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.
I think the adage is, “If it’s only going up because you are the one buying it, it doesn’t really count.”
Probably sub the job out to Auric Goldfinger.
Too bad Ft. Knox is empty.
Do you follow gold charts?? It’s been going up for years and has been at highs for almost 2 decades.
The adage is “if you don’t know much about a subject, safer to not comment and let people THINK you don’t know about it instead of commenting and...” :)
I’m new to the investment in gold game - but looking for places to make my money grow - other than the crap shoot of the stock market - I’ve started buying U.S. Mint “Fine” gold coins as protection against a “rainy day.”
Yes, I know the “doom and gloom” crowd is saying the Deep State dominated FED will raise interest rates in 2020 and thus end Trump’s hope of reelection in a repeat of what they did in 2008 to tank McCain’s presidential hopes....however, it would appear Trump is watching The Fed with an eagle eye and won’t let that happen.
Anyhow, “QUE SERA SERA” - One set of economists say its endville for the current world economic system and the way to go is physical gold, while other economists say not to worry The Fed is in good shape and CB global system will last for decades to come. Whatever.
I figure its win-win for me. If the economy goes west and gold increases in value a thousand percent - I’ll make out like a fat rat.
If on the other hand, gold prices increase by just a few percentage points a year at the end of five or ten years I’m still ahead.
“It means NOTHING, until the currency can be exchanged for gold”
Agreed.
Gold is nice to look at and discuss in macro terms, but , . .
Cant eat it. If you need gas to bug out, few would take it in trade. When needed, bullets are worth more.
According to the goldbugs, yes. It is undervalued.
If you’re trying to get out of town: silver coins would be the common medium of exchange for gas, food, etc.
If you’re trying to get across the country: a gold coin carries the day in a pinch for a car, bribe, etc.
If you’re trying to get to Switzerland: carry diamonds.
Looks like it’s been trading sideways for the last 5 years and down a good 25% from the peak.
It blasted from its previous highs and from its low it’s up 40 percent.
i’d quit on reading charts also :)
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