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Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone

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From GoldCore

Currency Wars - Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone

Gold is trading at USD 1,680.50, EUR 1,268.60, GBP 1,084.30, CHF 1,554.30, JPY 130,130 and RUB 53,210 per ounce.
Gold’s London AM fix this morning was USD 1,676.00, GBP 1,084.02, and EUR 1,263.86 per ounce.
Yesterday's AM fix was USD 1,699.00, GBP 1,094.72, and EUR 1,270.38 per ounce.


Gold is marginally lower in all currencies today. A myriad of financial and economic risks are supporting the yellow metal at these levels.

Market participants continue to be surprised by gold’s continuing weakness and some are even questioning gold’s safe haven status. However, the fundamentals of broad based global physical demand remain very sound as evidenced by the central bank gold buying data today.

Russia bought 19.5 metric tons of gold in October bringing their total gold reserves to 871.1 tons according to IMF data released today.

Belarus increased holdings by 1 ton, Colombia by 1.2 tons, Kazakhstan by 3.2 tons and Mexico by 0.9 ton, the data show. Germany reduced reserves by 4.7 tons and Tajikistan cut reserves by 0.4 ton, the data show.

Thus, Russia, Kazakhstan, Colombia, Belarus and Mexico added a combined 25.7 metric tons of gold  to reserves in October, after gold prices corrected from record highs.

Cross Currency Rates including Russian Ruble

While 25.7 tonnes is a lot of physical gold in tonnage term (given very small size of the global physical bullion market) , it is very small in fiat currency terms as at current market prices (gold averaged $1,671.25 last month according to Bloomberg) its value is a meager $1.38 billion.

Thus, Russia’s purchase of 19.5 tonnes is valued at a tiny $1.05 billion.

Bloomberg reports that Kazakhstan’s assets increased 3.2 tons to 73.6 tons, Colombia’s gained 1.2 tons to 10.4 tons, Belarus expanded assets by 1 ton to 31.9 tons and Mexico added 0.9 ton to take holdings to 106.3 tons, the data show. Germany cut reserves by 4.7 tons to mint commemorative coins and Tajikistan cut 0.4 ton of gold.

Germany’s gold reserves are at 3,396.3 tons, the IMF data show. The country is the second-biggest holder after the U.S., according to the World Gold Council. A Bundesbank spokesman confirmed the sale German gold and said it was done to mint commemorative coins, which is the only reason it sold bullion during the past few years.
Central banks are expanding reserves for the first time in a generation due to unprecedented monetary and systemic risk.

Purchases may reach 450 tons this year, according to the World Gold Council. Central banks and government institutions officially bought 142 tons last year, IMF data shows.
Astute analysts continue to point out that this is just the officially declared purchases and many central banks and especially the Peoples Bank of China continue to quietly accumulate gold reserves.

Emerging market and or creditor nation central banks have long been diversifying out of U.S. dollars. Now they are equally concerned about the euro and other fiat currencies such as the yen and pound.

Gold in Euros – 1 Year (Daily)

These central banks, including China and Russia, hold huge U.S. dollar and other fx reserves. Even a small shift to gold will have a major effect on its price.

Despite the increase in central bank gold reserves, their central banks still only hold some 5% of their reserves in gold.

This percentage will likely increase significantly in the coming months as they continue to diversify their currency reserves.

Even a small portfolio reserve allocation into gold would create a very large increase in demand for gold.

The Russian government is aggressively adding gold bullion to its gold and foreign currency reserves and their gold buying appears to be accelerating.

This trend may continue to accelerate given the increasing tensions between Russia and the U.S. over Syria, the Middle East. Missile defence in Europe and other geopolitical and economic disagreements.

Yesterday, Russian President Dmitry Medvedev threatened to target and, if necessary, destroy the U.S. missile defence shield in Europe once it is built (see video below).

Russian Prime Minister Vladimir Putin recently accused the United States of living beyond its means "like a parasite" on the global economy and said dollar dominance is a threat to the financial markets.

Medvedev and Putin knows that a prerequisite for strong economy and powerful country is a strong and internationally respected currency and increasing gold reserves helps to protect the Russian currency from any possible economic turbulence or instability.

In 2007, the Head of External Reserves in the management division of Russia's Central Bank, Maria Gueguina argued that holding gold acts as a buffer against political and economic uncertainty.

In June 2004, the Deputy Chairman of the Russian Central Bank, Oleg Mozhaiskov, told a meeting of the London Bullion Market Association in Moscow that western central banks had been rigging the gold market to the detriment of the developing world.

Mozhaiskov said that "although there are only a few reserve currencies, an appalling lack of discipline is demonstrated by the U.S. dollar. As things stand today, the United States is indebted to the external world to the tune of $3 trillion. This sum actually exceeds the total official currency reserves of all the nations of the world -- including the USA. . . The evolution of the reserve role of the American currency in recent years gives grounds for a pretty pessimistic prognosis. The relationship between the state of the dollar and the value of gold is obvious. In relation to our discussion today, this means that gold continues to have particular monetary attraction in the minds of all prudent financial investors. . . .

The internal imperfections of the international monetary system (which I spoke about earlier) have already led to a number of regional financial crises and still carry the danger of larger upheavals. Under these conditions, the growing interest of investors in real assets, gold in particular, is more than justified."

Might Russia and China use gold in order to undermine U.S. political and economic dominance?

There is certainly the possibility that they may use gold as a geopolitical weapon against the U.S. and as a way of furthering their growing global political and economic aspirations.

Putin's endorsement in 2005 of the Russian Central Bank's plans to diversify the Russian reserves out of fiat currencies and debt instruments and into gold bullion was seen by some as as much a political act as an economic one.


Putin's overt and PR like choreographed endorsement of gold was replete with many interesting and highly unusual photos.

It was the first time in recent years that a head of state of one of the larger and more powerful G8 global players has expressly endorsed its central bank buying gold and probably the first time that a head of state has been photographed many times holding and admiring gold bullion bars.

Importantly, it was central bank buying that broke the back of the anti-gold cartel or the London Gold Pool in the late 1960s early 1970s. This paved the way for the massive bull market of the 1970s.

Putin's calculated gesture may have been the most important statement on gold by a head of state since French President de Gaulle praised gold as the ultimate from of money and wealth: "There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence."

