Russian Central Bank Buys Large 18.7 Tons Of Gold In January As Venezuela Launches ‘Petro Gold’

Russian Central Bank Buys Large 18.7 Tons Of Gold In January As Venezuela Launches ‘Petro Gold’ 

- Russian central bank buys gold - large 600,000 ounces or 18.7 tons of gold in January
- Russia increased its holdings to 1,857 tons, topping the People’s Bank of China’s 'reported' 1,843 tons
- Russia surpasses China as 6th largest holder of gold reserves - after U.S., Germany, IMF, Italy and France

- Turkish central bank added 205 tons "over 13 consecutive months” - Commerzbank
- Meanwhile, Russian ally Venezuela is launching a new gold-backed cryptocurrency next week

Russia has overtaken China as the fifth-biggest sovereign holder of gold, allowing it to diversify its foreign currency holdings amid a deepening rift with the US, Bloomberg News' Eddie van der Walt reported overnight.

The Bank of Russia increased its holdings in January by almost 20 metric tons to 1,857 tons, topping the People’s Bank of China’s reported 1,843 tons. While Russia has increased its holdings every month since March 2015, China last reported buying gold in October 2016. The U.S. is still the largest owner of gold, with 8,134 tons, much of it stored in Fort Knox.

Russia’s central bank continues to add gold to reserves while the People’s Bank of China remains on hold, pointed out Commerzbank.

Analysts cited news that the Russian central bank bought 600,000 ounces, or 18.7 tons, of gold in January as it continued to diversify its reserves. Analysts cite IMF data showing that Turkey also bought large quantities of gold in January at 560,000 ounces or 17.4 tons.

“Thus the Turkish central bank has topped up its gold reserves by a total of 205 tonnes over 13 consecutive months,” Commerzbank added.

Kazakhstan continues to buy gold in small quantities, as it has been doing steadily for years.

This goes some way to plugging the gap left by the Chinese central bank. The PBOC, meanwhile, has not reported the purchase of gold for 15 months in a row.

Venezuelan President Nicolas Maduro said yesterday that his government was preparing to launch a new gold-backed cryptocurrency token next week as reported by Reuters.

Venezuela is preparing a new cryptocurrency called “petro gold” that will be backed by precious metals, Maduro said yesterday, a day after launching an oil-backed token.

"I don’t want to get ahead of things, but we have prepared a surprise, a gold-backed ‘petro,’ which will have the same parameters as the oil-backed ‘petro.’ This topic will be raised next week," Maduro said.

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News and Commentary

Stocks Turn Lower, Dollar Rises After Fed Minutes (Bloomberg.com)

Venezuela’s Maduro Announces Another Cryptocurrency, Now Gold-Backed (SputnikNews.com)

Gold prices flat, U.S. interest rate outlook weighs (Reuters.com)

FDIC sues 16 banks alleging LIBOR manipulation in Doral Bank collapse (Reuters.com)

U.K. Economic Growth Revised Down as Consumers Hit by Inflation (Bloomberg.com)


Source: Bloomberg

Ireland - Worst Property Crisis in Western Europe Is Still Affecting Business (Bloomberg.com)

This Is Where The Next US Debt Crisis Is Hiding (ZeroHedge.com)

South Africa's Brand New President Wants To Confiscate Land From White Farmers (ZeroHedge.com)

Meet the Italian government’s Orwellian new automated tax snitch (SovereignMan.com)

City should fear Corbyn much more than Brexit (CityAM.com)

Gold Prices (LBMA AM)

20 Feb: USD 1,337.40, GBP 955.97 & EUR 1,083.83 per ounce
19 Feb: USD 1,347.40, GBP 961.10 & EUR 1,085.47 per ounce
16 Feb: USD 1,358.60, GBP 964.61 & EUR 1,086.47 per ounce
15 Feb: USD 1,353.70, GBP 962.21 & EUR 1,084.45 per ounce
14 Feb: USD 1,330.75, GBP 959.74 & EUR 1,077.77 per ounce
13 Feb: USD 1,329.40, GBP 955.04 & EUR 1,077.61 per ounce
12 Feb: USD 1,321.70, GBP 955.19 & EUR 1,077.45 per ounce

