Gold and What Moves it.
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Tracking all things that relate to and affect the price of gold.
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Swiss banks hike charges to store gold in their vaults 20% | MINING.com

Swiss banks hike charges to store gold in their vaults 20% | MINING.com | Gold and What Moves it. | Scoop.it
From www.mining.com - January 30, 2:58 PM
Move prompted by new banking rules.

 

FT.com reports UBS and Credit Suisse, which dominate the Swiss physical gold market have reportedly hiked their charges for holding the yellow metal – typically around 0.05-0.1% of the value – by as much as 20%.

 

The move by the Swiss banking giants whose clients include not only the world's wealthy but also other banks, hedge funds and institutions is aimed at compliance with new banking rules that require greater capital reserves.

 

FT explains UBS and Credit Suisse want their clients to opt for so-called 'allocated' accounts which allows the banks to act as custodians of the gold only. With 'un-allocated' accounts which are the norm at the moment, the banks have to include the bullion on their ...

Hal's insight:

New banking rules... :-) 

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Iran again invites Russia to join its oil and gas projects — RT

Iran again invites Russia to join its oil and gas projects — RT | Gold and What Moves it. | Scoop.it
From rt.com - February 12, 4:16 PM
Iran has offered Russian companies another chance to develop a number of its domestic oil and gas fields. The offer comes after several previous joint projects collapsed due to various reasons.
Hal's insight:

Keep in mind that Russia is a big gold holder. LOL

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Russia may raise Gold output by 5% every year till 2020

From www.bullionstreet.com - February 12, 2:30 PM
According to Russian Gold Industrialists' Union, country's gold production is likely to increase by 5 percent this year from 226 tonnes in 2012.

 

MOSCOW(BullionStreet): A day after Russian central bank announced adding 570 tons of gold to it's reserves in the last ten years, a top industry body sees country’s gold production at 226 tons in 2012.

 

According to Russian Gold Industrialists' Union, country's gold production is likely to increase by 5 percent this year from 226 tonnes in 2012.

 

The Union said Russia may increase production by 5 percent a year till 2020 if gold prices remain high. In 2011, Russia produced 222 tons of gold, driven by the development of Polyus Gold's projects. ...

Hal's insight:

Russia, like China, has a game plan for the chaning currency landscape and gold is key to that plan.

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Russian central bank to keep buying gold, moving away from risky paper assets | Gold Anti-Trust Action Committee

Russian central bank to keep buying gold, moving away from risky paper assets | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it
From gata.org - January 24, 3:23 PM

By Darya Korsunskaya
Reuters

 

DAVOS, Switzerland -- The Russian central bank will continue to buy gold as it seeks to diversify its foreign reserves away from paper assets it views as risky, First Deputy Chairman Alexei Ulyukayev said today.

 

The Bank of Russia has built up the world's fourth-largest foreign reserves, worth $530 billion, by buying oil export dollars to keep the rouble competitive. The hoard includes two rainy-day budget funds that guard against fiscal shocks.

 

The bank has also been a bullion buyer and the share of gold in its reserves is approaching a medium-term target of 10 percent, raising questions over whether it would keep buying gold. ...

Hal's insight:

Keep buying gold? Really? What do the Russians know that the West doesn't? 

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Embry - 1,000 Ton Swing In Gold, Russians & Chinese Buying

Embry - 1,000 Ton Swing In Gold, Russians & Chinese Buying | Gold and What Moves it. | Scoop.it
From kingworldnews.com - February 12, 3:00 PM

John Embry told King World News:

 

“... I will tell you something else, both of these countries are aware of everything that GATA has alleged for the past 14 years.  I went to a conference in the Yukon back in 2005, and one of the guys attending was Putin’s right hand man, Andrey Bykov.  Bykov was fascinated at what was being presented.  Not surprisingly, the gold price went up about 60% over the next six months.  I believe it was the Russians buying, and we are continuing to see them acquiring gold.

 

The Russians are one of the largest buyers of central bank gold, and they are aware of the true nature of the gold market.  Mr. Putin and his associates are saying that if the US dollar gets into a difficult position, those countries which have a lot of gold to back their currencies are going to be in an infinitely better position than those that don’t. ...

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Russia to keep searching for more Scythian Gold

From www.bullionstreet.com - February 6, 10:40 AM
Scythians believed, like the Egyptians, that they could take their wealth with them into the afterlife.

 

MOSCOW(BullionStreet): Russia announced further plans to search for the Scythian gold in the country's far east. 

The Russian Geographical Society (RGS) will lead search parties in Tuva and to examine the New Siberian Islands.

 

There are straits under the ice there that have not been explored yet. Another volunteer expedition to Siberian Tuva will be the most large-scale project of the Russian Geographical Society this year.

 

However, ahead of construction work scientists and volunteers from 28 countries will examine all barrows and ancient settlements there. Since the major recovery more than a decade ago, Russia is yet to strike it rich with Scythian gold.

 

Almost 5,000 decorative gold pieces, earrings, pendants and beads ...

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Jim on the drama of Euroland, Russia, Great Britain « Jim Sinclair's Mineset

From www.jsmineset.com - January 17, 3:12 PM

In answer to a not and link a reader sent to Jim Sinclair on Great Britain starting some MOPE on Russia, he writes:

 

GB knows that Euroland is headed towards the BRIC nations as part of a strategy towards the ascendancy of the Euro versus the US dollar to the reserve currency of choice versus the dollar, a reserve currency by default. This strategy can now be seen as you review the percentage of fiat currency versus gold, marked to the market that the Euro represents.

 

The British pound does not want to be a lesser citizen of the new economic power currency.

Hal's insight:

The perceptions of the people are something the governments are constantly looking to shape. Shame it's not the other way around.

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