Some have posited that Putin may have been sending a "shot across the bows" of the U.S. government as De Gaulle was doing some 35 years ago. Putin and many in Russia are increasingly nervous and wary of Washington's increasing military and economic presence in what they have always considered their backyard - Eastern Europe, Eurasia and the Caspian.

Russia, like China and other 'strategic competitors' to the U.S. are aware of the predicament which the U.S. finds itself in. While it is the world's remaining superpower and overwhelmingly superior to all its rivals in military terms, it has a dangerously exposed Achilles' heel in the form of its fiat paper reserve currency, over dependence on Middle Eastern oil, its massive indebtedness and balance of payments issues.

Russia, like China, is now one of the U.S.' creditors and thus has considerable leverage which it has so far chosen not to exercise. Should it do so there would obviously be a marked increase in geopolitical tension and the potential to create real instability in capital markets and even an international monetary crisis.

Given continuing currency debasement by the US and other debtor nations, the simmering currency wars of recent months may soon heat up. 


(Bloomberg) -- Biggest Gold Hoard Ever Bolstering Bullish Bets From Traders

(Reuters) -- Gold ticks lower; heads for 2nd straight weekly drop

(Reuters) -- Gold profits from bargain hunters, euro gain

Medvedev: Russia will deploy deterrent to Nato missile shield – Video


(24HGold) -- Adrian Douglas: Central Banks are NOT Ordinary Gold Investors

(Business Insider) -- RICHARD RUSSELL: The Gold Skyrocketing Phase Still Lies Ahead

(ZeroHedge) -- European Bailout Time Of Death: EFSF Cut In Half Due To "Market Conditions"

(ZeroHedge) -- Pictures From A Latvian Bank Run As MF Global Commingling Comes To Town

(The Telegraph) -- Death of a Currency as Eurogeddon Approaches
In Nervous Market, Gold Gains Respectability (When was it disreputable?)


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Fri, 11/25/2011 - 09:18 | 1912548 The Limerick King
The Limerick King's picture



Russia is buying up gold???!!!

Don't they know what the sheep have been told?

A traditional stone

That only fools own

That won't keep you warm in the cold


Fri, 11/25/2011 - 09:32 | 1912587 living on the edge
living on the edge's picture

Russia, China and various other countries around the world are moving to gold and our dumbshit monetary leaders talk as if gold is a "barbarous relic".

Fri, 11/25/2011 - 09:35 | 1912592 mayhem_korner
mayhem_korner's picture



Nothing is more unnerving to our monetary leaders than widespread accumulation of REAL MONEY.  It's the legal equivalent of a mass boycott of tax payments.

Fri, 11/25/2011 - 09:38 | 1912600 living on the edge
living on the edge's picture

I agree. Owning gold is like breaking free of the matrix.

Fri, 11/25/2011 - 10:29 | 1912715 GetZeeGold
GetZeeGold's picture


Gold is just a fad over a thousand years period. It will soon go away like everything else. :)

Fri, 11/25/2011 - 10:35 | 1912727 Azannoth
Azannoth's picture

Give or take a Millennium

Fri, 11/25/2011 - 11:10 | 1912807 Harlequin001
Harlequin001's picture

This is just a fad. Gold flows through markets as it finds its way around the world. It flows from places that have too much gold to those that have too little. In countries that have too much the gold price will fall leading to inflation; in those with too little the gold price will be very high.

When this is all over and we have endured the collapse the next biggest money spinner will undoubtedly be to establish trading contacts between countries to make benefit from these flows as the market settles itself down. After 50 years of having no gold in circulation the potential for benefit is huge, but there is no doubt that the gold flows initially will be in no way linked to market demand for it, which is why countries that collect too much gold are in as much trouble as those that collect too little...

Market forces must decide who needs what and when...

Fri, 11/25/2011 - 11:40 | 1912915 markmotive
markmotive's picture

Central banks have been a big driving force in the gold market for decades. Ignore them at your own peril.



Fri, 11/25/2011 - 12:38 | 1913090 trav7777
trav7777's picture

Russia should know; the only thing that bottomed out the old ruble was gold

Fri, 11/25/2011 - 13:25 | 1913247 RBear
RBear's picture

That's one very interesting comment, sir (nice picture you have here, btw)! May I ask you what is that particular event you're talking about and what is this 'old rouble', maybe the Soviet one?

Fri, 11/25/2011 - 17:05 | 1913899 runlevel
runlevel's picture

its discussed quite well in jim rickards new book Currency Wars. im on chapt 7 currently.

Fri, 11/25/2011 - 16:38 | 1913825 WhiteNight123129
WhiteNight123129's picture

Another MillionDollarBonus.... Yeah right a fad. 5,000 years fad and counting.

Assignat introduction in 1789- in France. Hyperinflation

Continental DOllar Fiat in US - Hyperinflation

Greenback introduction in the civil war 0--- hyperinflation

Mark in Weimar with no GOdl --- hyperinflation

US debt destruction of 1932 --- Devaluation of Gold, so GOld gets 75% increase and then you re-invest at 4 times earnings-- sweet.

Of course if you get 6-7 times P/e rediversify we are at 15, so we have some way to go.... 

Gold will suck at some point, I will get out of it when the dividen yield on some comapnies, if adjusted to inflation gets me some nice fat return of 7% and above. Nothing less. We have some way down to go.....

Sat, 11/26/2011 - 09:55 | 1914969 Harlequin001
Harlequin001's picture

and perhaps maybe you might want to go and actually read the comment again...

this time in full...

Fri, 11/25/2011 - 09:55 | 1912645 MFL8240
MFL8240's picture

That is because we have none, Clinton an Rubin sold it all.  Another Goldman Sachs gift to the American people.

Fri, 11/25/2011 - 10:32 | 1912723 mrgneiss
mrgneiss's picture

I think the Russians should buy GLD instead. ;)

Fri, 11/25/2011 - 10:38 | 1912731 GetZeeGold
GetZeeGold's picture


Yes....GLD is much lighter.....almost as light as air.

Fri, 11/25/2011 - 11:05 | 1912805 russki standart
russki standart's picture

It is our dumbshit monetary leaders who are the barbarous relics.

Fri, 11/25/2011 - 09:36 | 1912596 Carlyle Groupie
Carlyle Groupie's picture

There once was a blog so pernicious

it had news and pics sooo delicious

readers rejoiced in delight

the fantastical flight

of markets engineered to fail by the joos.

