And everything started spinning over again: sales, purchases, weekly reports, fights with local gold traders. However, by that time the situation had already changed a lot.

Times are tough for the United States. The rise in the price of gold in the free market devalued the US currency. European and Asian banks spat on the policy of supporting the official price of this precious metal and enthusiastically rushed into speculative operations. In addition, an energy crisis erupted in the United States..

All in all, the American economy was under pressure from all sides. But the most important thing was not even that.. Thanks to the work of a small Soviet overseas establishment, foreign exchange earnings in the USSR increased significantly. And this, in the confrontation between the two superpowers, gave the USSR additional trump cards.. States responded on a really big scale. IN 1975 G. they allowed all US citizens and companies to work with gold, removing all restrictions. The gold standard was finally abolished. And they put the physical metal on the list of common commodities somewhere between pork and oranges.. USA announced new policy. US Treasury First, then the IMF (and then - and both in parallel) began to conduct gold auctions. Auctions have been held monthly since January 1975 G. in May 1980 G. Any buyers other than central banks were invited to attend.. It was initially clear, that the auctions were directed against the USSR. But Soviet foreign bankers did not fail to take advantage of this circumstance.. Karnauch agreed with Moscow to enter these auctions. Moreover, purchases at American auctions were made deliberately, since a list of buyers was published in the USA. After a while, the American press began to ask the same question.: "Why do we need to sell gold, if Russians buy it?»

All in all, no matter how the Americans tried to fight Soviet gold, by and large they did not succeed. Furthermore, a nightmare for them could be the "golden union" of South Africa and the USSR. In the early 1980s. a whole delegation of the US Federal Reserve System has come to Voskhod, which was headed by one of the directors FED. Conversations revolved around plans to work with gold, and the Americans left unsatisfied. After that, the United States changed its ambassador to Switzerland.. As Karnauch recalls, "The new one was a banker by profession. All colleagues immediately reported, that this diplomat visited all the banks and inquired in detail about "Voskhod" and about Karnaukh personally ".

IN 1995 G. a translation was published in Russia Books intelligence veteran, American Peter Schweitzer "Victory" ("The role of the secret strategy of the US administration in the collapse of the Soviet Union and the socialist camp"). In the book, the author describes numerous combinations of damage to the USSR, activities of the Reagan administration and the CIA. He mentions the sale of Russian gold and writes about, how the americans were afraid, that South Africa and the USSR will create a "golden OPEC" and will jointly operate in this market. It is no coincidence that the head of the CIA, William Casey, himself came to South Africa and arranged a preventive treatment there for the leadership of the Central Bank and the government of this country., so that they do not even think about contacts with Soviet! Karnauch tells: “The author of the book also reports, what in 1978 G. in Zurich there was allegedly a meeting of representatives of South Africa and the USSR. It's a lie.

Although, in my opinion, such a meeting would be very useful. Furthermore, Swiss banks two or three times conveyed to us proposals from South African officials who were in Zurich to hold a meeting, including from the head of the South African Mining Chamber Thomas Maine. Active assistance in establishing contacts between ideological opponents, but potential partners, provided by Dresden Bank Board Member Hans Joachim Schreiberg. He offered to act as a mediator between us and the Yuarians, even prepared a draft "cartel" agreement. The aforementioned Kuzkin and Deputy Chairman of the State Bank of the USSR Valery Alexandrovich Pekshev studied him, but they could not get permission from the Central Committee "to meet with racists". Ideological blinders did not allow to work for the good of the country. Schreiberg's actions did not go unnoticed - approximately in 1983 G. he unexpectedly lost his post, left the bank and went to work in Singapore. He now lives in retirement in South Africa.. Uncle Sam has long arms!

But finally finished off the Americans, seems to be, one more story. In the early 1980s. Moscow demanded that Karnaukh urgently buy and ship to the Union

1000 tons of silver for the needs of the defense industry. Physically, at that moment, the free silver was in the United States.. It was purchased and credited to Soviet accounts from Rothschild in London and to the account of one of the partner banks in Switzerland. From Zurich 400 t sent, normally, by flights, and from London the precious cargo was delivered to the USSR by sea.

In conditions, when the United States imposed sanctions against the USSR due to the introduction of Soviet troops into Afghanistan, we could not even buy paper clips abroad without problems. And suddenly "bummer"! Such a CIA would not forgive anyone, even more so for "Voskhod", which was already like an eyesore for them. After all, it was Karnaukh from Voskhod who at one time organized a meeting of the Chairman of the State Bank of the USSR Vladimir Sergeevich Alkhimov with the Chairman of the National Bank of Switzerland Fritz Leutwiller. Negotiations were successful.

