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Russians Buy 1 Million Ounces of Gold Bars In August
Russians Buy 1 Million Ounces of Gold Bars In August
Russia's gold reserves rose to 42.4 million troy ounces as of September 1 compared with 41.4 million troy ounces a month earlier, the Russian central bank announced on Friday.
The monthly accumulation of 1 million ounces in just one month was one of the more sizeable monthly purchases by Russia and equates to 31.1 metric tonnes in August alone.
The value of the bank's holdings rose to $47.68 billion from $44.96 billion a month earlier, Russia said in a statement on its website.
The amount bought was more than the 30.5 metric tons that Russia purchased in March, then the highest amount in six months.
Russia is now the seventh biggest holder of gold reserves after the U.S, Germany, the IMF, Italy and France and the rising gold power China. Russia has more than tripled its reserves since 2005 and holds the most gold bars since at least 1993, International Monetary Fund data shows.
Nations globally have been increasing their gold holdings in recent years, a reversal from two decades of selling. China, Kazakhstan, Ukraine and Belarus are among other nations that have been accumulating gold.
Gold remains a large part of many central banks’ reserves, decades after they stopped using it to back paper and the electronic currency of today.
Russia has been steadily buying bullion since 2007 and the advent of the global financial crisis. Russia was accumulating gold even prior to tensions with the West and international sanctions over the Ukrainian conflict.
Gold has protected the Russian reserves and acted as a hedge as gold priced in rubles has surged over 60 percent in the last 12 months. The plunge in oil prices contributed to sharp falls in the ruble.
Russia added about 13 tons in July and 24 tons the month before that. As tensions escalate with the U.S., the UK and the EU, Russia appears to be intensifying efforts to diversify out of their large dollar holdings and into physical gold.
DAILY PRICES
Today’s Gold Prices: USD 1136.85, EUR 1007.27 and GBP 732.86 per ounce.
Friday’s Gold Prices: USD 1136.00, EUR 992.31 and GBP 726.25 per ounce.
(LBMA AM)
Gold had a 3 percent weekly gain and silver had a 3.5% weekly gain. Gold ended with a gain of 0.73% on Friday while silver rose to as high as $15.43 before ending with a gain of 0.26%.
Read more on the GoldCore.com blog
IMPORTANT NEWS
Gold hovers near 3-week high as equities slip – Reuters
Gold Has First Weekly Gain in a Month After Fed Holds Rates – Bloomberg
Gold at near 3-week high as Fed rate decision weighs on equities – Reuters
Asian shares slump on global growth concerns, U.S. selloff – Reuters
Volkswagen Plunges 17% After U.S. Emissions Cheat Scandal – Bloomberg TV
IMPORTANT COMMENTARY
Now Is Time To Get Into Gold? – Bloomberg TV
Negative interest rates could be necessary to protect UK economy – The Telegraph
Sardinia’s privately created local currency endures after six years – Financial Times
What Keynes Would Think of ‘Neo-Keynesians’ – Wall Street Journal
Saxobank CIO Prefers Gold Amid Increased Uncertainty – Zero Hedge
Read more News & Commentary from GoldCore.com
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O.K., I gotta ask.
They bought 11 billion, 335 million FEDRES NOTES of GLD in August (at current paper 'spot' price).
Did they get it from COMEX? You know, that shit's leveraged 252 to 1 now.
In Rubles, that's 749 Billion, 567 million, 681 thousand (Rubles are only leveraged a little more than 66 to one right against FEDRES notes right now).
WHO in Russia bought it, the 'government', or the 'central bank'? Does Russia (government of) have a 'Ft. Knox' thingie that has vaults with gold-plated tungsten bars that can be 'audited' (like America does; and doesn't audit)? Has russia hired that German guy who was made famous by finding the Tungsten a few years ago to check every ounce? Are these in 'ounces', or in larger Tugsten/GLD bars that are more easily transportable/auditable? What denomination are these coins in, Kruggerands or something? Are they SURE it really isn't Pyrite?
ONE thing's for sure. The Russians purchased 33.15 tons of gold MORE than is present in any 'American' bank (if they actually took delivery of the PHYZ, that IZ).
I'm not worried. QE4 is soon to start, and there's LOTS of trees. TONS and GIGATONS of trees! It's the INK supply I'd be worried about (if I was from CONUS or EUROZONE). YEAH! WE'LL show these commie bastards about hoarding archaic relics!
Maybe the author missed this recent ZeroHedge headline
Pffft... Putin playin' with his "pet relics". The poor putz doesn't know paper is preeminent.
I guess I would be impressed with 1 milllion oz. being that I have none myself. (At least none saying I have). I would be more impressed with 64,000,000 oz. in the possession of one person, that before it was all melted down, rebricked and stamped, the original stamp was the USSR ..
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp
The IMF is a country? Oh, that's right, it actually represents the U.N., The World Bank, and the Federal Reserve. If one was to ask Bill Holter and Jim Sinclair, the U.S. has -0- gold reserves ..
1 mil oz in a month? i look at my large penis and smile
You smiling at the penis in your mouth or your ass?
It's not the size of your stash, but how you use it.
1 mil oz in a month? I look at my small stash and weep.
31 tons is awesome and a million ounces sounds even better. SGE supposedly has that much in withdrawals in a couple of days.
Perhaps this is how the NY FED is paying back Germany it's gold, you know the stuff that was supposed to take 7 years to ship..
I don't get it.
You mean, Hillary is arranging for the shipment of Lybia and Iraq's looted gold to EAST Germany?
WTC6 was already looted, back in September '01 (this removes the possibility of the J.P./NYFED/SQUID from the equation).
WELL, there'a ALWAYS Syria, I guess. And Somalia, and Yemen, and...
EDIT:
"Henry Hall" makes an excellent point (one which I have forgotten about, and would have missed except for the ZH collective memories. I now recall the stories about the flights out of Ukraine in the dead of night as the military coup was happening, and the Ukraine central vaults being emptied. Hat tip to you, "Henry Hall").
>>> Kazakhstan, Ukraine and Belarus are among other nations that have been accumulating gold.
Ukraine?
Ukraine's 30-odd tonnes of gold went to Frankfurt.
Common knowledge that Germany's gold bullion holdings increased by 31 tonnes within a week of Ukraine's 32 tonnes of gold being air freighted out of Kiev. Payola.
Good point. They must have meant the Uzbekis.
Washington's commission was a tonne then.
Mercenaries don't work for free you know.
Only reason for CBs to accumulate gold in our fiat paradise is to have real money to by things in wartime (to come).
Mercenaries don't work for free you know.
Neither does George "The Traitor" Soros .... or his minions ....