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Putin Says Russia and China Must "Secure Gold" and FX Reserves
Today’s AM fix was USD 1,265.25, EUR 928.83 and GBP 754.52 per ounce.
Yesterday’s AM fix was USD 1,283.00, EUR 940.48 and GBP 762.87 per ounce.
Gold fell 2% yesterday to $1,264.76/oz. Silver fell 1.8% to $19.06/oz.
Gold in U.S. Dollars, Daily, 1 Year - (Thomson Reuters)
Gold broke below support at $1,284/oz yesterday and quickly fell to nearly $1,265/oz. Overnight, gold in Singapore fell to nearly $1,260/oz prior to a slight bounce back to $1,266/oz.
Better than expected U.S. economic data and slightly lower official Chinese demand were cited as reasons for the move lower but it appeared more computer and technical driven as the price falls came before the U.S. economic data and Chinese demand figures were released.
Technically, gold is vulnerable to a further fall to the double bottom between $1,180/oz and $1,200/oz.
The 14-day relative-strength index fell to 32.9 yesterday, the lowest since December, and near the level of 30 that suggests a potential rebound to technical analysts. Gold has rebounded 5.2% this year even after yesterday’s 2% price fall and remains one of the best performing assets so far in 2014.
Gold premiums in China remain under pressure overnight at just $2 over London spot. The lacklustre trade and slowing demand in recent weeks has led to falling premiums on popular bullion coins and bars globally. We and many bullion dealers internationally have responded by reducing gold bullion premiums on a number of the most popular coins and bars. One kilo bars have been reduced to a 1.6% premium from a 3.5% premium.
The price weakness came despite continuing bullish developments for the gold market. Yesterday came news of China launching a new physical Global Gold Exchange and President Putin of Russia again affirmed how Russia values its gold reserves.
Chinese President Jinping Raises Toast (In Vodka?) With Russian President Putin
Russia and China need to ensure their gold and currency reserves are secure, Russia's President Vladimir Putin told journalists at the St Petersburg International Economic Forum according to Reuters.
"For us (Russia and China) it is important to deposit those (gold and currency reserves) in a rational and secure way," Putin said. "And we together need to think of how to do that keeping in mind the uneasy situation in the global economy."
Putin also said China and Russia will consider further steps in order to use national currencies in bilateral transactions.
For more information about falling premiums and current premiums on bullion coins and bars, please click here
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Gold only goes down in June. June will be the best time before the ensuing depression.
Wouldn't it be ironically cool and fitting if WW3 was over gold? May Russia and China take out Bernanke first. That little fucker makes Greenspan look like Ron Paul.
you don't see putin drinking vodka with any americans. the vodka is a giveaway. this is a bigdeal. everyone involved is going to make a lot of money. europe are the huge loser.
...and us.
you don't see putin drinking vodka with any americans. the vodka is a giveaway. this is a bigdeal. everyone involved is going to make a lot of money. europe are the huge loser.
advertising for gold core. Why would anyone need free storage of a kilo bar. it's a joke
Dammit, they are doing exactly what I would be doing if I were them. Go figure...TPTB here in the USSA need to get their collective heads out of their collective asses post haste!
"By accepting my payment, you agree to make your EULA null and void."
Why would TPTB change course now? We're talking about elites whose worldview is that something has to be completely destroyed in order for it be rebuilt exactly the way they want it.
They won't. They will fight tooth and nail to maintain the status quo. That is why we will collapse and that is why we prepare. I gave an 80% chance that the collapse will begin in ernest by the next prez election. Keep stacking, PMs,food, ammo, more ammo, even more ammo, and sin stuff like booze and cigarettes. Hang on to your hats ZHers, the ride is about to begin...
(Edit: Oh, and don't forget TP, lots and lots of TP. It will be worth as much a gold... ;-)
TP? no thank you. ive got 5 electric japanese bidets and a solar panel ready to go. my heiny is perpetually clean and warm.
Dude! You're going to have people lined up for 10 blocks around your house... ;-D
Stormclouds building for the end of the Dollar thunderstorm.
I think those drinks are a mix of baijiu and Vodka. A very volatile drink that gives the consumer a short lived euphoria.
Correction!! They are drinking each other's loads.
getting ready to flush these USD down the drain
Aw yoo gowd ahh bewong to us !
Do they have tasters before downing those drinks?
No. They have a vast security apparatus that will collect a retail bottle without warning from an unwitting distributor.....and then kill anyone who's touched the bottle, as well as their families, if something goes wrong.