Fri, 11/25/2011 - 09:41 | 1912606 mayhem_korner
mayhem_korner's picture

+1 imitation (of LK) is flattery

-1 really, really bad miss on amphibrachic meter, dood

Fri, 11/25/2011 - 10:15 | 1912674 Carlyle Groupie
Carlyle Groupie's picture

I'm enraged about our current situation so much so I cannot even compete with LK!

And despite all my rage I'm still just a rat in a cage.

Fri, 11/25/2011 - 11:29 | 1912861 JOYFUL
JOYFUL's picture

Hey CG

I've asked you now twice*(n I did it real nice)

to stop sowing Hasbara disinfo,

if you do it agin, you won't jus lose some friends,

but also yur cred by the brimfol! {poetic license invoked on the o}



if you so enraged by da situation, why yu gotta spread the sionist lies here?  CatbirdSeat is TelAviv trolldom agitprop.

Hey Mayhem....amphibrachic awesome wordsmithing dood! Thanks ...I never knew that one existed... Crossword heaven!

Fri, 11/25/2011 - 14:14 | 1913417 Carlyle Groupie
Carlyle Groupie's picture

Only ghays do crosswords.

Hey check out the photo in this one. LoL!

"The Zionists have a down payment on the White House, and they own Congress free and clear. Zionist sources are said to provide roughly half of the bribe money euphemistically known as “campaign contributions.” They’ve turned the entire US political class into a gang of treasonous whores who daily pledge undying allegiance to the Israeli flag.

So who can stop them? Who can prevent a ruinous war on Iran?

Only the US military."

Fri, 11/25/2011 - 11:16 | 1912835 tmosley
tmosley's picture

joos ruined his meter.

Fri, 11/25/2011 - 11:22 | 1912856 jekyll island
jekyll island's picture


A trisyllabic metrical foot having one accented or long syllable between two unaccented or short syllables, as in the word remember. [Latin amphibrachys, from Greek amphibrakhus : amphi-, amphi- + brakhus, short; see mregh-u- in Indo-European roots.]

Fri, 11/25/2011 - 12:19 | 1913040's picture



ZH has a limerick writer,

Whose meter could really be tighter.

Despite his grand plan,

His verses won't scan,

And his spelling of "joos" can't be triter.



Fri, 11/25/2011 - 09:18 | 1912551 GeneMarchbanks
GeneMarchbanks's picture

'Some have posited that Putin may have been sending a "shot across the bows" of the U.S. government as De Gaulle was doing some 35 years ago. Putin and many in Russia are increasingly nervous and wary of Washington's increasing military and economic presence in what they have always considered their backyard - Eastern Europe, Eurasia and the Caspian.'

Too bad De Gaulle is gone and now there is... Sark.

Fri, 11/25/2011 - 11:26 | 1912867 jekyll island
jekyll island's picture

I wonder how long it will be until Obama and Timmy label Putin a "financial terrorist" threatening US interests?  That picture is probably more scary to TPTB than Ahmadinejad posing with a nuclear weapon.  

Fri, 11/25/2011 - 09:18 | 1912552 FutureShock
FutureShock's picture

Ok everyone can start blowing each other here now - "Gold Bitchez" and "Keep stacking!" blah blah........I picked up an eagle Wed. :P

Fri, 11/25/2011 - 11:04 | 1912804 JoBob
JoBob's picture

Gold or silver?

Fri, 11/25/2011 - 11:15 | 1912833 Bansters-in-my-...
Bansters-in-my- feces's picture

Fuck YOU ,fuck wadd..Go eat your linen

Fri, 11/25/2011 - 09:18 | 1912554 Nate H
Nate H's picture

with so many huge leveraged positions of financial securities worldwide one never knows the reason for any particular strength/weakness, but I would guess the rumor out of europe last night that Germany will agree to jointly back eurobonds but only if countries get down to 3% budget deficits, and also allow voluntary departure from euro, would be highly contractionary/deflationary (some countries would go to great depression x5) is weighing on gold. This is far from the 'printing to infinity is inevitable' trajectory. 

Fri, 11/25/2011 - 09:27 | 1912571 mayhem_korner
mayhem_korner's picture

Germany will agree to jointly back eurobonds but only if countries get down to 3% budget deficits


That little "only if" clause is the ultimate political sleight-of-hand.  Like when Daffy Duck sells Porky pig a $1 million insurance policy for a black eye...only occurs between 3:55 and 4:00, on the fourth of July, during a hailstorm, by a herd of stampeding elephants in your livingroom...

...and one baby zebra.


(only if)


Fri, 11/25/2011 - 11:29 | 1912878 jekyll island
jekyll island's picture

Please.  Germany will back eurobonds if Italy and Spain, etc. pledge their gold as collateral AND Deutschland is first in line to seize if they fail.  

Fri, 11/25/2011 - 09:19 | 1912557 Silverhog
Silverhog's picture

Next will be videos of Putin bench lifting it.

Fri, 11/25/2011 - 09:30 | 1912582 knukles
knukles's picture

And bar bending and coin chewing and    and aa   aaaaaa   and golden showers and   uh    mmmm   rouble rubbing  no    ih  m   ah   teleprompter twiddling   no not that either      Mevendev meddling    mineral mining   yeah mineral mining   gold digging Putin panning  and    uh  have him open the mine next to the nuckleheads on on Gold ah  Gold Rush  yeah, then claim the country back because Sewards check bounced  yeah drama   yeah 
another fucking kinetic action

I'm goin' golfing

Fri, 11/25/2011 - 10:44 | 1912742 cowdiddly
cowdiddly's picture

That will be one Dos Pesos for the green fee and cart sir.

Fri, 11/25/2011 - 12:40 | 1913096 trav7777
trav7777's picture

opulence...he is it

Fri, 11/25/2011 - 12:14 | 1913024 margaris
margaris's picture

or him playing a 24k golden violin like stradivari.

Fri, 11/25/2011 - 09:25 | 1912563 Carlyle Groupie
Carlyle Groupie's picture

Join the bear and crush the Zionist lobby!

Putin, the newest write in candidate for 2012!

Fri, 11/25/2011 - 09:57 | 1912649 MFL8240
MFL8240's picture

I would vote for him over Obama.

