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Russia Busts "Gold-Selling" Rumors, Reports It Bought Another 600,000 Ounces Taking Gold Holdings To New Record High

Tyler Durden's picture




 

Yesterday, when we reported the latest rumor of Russian gold selling, this time out of SocGen, we said that "it should be noted that SocGen and its "sources" have a conflict: in an indirect way, none other than SocGen is suddenly very interested in Russia stabilizing its economy because as we wrote before, "Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet" which also sent SocGen's default risk higher in recent days. So if all it will take to stabilize the RUB sell off, reduce fears of Russian contagion, and halt the selloff of SocGen stocks is a "source" reporting what may or may not be the case, so be it."

Moments ago, as if to deter further speculation that Russia is indeed converting hard money earned from real resources for fiat paper, the Russian monetary authority made it quite clear, that at least in November, Russia not only did not sell any gold, but in fact bought another 600K ounces in the month of November.

  • RUSSIAN MONETARY GOLD HOLDINGS RISE VS 37.6M ON NOV. 1
  • RUSSIAN MONETARY GOLD HOLDINGS 38.2M TROY OZ AS OF DEC. 1

So we can now add another 600K to Russia's most recent holdings:

Which of course means that the very "Russia is selling" rumors that were so effectively used to keep the price of gold low into the recent risk-flaring episode, were capitalized on by the very same Russia, which we do however know sold some $8 billion in US Treasurys in October bringings its total holdings of US paper to the second lowest since 2008...

... and which used these same low prices not to sell, but to buy. At the lowest prices possible.

 

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Fri, 12/19/2014 - 09:04 | 5572006 agent default
agent default's picture

He was in the bathroom.  Apparently Winston can only deal with one turd at a time.

Fri, 12/19/2014 - 11:45 | 5572558 Winston Churchill
Winston Churchill's picture

Had to go out to a jobsite to deal with a different fool.

I'm back.

Fri, 12/19/2014 - 08:40 | 5571918 SoilMyselfRotten
SoilMyselfRotten's picture

Having ridden the wave of unprecedented Fed intervention in the Stock market and metals market, you are not guaranteed success in the future. A wise person might want to get while the gettin is good.

Fri, 12/19/2014 - 09:35 | 5572089 Urban Redneck
Fri, 12/19/2014 - 14:41 | 5573402 noben
noben's picture

That would be "Idiot".

An Idiot is the next lower IQ group below Moron.

Fri, 12/19/2014 - 08:27 | 5571871 giovanni_f
giovanni_f's picture

Only short sellers have no reserves. Russia long only non-financialized assets, direct owner. Cannot go bust.

Fri, 12/19/2014 - 08:30 | 5571885 Silver Short Seller
Silver Short Seller's picture

Russian banking system and corporations can go bust because they have debt denominated in USDs. 

Fri, 12/19/2014 - 08:51 | 5571964 GetZeeGold
GetZeeGold's picture

 

 

They also have gold......almost certainly more than you do.

Fri, 12/19/2014 - 09:09 | 5572019 agent default
agent default's picture

They can just default on the USD denominated debt you idiot.

Fri, 12/19/2014 - 10:17 | 5572223 avd
avd's picture

It's better to check facts rather than make them out of thin air. If you take a look at the structure of Russian debt and the payment schedule for it you will quickly realize that default is extermely unlikely. If CDS spreads are telling us something it is only utter ignorance of markets whose participants rely too much on biased MSM reporting or should I say propaganda.

Fri, 12/19/2014 - 10:26 | 5572239 IndyPat
IndyPat's picture

Or dump USTs

Fri, 12/19/2014 - 09:12 | 5572032 Charles Nelson ...
Charles Nelson Reilly's picture

That sounds like more of a problem for the parties that are owed that debt.

Your red white and blue blinders seem to be missing the fact that 1) the fed does not want a strong dollar & 2) a collapse of Russia/the ruble is actually bad for all western economies since the financial world is so interconnected. It could be catostrophic for some since we have no idea as to who has exposure to whose derivatives.

This is a financial war and currency war that is still in the early innings

Fri, 12/19/2014 - 10:31 | 5572249 IndyPat
IndyPat's picture

...."we have no idea as to who has exposure to whose derivatives."....

Not entirely true. I know one entity that Vlad has by the short curlies. I won't say it aloud, but it rhythmss with "SocGen"....

Fri, 12/19/2014 - 11:16 | 5572446 americhinaman
americhinaman's picture

the russian CB has more USD than the entire country's corporatons owe in USD debt.  this was a strategic decision.  if putin's recap of the russian corporate/banking system includes a bridge loan denominated in USD to pay off such USD debt plus printed rubles for local debt, then it is impossible for them to default.

russia is not selling US treasuries to buy rubles to "defend the currency" right now... he's taking profits on a ruble short he initiated long ago.  BIG profits... he shorted rubles at (i estimate) around average 25 USDRUB, and now he's covering well over 60.  plus he made carry on the treasuries he held in the meanwhile.  he will continue to sell USD until such point as he has just enough USD to cover all russian corporate debt, at which point he will restrict any new USD debt issuance, and finally he will cut off trade in USD entirely.

he will keep trading in EUR, CNY, and all other currencies for that matter.  i believe most of the gas contracts russia has with europe and china are denominated in EUR and CNY, but if the shtf i predict he will offer a 1% discount (or so) for payment in RUB instead of the contract currency.

Fri, 12/19/2014 - 13:51 | 5573178 delacroix
delacroix's picture

their fx reserves are substantially greater than their foreign debt.

Fri, 12/19/2014 - 08:31 | 5571883 HowdyDoody
HowdyDoody's picture

Stick to shorting the Latvian Potato. It is a much safer market.

Fri, 12/19/2014 - 08:40 | 5571915 cnmcdee
cnmcdee's picture

Who controls Russian Central Banks - if it is not the 'Dynasty' then can they not print all the money they want?  It will cause a collapse of the ruble, but it's ok if you live in Europe and need some oil they will sell it  (for a ingot of gold).

Fri, 12/19/2014 - 10:02 | 5572167 Volkodav
Volkodav's picture

Federov opinion is not top rank in real.

Fri, 12/19/2014 - 10:30 | 5572005 avd
avd's picture

Russian Central Bank have $400 bln of reserves. The public debt is about $50 bln. Half of that is denominated in rubles another half in foreign currency. After the recent devaluation of ruble, the part denominated in rubles should be recalculated though.

The debt of banking sector is counted as $208 bln. However 90% of this debt are deposits, not borrowings from other institutions.

The short term Russian public debt is 0.3 bln. With a number like this it is outright ridiculous to expect Russian sovereign default any time soon. The only thing CDS spreads might tell in this situation is ignorance of market participants.

The short term banking debt as of September was 40 bln, perhaps now it is lower. Banks are foreced to pay the debt down being restricted by sanctions from rolling it over. The deposits are likely to stay though. There may be some short withdrawal panic, but it is not likely to persist. So the actual debt repayment is going to be miniscule -- just a few billions.

