Big difference in selling $850M in promises and selling $850M in actual bullion. A dump of $850M in bars would have made the market take real notice.
Foreign central banks (particulalrly China and Russia) are net buyers, mostly through proxies, and will absorb all they can get their hands on. Their only concern is maintaining stealth to hold down what they have to pay.
"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
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Foreign central banks (particulalrly China and Russia) are net buyers, mostly through proxies, and will absorb all they can get their hands on. Their only concern is maintaining stealth to hold down what they have to pay.
"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