Fri, 11/25/2011 - 10:45 | 1912750 Terminus C
Terminus C's picture

As bad as Obama is, you do not want a Russian style government. They are where we are headed, not where we want to go.

Fri, 11/25/2011 - 10:51 | 1912768 Vlad Tepid
Vlad Tepid's picture

We're still not buying gold 'centrally'.  I'd say Russia has evolved beyond where we will be.

Fri, 11/25/2011 - 11:08 | 1912816 Terminus C
Terminus C's picture

I did not claim they are stupid, indeed they are, in large part, the reason for Russia's resurrection as a world power. They understand economics and geopolitical opportuniy. However, theirs is not a model of government I would like to live under. Can you say fascism?

Fri, 11/25/2011 - 11:13 | 1912827 cowdiddly
cowdiddly's picture

Ill agree, except pleas look up the meaning of Facism and tell me who is who.

Fri, 11/25/2011 - 11:25 | 1912864 Terminus C
Terminus C's picture

I know the meaning of fascism... The oligarchical control of government that uses coercion and propaganda, rather than the will of the people, to rule. It is often called corpratism because of the inordinate influence of corporate leaders with the government.

Though the Russian system is unique it uses the tools of most authoritarian governments, and, since it allows for private ownership and some economic freedom (mostly for the oligarchical class) it has moved away from it's communist past. It now more closely resembles fascism than any other form of government.

Fri, 11/25/2011 - 12:06 | 1912996 CharlieSDT
CharlieSDT's picture

And America is not fascism?

Fri, 11/25/2011 - 12:41 | 1913098 trav7777
trav7777's picture

yeah no shit, I really can't tell much difference these days

Fri, 11/25/2011 - 16:58 | 1913882 VinniPukh
VinniPukh's picture

It's not facist. The country is too ethnically diverse to ever hold together under facist rule. Authoritarian Capitalist in everything but name is more like it

Fri, 11/25/2011 - 11:30 | 1912883 jekyll island
jekyll island's picture

Who wouldn't you vote for ahead of Obama?  

Fri, 11/25/2011 - 11:53 | 1912950 SilverIsKing
SilverIsKing's picture

It took me a few minutes to come up with an answer but I found him.

Fri, 11/25/2011 - 15:14 | 1913594 America- Some A...
America- Some Assembly Required's picture

ROFLMFAO!   HAHAHAHAHAHAHAHAHAHAHA! Can't stop laughing... can't even breathe.... thass funnah! Thanks I needed that

Fri, 11/25/2011 - 13:19 | 1913229 RBear
RBear's picture

Well, you'll probably laugh about it, but actually there is a short story about this, by russian journalist and satirist Dmitrii Bykov. It's called "How Putin Became President of the USA" and actually it's hilarious to say the least... I doubt that there is English translation of it available, but just in case you have russian-speaking friends or any other opportunity to read it in russian, I'd recommend it with both hands!

Fri, 11/25/2011 - 09:22 | 1912564 mayhem_korner
mayhem_korner's picture

Market participants continue to be surprised by gold’s continuing weakness


Gold is up 19% since the beginning of the year - paper gold, that is - and yet the "market" marvels in its weakness.  "Recency bias" abounds, and many "market participants" remains unable to see beyond the windshield.

Gold reserve accumulation is increasingly taking center stage over traditional race-to-the-bottom currency wars.

Fri, 11/25/2011 - 09:24 | 1912567 apberusdisvet
apberusdisvet's picture

CRIMEX is mortally wounded from the MFG theft; and the supposed vault contents may soon miraculously disappear (an accounting error, dontcha know).  The next 3 delivery months should be verrrrrrrrrrrrrry interesting.

Fri, 11/25/2011 - 09:32 | 1912588 mayhem_korner
mayhem_korner's picture



I hear the echo in Ft. Knox rings louder than at Crimex's vault.

Fri, 11/25/2011 - 09:34 | 1912569 cowdiddly
cowdiddly's picture

Yes and when Russia demands gold in payment for natural gas and winter wheat instead of your monopoly money you are going to find out that you can in fact eat it. Or better said, you better have some if you plan on eating and staying warm. I mean what are you going to do try to murder Putin and Wen Jiabo like you did Gaddafi when he decided to use gold?

You can't eat it but your better have it if you plan on eating in 2015 Bitchez.  No one is going to want your benny bucks and euros.

But go ahead and keep suppressing prices. 30% of new money created in the last six months and gold is only up 18% for the year and silver 2%. No worries the East probably don't want a barbarous relic with a 6000 year history anyhow. after all its just a rock right? Right? RiGht? RIGHT/right?

Fri, 11/25/2011 - 09:35 | 1912593 youngman
youngman's picture

I think that when Russia and China....China mainly..gets enough gold...and other commodities..they will make this call....they will require something else other than the dollar to buy thier goods....they DO think long term...we do not...

Fri, 11/25/2011 - 09:46 | 1912619 mayhem_korner
mayhem_korner's picture



Yes.  Should China begin trading in gold for energy commodities w/Russia and MENA, it's game over and we will see the "rockets' red glare."

Fri, 11/25/2011 - 10:00 | 1912639 cowdiddly
cowdiddly's picture

Yes thats the ticket. Hey lets wake up the sleeping bear who will sit back and dare you to come to Siberia in your desert storm camo. And as petroleum based lubricants freeze up in your Horwitzer the fuckers are still shooting you with guns oiled with bubber and seal  oil. Just ask a Nazi how that will work out. LOL

Fri, 11/25/2011 - 10:01 | 1912660 mayhem_korner
mayhem_korner's picture



All I'm saying is that the U.S. is no longer an economic superpower.  It's an IOU superpower with the biggest printing press.  But eventually China may be able to call the U.S.'s bluff.  If and when they do, the only true super power status the U.S. has (military) will be chaotically unleashed to great detriment.

Collapsing currencies becomes a race to real money.  Not just what each sovereign claims and has "on the books," but what's physically inside its borders.  The emperor has no clothes...least not enough to keep warm.

Fri, 11/25/2011 - 12:42 | 1913103 trav7777
trav7777's picture

fracking has saved the FRN for now

Fri, 11/25/2011 - 10:01 | 1912664 Are you kidding
Are you kidding's picture

And we'll all tell China where to stick it when they expect their deliveries of commodities and food.  That's China's big problem...not enough resourses in the homeland for all those people PLUS the huge exporting business.  In the end, it evens out.  China can't get too pushy.

