Tag - Central Bank Gold

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Thursday, June 28 2018

Why Russia and Turkey Are Such Gold Bugs

Their moves out of U.S. debt and into the precious metal could be precursors of a bigger global shift.

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Monday, June 4 2018

Gold and the Monetary Blockade on Iran

With Donald Trump close to re-instituting economic sanctions on Iran, it's worth remembering that gold served as a tool for skirting the the last round of Iranian sanctions. If a blockade were to be re-imposed on Iran, might this role be resuscitated?

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Good as gold: Turkey uses bullion to stabilise its economy

Turkey’s economy has been in a tailspin with an inflationary currency, but the country is using something rare to help stabilise itself: gold.

In late 2011, Turkey started to allow commercial banks to use gold instead of the Turkish lira for their required deposits at the central bank. These deposits are known as reserve requirements and help ensure that the banks are capitalised.

Over the past six-or-so years, Turkey’s central bank has accumulated an additional 400 metric tonnes of gold.

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Monday, May 21 2018

Turkey Repatriates All Gold From The US In Attempt To Ditch The Dollar

And now, according to a report by the Swiss Schweiz am Wochenende, the repatriation is complete with the Turkish central bank withdrawing all of its gold reserves from the U.S. due to the "tense political situation." However, in a strange twist, instead of moving the physical gold to Istanbul as the Turkish press reported in April, the Swiss newspaper notes that around 19 tons of Turkish gold is now stored at the Basel-based Bank for International Settlements.

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Monday, April 30 2018

Gold Leaving US Vaults: Signs of Upcoming Currency War and Armed Conflict

The Turkish government has made the decision to repatriate all of its gold reserves that are currently housed in the US Federal Reserve System.

This is a dramatic move reflecting an international trend.

Few people believe the US Treasury’s assurances that the 261 million ounces (roughly 8,100 tonnes) in official gold reserves that are stored in Fort Knox and other places are fully audited and accounted for. The Federal Reserve has never been fully and independently audited. The pressure for a full, independent audit of all US gold reserves has always been resisted by the government and in Congress. Nobody knows if the gold is really there. What if the vaults turn out to be empty? It’s wiser to bring your gold home while you can, rather than to just keep on wondering.

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Wednesday, April 25 2018

Turkey and Russia Highlight Gold’s Role as a Strategically Important Asset

These soundings by Erdogan about international loans denominated in gold, coupled with the context of a ‘diplomatic crisis‘ between Turkey and the USA which precipitated the gold repatriation by Turkey away from the NY Fed, both underscore the extreme importance with which nation states regard physical gold as a strategic metal, and the lengths to which nation states such as Russia and Turkey will go to protect their interests against what they perceive as political risks from storing the yellow metal in locations where it might be seized or commandeered.

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Sunday, April 22 2018

Venezuela's Gold Liquidation Accelerates; Will Be Out Of Gold In One Year

In September 2011, Venezuela had $21.269 billion in gold reserves. After a rash of selling gold in Switzerland to pay bonds maturities and coupons in early 2016 (which we tracked assiduously and reported on in these reports), Venezuela's gold reserves had fallen to $7.7 billion where they held steady until November 2017. But as we reported in October of 2017, there were loans backed by gold that Venezuela had taken out that were coming due. As we reported last month, in the last two months of 2017, Venezuela had lost $1.1 billion in gold and reported that they held $6.6 billion in gold on December 31. In January, Venezuela's gold reserves fell another $500 million.

As of January 31, Venezuela had just $6.1 billion in gold reserves, down another half billion from the $6.6 billion Venezuela reported a month earlier on December 31. In short, Venezuela burned through $1.6 billion of its gold reserves in 3 months, and it is important to note that this fall in gold reserves is without Venezuela paying its bond debts.

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Saturday, April 21 2018

Russia entrusts its gold to no one, has zero bullion in US

"We do not have a gold reserve in the US, we have only Forex (foreign exchange) reserves abroad. No one can lay hands on our gold."

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Turkey’s Central Bank transfers its gold reserves from US to Turkey

Turkey’s Central Bank has transferred its gold reserves stored in the US Federal Reserve System to Turkey, Turkish media reported April 19, citing sources in the government.

The total volume of the gold reserves of Turkey’s Central Bank stored in the US was 220 tons.

Other Turkish banks, Ziraat and Vakifbank, have also started transferring a gold reserve of 95 tons from the US to Turkey.