CBR has more than enough reserves to cover this. Everything else is bullshit spewed by moronic MSM.

Fri, 12/19/2014 - 11:51 | 5572580 Ghordius
Ghordius's picture

"The only thing CDS spreads might tell in this situation is ignorance of market participants." +1 one hopes it's only ignorance

Fri, 12/19/2014 - 10:01 | 5572171 xcehn
xcehn's picture

"Another option the Russian government is considering to help stave off recession is tapping into pension funds, according to Economy Minister Aleksey Ulyukaev."

http://rt.com/business/215899-russia-banks-minfin-laon/

Fri, 12/19/2014 - 12:23 | 5572716 css1971
css1971's picture

That's American thinking.

Russian thinking goes more like... Let them fail, the market will deal with the consequences.

Fri, 12/19/2014 - 08:20 | 5571846 lakecity55
lakecity55's picture

I knew that had to be propaganda.

It's just common sense. Why do all CBs hold Au? Because at some fundamental level, you know they have Gold backing their currency if only in a passive way.

And, when Banksters tell you it is worthless or a "Relic," you know the exact opposite is true.

Why does a politician lie when his lips move? He's repeating what a Bankster told him to say.

Fri, 12/19/2014 - 08:44 | 5571939 cnmcdee
cnmcdee's picture

If I was the one printing money what would it be worth to me?

Why don't we look at the $16.3 Trillion in <secret loans> made to European banks in 2008? Print Print Print.

Or the $3 Trillion in Treasuries purchased via QE1,2,3.. Print Print Print.

Eventually I myself would realize everybody is partying on my ponzi scheme and since my printer is running out of ink I better look to an alternative to save myself.

Fri, 12/19/2014 - 11:56 | 5572612 Ghordius
Ghordius's picture

"Why don't we look at the $16.3 Trillion in <secret loans> made to European banks in 2008?"  that's a tall call, I fear. the FED? it's the only entity that could be even imagined to make such a thing

I fear you are mistaking the news from the Big Swap between the FED and the ECB, and that was one trillion only, and then reversed. How do you keep 16 trillions secret? If it does not show on bank's balance sheets... then it does not exist. it's credit money, after all, or if you prefer, debt fiat. no show, no go

Fri, 12/19/2014 - 12:21 | 5572709 css1971
css1971's picture

no, he's talking about $16 trillions worth of loans that were made available to european banks during the 08 crisis. They've been repaid. How do you hide $16 trillion? 100 million at a time.

Fri, 12/19/2014 - 09:45 | 5572128 flapdoodle
flapdoodle's picture

Its pretty clear that the advantage of gold is that it at least resists manipulation more than currency.

In particular, Russia's gold reserve remains intact even while the West wages economic warfare against the ruble.

The result is that Russia will survive the blow to their currency in relatively good shape.

The unfortunate part for the West is that they will remember who dealt it.

 

 

Fri, 12/19/2014 - 08:21 | 5571848 coulous
coulous's picture

so gêné !! 

Fri, 12/19/2014 - 08:21 | 5571852 Silverhog
Silverhog's picture

Russia will never sell it's Gold no matter what. Dumb fucks at SocGen get with the program. 

Fri, 12/19/2014 - 08:24 | 5571858 Amerikan Patriot
Amerikan Patriot's picture
Putin’s Russia Divides and Enrages Scientists

Are geopolitical tensions destroying important links with the West, or can Russian research go it alone?

Alexsey Nichukchin/RIA Novosti

Protesters proclaim the death of Russian science at a 2013 rally against education reforms in Moscow.

Even before the slide bearing a portrait of Joseph Stalin appeared, the mood at a St Petersburg meeting on the future of Russian science was tense. But when Andrei Starinets, an expatriate theoretical physicist now at the University of Oxford, UK, used the former dictator’s image to reinforce a call for Russia to lead the way in science — and to ask his fellow émigrés to stand united in “turbulent political times” — tempers exploded.

“I’m not going to take this anymore,” shouted Alexey Kondrashov, an expatriate geneticist at the University of Michigan in Ann Arbor. Seething with rage, he jostled his way out of the room and slammed the door behind him.

After Russia’s annexation of the Crimea earlier this year and the violent separatism that threatens to tear apart the rest of Ukraine, Starinets’ reference to Stalin — whose actions led to the exile and deaths of millions in the gulag system in the first half of the twentieth century — was provocative. But heated debate bubbled up frequently at the meeting, which was convened on 5–6 December by the private European University at Saint Petersburg.

The geopolitical situation has not yet severely hurt collaborations such as the International Space Station or the ITER fusion reactor that is being built in France. But the gathering, which brought together 100 or so expatriate and resident Russian scientists, as well as government officials, revealed deep divides.

There are those like Starinets, who are staunchly loyal to Russian President Vladimir Putin and think that Russian science can restore its strengths by going it alone. And there are those like Kondrashov, who are deeply worried that their country’s recent actions in Ukraine and its weak democracy at home are making Russia an unpleasant place to do science and are driving away scientists, whether they come from Russia or elsewhere.

“Any discussion about the future of Russian science is pretty much pointless when this country behaves like a bull,” said Kondrashov shortly after he stormed out of the meeting. “I love Russia, but the outlook for science here is gloomy and I’m very concerned about where that country is going.”

One goal of the meeting was to devise ways to restore Russian science. The Soviet Union was a scientific powerhouse, but Russian science is still struggling to recover from its near-collapse in the 1990s, and its output lags behind that of rivals such as China (see ‘Widening gap’). Although Russia has kept its strengths in mathematics and some areas of physics, it trails other large nations in the life sciences.


Source: Scival, from Elsevier/Scopus

Tensions at the St Petersburg meeting ran high from the start. On day one, scientists lobbed complaints at Andrei Fursenko, a leading science adviser to the president and one of several close Putin allies on whom the US government imposed sanctions in the spring in response to Russia’s actions in Ukraine.

“Do you have a vision for the future of science in this country?” shouted one researcher at Fursenko. “Will we have a say?” another demanded. In part, they were referring to a leaked letter sent by Fursenko to Putin in June, which proposed areas of research to be prioritized for science — and bearing a handwritten “I agree”, apparently from Putin. Many scientists saw that letter as a sign that science policy is being decided behind closed doors, without researchers being consulted.

Meeting attendees also complained to Fursenko about a 2013 reform that put the Russian Academy of Sciences (RAS) under the control of a federal agency that reports directly to Putin. “We are always open about our vision,” replied Fursenko. He added that Russian scientists have a negative attitude towards their government, and he made a promise to increase support for “the best Russian labs” — a sentiment that earned some applause.

Another goal of the meeting was to formulate plans to stem an alarming brain drain from Russia. “Students and intellectuals are fleeing this country,” said Mikhail Gelfand, deputy director of the RAS Institute for Information Transmission Problems in Moscow. One of those is Sergei Guriev, a prominent economist who was a speaker at a similar meeting held four years ago, and who fled Russia over fears about government repressions.