Fri, 11/25/2011 - 10:07 | 1912672 mayhem_korner
mayhem_korner's picture



Really?  Yes, the Chinese are dependent upon a certain import/export cadence.  So shift away from today's currencies and what happens to the U.S.?  It's the equivalent of an economic great wall around the U.S. and what do you get - civil armageddon.  And everyone knows that.

So it becomes a question of which fuse is shorter - the time China can survive short resources, or the time the U.S. can survive with no ability of the people to buy anything?

Just food for thought.

Fri, 11/25/2011 - 11:34 | 1912894 Ace Ventura
Ace Ventura's picture

Indeed. Not only that, but as busy as China has been securing resources with the rest of the BRIC nations and much longer will they be dependent on U.S. wheat/food? Methinks they will cast off that remaining bit of leverage sooner than we think?

We dismiss the wakening dragon at our own peril. Not that it isn't all part of the greater global plan. I'm quite sure TPTB are working towards the next much desired shooting war. The asian, middle-eastern, and western elites will all be clinking top-shelf liquor in some sequestered resort area while they have the world's sheeple shooting each other in a nice war which will keep the MIC money flowing.

When the dust settles, they will still be there, richer than ever, in greater control than before, with a smaller increasingly subdued population of debt-slaves and worker-drones to deploy on the next global chessboard.


Fri, 11/25/2011 - 12:44 | 1913108 trav7777
trav7777's picture

yeah because that food shit just magically grows everywhere else.

If you think nations like brazil are going to happily sell out to China when they didn't sell out to us, you're in dreamland

Fri, 11/25/2011 - 14:14 | 1913416 oddjob
Fri, 11/25/2011 - 12:39 | 1913092 LowProfile
LowProfile's picture

FYI food is a strategic resource.  Compare the US vs, well, any other country.

'just sayin...

Fri, 11/25/2011 - 14:42 | 1913510 Are you kidding
Are you kidding's picture

Bingo!  We've got the world by the balls by controlling their food.  All the GM and hybrid crops that you can't get good seed from we've been slowly sending everywhere.  One year without new seeds and they starve.  The world is more fucked up than you imagine!

Fri, 11/25/2011 - 10:47 | 1912756 a noun a mouse
a noun a mouse's picture

maybe a Russian and Chinese regional gold backed currency???

Fri, 11/25/2011 - 11:36 | 1912902 jekyll island
jekyll island's picture

China will only do this if they can eat the $3 Trillion in US debt they currently own.  Right now they cannot, and their banks are being propped up by central government.  They are thinking longterm, probably positioning themselves with PMs to be first out of the shelter after the shitstorm is over.  

Fri, 11/25/2011 - 12:44 | 1913112 trav7777
trav7777's picture

no they fucking aren't

Fri, 11/25/2011 - 14:40 | 1913505 BidnessMan
BidnessMan's picture

China is using a lot of their US Treasuries to buy up millions of acres of farmland and oil properties across Africa and South America, or as loans for infrastructure projects (built by Chinese contractors) to build good relationships for access to farmland and oil.  And no unpleasant strings about Human Rights and such.  So actually China will be able to eat some of their $3 trillion in US debt by trading it to South American and African countries, who are more than happy to take it for land, roads, bridges, power plants, hydroelectric dams, irrigation dams, refineries, ports, etc.   A lot of the money that does not get immediately recycled to Chinese building contractors will end up in Swiss bank accounts, but China will have preferential access to agricultural land and oil.  

Sat, 11/26/2011 - 11:57 | 1915133 Are you kidding
Are you kidding's picture

But China doesn't have the military to DEFEND all that "empire" of theirs.  Those shipment will stop...then China becomes an isolated "island" with too many people to feed.  Good luck getting that food all the way from Africa.

Fri, 11/25/2011 - 09:30 | 1912580 junkyardjack
junkyardjack's picture

Don't worry about Russia, the US will take care of that.  The US missiles are getting ready to take aim at them, its only tradition bitchez

Fri, 11/25/2011 - 09:30 | 1912581 alpha60
alpha60's picture

5 proven economic and strategic global powerhouses are buying it (none of which mine gold themselve, of course), while the idiot of europe is selling. BUY!

yeah, we get it. ZH wants us to buy gold. how about a real reason.

Fri, 11/25/2011 - 09:36 | 1912595 Sudden Debt
Sudden Debt's picture



just don't scratch it....


Fri, 11/25/2011 - 10:28 | 1912609 cowdiddly
cowdiddly's picture

Ha, And, as the audit team opened the creaky door and peel back the cobwebs all that was in the room was a note on a table that says:

"So long and thanks for all the fish"... suckers Richard Nixon


Ever wonder why when France wanted payment of a mere 4-5 billion in gold, Nixon rather drastically took us completely off the gold standard? Ole Tricky Dicky,  Things that make you go Humm............

Fri, 11/25/2011 - 12:37 | 1913087 LowProfile
LowProfile's picture

Actually that would be Johnson...

Fri, 11/25/2011 - 09:39 | 1912601 youngman
youngman's picture

The Germany sale was to thier make coins because of the high demand by the way...

Fri, 11/25/2011 - 09:58 | 1912655 MFL8240
MFL8240's picture

They know this just ignore it because it helps to confuse the sheep.

Fri, 11/25/2011 - 09:40 | 1912605 PaperBear
PaperBear's picture

Of course the cartel know how many counterfeit futures contract they need to sell to send the prices of gold and silver down as they go down again today.

Fri, 11/25/2011 - 09:42 | 1912611 PulauHantu29
PulauHantu29's picture

Do the Russkies know what Buffet said,"you can't eat gold?"

Fri, 11/25/2011 - 09:54 | 1912642 Miss Expectations
Miss Expectations's picture

In an emergency you could probably swallow quite a few 1/10 ounces...It would work kind of like nibblet corn.

Fri, 11/25/2011 - 09:46 | 1912621 antidisestablis...
antidisestablishmentarianismishness's picture

Plus it hasn't gone parabolic yet and everybody knows that's the best reason to own something.

Plus it hasn't reached the high from 30 yrs ago yet when xyz is taken into account and evrybody knows it has to reach that old high again because um because um well I forget but it makes sense when you think about it, kind of.


Fri, 11/25/2011 - 09:50 | 1912628 Watson
Watson's picture

Of all central banks, who do you think the smartest?

