Posted on 07/24/2019 2:12:44 PM PDT by NRx
(Kitco News) - Russia’s gold reserves topped the $100 billion mark in July as gold prices rose and the country’s central bank continued to buy the yellow metal, according to the bank’s latest press release.
The Russian central bank bought another 597,000 ounces or 18.67 tonnes of gold in June, which put the total gold holdings at 2,208 tonnes as of July 1 ?r $100.3 billion, the Russian central bank said in the latest data release.
At the time of writing, August Comex gold futures were trading at $1,417.10, down 0.69% on the day.
Moscow has been actively buying up gold this year, adding more than 96 tonnes since the beginning of 2019.
A gold backed ruble?
Just as a matter of curiosity, how much does the U.S. have in Fort Knox...?
Not for a while. IMF regulations prohibit gold based currencies. But it never hurts a currency’s reputation if its known that central bank has a large gold reserve.
About twice as much.
They aren’t stockpiling bitcoin?
“As of 28 June 2019, Fort Knox holds 147.34 million troy ounces (4,583 metric tons) of gold reserves with a market value of US $208.2 billion. This represents 56.35% of the gold reserves of the United States.”
Source- Wikipedia
https://en.wikipedia.org/wiki/United_States_Bullion_Depository#Current_holdings
As of 28 June 2019, Fort Knox holds 147.34 million troy ounces (4,583 metric tons) of gold reserves with a market value of US $208.2 billion. This represents 56.35% of the gold reserves of the United States. As of 2017, the U.S. gold reserves of 8,133.5 metric tons was nearly as much as the next three countries combined. The next highest holdings were Germany’s, whose gold reserves were 3,371.0 metric tons.
I was wondering precisely why the price of gold has gone up so fast recently. Perhaps this explains a bit.
200 billion dollars is nothing.
They’d go through that in a minute.
However, it’s 56% of US gold reserves.
That suggests gold is seriously undervalued???
Do they take physical possession of the gold or is it on paper, stored elsewhere and by whom?
Some prominent Wall Street investors have been warning that with the US debt set to explode... yet again... and with the Federal Reserve under pressure from the White House to print more money and keep interest rates low, that gold is a desirable hedge against currency debasement and possible inflation.
[The Russian central bank bought another 597,000 ounces or 18.67 tonnes of gold in June, which put the total gold holdings at 2,208 tonnes ]
Interesting, according to Stabby the Clown Glenn Beck, “Spooky Dude” has 11 tons of gold, so you should buy some from Goldline and mention “Glenn Beck”.
Been awhile since I heard the commercial but I think that’s what it was.
I would assume the Russians take physical delivery.
After Barky? And the pallets of cash and gold bars to Iran?
No one has seen it since the 1990’s or so.
Probably a few guards who’ve peeked. But they are not talking.
So maybe a month or two worth of government spending.
Not really. The dollar has been inflated.
Gold, if it reverted to its old standards would be about $10-15k overnight.
The last physical audit was in 1954, they had some kind of dog and pony show in the early 1970s and opened one or two of the vaults, and that’s about as far as it goes.
I’d like for the to prove that.
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