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Russia Lifts Gold Reserves in Drift Away from US Greenback

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posted on Jan, 30 2011 @ 04:56 PM
Not that this is news to anyone, but the article does give some figures that the members might be interested in..

I chuckled at the minijab at the UK and their selloff in 1999 and the "what could have been" factor that hindsight gives.


RUSSIA led the gold bugs last year as it invested $US5.8 billion ($5.83bn) in bullion to diversify its reserves away from the US greenback.

According to figures from the World Gold Council, Russia bought 135.3 tonnes during 2010 at an average price of $US1224 an ounce.

The purchase lifted Russia from 10th to eighth on the list of central bank gold holdings with 784.1t, surpassing Japan and the Netherlands. Saudi Arabia said that its gold reserves had increased by 180t, worth $US7.7bn, to 322.9t, but this is thought to have been a historic purchase that had not been publicised.

posted on Jan, 30 2011 @ 05:11 PM
gold reserves mean nothing. russia has 784 tons, there are 32 000 ounces in a ton. if you do the math, 784 x 32,000 ounces = 25,088,000 ounces. at 1224 an ounce, the total value of russias gold is 30,707,712,000 dollars.

so basically what this is telling me is that, bill gates worth 48 billion dollars, can buy russias entire gold and still have 18 billion dollars to spare. one american private individual has more wealth in reserve than an entire country of 300 million people.

if you are a nation, and your only back up can be bought out by one individual then you are in big trouble.

the numbers are mind boggling and just shows how much wealth and power the elite have hoarded. they are the major cause of poverty and hunger.

people like warren buffet don't play the markets, they own and control it.

posted on Jan, 30 2011 @ 08:24 PM
After decades of "managing" the market price of Gold via large, unpredictable sales, it's no coincidence that the "bottom" happened to coincide with the signing of the 1st Central Bank Gold agreement in 1999, limiting sovereign Gold sales to 400 tonnes per year for a period of 5 years. What's even more significant is that the CBGA was abandoned altogether last year with CB sales failing to reach the allotted quota. This event marked a major sea-change in the Gold market, with central banks actually becoming net buyers as opposed traditional to net sellers.

I would argue that this trend reversal by CB's is far more important than the amounts of Gold currently held in reserve. Listen closely and you can hear central banks whispering a vote of no-confidence in fiat currencies. It takes time, skill, and patience to accumulate any asset class in quantity without negatively affecting price and equilibrium. No hurry, because contrary to popular opinion, this market has a ways to run imo.

Originally posted by JacKatMtn
I chuckled at the minijab at the UK and their selloff in 1999 and the "what could have been" factor that hindsight gives.

Well phrased Jack, especially when you consider that Gordon' infamous give-away is lovingly referred to as Brown's Bottom

Plenty of evidence that this counter-intuitive sale was in reality, a stealth bailout of two notorious financial institutions.

The manner in which the sale was conducted, and the speed at which it was undertaken, without consultation of the Bank of England, made many of the City of London's financiers a bit uneasy. The sale as bailout was given impetus by this revelation which surfaced some years later.

"In front of 3 witnesses, Bank of England Governor Eddie George spoke to Nicholas J. Morrell (CEO of Lonmin Plc) after the Washington Agreement gold price explosion in Sept/Oct 1999. Mr. George said "We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake.

Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K." - Full Text

posted on Feb, 1 2011 @ 12:23 PM
Coincidence ?


Barrick CFO reads ATS ?

Barrick CFO: Central Banks May Shift More Reserves Into Gold

TORONTO—The world's biggest gold producer expects central banks will likely shift more of their monetary reserves into gold this year, as they worry about soaring stockpiles of U.S. dollars.

Jamie Sokalsky, chief financial officer of Canada's Barrick Gold Corp., said there has been a "sea change'' in the past year, with central banks that had stocked up on U.S. dollars starting to buy more gold to diversify their holdings. Many forecasters say that trend will continue this year, since global currency reserves are approaching the $10 trillion mark—the bulk of it in U.S. dollars— even as a faltering economy and climbing debt load look set to depress the value of those dollars, said Mr. Sokalsky, in an interview with The Wall Street Journal. - Full Text

The Electric Kool-Aid Acid Test

The odds favor coincidence. Despite splashes of public rhetoric to the contrary, it's well established the US wants [needs] a weak dollar. With the tsunami of electrons emanating from the Fed print shop, and Gold under accumulation by world central banks.......a weak dollar they will get.

Small consolation to the citizens of nations like Egypt where the spike in dollar denominated commodities hits hardest.

Let them eat cake ?

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