Silver Prices (LBMA)

20 Feb: USD 16.57, GBP 11.85 & EUR 13.42 per ounce
19 Feb: USD 16.72, GBP 11.92 & EUR 13.46 per ounce
16 Feb: USD 16.84, GBP 11.97 & EUR 13.49 per ounce
15 Feb: USD 16.83, GBP 11.98 & EUR 13.49 per ounce
14 Feb: USD 16.58, GBP 11.97 & EUR 13.43 per ounce
13 Feb: USD 16.61, GBP 11.94 & EUR 13.46 per ounce
12 Feb: USD 16.43, GBP 11.86 & EUR 13.39 per ounce


Recent Market Updates

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- Brexit Risks Increase – London Property Market and Pound Vulnerable
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- Crypto Currency Backlash Sees Flight From Cryptos and Bitcoin
- Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%

Comments

agNau eclectic syncretist Thu, 02/22/2018 - 10:04 Permalink

The idea is you would have to have UNENCUMBERED gold to play in their casino. Gold notes would be the "currency".
Trade involving gold notes and not federal reserve notes (that are trash and unbacked by anything short of the US military).
Military action and what's left of currency manipulation are all that's left of the US dollar.
We import too much to survive this change.

In reply to by eclectic syncretist

ProsperD9 Lost in Japan Thu, 02/22/2018 - 13:23 Permalink

You can receive whatever currency is being used when traded for gold. As the monetary system is changing anywhere in the world you can go and trade your gold for that currency. You will need some type of trade to purchase products to make your crops grow. You will need an expert to come in to make sure the water is flowing properly if you have a well...if there is no currency, they will take gold. Gold has been the standard for 1000s of years and regardless what is happening in the financial markets. gold will always be accepted. 

In reply to by Lost in Japan

Dickweed Wang Lost in Japan Thu, 02/22/2018 - 16:36 Permalink

I fail to see how gold is that important . . . 

 

I guess you missed economics .01, eh?  Gold is one of the only world-wide recognized stores of value and it has been for what . . . 4,000 years??  To answer your question though is that gold facilitates trade (not barter) when the shit goes haywire and nobody will settle debts using dollars, yen, EU's, yuan or whatever.  The reason that crypto's don't (and won't for a long time) take the place of gold in that role is the 3,990 years of proven use between the two. That day may come but not for a long time.

In reply to by Lost in Japan

jmack Thu, 02/22/2018 - 08:08 Permalink

globalism is dead,  countries domesticating large gold reserves is a key sign of coming fracturing of the current monetary system, and could quite possibly presage world war, or at least widespread regional conflicts.

silverer Thu, 02/22/2018 - 08:27 Permalink

I get the feeling Russia doesn't want to be on the hook for big losses, but is willing to lend some ideas to Venezuela to try to keep them afloat. Russia is piling up gold, because they will have a currency that's backed, like the US in the good old days. Any asset backed currency would be better than unicorn backed currency.

KansasCrude Thu, 02/22/2018 - 09:02 Permalink

Hmm didn't the former bus driver Maduro confiscate the private gold in Vennie land?  Me smellist a skunk.  Now he wants to back his his crypto currency with gold.... How could anyone trust him?

Yukon Cornholius KansasCrude Thu, 02/22/2018 - 15:47 Permalink

Nothing new about that. The Rothschilds paid fake Germans to hire real Germans to march through Europe and collect all the gold. The national treasures of Austria, Czechoslovakia, Belgium, the Netherlands, etc were rounded up and sent to the BIS, the BoE and other Zionist Anglo-American entities. How much ended up on the eastern Mediterranean after the war?

