• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Russia Raises Gold Holdings By Over 7 Tonnes In February To Over 1,040 Tonnes

Tyler Durden's picture


From GoldCore

Russia Raises Gold Holdings By 7.247 Tonnes To Over 1,040 Tonnes In February

Russia has increased its gold holdings by 7.247 tonnes to 1,042 tonnes in February. Turkey and Kazakhstan also raised their bullion reserves, data from the International Monetary Fund showed today.

Turkey's gold holdings rose 9.292 tonnes to 497.869 tonnes, the data showed.

Many analysts are ignoring the important context of today's new geopolitical backdrop. Russia alone has some $400 billion in foreign exchange reserves - mostly in U.S. dollars. If they were to diversify just 5%, worth some $20 billion, of those reserves into gold - it would be equal to nearly 500 tonnes of gold or nearly 25% of global annual production.

Demand By Country (GFMS via Thomson Reuters)

Russia bought another 7.247 tonnes of gold in February. It will be interesting to see what Russian demand is in March and indeed in the coming months. Sanctions could lead to materially higher demand from the Russian central bank, Bank Rossii.

This would cause a material strain on the already fragile supply demand dynamics of the physical gold market. The possibility of a default on the COMEX gold exchange would become more likely, with a consequent surge in the cost of gold coins and bars and a difficulty of securing physical gold either in allocated gold accounts or for delivery.

Hong Kong's net gold exports to China jumped 25% in February after a small drop in the previous month, data showed overnight.

Net gold exports to China from Hong Kong rose to 112.31 tonnes from 89.75 tonnes in January. Total gold exports rose to 125 tonnes in February from 102.64 tonnes in the previous month.

China imported about 1,158.16 tonnes from Hong Kong alone in 2013, more than double its 557.48 tonnes in 2012, according to data from the Hong Kong government.

China, the world's biggest gold buyer, does not publish trade data for gold and there is the possibility that demand was even higher.Official sector demand from the People’s Bank of China is not declared and is not reflected in these figures. Nor are direct imports into other cities such as Shanghai from gold producing nations and countries that have seen rising gold exports in recent months such as the UK and Switzerland.

This has been due to large London good delivery bars (400 oz) being shipped to Switzerland from bullion banks in London to be refined and cast into smaller kilo bars for the Chinese and Asian market. 

The numbers from Hong Kong, a main conduit for gold into China, give an indication of Chinese demand for gold but should not be relied on solely as there is clandestine importation of gold into China in recent months and years.

The People's Bank of China is widely believed to have engineered a sudden and sharp fall in the yuan in recent weeks to punish speculators who have seen the currency as a one way appreciation bet. The yuan gained some 30% since 2005. Thus, Chinese retail buyers have pulled back and demand has fallen in the short term.

However, it is important to realise that there is more to Chinese demand than the so called “Chinese aunties”. Ignore noise regarding fluctuations in short term demand for gold and focus on the big picture quarterly and annual Chinese gold demand data which we believe will continue to be very positive.

This is especially the case given the increasing risks emanating from the Chinese shadow banking system, the Chinese property market and indeed the Chinese banking system with localised bank runs being seen in recent days.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 03/26/2014 - 08:02 | 4593164 chaartist
chaartist's picture

If we knew how much they bought outside these statistics we would be surprised

Wed, 03/26/2014 - 08:04 | 4593166 GetZeeGold
GetZeeGold's picture



Prices are sure to fall with all this demand.


Maybe Russia will borrow us some so we can give it back to Germany.

Wed, 03/26/2014 - 08:08 | 4593169 LawsofPhysics
LawsofPhysics's picture

"Prices are sure to fall with all this demand." -  LOL, Krugman is that you?

Look, if we really wanted prices to skyrocket, all we would have to do is ask the government to subsidize it...

Wed, 03/26/2014 - 08:29 | 4593212 El Hosel
El Hosel's picture

Yeah, sell gold in the POT Shops...Great Idea.

Wed, 03/26/2014 - 08:30 | 4593216 Serfs Up
Serfs Up's picture

I hope Russia bought their gold at 8:40 each morning...because that's when it's on sale.

Wed, 03/26/2014 - 09:39 | 4593396 Spitzer
Spitzer's picture

Where the fuck is this physical even coming from ?

Wed, 03/26/2014 - 09:43 | 4593409 LawsofPhysics
LawsofPhysics's picture

^^^this is what I would like to know.

Wed, 03/26/2014 - 11:13 | 4593802 Cap Matifou
Cap Matifou's picture

It is those tool's gold, who entrusted for safekeeping that pesky ancient relict to any bank's allocated/unallocated gold pool in the western hemisphere. Safety box content will be gone only by the coming lockdown.