The loss of scientists is not new for Russia: over the past quarter of a century, an estimated 30,000 have migrated to the West and only a few hundred have returned. But many think that the government’s current stance is making things worse.

And although there have been positive consequences of this migration for Russia — mainly the links that grow up between Russian and Western labs as a result — there are signs that these links are under strain. “Most of us grew up, studied, and launched our careers in Russia and later benefited from support and political stability in the West,” says Valery Yakubovich, a sociologist and management scholar at the ESSEC business school in Cergy-Pontoise, France. “Maintaining connections is getting more difficult, but even more important in these turbulent times.”

At the meeting there were suggestions that the political climate in Russia is interfering with attempts to lure foreign scientists to work there, and to encourage expatriates to return. In 2010, the government launched a ‘mega-grant’ programme worth 12 billion roubles (US$428 million at the time) to attract scientists from abroad to do research at Russian universities.

But “why would anyone who lives a decent life abroad decide to do science in Russia at a time when fear and intimidation interfere with everything in this country?” asked Maxim Frank-Kamenetskii, a biomedical engineer at the University of Boston in Massachusetts. He fears that Russia risks falling back to Soviet-era scientific isolation.

Some say that the way to reverse the brain drain is to change things from within. Gelfand has previously joined Moscow rallies of young Russian scientists and members of the RAS. He called on scientists to have the “moral courage” to create a political environment in which science can flourish. “With a more pronounced civic stance, many bad things here might not happen,” he told the meeting.

But not everyone there saw discussion of politics as fruitful. Elena Grigorenko, an epidemiologist at the Yale Child Study Center in New Haven, Connecticut, and one of only four women who succeeded in the competition for the mega-grants, chose not to discuss politics. “I’m a Russian citizen and I do care about politics, but it’s my choice when to express my opinions,” she said.

And at least one émigré sees the political situation in Russia as a reason to return. Artem Oganov, a Moscow-born computational materials designer formerly at the State University of New York at Stony Brook, relocated to the Russian capital this month. He will take up a faculty position at the Skolkovo Institute of Science and Technology (Skoltech), an English-language research university that was set up in 2011 in partnership with the Massachusetts Institute of Technology in Cambridge. Oganov is keen to help Russia to restore its science output.

“I’m not a refugee, nobody treated me badly, and I am perfectly at peace with my country,” he says. “I do worry about the sanctions and the growing economic problems here, but I could never forgive myself if Russia needed me and I was not there.”

Fri, 12/19/2014 - 09:11 | 5572028 agent default
agent default's picture

TL;DR  So you are payed by the line aren't you?

Fri, 12/19/2014 - 09:18 | 5572046 GetZeeGold
GetZeeGold's picture

 

 

I just can't get over the fact the science is dead in Russia......when the hell did that happen?

Fri, 12/19/2014 - 10:01 | 5572172 Calmyourself
Calmyourself's picture

This is the same Russia that provides our rocket motors, right?

Fri, 12/19/2014 - 10:15 | 5572214 Tall Tom
Tall Tom's picture

And our ride to and from that International Space Station?

Fri, 12/19/2014 - 11:05 | 5572348 Jorgen
Jorgen's picture

"This is the same Russia that provides our rocket motors, right?"

... and helicopters and fighter jets for U.S. financed Afghani and Iraqi armies. Also, this, this, this and finally this.

Fri, 12/19/2014 - 11:09 | 5572420 Volkodav
Volkodav's picture

this: 

http://community.topcoder.com/tc?module=AlgoRank

Rus normally 20 to 30 of top 50

lately more Chine in rankings

 

 

Fri, 12/19/2014 - 11:10 | 5572423 Volkodav
Volkodav's picture

when truth died.

Fri, 12/19/2014 - 09:30 | 5572079 actionjacksonbrownie
actionjacksonbrownie's picture

I can see why he goes to work with a bag on his head

Fri, 12/19/2014 - 10:40 | 5572278 Atticus Finch
Atticus Finch's picture

Whatever is going on in Russia is not the point. In fact, it's nobody's business. The issue is that the US is promoting destabilization around the world by promoting war against those who are incapable of being a threat to US sovereignity: except in the case of Russia where destabilizing ensures Mutually Assured Destruction (MAD).

Read the Grand Chessboard and the Project for the New Middle East. The US has been taken over by psychopaths who are propelling the world toward nuclear war.

Fri, 12/19/2014 - 12:57 | 5572879 cornflakesdisease
cornflakesdisease's picture

No, no, no.  The same people that hijacked the US, are the ones that are pushing this globalist agenda.  The US just has the biggest stick to manipulate.

Fri, 12/19/2014 - 10:43 | 5572296 IndyPat
IndyPat's picture

Just paste your propaganda as a link, dick. It's easier to ignore that way.

You are such an asshole.

Fri, 12/19/2014 - 08:25 | 5571860 GOSPLAN HERO
GOSPLAN HERO's picture

Buy silver - the other white metal.

Fri, 12/19/2014 - 08:26 | 5571865 GetZeeGold
GetZeeGold's picture

 

 

Poor lil fella.....did you think we forgot you?

Fri, 12/19/2014 - 08:54 | 5571973 Bioscale
Bioscale's picture

I do not. In Europe a quarter of the silver price is VAT and that goes directly to the fucking government.

Fri, 12/19/2014 - 08:24 | 5571861 NoIdea
NoIdea's picture

If it's true that Central Banks hold gold to protect the value of their currency what's the last thing you would sell if your currency is falling rapidly?

Fri, 12/19/2014 - 08:26 | 5571866 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

plenty of foreign reserves to sell. jim rickards and paul craig roberts are both spot on as usual. putin is going to stick to the original plan, stack gold, move forward with swift alternative, more currency swaps, closer ties with china. no sudden reactions to western banksters provocations, dont give them any excuse. wait patiently. europe needs russian natural gas, american pension plans hold lots of russian soverign and corporate debt, canada and US frackers will start feeling the squeeze very quickly, and saudi arabia can only keep production where it is for so long at these prices.

from another ZH poster yesterday. great read on putin:

http://www.russiaotherpointsofview.com/2014/04/russia-report-putin-.html

Fri, 12/19/2014 - 09:55 | 5572154 IridiumRebel
IridiumRebel's picture

Well, this article came out sooner than I thought. Russia not selling its gold?
Let's file this under the "NO SHIT, SHERLOCK" file. 

Fri, 12/19/2014 - 11:04 | 5572374 Volkodav
Volkodav's picture

Ever see the Russian version of Sherlock Holmes?

someone told is on YouTube videos English subtitles

 

Fri, 12/19/2014 - 12:54 | 5572865 cornflakesdisease
cornflakesdisease's picture

Doesn't matter.  If you were a russian, would you save rubles ever again?  No.  This will change a generations view of their currency and their money habits.  Perhaps that was the plan by Dollar, Inc.  They just cheated Russia out of half their individual wealth.  That's got to sting.  The peso crash had a huge impact on Mexican citizen's and their savings and money habits too.  Allfolks should learn to not keep all their wealth denominated in fiat.

