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Russia’s Gokhran Buying Gold Bullion In 2014 and Will Buy Palladium In 2015
Russia’s Gokhran Buying Gold Bullion In 2014 and Will Buy Palladium In 2015
Gokhran, the Russian precious metals and gems repository, said it has been buying gold bullion in 2014 and will likely to start buying palladium bullion in 2015, Interfax news agency reported this morning, citing the head of Gokhran, Andrey Yurin.
GOKHRAN, Russian State Precious Metals and Gems Repository
Gokhran has been buying gold bullion on the Russian market this year and has no plans to sell palladium from stock in 2014 , Yurin said.
Gokhran’s palladium reserves are a state secret and analysts try to guess the level each year but they are widely believed to have been depleted according to Reuters.
Gokhran was influential on global platinum group metals (PGMs) markets in the 1990s and 2000s, when its palladium stocks, accumulated during the 1970s and 1980s, came to the market, depressing prices.
Gokhran is the State Precious Metals and Gems Repository which is a state institution under the Russian Ministry of Finance. It is responsible for the State Fund of Precious Metals and Precious Stones of the Russian Federation. It is responsible for the purchase, storage, sale and use of precious metals, precious stones, jewellery, rocks, and minerals by the State Fund.
Russia again added to its growing and increasingly substantial gold reserves in August, with the Russian central bank purchasing 232,510 ozs (7.23 tonnes) and bringing its total gold reserves to 35.769 million ozs or 1,112.5 tonnes.
Likewise, the National Bank of Kazakhstan purchased a very large 795,213 ozs or 24.7 tonnes in August bringing its total gold reserves to 5.848 million ozs (181.9 tonnes).
Palladium is already in a structural deficit and this new source of demand should result in palladium continuing to see gains in the coming months.
MARKET UPDATE
Today’s AM fix was USD 1,217.75, EUR 955.71 and GBP 750.54 per ounce.
Friday’s AM fix was USD 1,222.25, EUR 958.70 and GBP 749.11 per ounce.
Gold fell $3.50 or 0.29% to $1,217.50 per ounce and silver climbed $0.11 or 0.63% to $17.63 per ounce Friday. Gold and silver were both down on the week at 0.01% and 1.51% respectively.
Gold in Singapore was essentially flat, trading around the $1,219/oz level and remained tethered to this level in London trading. Palladium gained about 1% while silver and platinum were largely unchanged.
The dollar hit a four year peak against a basket of currencies this morning and this is pressuring the precious metals.
Gold Down 5.2% In September and Headed For Quarterly Loss Of Over 8%
September has been a poor month for precious metals. Gold is down 5.2%, despite it being gold’s strongest month from a seasonal perspective. The price fall means that gold is heading for the first quarterly loss this year.
Silver has fallen by a larger amount and is down 9.6%. While platinum is 8.3% lower.
Palladium’s 12.7% drop this month means that it is on track for its worst monthly performance since September 2011. It remains higher for the year and is 12.5% higher than the low in January 2014 at $693/oz.
Demand for physical gold could be affected by the Chinese holiday period that begins this week, MKS note this morning.
"Beginning on Wednesday this week we have Chinese Golden Week commencing, which will keep Chinese markets shut between 1-8 October," it said. "Given the natural support derived from Chinese physical demand, their absence over this period, combined with another strong payrolls figure expected this Friday, could heap added pressure on the gold. This is a very similar scenario to last year where gold was aggressively sold by speculators during the absence of the Chinese."
Gold in USD - 5 Years (Thomson Reuters)
Canny buyers in Asia and globally will use further price weakness to dollar cost average into gold.
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Guess who rigging gold down into the ground! Yep, the Russians.
Hahahahahaha......so, besides ZeroHedge heroes, Russians are another bunch of imbeciles ridding gold down to $200?
Rothschilds Want Iran’s Banks - one of Last Central Banks in the World to Loot of its Gold
It's only the paper price dropping!
(whatever that means).
Blue Horseshoe loves palladium. Can’t get an iota clearer.
Taste the rainbow, taste the skittles, in 2015.
Iggy Azalea - Pu$$y (Explicit) Official Music Video
http://www.youtube.com/watch?v=htfwTyToeDI
Mercy! Why did I click on that degenerate video. I been had!
defcon5 TFHA (tinfoil hat alert)
Yeah, those Russians raising there gold holdings by 0.6% must be a big deal. Everyone knows that Russians are the traders to follow. What is the country's annual production that was sold?