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Wednesday, April 18 2018

FRB Gold Stocks - US Stocks & Foreign Earmarked Gold

Gold leaving the FRB again..heading back home overseas....

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Turkey withdrew gold from Fed amid crisis

Turkey’s central bank withdrew gold reserves it held at the U.S. Federal Reserve and placed them at the Bank of International Settlements and the Bank of England amid a political crisis with the United States, Hurriyet columnist Uğur Gurses said citing a central bank report.

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Tuesday, April 17 2018

IMF loans should be paid in gold, not dollars - Erdogan

Turkish President Recep Tayyip Erdoğan on Monday suggested that IMF loans should be paid in gold instead of dollars.

“What I’m saying is that these debts should be in gold. Because at this point the karat of gold is unlike anything else. The world is continually putting us under currency pressure with the dollar,” the Turkish president was quoted as saying by business news site patronlardunyasi in a speech in Istanbul. “We need to save states and nations from this currency pressure.”

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Thursday, April 12 2018

Bundesbank Pulls All Stops to Show Germans Their Gold Is Real

If Germans have any doubts about the authenticity of their gold and some of them really do their central bank is doing all it can to qualm their concerns.

Germany’s Bundesbank this week launches a nearly six-month exhibition on gold, which will showcase the most interesting gold bars and coins in the central bank’s collection. That follows its release earlier this month of a book on “The Gold of the Germans”, which “for the first time shows readers the gold bars in such a way as if they were held in their own hands,” according to board member Carl-Ludwig Thiele.

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Wednesday, March 28 2018

Audits Of US Monetary Gold Severely Lack Credibility

According to the United States Treasury its 261 million ounces (± 8,100 tonnes) in official gold reserves are fully audited and accounted for. Because for many decades rumours are making rounds this gold has been covertly sold, in this essay we’ll thoroughly scrutinise the audits – indirectly evaluating the accuracy of the gold claims by the Treasury. What we’ll encounter is a wide range of problems in the audit documentation obtained through Freedom of Information Act requests submitted at the US government.

In conclusion, the audits have been executed with an inadequate degree of integrity.

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Thursday, March 22 2018

Russia's gold reserve

Eye Candy

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Tuesday, March 20 2018

Why the World's Central Banks hold Gold - In their Own Words

In their own words, the reasons central banks hold gold in large quantities are many fold, however there are consistent themes in the central banks’ explanations. Many of the respondents cited gold’s ability to be mobilized in a crisis, that ‘gold holdings can be activated in an emergency’, that gold is an ‘emergency reserve in a crisis’, ‘a contingency against unforeseen events’, a form of ‘insurance’, or as the Bank of England says ‘a war chest’ and the ‘ultimate asset to hold in an emergency’. As such, nearly all central banks referred to gold as a safe haven asset.

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Friday, March 9 2018

Hungarian National Bank Decides to Bring Gold Reserves Back Home

The leadership of the Hungarian National Bank (MNB) has decided to bring back home Hungary’s gold reserves. Up to now, 100,000 ounces (3 tons) of the precious metal were stored in London, which is in total worth some 33 billion forint ($130 million) at current gold prices.

The decision seems to be in line with international trends as storage of gold reserves out of the country is now considered risky by more and more central banks. Austrian, German, and Dutch central banks are among those who have recently decided to repatriate their gold reserves. According to MNB, this may also further strengthen market confidence towards Hungary.

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Monday, February 26 2018

Russia overtakes China in gold reserves race to end US dollar dominance

Russia is now among the top five gold holders after surpassing China, which reportedly holds 1,843 tons. Over the last 15 years, Moscow and Beijing have been aggressively accumulating gold reserves to cut their dependence on the US dollar.

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Thursday, February 1 2018

Russian banks ramping up gold purchases at record pace

Russia is the largest gold buyer in the world, and purchases by Russian banks have increased substantially in recent years.

Last year, Russian banks bought 205.155 tons of gold, which is 4.7 percent more than in 2016 (195.89 tons), and approximately 67 percent of all gold produced in Russia. This is also a 13 percent increase compared to 2013.

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Saturday, January 20 2018

US Gold Reserves, Of Immense Interest to Russia and China

Recently, Russian television network RT extensively quoted me in a series of articles about the US Government’s gold reserves. The RT articles, published on the RT.com website, were based on a series of questions RT put to me about various aspects of the official US gold reserves. These gold reserves are held by the US Treasury, mostly in the custody of the US Mint. The US Mint is a branch of the US Treasury.

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