Fri, 12/19/2014 - 08:26 | 5571869 paint it red ca...
paint it red call it hell's picture

Lying liers, who should you believe Putin  or SocGen?

Fri, 12/19/2014 - 08:29 | 5571876 Manzilla
Manzilla's picture

That's the funny part. "One side is totally lying but the Russian's are being honest" LOL that's cute.

Fri, 12/19/2014 - 08:28 | 5571870 Manzilla
Manzilla's picture

Geee I believe what the Russian Monetory Authority says. K

Fri, 12/19/2014 - 08:29 | 5571873 Amerikan Patriot
Amerikan Patriot's picture
Putin Says Russia Economy Will be Cured, Offers No Remedy

MOSCOW Thu Dec 18, 2014 2:55pm EST

 (Reuters) - President Vladimir Putin assured Russians on Thursday that the economy would rebound after the ruble's dramatic slide this year but offered no remedy for a deepening financial crisis.

Defiant and confident at a three-hour news conference, Putin blamed the economic problems on external factors and said the crisis over Ukraine was caused by the West, which he accused of building a "virtual" Berlin Wall to contain Russia.

At times sneering, at others cracking jokes, he ignored pressure to say how he will fix an economy facing what his economy minister calls a "perfect storm" of low oil prices, Western sanctions over Ukraine and global financial problems.

The rouble has fallen about 45 percent against the dollar this year, and suffered particularly steep falls on Monday and Tuesday, but Putin refused to call it a crisis and said it would eventually rise again.

"If the situation develops unfavorably, we will have to amend our plans. Beyond doubt, we will have to cut some (spending). But a positive turn and emergence from the current situation are inevitable," Putin said in comments to a packed conference center that were broadcast live to the nation.

Although he said the recovery might take two years, much will depend on how long the West maintains sanctions on Russia over its role in the Ukraine crisis.

European Union diplomats said the 28-nation bloc would ban investment in Crimea from Saturday over Russia's annexation of the Black Sea peninsula and President Barack Obama is set to sign legislation authorizing new U.S. sanctions.

But Putin showed no sign of heeding a call by EU foreign policy chief Federica Mogherini for "a radical change in attitude toward the rest of the world and to switch to a cooperative mode".

Sitting at a big desk in front of two large screens showing close-ups of his face, a white mug with a presidential crest on beside him, Putin appeared mainly intent on showing Russians he is in command and will not kow-tow to the West.

DIVERSIFICATION PLEDGE

The former KGB spy said Russia must diversify its economy to reduce dependence on oil, its major export and a key source of state income, but he gave no details and has said many times during 15 years in power that he will do this.

The rouble slipped as he spoke, and was about 2 percent weaker against the dollar on the day. The central bank increased its key lending rate by 6.5 percentage points to 17 percent on Tuesday, and has spent more than $80 billion trying to shore up the rouble this year, but to little avail.

Although Putin said the central bank and government had acted "adequately", he chided the bank for not halting foreign exchange interventions sooner, suggesting more decisive action might have made this week's big rate rise unnecessary.

"All this implies pretty big divisions within the administration as to how to react to the crisis and pressure on the rouble," said Timothy Ash, head of emerging market research at Standard Bank in London, adding that heads could roll.

Neil Shearing, chief emerging markets economist at Capital Economics in London, said Putin signaled no change of policy and capital controls remained "a measure of last resort".

"Whatever happens, a deep recession now looms," he said.

Putin's popularity has soared over the annexation of Crimea but the ruble's decline could erode faith in his ability to provide financial stability, an important source of his support.

An opponent, former Prime Minister Mikhail Kasyanov, said problems would mount as prices are expected to surge next year and Putin would need "an exit strategy" to leave power.

But Putin said he felt the "support of the Russian people", though he had not decided yet whether to seek a new six-year term in an election due in 2018.

Asked about Ukraine, where Russia has irked the West by backing pro-Russian separatists fighting in two eastern regions, Putin said Moscow wanted a political resolution to a conflict that has killed 4,700 people.

He also called for "political unity", suggesting he does not intend to annex the regions that have rebelled, and avoided calling them "New Russia", a phrase he has used in the past.

But he blamed NATO for the worst relations between Moscow and the West in decades.

"Didn't they tell us after the collapse of the Berlin Wall that NATO would not expand eastwards? But it happened immediately. Two waves of expansion. Is that not a wall? ... It's a virtual wall," he said.

 

Fri, 12/19/2014 - 08:31 | 5571886 Bro of the Sorr...
Bro of the Sorrowful Figure's picture

i stopped reading at (Reuters)

Fri, 12/19/2014 - 08:37 | 5571910 Amerikan Patriot
Amerikan Patriot's picture

You stopped reading when you heard facts you couldn't rebut.

You silly goose!

Fri, 12/19/2014 - 09:18 | 5572049 actionjacksonbrownie
actionjacksonbrownie's picture

I never even started to read it (but I did click on the red triangle for ya!)

Fri, 12/19/2014 - 09:26 | 5572068 SubjectivObject
SubjectivObject's picture

Amerwreckan Rothriot

Fri, 12/19/2014 - 11:52 | 5572586 cheech_wizard
cheech_wizard's picture

Victora Nuland's poodle?

Fri, 12/19/2014 - 08:43 | 5571934 Singelguy
Singelguy's picture

I watched the entire press conference, and what Reuters has written is a total mischaracterization of what Putin said. He stated that his objective for the past 8 years has been to diversify the economy, but in a free market, investors go for the quickest easiest profits which have been in the energy sector. Now that oil prices have cratered, other sectors are looking more attractive. You might have noticed that the Russian stock market was up almost 7% at the end of the day.

Fri, 12/19/2014 - 09:50 | 5572136 Volkodav
Volkodav's picture

Reuters belongs to those who are the problem.

 

Fri, 12/19/2014 - 14:45 | 5573419 noben
noben's picture

The Tall Mood family?

Fri, 12/19/2014 - 12:03 | 5572628 css1971
css1971's picture

His solution is to allow the Russian market to decide.

i.e. Set the interest rate to stabilise the currency and then let people sort themselves out. Which is ironically more capitalist and free market than Amerika.

English transcript here:

http://eng.kremlin.ru/news/23406

Fri, 12/19/2014 - 08:28 | 5571875 LostandFound
LostandFound's picture

i think it is likely that Russia is converting a proportion of its fiat currencies from the sale of gas and oil into gold. The economic warfare which is red hot right now is limiting this accumulation of gold, but it wont stop it by any means, not at this price. 

We have 3 big massive gold importers right now, Russia, China and now India are hitting the imports big time.

The days are numbered when physical will not be delivered, the problem i see here, is who is controlling these central banks that are accumulating gold in these countries? Are we being gamed here or is this real resistance to the banking cabal? 

