Excerpts of the President's News Conference
I haven't very much information about the shipping of Russian gold to the United States. I assume that is for the purpose of making payment on goods that have been purchased here. It is no different than any other commercial transaction, so far as I know. Trading has been going on constantly between Russia and the United States. Goods have been bought here and payment made for them, and our people have bought goods in considerable amounts in Russia. That makes necessary setting up some method for payment. I suppose this shipment of gold is for that purpose. It would not indicate anything new in the relationship, simply a continuation of what has been going on for a number of years.
Source: "The Talkative President: The Off-the-Record Press Conferences of Calvin Coolidge". eds. Howard H. Quint & Robert H. Ferrell. The University Massachusetts Press. 1964.
Calvin Coolidge, Excerpts of the President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/349238