So I guess a rumor from a bankster is kinda okee dokee regarding gold and is not a conspiracy theory,but if GATA
put evidence right under the nose of a secretive FED and their Ft Knox hologram stash,then you gets branded a conspiracy theorist?.Just imagine if Russia says that Soc-gen Russian debt was null and void and had to liquidate
Stock or emergency funds to survive.?Vlad would be a financial terrorist.
No honesty in this manipulated markets we have thrust upon us.
Profits to all.BMD
SocGen Default Swaps Jump to One-Year High on Russia Turmoil ...
Credit-default swaps on debt of ING Bank NV and BNP Paribas ... and has about 25 billion euros ($31 billion) of exposure to the Russian economy, according to Citigroup ... Credit-default swaps insuring SocGen'ssubordinated bonds rose 24 basis points to 225 basis points at 3 ... businessweek.com
Russia Busts "Gold-Selling" Rumors, Reports It Bought Another 600,000 Ounces Taking Gold Holdings To New Record High
Submitted by Tyler Durden on 12/19/2014 07:10 -0500
when we reported the latest rumor of Russian gold selling, this time out of SocGen, we said that "it should be noted that SocGen and its "sources" have a conflict: in an indirect way, none other than SocGen is suddenly very interested in Russia stabilizing its economy because as we wrote before,"Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet" which also sent SocGen's default risk higher in recent days. So if all it will take to stabilize the RUB sell off, reduce fears of Russian contagion, and halt the selloff of SocGen stocks is a "source" reporting what may or may not be the case, so be it."
Moments ago, as if to deter further speculation that Russia is indeed converting hard money earned from real resources for fiat paper, the Russian monetary authority made it quite clear, that at least in November, Russia not only did not sell any gold, but in fact bought another 600K ounces in the month of November.
RUSSIAN MONETARY GOLD HOLDINGS RISE VS 37.6M ON NOV. 1
RUSSIAN MONETARY GOLD HOLDINGS 38.2M TROY OZ AS OF DEC. 1
So add another 600K to the chart below:
Which of course means that the very "Russia is selling" rumors that were so effectively used to keep the price of gold low into the recent risk-flaring episode, were capitalized on by the very same Russia,which we do however know sold some $8 billion in US Treasurys in October bringings its total holdings of US paper to the second lowest since 2008...
... and which used these same low prices not to sell, but to buy. At the lowest prices possible.
DELIBERATELY FALSE STORY ON RUSSIA GOLD SALES, OR JUST SLOPPY REPORTING?
by RUSS WINTER
The latest “news reporting” coming from Business Insider(BI) is that Russia “has been forced to sell $4.3 billion in gold reserves.” This may be careless math and failure to correctly translate from Russian, or it may signal someone with an agenda. But it seems to be happening with far too much frequency to chalk up to extreme incompetence.
BI reports Russia’s “gold reserves” fell $4.3 billion, from $420.5 billion to $416.3 billion. The only problem is that this is Russia’s total international reserve and combines currency and gold. Russia holds 1,168.7 tonnes of gold reserves, 10.2% of total reserves. That would be $42.5 billion. There is nothing in the Russian story that mentions gold being sold. Further, Russia has $374 billion in foreign, fiat-based securities it can resort to, long before the need to sell gold.
I am waiting on a Russian speaking contact for feedback on this translation and story, or perhaps Russian readers can use the comments section to verify the Google translation is incorrect and substitutes “gold reserves” for “international reserves.”
Update: “zolotovalyutnye reservy” means Gold+currency reserves, not just gold reserves.
A mistake of the magnitude questions the credibility of the translator. Or was the “Russian” story itself a BBC plant with the key language deliberately falsified? Are these honest errors or dirty tricks?
businessweek.com