And the Bundesbank didn't buy, and in fact sold (albeit small) in the most profitable way possible (little pieces to retail).

Have they bought at all in the last couple of years?

Fri, 11/25/2011 - 11:39 | 1912913 jekyll island
jekyll island's picture

Do you know what you are asking?  It's like naming the best one legged man at a butt kicking contest.

Fri, 11/25/2011 - 09:52 | 1912633 Chuck Walla
Chuck Walla's picture

Didn't Wikileaks release a US report that China was preparing a gold backed Yuan to displace the USD as the reserve currency?  That would surely do the trick without a shot. Then, all China need do is repossess  on their "loans" and they could own a large chunk of the US.


Upside?  People don't usually nuke their colonies.

Fri, 11/25/2011 - 11:42 | 1912919 jekyll island
jekyll island's picture



I have thought about this as well, I am unable to guage the interest in supporting a world reserve currency from a communist government.  Seems like there would be some questions about free markets and stuff....

Fri, 11/25/2011 - 14:37 | 1913495 Cathartes Aura
Cathartes Aura's picture

. . . because the markets are so free now?  the naming of things is controlled by the power-mongers, doublespeak abounds.

Fri, 11/25/2011 - 12:43 | 1913074's picture

The Chinese now have the option of holding their saving in gold. This a remonitization of the metal at least in a reserve sense even though it doesn't currently circulate


Since 2005, the January through March period has seen China’s private household gold demand average a rise of 22% from the previous nine months, according to a BullionVault analysis, based on GFMS data courtesy of the World Gold Council.

The number of gold savings accounts, meanwhile, launched by the Industrial and Commercial Bank of China Ltd. only a year ago, has grown beyond 1 million without much public relations or marketing, “which is an extraordinary pace of demand growth,” said Martin Hennecke, associate director at Tyche Group in Hong Kong. ]


Fri, 11/25/2011 - 09:51 | 1912634 Mark Wilson
Mark Wilson's picture

Wow. I didn't know the US has over 1/4 of the gold in all the world's reserves. 

Fri, 11/25/2011 - 10:27 | 1912710 MrPalladium
MrPalladium's picture

Possible, but I wouldn't bet the ranch on it!!

Fri, 11/25/2011 - 10:49 | 1912762 Mark Wilson
Mark Wilson's picture


Well I read it on the internet so it must be true, right? lol

Fri, 11/25/2011 - 10:52 | 1912771 CitizenPete
CitizenPete's picture

Hearsay. your honor!

Fri, 11/25/2011 - 11:44 | 1912921 jekyll island
jekyll island's picture

It was a typo.  The House of Rothschild has over 1/4 of the world's gold.  

Fri, 11/25/2011 - 12:35 | 1913084's picture

Wow. I didn't know the US has over 1/4 of the gold in all the world's reserves.


Just to be clear that's a percentage of the total gold held by central banks not a percentage of all the gold in the world. Central banks only hold 18% of the world's gold between them. A majority of the gold is held in the form of jewelry.


World gold holdings (2008) (Source: World Gold Council[20]) Holding Percentage Jewelry 52% Central banks 18% Investment (bars, coins) 16% Industrial 12% Unaccounted 2%
Fri, 11/25/2011 - 09:52 | 1912638 Augury Therat
Augury Therat's picture

Perfect reading to help let release yesterday's meal.

Fri, 11/25/2011 - 09:54 | 1912641 bugs_
bugs_'s picture

Is it the Russian's gold or is it Putin's gold?

Fri, 11/25/2011 - 10:53 | 1912773 Terminus C
Terminus C's picture

Is there a difference?

Tsar Putin, bitchez.

Fri, 11/25/2011 - 09:57 | 1912650 eddiebe
eddiebe's picture

I wonder if the recent weakness in gold ( although there is mega uncertainty in markets ) is due to paper shorting only, and that shorting because the powers have a real biggie planned that will catapult gold past $2000?

Fri, 11/25/2011 - 12:15 | 1913030 CharlieSDT
CharlieSDT's picture

In a market selloff all asset classed get sold, especially winning positions.  Thus gold and more likely GLD's recent selloff to cover other worse bets.

Fri, 11/25/2011 - 09:58 | 1912656 rambler6421
rambler6421's picture

First it's trade wars, then currency wars, then World War.  NWO baby.

Fri, 11/25/2011 - 12:16 | 1913036 CharlieSDT
CharlieSDT's picture

> insert proxy war before WW.  Syria, Taiwan, Iran, etc.

Fri, 11/25/2011 - 10:07 | 1912671 Reven
Reven's picture

As we speed towards the inevitable collapse, plunges in the "paper" price of gold are to be expected, as the last gasp of a dying system.

Fri, 11/25/2011 - 10:10 | 1912679 SamAdams1234
SamAdams1234's picture

In context of the war rattling saber warning to western europe and Amerika to stay out of Syria and Iran makes the accumulation of gold more frightening.

End game: Kensyian war III.

Fri, 11/25/2011 - 10:12 | 1912682 JustObserving
JustObserving's picture

Central banks buying gold at $1.4 billion a month while USA can print a trillion with a few keystrokes.  It is not a fair contest as long as people have faith in fiat currency.

Even the UK is printing about $120 billion now. That is about 90 times the money used to purchase gold in October.

When real assets are subordinated to paper fiat, it is a crazy world.  And it gets crazier everyday.



Fri, 11/25/2011 - 11:03 | 1912692 Yardfarmer
Yardfarmer's picture

it is interesting that in the curative modality of homeopathy, "Aurum" or homeopathic gold, is the recommended cure for the psychological state of depression. a most interesting parallel. in another interesting parallel, Saddam Hussein in the weeks prior to Gulf War II planned to sell Iraqi oil reserves in Euros. Quadaffi had plans underway to introduce a pan-african gold dinar as the new Libyan currency and presumably as sole exchange for the country's oil prior to the US/NATO invasion. one is led to wonder in whose hands Quadafi's proven reserves of 144 tons of Au are.

