While Reuters pegs Tuesday’s gains in gold and silver to a falling dollar, a Bloomberg article headlines Russia adding to its gold reserves as a major factor in gold topping $1,200 an ounce on its way to a two-week high. “The fact that Russia is buying more gold instead of diversifying into another currency or buying more dollars is a big positive,” said one trader, in response to a report that Russia has purchased about 150 tonnes of gold so far this year, almost twice its 2013 buy, including 35 tonnes since the end of September.
But in Ukraine, according to a Zero Hedge post, the head of the country’s central bank said during a TV interview that “in the vaults of the central bank there is almost no gold left,” adding that there’s “a small amount of gold bullion left, but it’s just 1% of reserves.” Earlier this year the IMF put Ukraine’s gold holdings at 42.3 tonnes, or 8% of total reserves. Zero Hedge concludes: “now that the disappearance of Ukraine’s gold has been confirmed, perhaps it is time to refresh the “unconfirmed” story that a little after the current Ukraine regime took power the bulk of Ukraine’s gold was taken to the United States.”
Mineweb/SilverSeek: Gold bounces back above $1,200 – will it jump higher?; Gold and silver supply is very tight
Dan Norcini/Sprout Money: Gold taking cues from forex market movements; When will gold’s fundamentals rise to the surface?
Bloomberg: Gold lending rate most negative since 2001 on longer refining
Acting Man/TradePlacer: Wrinkles of the Swiss gold referendum; Impressions of the latest TV debate
Mauldin Economics/Peak Prosperity/Wolf Street: Correction? What correction?; John Hussman – The stock market is overvalued by 100%; Warren Buffet is dumping stocks out the backdoor
Confounded Interest: Fed’s FOMC speeches become more complex over time as Middle Class feels more abandoned
Rutherford Institute/LA Times: Are ‘We the People’ useful idiots in the digital age?; NSA surveillance bill defeated in Senate