Wed, 03/26/2014 - 12:15 | 4594120 Fish Gone Bad
Fish Gone Bad's picture

Grain by grain, gram by gram, ounce by ounce.  Every day a little more gold is bought up.  Eventually whomever is selling the gold will run out.

Wed, 03/26/2014 - 10:21 | 4593526 Canadian Dirtlump
Canadian Dirtlump's picture

The world's largest gold mine per alasdair macleod is located in london and they have been turning out metal like nobody's business. they must be high grading.



Wed, 03/26/2014 - 12:46 | 4594252 MansaMusa
MansaMusa's picture

Zerohedge reported from Bloomberg that about 26 million oz have been removed from London vaults and shipped to Switzerland and then recasted to Shanghai and Hong Kong.    Unimaginable amount...

Wed, 03/26/2014 - 14:21 | 4594688 jerry_theking_lawler
jerry_theking_lawler's picture

IMF plundered Ukraine....now they owe Russia the gold....Couriers are making a fortune ferrying this traditional relic around.

Wed, 03/26/2014 - 08:30 | 4593217 LawsofPhysics
LawsofPhysics's picture

"A gold bar in every pot" -  I like it...

Wed, 03/26/2014 - 10:21 | 4593527 Canadian Dirtlump
Canadian Dirtlump's picture

beats golden pot in every bar I guess.

Wed, 03/26/2014 - 08:30 | 4593215 ...out of space
...out of space's picture

of course price is falling  becouse there is only one buyer - east

Wed, 03/26/2014 - 10:11 | 4593490 Tall Tom
Tall Tom's picture

Yeah. There are ONLY 2.5 Billion people in China and India.


Our 325 Million are much wealthier (*cough*,*choke*, *gag*) and do not care about that barbarous relic.


I would much rather have those limited edition Serial Numbered Prints of dead former Caesars and Statesmen issued by the US Government. Who cares that ther are Millions upon Millions of them. (Most of them are just digital representations of them like Bitcoin.)


The prints are good as you can WIPE YOUR ASS with them BEFORE handing them to the clerk at the Fast Food Restaurant.


Thank God for Fight Club as it demonstrates the age old fashion of pissing in the soup.

Wed, 03/26/2014 - 10:29 | 4593577 Tall Tom
Tall Tom's picture

Since someone junked this...

I flushed my morning Obama I am now going over to the Fast Food place across the street.

Sun, 03/30/2014 - 16:07 | 4608315 MeelionDollerBogus
Wed, 03/26/2014 - 08:03 | 4593165 Save_America1st
Save_America1st's picture


Gold bidding war between Russian and China and India in the near future maybe?

Keep stackin' the phyzz, folks!!!

Wed, 03/26/2014 - 10:05 | 4593476 fockewulf190
fockewulf190's picture

C´mon Vlad...2 billion in physical silver, and 8 billion in physical gold, paid for with cashed in T-Bills and you´ll have Obama, the EU, and Yellin...all of them...by the  fucking gonads!  CHECKMATE!

Wed, 03/26/2014 - 13:34 | 4594449 Kirk2NCC1701
Kirk2NCC1701's picture

7.2 tons ($340M) is nothing special, not even newsworthy.

Bill Gates or Larry Elison probably have more than that at home.

Wed, 03/26/2014 - 08:05 | 4593168 vyeung
vyeung's picture

You believe their numbers? Russia/China has 10 to 20x the stated numbers. Gold via HK is like the tip of the iceberg. Its like looking at the Rothschild's wealth, they pretend they wasted all the $$$, but in reality they are the wealthiest people on the planet. We are talking of wealth in the T's.

Wed, 03/26/2014 - 08:19 | 4593184 Scoobywan
Scoobywan's picture

So we should believe your numbers instead......?

Wed, 03/26/2014 - 08:56 | 4593283 Bay of Pigs
Bay of Pigs's picture

Or you can believe this fucking nonsense and propaganda from the analysts from Citi and TD.


Wed, 03/26/2014 - 09:03 | 4593302 Scoobywan
Scoobywan's picture

I don't believe any of it, from anywhere.

I'm a stacker, I don't care what the paper or physical price is, along with not bitching about it either way.

I know what my stack is worth, and that's all that matters.

I give zero fucks about how much MONEY whoever has, or how they got it. They didn't get it from me without giving me something in return.

Wed, 03/26/2014 - 09:11 | 4593308 Bay of Pigs
Bay of Pigs's picture

Easy bro....not meant as a shot at you. I happen to agree with you, most of the numbers being thrown around make no sense to price action or supply/demand at all.

Therein lies the rub....good luck and best wishes.

Wed, 03/26/2014 - 09:17 | 4593332 Scoobywan
Scoobywan's picture

Oh yah, I didn't take any offense.