Fri, 11/25/2011 - 10:19 | 1912694 Odin
Odin's picture

The Fall of Rome Bitchezzz... Get ready for some flames

Fri, 11/25/2011 - 10:28 | 1912713 bankruptcylawyer
bankruptcylawyer's picture

it does 't matter who is buying or selling gold, it matters who is taking control over gold by putting in their own vaults under their own control, whether on behalf of their ownership, or someone elses. 

as the world gets more complex and people are forced to take sides, just as with fiat, many people and nations might be unwilling to accept gold as persuasion ( payment ) for contributing goods and services to the gold owners war effort. 


in the story of war, sides must be taken, and loyalty---long term cooperation and perhaps even short term for many parties------ cannot frequently be purchased with gold. gold is an insurance policy for central banks and other institutions that believe they can survive the war or at least secretly negotiate their terms of surrender.


the gold bugs don't ever stop and think about the fact that many people and groups cannot be bought off. not with fiat, and not with gold. because in the valley of war and tragedy, many groups work only for those whose values and long term behavior are humanitarian and trustworthy. and then of course,  there is everyone else. 

maybe i'm getting freaked out that a war with syria and then iran could lead to a war with russia. maybe the u.s. thinks it can take russia. fuck. there are going to be a lot of u.s. casualties, but the u.s. military doesn't necessarily need all those pesky consuming obese americans to be hanging around competing for petroleum rations with other american civilians all of whom will be forced to sacrifice or die for the war effort.

Fri, 11/25/2011 - 10:36 | 1912728 mrgneiss
mrgneiss's picture

............and your point is?

Fri, 11/25/2011 - 10:41 | 1912737 GetZeeGold
GetZeeGold's picture



Not sure he has one.....must be a banker.

Fri, 11/25/2011 - 12:33 | 1913079 LowProfile
LowProfile's picture

Hahah!  Clearly.  Observe:

"as the world gets more complex and people are forced to take sides, just as with fiat, many people and nations might be unwilling to accept gold as persuasion ( payment ) for contributing goods and services to the gold owners war effort."



Fri, 11/25/2011 - 10:40 | 1912735 monkeys.pick.bottoms
monkeys.pick.bottoms's picture

Take heart. We're all too poor for a war. Either through inflation or gold revaluation (or both) we will become even poorer. There's no space for war between the Big Ones.

Fri, 11/25/2011 - 10:57 | 1912787 Vlad Tepid
Vlad Tepid's picture

That's what everyone though in August 1914...but they had all these shiny new weapons that they'd just bought on credit and it would have been a shame to let them all rust.

Fri, 11/25/2011 - 10:31 | 1912722 Azannoth
Azannoth's picture

The Reserve status of the USD is the only thing that keeps the USA's 'superpower' status and the only barganing chip on the table except for the threat of a full nuclear war

Fri, 11/25/2011 - 10:36 | 1912729 MFL8240
MFL8240's picture

We are wittnessing something much greater than the default of the Eurozone.  We are wittnessing the laws of economics that have prevailed for 5000 years be rewritten by Bernanke and his clown show as they have suceeded in convincing the US sheep that printing money out of thin air has more value than Gold.  What an amazing man, so he was right, gold is not money rather printed fiat dollars are money and Gold is trash. 

Fri, 11/25/2011 - 10:59 | 1912793 Vlad Tepid
Vlad Tepid's picture

Bernanke is re-writing the laws of economics like Greg Louganis re-wrote the laws of physics.  Time and gravity, good sir...time and gravity.

Fri, 11/25/2011 - 10:39 | 1912733 Scalaris
Scalaris's picture


Not entirely pertinent with the abovementioned article but, the six Russian warships that entered Syrian waters last weeks were carrying technical experts to help set up a S-300 missile defense system shield, sold to them by Moscow, Damascus has received in recent weeks, a report in the London-based Arabic language Al Quds-Al Arabi. The long range surface-to-air missiles S-300 missiles, will be used to “deflect a possible attack by NATO or the U.S. and EU,” according to the Al Quds-Al Arabi report. 

The report also says that, along with the missiles, Russia has installed advanced radar systems in all key Syrian military and industrial installations. The radar system also covers areas north and south of Syria, where it will be able to detect movement of troops or aircraft towards the Syrian border. The radar targets include much of Israel, as well as the Incirlik military base in Turkey, which is used by NATO.

Also, French foreign minister Alain Juppé yesterday assured Syrian opposition forces that NATO powers are planning to launch a military intervention by imposing “humanitarian corridors or humanitarian zones” in the name of protecting civilians from the alleged abuses of the al-Assad regime, a scenario with an increasing likelihood, given the fact that the aircraft carrier George H.W. Bush has been moved to the Syrian coast.

Sources: &


Fri, 11/25/2011 - 11:24 | 1912780 cowdiddly
cowdiddly's picture

and you notice last week it was all Americans leave Syria in 24  hrs. and now ....MSM crickets chirping

Looks like the Komandant called the Jive turkey's bluff ... what a pussy.

Fri, 11/25/2011 - 10:56 | 1912782 jesusonline
jesusonline's picture

Sources: & and "Al Quds-Al Arabi"...

Now that's some sources to bang them war drums.

Fri, 11/25/2011 - 10:57 | 1912784 Ignorance is bliss
Ignorance is bliss's picture

Looks like the line in the sand has been drawn and the theater of operations have been set. Let the Proxy wars begin. Russia and China support Syria vs. U.S. and NATO supported Israel. Wow...the outcome could determine the balance of power within the World for the next 20 years.

Fri, 11/25/2011 - 14:47 | 1913519 Cathartes Aura
Cathartes Aura's picture

so says Alex & the Israel National news. . .

Sources: &

may or may not be "true" but I'd rather get a few more sources than believe "news" from Israel at this stage.

Fri, 11/25/2011 - 10:47 | 1912755 Bahamas
Bahamas's picture


WAITRESS: " MR Putin, what can I get you"?

Putin : " a stake, please".

waitress " and for the vegetable"?

Putin" the vegetable will have a stake too".

May be it is old but I always love this joke.

Fri, 11/25/2011 - 12:21 | 1913049 CharlieSDT
CharlieSDT's picture


Fri, 11/25/2011 - 16:51 | 1913865 Rakshas
Rakshas's picture

LOL,  always appreciate a good walking organ donor joke.... if they weren't so fat and full of shit there's a good supply in DC as well....

Fri, 11/25/2011 - 10:51 | 1912766 aleph0
aleph0's picture



Thus, Russia’s purchase of 19.5 tonnes is valued at a tiny $1.05 billion.

Agree 100%


What's a Billion$ these days ? .... NOTHING !

