The latest research from the World Gold Council reveals that the Kremlin snapped up 55 tonnes of the precious metal – far more than any other nation – in the three months to the end of September as prices began to weaken.
Vladimir Putin’s government is understood to be hoarding vast quantities of gold, having tripled stocks to around 1,150 tonnes in the last decade. These reserves could provide the Kremlin with vital firepower to try and offset the sharp declines in the rouble.
Russia’s currency has come under intense pressure since US and European sanctions and falling oil prices started to hurt the economy. Revenues from the sale of oil and gas account for about 45pc of the Russian government’s budget receipts.
The biggest buyers of gold after Russia are other countries from the Commonwealth of Independent States, led by Kazakhstan and Azerbaijan.
In total, central banks around the world bought 93 tonnes of Full Article Here
The Chinese state could be behind a surge in bullion imports that will see China overtake India as the world’s largest consumer of gold, according to one of the sector’s most influential investors.
Evy Hambro, chief investment officer of BlackRock’s Natural Resources Equity team, said the investment community had been surprised by the amount of gold flowing into China given its position as the world’s biggest gold producer.
“The total amount of gold being consumed in China is a gigantic quantum and you have to wonder where that gold is going,” he said in an interview with the Financial Times. “Is it going on to wrists, ears and necks or is it going into state reserves?”
The People’s Bank of China has not provided an update on its bullion reserves since 2009, when it reported a holding of 1,054 tonnes. But the suspicion among some analysts is that China’s central bank has purchased up to 300 tonnes of gold this year.
If there was “clarity” on imports, Mr Hambro said it could provide a prop for the gold price, which has fallen sharply this year.
“I think we will need some clarity and that will really set the tone for gold in China in 2014,” he said. ”If it does start to show that some of it has gone into state hands that will be very supportive for the gold market.”
Bullion has lost more than a quarter of its value this year, falling from
On Thursday, gold (NYSEARCA:GLD) futures for December — the most active contract — jumped $27.50 to close at $1,360.90 per ounce, while silver (NYSEARCA:SLV) futures for September soared $1.15 to finish at $22.94.
Both precious metals climbed significantly higher despite jobless claims reaching pre-recession levels. The Department of Labor on Thursday reported that new claims fell 15,000 from the previous week’s revised figure of 335,000. This report painted a slightly better picture of the labor market.
“The data continues to improve and impress the marketplace, and I think the data will continue in this direction,” Bank of Nova Scotia’s head of treasuries, Charles Comiskey, told Reuters. ”Then the question becomes not whether they are tapering in September, but how much.”
While jobless claims provide the first look at the employment situation for any given month, the weekly figures can Read more…
Will oil soon be traded in a currency that is thousands of years old? What would a “gold for oil” system mean for the petrodollar and the U.S. economy? Are Russia and China hoarding massive amounts of gold because they plan to kill the petrodollar? Since the 1970s, the U.S. dollar has been the currency that the international community has used to trade oil around the globe. This has created an overwhelming demand for U.S. dollars and U.S. debt. But what happens when the rest of the globe starts rejecting the increasingly unstable U.S. dollar and figures out that gold can be used as a currency in international trade? The truth is that it doesn’t take a lot of imagination to figure that out. Demand for the U.S. dollar and U.S. debt would fall off the map and there would be a rush into gold unlike anything we have ever seen before. So are Russia and China accumulating unprecedented amounts of gold right now because they eventually plan to cut the legs out from under the petrodollar and they want to gobble up huge stockpiles of gold before the cat is out of the bag? Of course they will never admit this publicly, but there are Read more…
Last week the Houston City Council passed an ordinance requiring people who sell precious metals to be fingerprinted and photographed.
According to KTRK-TV, the ordinance is “meant to help track down criminals who try to resell stolen valuables. Gold-buying businesses will now be required to photograph and fingerprint sellers as well as photograph the items that are being sold to the dealer.” In other words, citizens who sell gold will be considered criminals until they demonstrate otherwise.
“It’s going to allow us the tools necessary to combat a lot of the high-end jewelry thefts that’s going on in the city, whether it’s robberies or burglaries,” Houston Police Officer Rick Barajas told the news station last Wednesday.
Audi S8s, Shelby Mustangs, BMW M5s, Dodge Chargers and Honda S2000 roadsters are stolen thousands of times a year and yet people who own them are not required by government to be fingerprinted and photographed in Read more…
Today acclaimed money manager Stephen Leeb stunned King World News when he said the Chinese may already have the world’s second largest gold reserves, eclipsing Germany to grab the number two spot. Leeb knows China is incredibly secretive about its insatiable accumulation of gold, and believes they are not fully disclosing their entire gold position to the world at this point. Here is what Leeb had to say: “I’m focused on precious metals and this fascinating battle between the East and the West, Eric, especially China and the United States. There is an economic ‘Battle Royale’ going on right now, and I think the Chinese definitely have the upper hand.”
Stephen Leeb continues:
“They have a stronger economy and a clear plan as to what they want to accomplish. They have a much longer-term perspective, and this spells very, very tough times for the United States.
I wish it weren’t true, and I wish this country would wake up. But everywhere I look right now I see limited Read more…
- The Last, Great Run For The U.S. Dollar, The Death Of The Euro And 74 Trillion In Currency Derivatives At Risk
- Are you ‘over-connected’?
- Earth-directed solar X-flare March 11
- Rate Of Climate Change To Soar By 2020s, With Arctic Warming 1°F Per Decade
- American Millennials Are Some Of The World’s Least Skilled People, Study Finds
- Russia and North Korea forge ‘year of friendship’ pariah alliance
- March 2015
- February 2015
- December 2014
- November 2014
- September 2014
- December 2013
- November 2013
- October 2013
- August 2013
- March 2013
- February 2013
- January 2013
- December 2012
- September 2012
- August 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
Top Posts & Pages
- THE TRUTH BEHIND FRATERNITIES AND SORORITIES
- Sphere Sculptures Across the Globe
- The Coming Four Blood Moons
- Nuclear Targets in America
- A Gigantic Pyramid on Ocean Sea Floor in Bermuda Triangle?
- What Is US Patent 6506148? Electromagnetic Mind Manipulation?
- Russian Threats of Nuclear War Grow Louder
- Nibiru planet X 2012 PROOF of Government conspiracy
- Wikileaks: GMO conspiracy reaches highest levels of US Government
- China warns US to be 'careful' in military refocus on Asia
- 1,173,013 hits