Fri, 12/19/2014 - 08:31 | 5571882 Q-Q-Q
Q-Q-Q's picture

Whats the next bs rumour then SocGen? with the obvious built in caveat.....................................try again boys.

Fri, 12/19/2014 - 08:34 | 5571891 Amerikan Patriot
Amerikan Patriot's picture

Vlad's funds are shrinking by the day.

Can some of you loyal Zero Hedgers kindly Western Union him some real money (dollars)?

 

Fri, 12/19/2014 - 08:35 | 5571896 kowalli
kowalli's picture

He is burning paper while it's worth something.

Fri, 12/19/2014 - 08:46 | 5571948 Amerikan Patriot
Amerikan Patriot's picture

Can you send him some of your paper, Bob?  

Fri, 12/19/2014 - 08:55 | 5571980 Bioscale
Bioscale's picture

You already pooped, Bob?

Fri, 12/19/2014 - 08:55 | 5571982 kowalli
kowalli's picture

sure, give me your mail and phone number

Fri, 12/19/2014 - 09:01 | 5571998 Usurious
Usurious's picture

 

 

you mean some of these................

 

http://silentcrownews.com/wordpress/wp-content/uploads/2013/10/Chartcard...

 

they are worthless

Fri, 12/19/2014 - 09:22 | 5572052 flapdoodle
flapdoodle's picture

Dollars are *real* money?

Not since 1963 or 1971 and arguably not since the War of Northern Agression.

As for quoting Reuters, a few words of advice. Never make an important economic decision based on what you see or hear in the MSM.

Fri, 12/19/2014 - 09:49 | 5572140 Agstacker
Agstacker's picture

A dollar is defined as 412 grains of silver, not a worthless federal reserve promissory note.

 

http://en.wikipedia.org/wiki/Dollar

Fri, 12/19/2014 - 10:02 | 5572174 quasimodo
quasimodo's picture

Sure it is, however you failed to keep reading further down the wiki page. Wiki, the bastion of all that is credible and true.

/sarc

 

 

Silver was mostly removed from U.S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver.

Fri, 12/19/2014 - 11:30 | 5572501 sleigher
sleigher's picture

Sure it was.  By a criminally fraudulant corporation posing as the legitimate US government.

But we aren't supposed to talk about that are we?

Fri, 12/19/2014 - 08:33 | 5571892 WTFUD
WTFUD's picture

classic case of wishful thinking.

Fri, 12/19/2014 - 08:34 | 5571895 youngman
youngman's picture

Somebody sure wants to start the rumor of big gold sales....wonder why?

Fri, 12/19/2014 - 09:33 | 5572087 Z_End
Z_End's picture

Me thinks something is at risk of unwinding over the holidays...

Fri, 12/19/2014 - 08:36 | 5571900 Amerikan Patriot
Amerikan Patriot's picture

Any idea why Russia's debt-to-GDP is so much lower than America's?

Russia doesn't have a low level of sovereign debt because it's a careful, conservative nation that's a good credit risk.  It has a low level of sovereign debt because it can't borrow, except at punitive rates of interest exceeding 10%.  It's a mediocre credit risk at best, having defaulted relatively recently. 
 
In August 1998 the Russian government: (a) devalued the ruble, (b) defaulted on all domestic debt, and (c) declared a moratorium on paying foreign debt.  In other words, Russia has a relatively recent history of default, which understandably makes creditors nervous and drives up the risk premium for prospective loans to Russia.  Moreover, Russia (and before it, the Soviet Union) defaulted no less than five (5) times during the last 100 years:  in 1918, 1947, 1957, 1991 and 1998. 

Fri, 12/19/2014 - 08:46 | 5571949 cnmcdee
cnmcdee's picture

That's a good business model.  All you need to do is wait till after then next default and buy ridiculous bonds with 5 year maturities (not a day more!)

Fri, 12/19/2014 - 08:55 | 5571976 Tall Tom
Tall Tom's picture

The United States defaulted on August 15, 1971, screwing over the entire World.

Fri, 12/19/2014 - 10:08 | 5572195 SubjectivObject
SubjectivObject's picture

The Amerwreckan Rothtard would prefer you not bring that up.

Fri, 12/19/2014 - 10:02 | 5572175 Grouchy-Bear
Grouchy-Bear's picture

Is that you Obama?

Fri, 12/19/2014 - 08:35 | 5571901 Calculus99
Calculus99's picture

Some things are as easy to predict as the Sun rising in the East, the 'Russians will be forced to sell their Gold' being one of them.

So here's another one. Italy has lots of Gold, about 2,500 tonnes. Italy is broke and its finances will only get worse in 2015. So when the crap hits the fan get ready for lots of 'Italy will have to sell its Gold' reports.

All of course will be bullshit because you don't sell your Gold, instead you use it as collateral against loans or Gold backed bonds etc. Basically with lots of Gold you have lots of options. Those that therefore report on these articles are either clueless or playing you with dis-information. Respect their views and articles at your peril.

Fri, 12/19/2014 - 09:19 | 5572054 shovelhead
shovelhead's picture

True enough.

Because, in the end, gold is money and paper is a promise.

 

Fri, 12/19/2014 - 11:36 | 5572525 zerohedgejjxxzz12
zerohedgejjxxzz12's picture

Oh YA, and Canada sold all of it's gold in the early 80's. All we have now is "dirty black gold" that is hardly worth mining at these new low prices. House prices are overvalued by approx 30% and with this oil slowdown we may see the correction in house prices soon.

 

Fri, 12/19/2014 - 08:37 | 5571905 Dubious Intentions
Dubious Intentions's picture

As Putin laughs atop his glorious mountain of gold.

 

Fri, 12/19/2014 - 08:45 | 5571914 erk
erk's picture

The gold selling rumors were BS Russia is not short of cash, same goes for the China bail out Russia story. Russia has enough cash to service it's debts right thoughout 2015 and possibly 2016. Remember they were running at a $200bill trade surplus until recently.

 

 

 

 

Fri, 12/19/2014 - 08:40 | 5571921 alrightee_then
Fri, 12/19/2014 - 08:50 | 5571959 Urban Redneck
Urban Redneck's picture

Did you read the article or just stare at the pictures- since the article clearly identified the story as rumor and likely propaganda which was impacting markets...

Fri, 12/19/2014 - 09:03 | 5572004 headhunt
headhunt's picture

Some people are to busy looking at the Russian bride pop-ups

Fri, 12/19/2014 - 09:42 | 5572112 GetZeeGold
GetZeeGold's picture

 

 

ZH caught posting propaganda as just yeasterday it posts

 

Yeah....and we totally exposed it as BS. What more do you want from us?

 

Moral of the story is don't believe everything you hear.

Fri, 12/19/2014 - 10:06 | 5572185 quasimodo
quasimodo's picture

You have to give these .gov trolls or otherwise some credit. They bring the level of utter stupidity here to a whole new level. If nothing else, it's good for some serious laughs. 

