are going to deal with the open interest remaining in dec futures by 1st notice day on wednesday? they CANNOT TAKE DELIVERY YOU KNOW. ok smart boys show your intelligence.
To me it is mainly "talk" to stimulate the Russian gold industry which has been falling off ...
"Russian President Vladimir Putin has called on the domestic gold mining industry to increase its annual output so that the "[Russian population can find in gold an investment alternative to the dollar and euro," Russian news agencies reported.
In comments made in Magadan Oblast on 22 November, Putin said that, according to some experts, Russia has the second or third largest gold reserves in the world, ITAR-TASS reported. "There is a wide gap between the amount of gold we can produce and the amount we are producing in reality," Putin said.
Putin also expressed concerns that gold reserves are being depleted, while Russian geologists have been slow to find new deposits.
Putin said that he supports the idea, advanced by the Nature Ministry, that would allow private citizens to engage in gold extraction and production. He also suggested that Russia's Central Bank should increase the share of gold in its reserves.
We shall see ...
Sir..could not agree with you more...am not sure why the blitz but do believe they are an impatient bunch (probably because they are living in frigid cold and Vodka is expensive) so we will know shortly..regards, groucho
giddyupxag...JC has more than one time accosted my posts with negative replies and am sure he will do it again...IMHO what's important is to keep this message board and all the commentary within in perspective...a handful of investors/traders exchanging ideas, data, propaganda to hype or bash and of course a handful of insults directed at....a handful of investors!...don't believe our opinions matter a hill of beans beyond this board...do wish that it was better utilized as a source for information that would better our portfolios...that posters might consider we are on the same team trying to create wealth...unfortunately that is not to be and thus would recommend placing commentary one finds a distraction on ignore or in the roundfile...personally have appreciated much of your input sir...regards, groucho
Appreciate the words of encouragement. You are so correct saying the specifc numbers are less important than the FACT (not innuendo or lies from johny) that they do intend to increase their reserves to that magical 10% position of their reserves. And yes their reserves are constantly growing. Happy days. Best wishes groucho.
Good afternoon..have read numerous articles over the last few days including one on the front page of one of their papers where Putin was holding a gold bar grinning...have read conflicting numbers as to the exact number of tonnes they will increase their reserves or decrease their forex especially dollars...you have the story right though IMHO...the Russians are going to increase their gold holdings from 5 to 10% of their reserves and indications are that the dollar will be decreased by at least that much if their past month Forex activity is any indication...have also read (and these stories are available on google news search as well as kitco) that they are going to struggle to bring that about by increasing production considerably...they have quite a warchest in their Forex to play with at last check stil running surpluses with record oil export so would be surprised if they weren't buying on the open market on dips and probably using our paper to do it...so while we tinker with fine tuning exactly how many bars are in thier vaults think we can be sure it is more than yesterday, less than tomorrow and wouldn't doubt one bit that they are proportionately dumping the greenback...best to you..regards, groucho
On the other hand it will be interesting to see how the cabal handles Russia looking to buy 700 tons of gold to add to their reserves. Wonder how they will get that much bought without affecting the price.