In reply to by KansasCrude

JTBfromtheWL Thu, 02/22/2018 - 10:35 Permalink

If you can't redeem real gold with it, it's not worth anything. If you can redeem gold with it, I'm sure there are bankers around the world waiting to take all them cryptoz and re-appropriate the phyz.

In all seriousness, I've been saying the GVT. gold back blockchain is coming. The non-redeemable version CAN work, if you trust the government not to inflate. The redeemable version works better however, for accountability reasons. People would use the blockchain because spending gold on blockchain would be more efficient than trading coins, which would never happen. Then, they can track every transaction, paper abandoned. And anyone redeeming too much gold would shoot themselves in the head with a nailgun. I just don't think Venezuela is going to pull it off very eloquently.

Easyp Thu, 02/22/2018 - 11:53 Permalink

So with all that buying Gold is way, way up? 

Because I just checked my Blackrock Gold Fund and I am down about 10% so wtf?  Oh and my individuals shares in silver miners also down over the past 12 months.

cheech_wizard Thu, 02/22/2018 - 14:08 Permalink

What the ever-loving fuck?

https://tradingeconomics.com/venezuela/gold-reserves

Do I believe the above numbers?

"Venezuelan President Nicolas Maduro said yesterday that his government was preparing to launch a new gold-backed cryptocurrency token"

As for their oil based cryptocurrency...(they should have gotten CNN to try to sell that line of crap)

https://arstechnica.com/tech-policy/2018/02/venezuela-says-its-cryptocu…
https://www.coindesk.com/venezuela-claims-735-million-raised-first-cryp…

Standard Disclaimer: Head full of cold medicine forced me to reread the article, and edit heavily. but I'm done now. Can't wait to have to debug my current coding project, who knows what the fuck I've been writing today.

snblitz Thu, 02/22/2018 - 15:39 Permalink

Gold & Silver have done a pretty good job of maintaining their value (trade-ability) over 5000 years.  Has anything else done that?

Maybe pretty stones?

Maestro Maestro Thu, 02/22/2018 - 16:28 Permalink

ALL LIES!

 

The Russian central bank belongs to the City of London bankers, consequently all its gold does, too.

 

That gold bar Putin is holding doesn't belong to the Russians.  Putin is just a little rat who works for the bankers:

http://www.pravdareport.com/russia/economics/30-12-2014/129431-usa_russ…

http://anonhq.com/checkmate-central-bank-russia/

Same story with Turkey.  Turkey has been founded, and is still controlled, by crypto-Jews.  

 

Just last week, the opposition CHP leader Kilicdaroglu accused President Erdogan of covertly working for the bankers against the best interests of the Turkish people.  With the emergency powers that Erdogan gave himself, he could peg interest rates in Turkey to zero whenever he wants.  

 

Erdogan never dared to confront the bankers though, although he openly accused the bankers of exploiting the Turkish people by charging them high interest rates against Erdogan's will.

 

Erdogan imprisoned tens of thousands of Turks without trial or even an indictment simply by issuing executive orders (called KHKs in Turkey).  He used executive orders to do anything that he wanted.  But he never dared to lower interest rates in Turkey with an executive order which he could with the stroke of a pen.

 

Neither the Turkish central bank nor its gold belong to the Turkish people.  Even the Turks who literally think that Turks are God's shadow on earth do not know who owns the Turkish central bank and issues the Turkish Lira.  

 

The Turks do not know that they've been working and fighting for the last hundred years for the Rothschild Lira.

 

The Talmudic Jews won.

 

 

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Silver Savior Thu, 02/22/2018 - 20:52 Permalink

You guys who throw gold in the backseat or trunk need to realize that there is more to this stuff than you really know. 

How can it's role be discounted in thought? Now that I understand gold and silver it's evident that they are mountain movers. 

(And literally they are because people move a fucking mountain to get to them.) 

 

You guys can marry your federal reserve notes as much as you want but I want to be the one in bed with the central banks.