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Up until 30 November, Andy is right. [ATTACH] Source:...

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timber1956

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19/12/14

21:05

Post #: 14489836
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Originally posted by AndyIgo ↑

Hi Timber and all,

To join the dots once again it was a direct quote in the article linked; however, as it’s from an American news source you are probably like me correct in doubting the real numbers.

“Russia mined 248.8 tons of gold last year, ranking it as the third-biggest producer, behind China and Australia, according to GFMS, a research unit of Thomson Reuters Corp.” http://www.bloomberg.com/news/2014-...old-reserves-by-400m-to-highest-since-93.html

Russia I understand has around 10% of its reserves in Gold so why would they sell Gold in front of US dollars T. Bonds or Euro’s. They are also busy selling gas to Europe. The drilling is done the pipe line is built all the hard work being completed a while back. Half dozen people required to open a few valves, watch the meters and send the invoices no great cost and lots of profit even at current prices. Meanwhile in the USA funding for any future fracking or deep drilling for oil and gas has been choked off in the worst case of Junk Bond Flu since 1918!

Cheers and very best regards: Andy

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Up until 30 November, Andy is right.

Source:
http://www.cbr.ru/Eng/hd_base/?PrtId=mrrf_m

Russian reserves were down to $414 billion by the by 12 December. We won't know what was sold until the end of the month.

Cheers
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0 Great analysis

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