Can someone please explain to me why Palladium would be so valuable to Russia, and/or why it's value will "soar" if Russia and the West ever come to blows (i.e., war)? My past experience with Palladium was... not... good.
if i understand it correctly, there's only 2 real producers of palladium - russia and south africa. so supply can quite easily become choked off to the commodity houses of the west
Oh, yeah, we'll be scraping palladium off of the plastic honeycomb in catalytic converters with a putty knife.
Also buying polonium for plating umbrella tips.
I think it's a little hard to get polonium on the open market Bobby Lee...
We make it here by cooking down polonaise.
LOL.
I read in a book that Fort Knox gold is pledged to the FED?
I didn't know Fox News writs books too
Correct, and it is the tungsten bars that have been pledged to the American people.
Not in rubles apparently.
Puncher: do you believe that in a crash of the system and the snap cards quit that those that have the supply's will use PM's as a trading medium or do you think it is best to have food, lead, or others as well. have a few PM's but not sure anyone will know what to do with them if the time comes to trade with them..
Don't really know what the vacuum will create, if and when THEY let this thing hit bottom. I thought it was going to happen already, but they seem to be able to prop this whole charade up!
What do you guys think is the best plan?
cheers..
Buy canned foods that have a long shelf leife & bags of rice if you can store them from insects. As for lead, don't waste your time; most on ZH have probably never fired a weapon and wouldn't stand a chance against Obama's militarized po-po. And who would have the guts to trade lead bullets with the street vigilantes if shtf? Better off buying a crossbow, less recoil and way more stealth ;-) Stack high!
"long shelf leife"
Man, I haven't thought of Leif Erikson in a long time, but your accidental misspelling brought him to mind and I thank you.
With enough PMs you can start a local bank when the S that HTF dries up and blows away.
You a pimp?
Have some food, and basic preps is top priority. Have enough cash at hand for you to last ~6 months to cover expenses, so you don't have to iquidate pm when SHTF. keep a low profile, and beoynd that stack stack stack (phyzz outside the system only).
I have all of the above including the required training in firearms as a former military officer. I simply look at the PMs as the most effective and logical store of wealth given the current situation. They are primary wealth assets as opposed to tertiary wealth assets (paper, etc). Not sure we will ever get to a barter situation, but in case we do I have a limited amount of junk silver etc. To answer your question directly, I can only speculate what the vacuum will create; but I'm pretty darn sure stocks, bonds, fiat currency etc are not going to be where you want to be. I choose the PMs because there is no counter-party risk. Curious to hear your thoughts. Thanks
Agree completely. The lack of counter-party risk is unique to the metals. As far as I can understand it's what the rational economists mean when they say, payment in metal "extingushes debt". Also agree wholeheartedly about the Junk Silver Coins; I think this is one of the most common mistakes people are making is not having any of these. Actually, it constantly amazes me that they're still available, and cheap ! These are far and away the most likely effective form of currency for local exchanges; this is where the rubber meets the road in the saying that metals have been money for x, whatever, thousand years. I mean, the roman Army got paid in Silver Coins. I started shooting in military caliber rifle matches when I was 17; under a program called the DCM; the director of Civilian Marksmanship. Hard to grasp, now; but at one time our government thought it was a good idea to have a large body of trained riflemen ready at all times ! Of course, this was in 1960. They provided us with free 30-06 ammo. and if I remember right, my Springfield Rifle cost me $15; which I earned with my paper route. My Step-father was a gun nut; but he didn't believe in giving people things; if you wanted it; you worked for it. By time I joined the Army, I had already fired over 40,000 rounds in competition. all I can say in that regard, is practice; a lot. only three things count; shot placement, shot placement, and shot placement. I didn't want to go to OCS; my mustering out rank was E-6.
I should add, though; I'm not one of these anti-officer types; some of my best friends were O-3's; in fact one of them just passed away recently.
"Buy when there is blood in the streets."
Blood is in the streets now, at least in PMs. Could they fall even further? Yes. will you be abe and get any at a spike low 12 $ silver? NOPE. Nada. Now's the time to accumulate.
Not PMs. Buy all the stuff you previously had zero hope of affording when there's blood in the streets.
Buy the PMs, now.
I'm buying PM like a maniac. I'm either the smartest or dumbest guy around. Anyway, that's what I'm doing.
Puncher, you do realize you need real money to buy stuff, don't you? Monopoly money doesn't work
Well, I don't think you need to be a maniac; but the prices seem very reasonable.
if war ever starts with russia, owning pd will make you a millionaire.
My favorite metal. I don't buy it for the Bolshoi's Russian Ballerinas, I buy it for the crazy hammer and sickle covering the globe and the CCCP logo on the flip side.
Makes me all nostalgic and teary-eyed for the cold war.
You can bet your ass the U,S, gold vaults are empty--abd still no audiit. Fouk me!! Milestones