Fri, 12/19/2014 - 14:52 | 5573461 noben
noben's picture

Good for site stats and Ad revenues too.

Which is why they're not getting banned. That Tyler... 'crazy like a fox'.

Fri, 12/19/2014 - 10:50 | 5572322 IndyPat
IndyPat's picture

Tyler just flushed out the chumps to post on that one. And it worked.

Out they came. Go read the comments now, in light of the post.

Fucking suckers.

Fri, 12/19/2014 - 08:43 | 5571935 skbull44
skbull44's picture

Not to debunk the thesis, but won't December's numbers be the important one?? Russia's currency crisis has been more intense during December, when SocGen's argument was made...that they began selling the first week of December.

http://olduvai.ca

Fri, 12/19/2014 - 10:54 | 5572333 Encroaching Darkness
Encroaching Darkness's picture

I was wondering the same thing; while the Russian economy was nothing special to brag about during November, I didn't hear anyone saying that they sold gold in NOVEMBER; SocGen said they sold gold in DECEMBER. Not the same thing, no?

Fri, 12/19/2014 - 08:43 | 5571938 overmedicatedun...
overmedicatedundersexed's picture

russia has so many options from turning off nat gas to EU to stirring up trouble in oil production across hormuz, to nigeria to venezuela..they are in a corner, a very stupid move but then look who leads the west and EU.

some folks got a war. 

everything going to plan until you get hit in the face.

Fri, 12/19/2014 - 08:44 | 5571940 lordbyroniv
lordbyroniv's picture

600,000 oz is like ...a million dollars

 

I swear.....

 

I will never understand why the gold / silver market isnt just cornered and bought out right,...in a world of Billions and trillions.

 

None of it makes sense,

Fri, 12/19/2014 - 08:59 | 5571993 kowalli
kowalli's picture

it's all about to get it home, price is a political thing

Fri, 12/19/2014 - 10:04 | 5572177 RaceToTheBottom
RaceToTheBottom's picture

I want to buy Gold from you!

Fri, 12/19/2014 - 10:27 | 5572236 Tall Tom
Tall Tom's picture

One Dollar and Sixty Seven Cents per Ounce sounds like a bargain.

 

Yeah. I want in on that too.

Fri, 12/19/2014 - 14:58 | 5573500 noben
noben's picture

If paper and pencil aren't working for you, try a calculator.

Else, try Excel or some spreadsheet to do the 5th grade math for you.

It's also a good idea to double check your numbers, to make sure you didn't have a fat finger or senior moment.

Just some friendly advice.

Fri, 12/19/2014 - 08:46 | 5571942 Amerikan Patriot
Amerikan Patriot's picture
Collapsing Ruble Has Wealthy Russians Scrambling to Invest in the U.S.

NEW YORK (MarketWatch) — They’re Russian for the exits!

The number of wealthy Russians investing in the U.S. has ballooned this year as geopolitical turmoil and a disintegrating ruble have spurred Russians to seek havens for their wealth abroad. The best place right now: the U.S.

Marlen Kruzhkov, a lawyer at Gusrae Kaplan Nusbaum PLLC and an ethnic Russian from East Ukraine, who helps Russian clients evaluate investment opportunities in the U.S., said calls that he usually receives from Russians looking to invest in the U.S have more than doubled since last year.

“I would tell you at least twice as many people are calling than usual, and a lot of the folks who are calling who were skeptical about [investing] in the U.S. are all of a sudden saying they wish they did it sooner,” Kruzhkov said.

The Russian rush for the exit comes as the embattled country’s citizens have been seeking to preserve their wealth amid a cratering ruble, which on Tuesday suffered its most spectacular slide since 1998, when Moscow defaulted on its domestic debts. The dollar USDRUB, -4.14%   has been hitting all-time highs against the Russian currency.

The ruble has rebounded somewhat in Wednesday trading, on the heels of reports that the Russian finance ministry has begun to sell foreign currency in an effort to halt the ruble’s descent. Those moves come a little more than 24 hours after the Russian central bank hiked key interest rates 6.5% to 17% Tuesday.

The amount of private net capital flowing out of Russia is on track to hit $120 billion by the end of 2014, according to a report by Capital Economics. That projection would nearly double the $61 billion in outflows Russia saw in 2013, according to data from the Russian Central Bank. By contrast, Russia saw only $300 million in outflows during 2005, the earliest year for which the central bank has data. Russia’s current spate of outflows could be the highest since the 2008 global financial crisis when net outflows totaled $130 billion.

And while Manhattan real estate remains one of the most popular investments for wealthy Russians, they’re also investing in private businesses and buying real estate in far-flung locals, according to several individuals who help facilitate investments for Russian clients.

In addition to New York City and Miami, Russians are beginning to buy in riskier locales like North Dakota and Oklahoma, Kruzhkov said. Both North Dakota and Oklahoma have become epicenters for North America’s shale-drilling boom in recent years, attracting workers in droves.

In Russia, citizens are purchasing everything from pricey Porsche sports cars to high-end utility vehicles at Russian car dealerships, harboring hopes that luxury vehicles will depreciate in value less rapidly than the ruble, according to a recent Bloomberg report.

Sources tells MarketWatch that buying outside of the country is intensifying as the turbulence in the currency drags Russia perilously close to economic collapse.

Ironically, Kruzhkov notes that he’s seeing Russian investors purchase land in high growth areas around the U.S. shale-oil boom, which is less likely to lose value. U.S. shale-oil producers are often attributed with helping to contribute to the glut of oil slushing around global markets.

“One guy bought land in North Dakota and built housing for workers,” Kruzhkov said. “He has 98% occupancy on the houses he built and he’s in the process of refinancing the property. He couldn’t be happier that he went out there and took that risk.”

Joan Brothers, an agent with Manhattan Boutique Realty, said she has seen renewed interest in Manhattan properties from Russian buyers recently.

“Probably 10 to 15 years ago, the Russians were really big in Manhattan, then London became more popular, and the South of France, but they’re coming back now,” Brothers said.

She said foreign investors are typically attracted to the stability of Manhattan real estate.

“We’re solid, like gold, we don’t depreciate very much, and we’re a really safe place to put your money,” she added.

The typical Russian investing in Manhattan buys a $2 million condo in East midtown or West midtown, she said.

Buying or starting a business in the U.S. is also a popular investment for Russians, Chinese and other foreign nationals, according to Tim Speiss, the partner-in-charge of EisnerAmper’s Personal Wealth Advisors group.

“[Foreign investors like] hard assets the kind of thing that’s tangible and difficult to claw back or seize, real estate certainly fits that bill but so does operating businesses,” Speiss said.

Analysts have speculated that Russian President Vladimir Putin may soon implement capital controls that would make it more difficult for Russian citizens to send money outside the country. Earlier in December, Putin urged Russian citizens to repatriate their money stocked away abroad — even if it was obtained through potentially illegal means.

