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Where is Russia buying its gold?

FrankHFrankH Posts: 756 ✭✭✭✭✭

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?

Comments

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    they should make a russian gold hunters show . I watched all the aussie shows

  • derrybderryb Posts: 36,013 ✭✭✭✭✭

    from russian miners who are sanctioned from selling it to the west.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • meluaufeetmeluaufeet Posts: 746 ✭✭✭

    Russia is the third largest gold producer.

  • FrankHFrankH Posts: 756 ✭✭✭✭✭

    @derryb said:
    from russian miners who are sanctioned from selling it to the west.

    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,

  • derrybderryb Posts: 36,013 ✭✭✭✭✭
    edited May 9, 2022 6:52PM

    russian miners produce more than the central bank buys.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • RobMRobM Posts: 524 ✭✭✭

    Russian miners can export surpluses, likely at a discount, to China, India, the Middle East, etc.

  • LukeMarshallLukeMarshall Posts: 1,881 ✭✭✭✭✭

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

  • PerryHallPerryHall Posts: 45,189 ✭✭✭✭✭

    @LukeMarshall said:

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

    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.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @LukeMarshall said:

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

    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

  • mbogomanmbogoman Posts: 5,100 ✭✭✭✭✭

    @bronco2078 said:

    @LukeMarshall said:

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

    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?

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    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.

    Have a nice day
  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @mbogoman said:

    @bronco2078 said:

    @LukeMarshall said:

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

    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?

    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

  • mbogomanmbogoman Posts: 5,100 ✭✭✭✭✭

    @bronco2078 said:

    @mbogoman said:

    @bronco2078 said:

    @LukeMarshall said:

    @bronco2078 said:
    they should make a russian gold hunters show . I watched all the aussie shows

    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...

    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?

    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.

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    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

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    actually i think you can watch quest tv on your computer

    Et Voila!!!

    https://watch.questtv.com/series/Aussie-Gold-Hunters-28092021075928

  • TwoSides2aCoinTwoSides2aCoin Posts: 43,749 ✭✭✭✭✭
    edited May 14, 2022 6:18AM

    I thought Russia was communist. They don't buy gold. They merely take it.

    On the other side:

    https://youtu.be/R6n2BX_4Z2Y

  • taxmadtaxmad Posts: 960 ✭✭✭✭

    @TwoSides2aCoin said:
    I thought Russia was communist. They don't buy gold. They merely take it.

    >

    Russia hasn't been communist since 1991. It is more of a dictator/kleptocracy

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭

    @taxmad said:

    @TwoSides2aCoin said:
    I thought Russia was communist. They don't buy gold. They merely take it.

    >

    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

  • derrybderryb Posts: 36,013 ✭✭✭✭✭
    edited May 21, 2022 12:02PM

    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.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • derrybderryb Posts: 36,013 ✭✭✭✭✭
    edited May 22, 2022 11:50AM

    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.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • FrankHFrankH Posts: 756 ✭✭✭✭✭

    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.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    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?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,013 ✭✭✭✭✭

    @jmski52 said:
    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?

    when taxpayers and users of a currency are bailed out it comes strait out of their pocket. Net positive result? LOL

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    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.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • ffcoinsffcoins Posts: 517 ✭✭✭

    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

  • bronco2078bronco2078 Posts: 9,961 ✭✭✭✭✭
  • ARCOARCO Posts: 4,296 ✭✭✭✭✭
    edited June 11, 2022 11:06AM

    @FrankH said:
    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.

    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.

  • FrankHFrankH Posts: 756 ✭✭✭✭✭

    Your grampa and I would have gotten along very swell. :)

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    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.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,278 ✭✭✭✭✭

    @jmski52 said:
    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.

    Just bought some more I-bonds, F the Russkies. Enjoy hell Putin (Hitler #3). Semper!!

    The whole worlds off its rocker, buy Gold™.

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    How long do you get to hold onto those I-bonds before you can sell them?

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • RobMRobM Posts: 524 ✭✭✭
    edited June 12, 2022 6:11PM

    @jmski52 said:

    How long do you get to hold onto those I-bonds before you can sell them?

    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.

  • cohodkcohodk Posts: 18,493 ✭✭✭✭✭

    @jmski52 said:
    How long do you get to hold onto those I-bonds before you can sell them?

    Oh boy, the devil is looking for his sweater. Haha

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,263 ✭✭✭✭✭

    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.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • blitzdudeblitzdude Posts: 5,278 ✭✭✭✭✭

    @jmski52 said:
    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.

    Certainly not today. LOL

    The whole worlds off its rocker, buy Gold™.

  • derrybderryb Posts: 36,013 ✭✭✭✭✭

    @blitzdude said:

    @jmski52 said:
    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.

    Certainly not today. LOL

    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.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • RobMRobM Posts: 524 ✭✭✭

    @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.

  • derrybderryb Posts: 36,013 ✭✭✭✭✭

    @meluaufeet said:
    Russia is the third largest gold producer.

    Actually the second largest gold producer according to the World Gold Council:

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • meluaufeetmeluaufeet Posts: 746 ✭✭✭

    @derryb My bad. Thanks. Have to go with WGC stats.

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