I know who you are and your reputation. All upstanding as far as I'm concerned

And you as well

Wed, 03/26/2014 - 10:15 | 4593492 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

When Putin is sure he has more gold than the USSA, he will put it on open display for all Russians (and the world) to see. Then he'll pose an open question to the world, “Why does the USSA not show its gold?”

Wed, 03/26/2014 - 08:13 | 4593175 BadDog
BadDog's picture

That's nothing, the U.S. added 33 tons to it's gold reserve in March.


Wed, 03/26/2014 - 08:28 | 4593194 El Hosel
El Hosel's picture

The Federallies are trying to suppress the price of gold, Natgas, grains... to show those Rooskies whose boss, exactly opposite is going to happen. Hold that beach ball underwater all you want, its going to rip your face off on the way out anyway.

Wed, 03/26/2014 - 09:24 | 4593348 Snidley Whipsnae
Snidley Whipsnae's picture

Fed and treasury believe in a 'strong dollar'... We know cause they told us so... and they don't 'understand gold' cause Ben said so... They just keep piles of gold around cause it's 'tradition'... a 'relic'... They didn't say 'insurance' in case this paper experiment blows the hell up!

For a hundred years the Fed has worked their asses off to wipe gold from the collective memory the people in the world.

They almost pulled it off.





























Wed, 03/26/2014 - 09:38 | 4593395 fijisailor
fijisailor's picture

They never even got close with Indians.

Wed, 03/26/2014 - 10:02 | 4593463 Spastica Rex
Spastica Rex's picture

Impressive white space bomb.

Wed, 03/26/2014 - 10:23 | 4593533 Tall Tom
Tall Tom's picture

Hold that beach ball underwater all you want, its going to rip your face off on the way out anyway.


I was hoping that it might follow the path of most resistance and shove their Testacles right through their brain. But that only happens with building collapses.



Wed, 03/26/2014 - 08:24 | 4593196 fijisailor
fijisailor's picture

That went straight from the NY FED through the tunnel to the Chinese JP Morgan building vault.

Wed, 03/26/2014 - 08:53 | 4593271 gonetogalt
gonetogalt's picture

@ Bad dog, very informative, thanks for linking.

Wed, 03/26/2014 - 08:23 | 4593192 fijisailor
fijisailor's picture

Gold Core continues to ignore Koos Jansen's data for China.


Wed, 03/26/2014 - 08:24 | 4593195 PontifexMaximus
PontifexMaximus's picture

did Russia also buy the S & P? Vladimir Vladimirowitsch did def his best.....and did so

Wed, 03/26/2014 - 08:26 | 4593205 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

0830 smackdown, on schedule. 

Wed, 03/26/2014 - 08:28 | 4593209 Hindenburg...Oh Man
Hindenburg...Oh Man's picture

although the trend seems to be to start the 830 smackdown at 8:15-ish now. I know...it's so hard to wait when you are so excited about your work. 

Wed, 03/26/2014 - 08:31 | 4593219 fijisailor
fijisailor's picture

It's so predictable that easy money can be made on this.

Wed, 03/26/2014 - 09:50 | 4593428 SoilMyselfRotten
SoilMyselfRotten's picture

Thinking their predictability of smashing in the middle of the night let others get in on the fix action so they changed their MO to 830AMish. A moving target is harder to hit.

Wed, 03/26/2014 - 08:28 | 4593207 jubber
jubber's picture

yep its gone nagetive again

Wed, 03/26/2014 - 08:33 | 4593218 Silverhog
Silverhog's picture

So all these central banks are still buying Gold because Goldman Sucks says it's going to drop in price this year. Makes sense to me. Buy hi sell low must be a secret market tool. 

Wed, 03/26/2014 - 08:36 | 4593229 Save_America1st
Save_America1st's picture

Turd explains recent gold price action.  Keep an eye on GOFO and the pattern that Turd has identified:


Original post from March 1st explaining what he may have discovered: Negative GOFO and Rising Gold Prices


So keep an eye on GOFO going into April.  Once it turns negative again and if Turd's pattern stays on track then after the next low of around 1280 or so then GOFO should go negative and we should see paper prices rise back up. 

Not withstanding the usual bullshit of Geo-political and weather-related issues, of course.  You know how snow and cold air causes gold and silver prices to crash and all that, right? lol  /sarc ;-)

Wed, 03/26/2014 - 08:48 | 4593254 Scoobywan
Scoobywan's picture

If you are a stacker and not a "trader" don't read my next 2 sentences

Everyone listening to Turd for the last year or so hasnt made a dime. Smart guy, knows his shit, does his research, and has a great network of insiders, but he and the echo chamber he commands are fighting forces they cannot predict or control.