International sanctions and the abrupt collapse in oil prices has placed tremendous pressure on Russia and President Vladimir Putin, who has stayed relatively mum as the country is facing the prospects of mounting economic hardships. He is set to host an annual conference on Thursday., where it will be hard to avoid discussing falling oil and the ruble’s troubles.

At home, Russians are feeling the pain of falling currencies as the price of everyday items, from Apple Inc. AAPL, +2.96%   gadgets to groceries is being raised as the currency collapses. Things have gotten so bad that Apple halted online sales, citing “extreme” volatility in the ruble.

Fri, 12/19/2014 - 08:53 | 5571970 Mi Naem
Mi Naem's picture

You are so relentless and sloppy as an anti-Putin anti-Russian troll that I am virtually certain you are participating in a reverse PsyOp. 

You're not even good at being bad ya phony POS.  You and Augustus Gloop

Y'all are so bad, you're boring. 

Fri, 12/19/2014 - 15:05 | 5573542 noben
noben's picture

+1 for "bad and boring", which they truly are.

I swear it feels like they're outsourced guys who are used by someone who is higher up, but was outsourced also. When you have two sets of profit margins to deal with, the last guy in that daisy chain is an idiot, cause that's all that's left in the budget.

"Psy Op meets American Greed" is the name of this troll show.

Fri, 12/19/2014 - 10:00 | 5572166 Grouchy-Bear
Grouchy-Bear's picture

Amerikan insult: You either show how stupid you are or you cut and paste everything. Kinda like Obama with a teleprompter...

Fri, 12/19/2014 - 10:06 | 5572191 quasimodo
quasimodo's picture

Sighting Marketwatch? That is the best you can do? At least post a link to Kingworldnews so we can enjoy the new page format. Sheesh!

 

Fri, 12/19/2014 - 11:11 | 5572426 Husk-Erzulie
Husk-Erzulie's picture

errm...

In addition to New York City and Miami, Russians are beginning to buy in riskier locales like North Dakota and Oklahoma, Kruzhkov said. Both North Dakota and Oklahoma have become epicenters for North America’s shale-drilling boom in recent years, attracting workers in droves.

“One guy bought land in North Dakota and built housing for workers,” Kruzhkov said. “He has 98% occupancy on the houses he built and he’s in the process of refinancing the property. He couldn’t be happier that he went out there and took that risk.”

Goddamn that's funny.  Troll fail, Marketwatch uber fail, plus one for the laughs though... this show would be a hit in Vegas.

 

Fri, 12/19/2014 - 11:53 | 5572594 css1971
css1971's picture

Say. Isn't this outright copyright infringement?

Did you get permission to cutnpaste the article?

Fri, 12/19/2014 - 08:46 | 5571946 russwinter
russwinter's picture

Russian gold selling story is a psyops:

http://winteractionables.com/?p=17161

Fri, 12/19/2014 - 13:18 | 5573032 Zwelgje
Zwelgje's picture

Haha. The source of SocGen's crap was BBC's anus! Thanks for the link.

Fri, 12/19/2014 - 08:47 | 5571947 WTFUD
WTFUD's picture

Nope, there will be no dawn raids ,armored escorts or fly by night Russian gold reserves to Goldman Sucks this week, month , year, EVER.

Fri, 12/19/2014 - 08:46 | 5571952 william114085
william114085's picture

Russia would say they've added to reserves if they were looking to SELL gold....If they wanted to accumulate more, they would not have dispelled the rumors.  

Fri, 12/19/2014 - 11:49 | 5572015 Jorgen
Jorgen's picture

"Russia would say they've added to reserves if they were looking to SELL gold....If they wanted to accumulate more, they would not have dispelled the rumors."

If the gold market has not been manipulated, the above thought would be true. However, it is not the case. In spite of Indian and Chinese gold purchases, the 'manipulators' still manage to keep gold relatively cheap. Russians are just piggy-backing on their gold reserves accumulation. RCB is no UCB...

UPDATE: Russia Expanded Gold Reserves for 8th Month Amid Ruble Rout

Here is the funny part:

The precious metal accounts for about 10 percent of Russia’s total reserves, according to the London-based World Gold Council. That compares with about 71 percent for the U.S. and 66 percent for Germany, the top bullion holders, the data show.

What data? When was the last audit of the U.S. held gold? Oh, some 60 years ago, I see. And Germany? Where do they keep most of their gold...?

Fri, 12/19/2014 - 08:49 | 5571956 Amerikan Patriot
Amerikan Patriot's picture

Who's manning Vlad's suicide watch tonight?

Fri, 12/19/2014 - 08:51 | 5571967 Amerikan Patriot
Amerikan Patriot's picture

"Vladimir Putin is an outstanding example of prudent leadership who will guide Russia to prosperity."

 

Another popular Zero Hedge meme down the toilet!

Fri, 12/19/2014 - 11:24 | 5572447 Husk-Erzulie
Husk-Erzulie's picture

When will Barack Obozo be sitting down for an extemporaneous live three hour discussion on political economy, demographics, culture, poetry and the future of The Republic?  Oh, I see...

Fri, 12/19/2014 - 08:55 | 5571975 himaroid
himaroid's picture

tHIS "BUFFALO wild wings biotch on teevee talking about how long it takes to raise a chicken. 

She knows about as much as amerikan patriot knows about russia.

she dont know chicken shit.

Fri, 12/19/2014 - 09:10 | 5571986 himaroid
himaroid's picture

Ol Sol is coming up with a big Golden smile this morning.

Keeps your ass and your treasury nice and warm.

At least Putin doesn't suck BIG GREEN DONKEY DICKS like y'alls president does.

Fri, 12/19/2014 - 09:02 | 5571995 T-NUTZ
T-NUTZ's picture

Checkmate.  

I tried to tell you, while you been burnin brain cells on your X box, the Russians have been studying and training in the game of kings.  by the time you realize you've been beat the game has long been over.  better luck next time.

Fri, 12/19/2014 - 09:00 | 5571996 Amerikan Patriot
Amerikan Patriot's picture

Ever wonder why almost no one from America emigrates to Russia, yet every year many thousands emigrate to America?

Tsk-tsk....

 

Fri, 12/19/2014 - 09:10 | 5572020 WTFUD
WTFUD's picture

Da , your welfare cheques despite being trillions in debt remain fairly generous. The cunt that you are AP you should have mentioned chinese but hey, they're buying up a lot of your prime real estate and companies, GobShite.

Fri, 12/19/2014 - 09:10 | 5572023 semperfi
semperfi's picture

that trend will be reversing soon

Fri, 12/19/2014 - 09:36 | 5572093 Volkodav
Fri, 12/19/2014 - 09:13 | 5572033 db51
db51's picture

Ever wonder why almost no one from America emigrates to Russia, yet every year many thousands emigrate to America?

 

Uh....Because they don't want to leave their Welfare, Free ObamaCare, won't have to work, and can Sodomize in public without repercussions?

