stocks et réserves d'or de la banque centrale russe, et or prété, la vérité commence à se faire jour ..
Comme vous le savez , les Banques centrales occidentales ne différencient pas dans le compte de leurs réserves d'or
- l'or réellement détenu en coffre
- et celui qu'elles ont prété ..
d'où les différences très notables d'estimation des dites réserves d'or .. c'est le moins qu'on puisse dire ;-))
la
banque centrale russe est la première à lacher le morceau... et ce n'est pas un hasard.
75% de ses réserves d'or sont prétéesà qui le tour
?
********************source midas
________________________
on comprend mieux la fureur de Poutine , qui a du découvrir le pot au rose bien aprés ..
I spoke with Frank Veneroso about the Russians/gold yesterday. He agreed that if the Russians are buying it would not show up in their official stats for a long time.
Ah, now here is some fantastic sleuth work from GATA’s James Turk:
Bill
The following news article about Russia's gold reserves contains some very interesting information about the status of those reserves.
http://en.rian.ru/russia/20051128/42241821.html"Ignatyev said the central bank's gold reserves had not increased in the past six years and now totaled around 500 tons (17.64 million ounces) of gold in reserves, which it segregates as monetary gold, allocated gold, and term deposits worth some $6 billion."
Note the three ways their gold is being used, and therefore the three ways in which it is being accounted for. "Monetary gold" means gold coins they have in their vault. "Allocated gold" means gold bars they have stored in vaults, whether in Russia or other countries. The revealing information is their "term deposits", which means gold that they have deposited with banks in order to earn interest -- this is what the market calls "leased gold".
So it looks like the gold cartel has done a helluva job on the Russians. That $6 billion of gold on term deposits is 377 tonnes, so 75% of Russia's gold has been lent out. They are in the same position as other central banks that have lent their gold. No wonder Putin wants to increase their gold holdings. He was probably fuming when he found out what their central bank had done.
It is curious to speculate about the recent chain of events. I wonder if it went something like this? Putin's advisor attends GATA's conference in Dawson City. He then advises Putin what GATA knows about central bank lending that is being done to keep the gold price suppressed. Putin then asks for a report from the Russian central bank about the status of their reserves. He then learns that the Russian central bank has loaned 75% of its gold reserves in order to earn maybe 12 basis points per annum, thereby
1) putting $6 billion of gold at risk in order to earn a relatively insignificant $7.2 million per annum.
2) helping to depress the price of gold, hurting the domestic Russian gold industry, which remains one of the world's largest gold producing countries.
Thereafter Putin becomes very vocal about gold in general and Russia increasing its gold reserves in particular. It is a very interesting speculation to wonder whether my guess about the recent chain of events is accurate.
I also wonder if the Russians are now worried about whether they will ever get their 377 tonnes returned to them.
Remember when Drexel Burnham went under? The Portuguese central bank lost the 32 tonnes of gold they had loaned to Drexel. I wonder whose credit worthiness the Russians have accepted? In other words, with whom did they deposit their 377 tonnes of gold?
At the moment, there are more questions than answers, and who knows whether my speculations about recent events in Russia are accurate or not. But regardless, we do not have to speculate about what the gold market is telling us right now with the rising price of gold -- it is telling us that the gold price suppression scheme is unravelling. GATA has shined the light on central bank vaults, and their vaults contain only half the gold that they report having -- this Russian news article is further evidence of that reality. And the gold market is now adjusting to that reality as more and more people learn about the gold price suppression scheme.
Do you have the GATA stretcher ready to carry the gold cartel out of the game? I think we'll need it by the time of Joe Martin's upcoming conference in Vancouver on Jan 22-23.
Regards
James
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