Wed, 03/26/2014 - 09:16 | 4593314 Save_America1st
Save_America1st's picture

well, like you said...if you're a trader then of course you probably havnen't made a dime.  I'm a stacker, so I don't care much about getting into the paper trading "game". 

But if you've done as Turd has recommended and followed the expert trading services of Andrew Maguire then you've done excellent.  Andrew's trade service is openly advertised and published on Turd's site and Andrew is up $140,000 since he started his service nearly exactly 2 years ago.

But that kind of trading is for people who know what they're doing and can risk the severe manipulation that could cause great loss of fiat.  And Turd never claimed he could guide people through that kind of mess like Andrew Maguire can.

I can't say that many other PM experts can say they've done any better at predicting the crazy criminal manipulations of the Fed, Crimex, and criminal banksters.

Nobody could have predicted the shit they've pulled on us and gotten away with over the last 3 to 5 years.  It's insane what they've done, and Turd has never claimed to know what they're doing.  He's only been trying to pass on knowledge, give access to as much knowledge as possible via his excellent website, and he's tried to use TA to try and explain PM's to us newbies and to figure out ways to predict what the cartel might do.

But above all else the mantra has been to stack accordingly, BTFD whenever possible, stack on a regular basis whenever possible, and Turd has always told us to stay away from the paper game if we don't know what we're doing and can't afford to lose extra fiat that we could be putting towards PM stacking and other supplies.

And hey, we don't just go by everything Turd says as gospel...that's just crap that haters say.  A lot of excellent, knowledgeable, and helpful people post a lot of great information on mainstreet of tfmetalsreport.  And if you haven't gone into the vast forum rooms where other people have set up places specifically for trading mining stocks and other commodities then you're all missing out on tons of great information.  More than you would ever find here on ZH.  Nothing bad against ZH, but the site just isn't set up the same way as a site like TFMetalsReport is. 

I come to ZH everyday all day to get news of this nature that I really don't find anywhere else all in one place.  But TFMR is a whole other excellent place to talk about PM's.  And ZH gets a ton of exposure there as well because most "Turdites" are also loyal and long time "ZH'ers".

I don't currently pay the 10 bucks a month for the vault services...but I had a 6 month "freebie" up until Jan. 1st, and I'll tell you that the daily podcasts, weekly Access 2 Access or "A2A" interviews Turd does with top level people in the business are excellent.  It is well worth the 10 bucks/month for sure.  

And now that Turd offers silver rounds through special deals with other mints, if you buy at least 20 ounces a month via TFMR you get a 10 dollar discount which then pays for the monthly 10 dollar membership to the vault access side of TFMR.

The site has been an ongoing project that has grown and changed and evolved very nicely over the last few years.  I think Turd deserves a ton of credit for what he's put together at TFMR and for having been able to establish such great relationships with the Turdites and with the contributors who you usually only hear on King World News or Youtube, etc.

Any new ZH'ers who haven't heard of TFMR should check the whole site out and at least read mainstreet each day.  Create a profile and join in on the daily discussions on mainstreet...it's a great place to chat with stackers and preppers and get some great analysis and interviews, etc.


Wed, 03/26/2014 - 09:22 | 4593344 fijisailor
fijisailor's picture

My problem with TF is that he charges a fee for information that can be gained by a little self education and investigation.  So his paid service is for lazy people?  If you're lazy in these economic times you're doomed to failure anyway.

Wed, 03/26/2014 - 10:00 | 4593457 Save_America1st
Save_America1st's picture

nah...that's not it at all.  You're just generalizing because you don't like that part of his site is paid now.  He gives a ton of great information...maybe someone could find all kinds of things all over the internet, but they wouldn't find the access interviews he does all the time.  You don't have to pay either...the vast majority of the site is still free.  And when Turd has really important information or podcasts he will provide them for free and not keep them exclusively behind the pay-wall.  So give him credit for that.

Besides...if you don't think running a site like his is cheap then think again.  It's very expensive and a lot of people enjoy and depend on the site now.  It's also a community, so many people do want to contribute.  I've contributed quite a lot of my fiat in the past just as donations before it went to a partial pay site just to help him keep the site up and running.

He spends a shit-ton or "Turd-ton" of time on there and I think he not only deserves the credit but also to make some profit as well for what he has created and for what he provides.

Lazy???  C'mon...cut some slack there, man...be fair.  And it's not like he's forcing anyone to pay.  Remember, they do it of their own free will.  Just becauase you don't want to pay for access to part of the site doesn't mean you can't use the free side, right?  Or does that make you and everyone else who doesn't pay a leech or a mooch???

Ya see how that works both ways?  :-)

Do NOT follow this link or you will be banned from the site!