Where is Russia buying its gold?
FrankH
Posts: 945 ✭✭✭✭✭
Lots of reports of attaching gold to the Ruble.
Anyone know WHERE they are getting it? They produce a lot in country. Are they adding physical from somewhere else?
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they should make a russian gold hunters show . I watched all the aussie shows
from russian miners who are sanctioned from selling it to the west.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Russia is the third largest gold producer.
I would assume so, but ALL new purchases from in-country sources?
Do you have any links to that info?
My info is pretty sketchy,
russian miners produce more than the central bank buys.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Russian miners can export surpluses, likely at a discount, to China, India, the Middle East, etc.
A guy with a strange accent asked me if I had any gold to sell yesterday.... Could barely understand his English...
Not really... Cheers, RickO
I remember on an Aussie show, a guy with a french accent and his girlfriend/wife were metal detecting and she got a signal and was excited... the guy turned to her and said "hey, dont F*#$& it up"
You're on a signal, you dig and retrieve - How exactly do you mess that up?!?
What a tool...
It's all about what the people want...
I saw a high circulated grade 1852-D gold half eagle that was found by a metal detectorist. He probed for it with a screw driver and put two large gouges in it. I would say that he messed it up.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Oh that guy was swiss but the wife/gf was aussie. They were on a salt flat or something.
I'm hooked on aussie TV , I do the outback truckers , city homicide , sea patrol is the latest. Its a nice change from the same old US crap shows. Wouldn't be possible without the various streaming services
My wife and I were stuck in Vienna, Austria a couple years ago - wife had an ear infection so she couldn't fly (another story). Anyway, we were stuck at an airport hotel and the only thing interesting on TV were the Aussie Discovery Channel stuff, like the gold hunters and especially the opal hunters! Kept us entertained for 4 days! I looked for them when I got back home, but couldn't find them anywhere.
So tell me, how do I watch them here?
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
Re metal detecting, I'm no expert but the way guys do it in the dry desert on their claim is they do a grid search with their metal detector. Plant little flags and when they start to see a pattern they fire up the backhoe and dig. Spread it out and go through it. Recently a guy out here found a 40oz potato sized nugget a foot and a half below the surface.
The alluvial plain has yielded a lot of gold out here the last 180 years and is still producing.
They'll accumulate 'color' in black sand and take it home and pan it out with water.
aussie gold hunters is on an antenna channel number 46.2 here in the boston area in the afternoon they have seasons 1 - 3 i think
amazon might have a few streaming netflix has season 1 i think
Thanks. Will check on Netflix.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
46.2 in boston is a network called quest tv you might find it on your local antenna or cable service
https://www.questtv.com/schedule?reload=true
actually i think you can watch quest tv on your computer
Et Voila!!!
https://watch.questtv.com/series/Aussie-Gold-Hunters-28092021075928
I thought Russia was communist. They don't buy gold. They merely take it.
On the other side:
>
Russia hasn't been communist since 1991. It is more of a dictator/kleptocracy
so almost like us then pretty much? they have one apex dictator at the top where we just have 27 levels of the tinpot kind
Most importantly, Russia no longer needs or wants US dollars. When sanctions seized US dollar reserves of the Russian Central Bank, it was a stunning illustration of the dollar’s political risk. The US government can seize another sovereign country’s dollar reserves at the flip of a switch and other countries are taking notice. The US torpedoed its own currency.
Russia is not just an oil and gas powerhouse but a commodity superpower. Russia is the world’s largest exporter of natural gas, lumber, wheat, fertilizer, and palladium (a crucial component in cars). It is the second-largest exporter of oil and aluminum and the third-largest exporter of nickel and coal. Russia is a major producer and processor of uranium for nuclear power plants. Enriched uranium from Russia and its allies provides electricity to 20% of the homes in the US.
With hard commodities becoming more and more scarce, look for Russia to have a major voice in who gets what and not only at what price but with what currency as well.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
The Addled Dotard strikes again...
https://www.bloomberg.com/news/articles/2022-05-20/ruble-surges-to-7-year-high-as-gazprom-clients-heed-putin-on-gas
does anyone else get the feeling the dollar is being purposely tanked? QE, massive printing, unbridled sovereign debt and now sanctions with devastating dollar blow back. And suddenly the FED pushes everyone to bonds; is a default next? There has never been a better time to be long PMs.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
The reason that the Russian economy looked so small is that the ruble was vastly undervalued. Their debt to GDP ratio was about 25%, compared to 150% for the U.S.
suddenly the FED pushes everyone to bonds; is a default next? There has never been a better time to be long PMs.
Anyone buying bonds EXPECTS to be bailed out. But, by whom and how?
I knew it would happen.
when taxpayers and users of a currency are bailed out it comes strait out of their pocket. Net positive result? LOL
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
when taxpayers and users of a currency are bailed out it comes strait out of their pocket. Net positive result? LOL
Inflation is finally giving taxpayers a clue about gov.com's spending and all the "free" money. Re: Cloward-Pivens.
We shall see where this goes.
I knew it would happen.
OP’s question has been in the back of my mind for a while. Saw this in the NYT this morning, which at least in part helps answer it (though not sure entirely if “buying” is the right word):
https://www.nytimes.com/2022/06/05/world/africa/wagner-russia-sudan-gold-putin.html
the ottoman empire!
Yes indeed. Based on PPP (Purchase Power Parity) - the better metric, Russia has the sixth largest economy in the world, right next to Germany.
Russia has a different mindset than the west. It has one of the lowest debt to GDP ratios in the world, a lot of gold. I have heard whispers on the web that is multiples larger than its stated reserves, and it lives within its means.
Basically, Russia is just like my grandfather after the great depression - he didn't trust banks or the government and had no debt.
Your grampa and I would have gotten along very swell.
Russia is just like my grandfather after the great depression - he didn't trust banks or the government and had no debt
I can't think of too many reasons to trust the banks or gov.com......................or to take on a bunch of debt. I agree with gramps.
I knew it would happen.
Just bought some more I-bonds, F the Russkies. Enjoy hell Putin (Hitler #3). Semper!!
The whole worlds off its rocker, buy Gold™.
How long do you get to hold onto those I-bonds before you can sell them?
I knew it would happen.
@jmski52 said:
Twelve months. But if you sell after a year and before 5 years, you do lose the most recent 3 months interest. Hold for 5 years and there is no penalty selling before maturity.
Oh boy, the devil is looking for his sweater. Haha
Knowledge is the enemy of fear
A bet on a 9.62% 1-year i-bond at a YOY inflation rate of 8.6% (and going UP) is basically treading water in terms of purchasing power, while the bet hinges entirely on the hope that the markets don't crater for a year.
PMs are a much better hedge, if you ask me.
I knew it would happen.
Certainly not today. LOL
The whole worlds off its rocker, buy Gold™.
but most likely in the long term. Treading water is not so bad when compared to interest earned with other cash accounts.
In an inflationary environment every portfolio should include the I bond. Maximum purchase of $10K per year per person. However federal tax refunds can be used to buy additional I bonds that must be in paper form.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@derryb,
100% agree. If you are preserving, or coming close to preserving wealth right now you are #winning. Stonks are falling, crypto has found kryptonite, and real estate prices will not be able to tolerate the rate increases. I managed to talk a small number of friends/relatives into i bonds. But most of peeps i know aren't as smart, lol.
Actually the second largest gold producer according to the World Gold Council:
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@derryb My bad. Thanks. Have to go with WGC stats.