20 Tons of Gold for  ONLY  $1 Bio. ?   ... what a deal !




Fri, 11/25/2011 - 10:54 | 1912777 e2thex
e2thex's picture

It's safe to say that 90% of the posters here own gold, are over age fifty, and have never been to Russian , Colombia, China or the other 'stans.["What's he sayin?"]

What happens when closed societies accumulate Gold? This isn't a trick question. Maybe one of the gold essayists here will chew on that for awhile. Emotional answers need not apply. Again: What happens? You own it. You're a pro. What happens?


Fri, 11/25/2011 - 11:08 | 1912800 cowdiddly
cowdiddly's picture

It's safe to say 90% of the posters here own gold, are over age fifty, and have never been to Russian , Colombia, China or the other 'stans.

Wow, You are good, All that info detected from a few characters in New times Roman.

OK Ill bite "what happens" in your so called closed societys there Ezekial?

Fri, 11/25/2011 - 11:17 | 1912836 thunderchief
thunderchief's picture

You're 15% correct.

I do own gold. 

So I give you an F, as in Flunk, Failure, and Fuckup.


Fri, 11/25/2011 - 11:35 | 1912876 cowdiddly
cowdiddly's picture

The first line was a paste from the quote above, sorry I forgot quotation marks. But thats ok you too are 15% right, I am a Fuckup.

Fri, 11/25/2011 - 11:42 | 1912920 e2thex
e2thex's picture

You gave me an emotional answer, thunderchief. I owned Gold before you were born.

One more time: What happens?

Fri, 11/25/2011 - 12:29 | 1913070 LowProfile
LowProfile's picture

As long as you choose to be opaque, I choose to not give a fuck.

Fri, 11/25/2011 - 12:41 | 1913099 e2thex
e2thex's picture

Opaque? I'm burnt orange. 

What happens?

Fri, 11/25/2011 - 11:57 | 1912967 prole
prole's picture

He got three out of six right on me. But let us answer his question: "What happens when closed society accumulates gold?" Answer: Once they accumulate the gold they make the rules.

There is no 'closed society' WRT gold that I know of.

Fri, 11/25/2011 - 12:27 | 1913068 e2thex
e2thex's picture


"Once they accumulate the gold they make the rules.

There is no 'closed society' WRT gold that I know of."

So then there is Yogi Berra's observation:

"In theory, theory and practice work. In practice they do not."  The question that i posed, Prole, now morphs into another question.

Fri, 11/25/2011 - 11:59 | 1912971 e2thex
e2thex's picture


What happens?  You own it.


Fri, 11/25/2011 - 12:26 | 1913063 cowdiddly
cowdiddly's picture

Thanks for the clarification. I hate riddles.

Fri, 11/25/2011 - 12:32 | 1913075 e2thex
e2thex's picture


You did not understand my response. Since you personally own it, I want to know: What happens?

There's no riddle here. 

Fri, 11/25/2011 - 11:06 | 1912809 Vlad Tepid
Vlad Tepid's picture

No, no...and no.  Wow, wrong about me on all three counts out the gate.  Then some gobbledy-gook rhetorical Ouroboros...  Come again - Do you have something against gold ownership?

Fri, 11/25/2011 - 14:17 | 1912947 e2thex
e2thex's picture

Vlad Tepid:

What happens? We're two hundred essays down.

What happens?  Two hundred observations and no accompaning explanations.

What happens?

Fri, 11/25/2011 - 14:51 | 1913541 Cathartes Aura
Cathartes Aura's picture

how 'bout a few neutron bombs liquidate the breathers & masked goons eventually arrive with metal detectors to clean up the mess?

Fri, 11/25/2011 - 17:28 | 1913932 e2thex
e2thex's picture

An x-file episode if you will.  The man on the knoll wants your gold. He's chain-smoking camel cigarettes before filters.

If we're going to run down this road I need a bag a bag of popcorn.

What happens?


Fri, 11/25/2011 - 14:49 | 1913525 thefatasswilly
thefatasswilly's picture

What happens?

Mandatory confiscation of said gold by government agencies such as the Pentagon, with commando squads of 10-15 intelligent goons if necessary.

Gold is power during times of peace. Destructive potential is power during times of war.

Fri, 11/25/2011 - 17:31 | 1913939 e2thex
e2thex's picture

Fuck. Let me get two bags of popcorn.

What is Putin doing with his bars of gold?

What happens?

Fri, 11/25/2011 - 10:57 | 1912785 Bansters-in-my-...
Bansters-in-my- feces's picture

Gold is being "managed" by the FuckingPig-Dog Manipulators.

And the funny thing is ,is that very very few people even know gold exist,other that for JEWelry,like they have been so sheepishly convinced,by the Central Bankster ,who by the way has plenty(SUPPOSEDLY) of this so called JEWelry in his/her vault.

They (cental banksters) are very lucky the sheeple like to wear thier MONEY on their fingers ,necks and ears......

You' all been hood winked.....

Fri, 11/25/2011 - 10:57 | 1912788 chances
chances's picture

gold, the best hedge against government stupidity.

Fri, 11/25/2011 - 11:00 | 1912795 ns_solanki
ns_solanki's picture

Some facts:

1. After Oil, Gold is the largest commodity which contributes to the import bill of India (consumer demand).

2. India's annual Gold imports ranges around 750 tons to 1100 tons. In 2011 India imported about 753 tons of Gold from Jan-Sep and is expected to reach 1043 tons by end of the year.

3. If you add historical data, then Indian consumers/population have already consumed/or have almost anywhere around 8000 to 9000 tons of physical Gold.

Fri, 11/25/2011 - 11:04 | 1912802 Bansters-in-my-...
Bansters-in-my- feces's picture

Benny,Tim .and Allan,must be seeing red,and their lips are quivering with anger.

Fuck Yous NYFR & company.

Fri, 11/25/2011 - 11:05 | 1912806 holycrooks
holycrooks's picture

These bars are made in China.

Fri, 11/25/2011 - 11:05 | 1912808 weyes1
weyes1's picture

And here in Canada, Carney scoffs at the notion of gold, preferring instead the feel of American paper in his hands.  Goes well with bombing Libya, sanctioning Iran, punishing the Palestinians, embracing the Israelis and our government's generally untarnished lovefest with the Yanks.  I thought we were pretty safe up here, but I'm starting to have my doubts.

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