Fri, 12/19/2014 - 10:27 | 5572040 headhunt
headhunt's picture

Like many illegal immigrants who go to the US they curse the US as they settle into their warm bed with a refrigerator full of food, big screen TV on the wall and an 0bama phone intheir fat hand all purchased with confiscated taxes on their welfare card.

F' these puta's too.

Fri, 12/19/2014 - 09:35 | 5572090 Volkodav
Volkodav's picture

Talk to this guy:

http://windowstorussia.com/

Fri, 12/19/2014 - 09:57 | 5572160 Grouchy-Bear
Grouchy-Bear's picture

Thanks! ;)

They will come to look, but they will not like what I say...

kKEETON

Fri, 12/19/2014 - 10:36 | 5572276 Volkodav
Volkodav's picture

Da  I knew that was you...when you answered AP and told of drive the Volga was giveaway

sent one proud one claimed he epic sniper to site earlier this morn...

he mouth off in one of the posts concern RU

I hope took advice to Windows to Russian and read your last entry..

 

 

 

 

 

 

Fri, 12/19/2014 - 09:46 | 5572124 silverer
silverer's picture

How do you know this?  Mainstream media?

Fri, 12/19/2014 - 10:37 | 5572273 Eahudimac
Eahudimac's picture

Here's a link to some teletubbies videos. That should keep you busy for a while.  https://www.youtube.com/watch?v=cPNKJ_hmmsg

Afterwards you can go outside and play in your sandbox.

Fri, 12/19/2014 - 11:01 | 5572369 mijev
mijev's picture

You should come out of the closet. There's nothing wrong in being gay or stupid as long as you admit it to yourself.

Fri, 12/19/2014 - 11:05 | 5572399 Tall Tom
Tall Tom's picture

Ever wonder why almost no one from America emigrates to Russia, yet every year many thousands emigrate to America?

 

 

Edward Snowden. He is from America.

Fri, 12/19/2014 - 13:55 | 5573199 americhinaman
americhinaman's picture

here's a more colorful way to say what others have already:

https://www.youtube.com/watch?v=NzspsovNvII

 

Fri, 12/19/2014 - 09:05 | 5572010 CitizenPete
CitizenPete's picture

Bearish gold. Get it?

Fri, 12/19/2014 - 10:50 | 5572016 Quinvarius
Quinvarius's picture

When have the gold shorts ever been right about a single fact?  Seriously.  Name one thing they have been right on.  Ukraine transient?  The world sticking with the USD?  Raising rates?  Balanced budget?  Economic recovery?  End of the wars?  Keynesianism working?  What?  They bet big on every thing and have been completely wrong on everything.  This is just another time they are wrong in their anti-gold fantasy.  The scary part is what the gold holders say about the gold paper markets because of these massive and bad bets against gold by people who own none.

Fri, 12/19/2014 - 09:10 | 5572024 f16hoser
f16hoser's picture

Well now, SocGen lied it's ass off. Apparently, banksters can't be trusted. Say it isn't so?

Fri, 12/19/2014 - 09:12 | 5572025 semperfi
semperfi's picture

the mainstream media, now more than ever, is a wholly-owned subsidiary of the criminal govts, criminal banksters, and criminal big corporations

Fri, 12/19/2014 - 09:25 | 5572037 holdbuysell
holdbuysell's picture

Good read and interesting perspective:

Grandmaster Putin's Golden Trap

 

Dmitry Kalinichenko

http://www.gold-eagle.com/article/grandmaster-putins-golden-trap

 

 

Edit: updated to show the original article and the correct author

 

Fri, 12/19/2014 - 09:16 | 5572043 HandyCrapper
HandyCrapper's picture

Russia has been selling tungsten to SuckGen.

Fri, 12/19/2014 - 09:18 | 5572053 Catullus
Catullus's picture

Given that gold has been falling relative to dollars this year, this has not been a good use of reserves.

The monthly capital outflows from Russia are telling a completely different story than what some of you want to believe on here. The ruble is dying.

Maybe they renumerate the ruble with some sort of currency backing later, but that's not what this current ruble is. It's a fiat currency that's 16 years old and everyone above the age of 23 remembers when the government lopped 3 zeroes off the number in 1998. Russians who have money have been dollarizing their savings.

Fri, 12/19/2014 - 10:18 | 5572224 silverer
silverer's picture

From one troubled currency to another troubled currency?  Gold is a bargain right now in terms of dollars because of what they've done to it to it in the markets to hold the price down.  Either a dollar default or massive dollar inflation is in the cards in the future, and at some point in time, the paper market is going to lose control of precious metals, because they're not going to be selling gold or silver in dollars for the same price after the currency inflates to the target necessary to get rid of our debt, and certainly gold won't sit where it is if we default on our obligations.  Either way, I don't see how Russia can lose buying gold.  For that matter, I don't see how anyone can lose buying silver or gold.

Fri, 12/19/2014 - 10:54 | 5572340 Defiated
Defiated's picture

I beginning to like you more and more

Fri, 12/19/2014 - 09:25 | 5572066 tttan
tttan's picture

On Nov 1 RUB was at 43ish and gold was at 1165ish. Dont think Russia bought more gold after that when the currency is sliding and needed the cash to support the currency. More likely they sold Treasury and gold to support the currency.

Fri, 12/19/2014 - 09:25 | 5572067 yogibear
yogibear's picture

Russia's not stupid. They know eventually the Yen and dollar will die.

The oligarchs are just trying to quietly pick up more gold cheaper.

Why do you think banks in other countries are buying it?

Bitcoin failed. So with the Yen and dollar with nothing to back it. 

Fri, 12/19/2014 - 09:42 | 5572116 silverer
silverer's picture

Bitcoin failed because what Ann Barnhardt said about money is true.  The value of money is in people's hearts.  I guess real gold presents the least amount of opportunies for its value to be corrupted.  It's either real gold or not.  Real gold has always been accepted as having value, and precious metals have never had a value of zero throughout history.  BItcoin should have worked, and the idea is brilliant, but there are too many weak links in the chain, which opens it up for corruption.  The fact that the system is supported by technology is problematic, and technology can fail.

Fri, 12/19/2014 - 10:00 | 5572169 TruthTalker
TruthTalker's picture

Bitcoin always scared people who can see the big picutre - the government can and will turn off our internet access whenever they see fit - good luck getting your bitcoin then...

Fri, 12/19/2014 - 10:11 | 5572199 silverer
silverer's picture

Yes.  Take it to the end:  What would you rather have in your hand when you emerge from your fallout shelter?  A bag of gold coins or a Windows tablet?

Fri, 12/19/2014 - 15:25 | 5573595 noben
noben's picture

Neither. I'd want the radiation to go away immediately, not in thousands of years.

After that wish, I'd want the Stuff of Life, so that people can rebuild.

It is only during the rebuilding that gold becomes useful.

And BTC won't be "useful" until the rebuilding is so technologically advanced, that we're back to present day.

And that, my friends, is an objective and unbiased analysis.

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