And that came in very handy in the early 1980s., when the United States put pressure on the whole world, so that the USSR does not issue loans. Not everyone succumbed to this pressure, and Leutwiller was one of the few, who led an independent policy.

The bank was also engaged in providing "brotherly assistance". Yuri Karnaukh: „Once upon me, while in Zurich, one of the directors of the National Bank of Austria, Mr. Frouly, left. Knowing, that we are very careful, we place our gold without adventurism, he began to constantly ask for advice: where and he will attach gold to the deposit, to earn. All my advice turned out to be accurate. This is how our "creativity" began.. Bank of Austria, breaking all laws (they were not even allowed to export gold from the country!), posted it constantly and made good money on it. And we, when it was especially necessary, took gold from him. I also provided assistance to Vietnam. After the surrender of Saigon, the northerners captured the gold of the South Vietnamese. To my mind, tons twelve. We were contacted with a request to sell it. What was done”.

IN 1984 G. from competent, as they say, authorities received information that, that things are not going well at Voskhod Bank. Karnauch was recalled to Moscow. To check information, according to indirect data, who came from New York, Vneshtorgbank created a commission, headed by the deputy chairman of the bank Albert Rodionovich Makeev. The commission found nothing reprehensible. However, Makeev stated, that he senses "something is wrong". After that, in the same place, died suddenly in Zurich. The body of the deputy chairman was not immediately returned by the Swiss side. But the most interesting thing, as Karnauch notes, was different: “Makeyev was returned to Moscow, already dissected by local doctors, his body did not have many internal organs and a brain. They were the ones who could provide information, was the deputy chairman of the bank poisoned?.

The author received confirmation of this from persons, on duty who had access to such information. Further more. The main dealer in the foreign exchange market disappears from the bank, local native Peterhans. Need to say, that the swiss (like the migration authorities of other countries, where were the soviet banks) significantly limited the number of Soviet citizens in the staff and foreigners performed most of the work in the bank. After the disappearance of the main dealer of the bank, it became clear, that recently he has carried out such a number of logic-defying operations, that caused the bank multimillion-dollar losses. Peterhans was put on the wanted list, filed a lawsuit against him, but he soon appeared on his own. And did not even resist the court, which the, however, did not establish self-interest in his actions. The verdict of the court was distinguished by extreme philanthropy: carried away, Say, Mister, but in fact I wanted the best. As for the sympathetic ink, found in his desk drawer, then everyone has the right to innocent hobbies. By the way, escaped with a slight fright Peterhans soon left - wherever you think? - right, in USA, where his traces are completely lost.

But Soviet foreign bankers were not so lucky. A year later, a criminal case was opened against them.. But, sewn with white thread, it crumbled at almost every court session. And the disgraced bankers were offered, as order bearers, amnesty. In response to an admission of guilt. One of them agreed, but Karnauch refused. And the case in the end was just closed. As for Voskhod, then after this scandal it was transformed from an independent into a branch of the USSR Vnesheconombank. And on this free trade in gold, in fact, stopped. To the delight of Americans, who began to fill the gold market virtually alone.

And since, putting pressure on Saudi Arabia, USA in the second half of the 1980s. provoked a fall to the lowest level of world oil prices, the situation in the USSR deteriorated sharply. Foreign exchange earnings decreased to a minimum, the Soviet economy was drained of blood, which predetermined the further geopolitical tragedy of the country.

“Nobody disputes that fact, that the Soviet Union is head and shoulders above any other manufacturer, except South Africa. Have to wait, what during 20 years will see a slight increase in production in South Africa. Maybe, by the end of this century, South Africa and Russia will go head to head - at the level 400-500 t each ". So wrote one of the best analysts of the world precious metals market, Englishman Timothy Green ("New world of gold", USA, 1982 G.).

Alas, predictions did not come true. Since the early 1990s. there was not even a semblance of coordination on the Russian gold market. One bank was selling metal, another bought. At the same time, they fiercely competed with each other.. The country lived without a single strategy, and no wonder, that even in gold mining we fell back to

6-is a place in the world, skipping ahead even the USA. Gold and foreign exchange reserves were completely depleted. The situation has gradually improved only in recent years..