Russia, Kazakhstan, Azerbaijan, Kyrgyz Republic and Turkey all increased their gold reserves in May.
Russia and Kazakhstan expanded their gold reserves for an eighth straight month in May, buying the metal to diversify assets due to increasing political, economic and monetary uncertainty.
Russian holdings, the seventh-largest by country, climbed 6.2 metric tons to 996.2 tons, taking gains this year to 4% after expanding by 8.5% in 2012, International Monetary Fund data show.
In ounce terms, Russia raised gold holdings to 32.027 million ounces in May from 31.829 million ounces in April.

 

From Goldcore:

Today’s AM fix was USD 1,285.00, EUR 979.42 and GBP 831.88 per ounce.
Yesterday’s AM fix was USD 1,283.25, EUR 978.98 and GBP 836.21 per ounce.

Gold fell $11.70 or 0.90% yesterday and closed at $1,282.30/oz. Silver slid to a low of $19.453 and finished down 2.14%.

Gold is marginally higher today in most currencies. Market participants continue to assess whether the gold price is vulnerable to more falls or is close to bottoming.

Recent market turmoil and sharp declines in stock and bond markets may have exacerbated gold’s recent weakness as margin calls led to forced selling of a market that was already under pressure.

Central bank reserve diversification should support gold at these very depressed levels.


Cross Currency Table – (Bloomberg)

The smart money continues to realise the importance of an allocation to gold for diversification purposes and to see gold’s long term bull market as intact.

Gold’s bull market is intact and prices will reach a new high as declines in bonds and equities boost demand and investors seek insurance against economic and political risk, according to Schroder Investment Management Ltd.

“Gold’s bull market is intact and prices will reach a new high as declines in bonds and equities boost demand and investors seek insurance against economic and political risk” Schroder Investment Management Ltd. Told Bloomberg in an interview.

Macroeconomic, geopolitical and monetary uncertainty led to continuing central bank diversification into gold in May. Recent price falls are not deterring many creditor nation central banks from allocating some of their foreign exchange reserves into gold.

Russia, Kazakhstan, Azerbaijan, Kyrgyz Republic and Turkey all increased their gold reserves in May.


IMF Russia Gold in Mill Fin Troy Oz – (Bloomberg)

Russia and Kazakhstan expanded their gold reserves for an eighth straight month in May, buying the metal to diversify assets due to increasing political, economic and monetary uncertainty.

Russian holdings, the seventh-largest by country, climbed 6.2 metric tons to 996.2 tons, taking gains this year to 4% after expanding by 8.5% in 2012, International Monetary Fund data show.

In ounce terms, Russia raised gold holdings to 32.027 million ounces in May from 31.829 million ounces in April.


Gold Support & Resistance Chart – (GoldCore)

Kazakhstan’s gold reserves grew 4 tons to 129.5 tons, taking the increase to 12% this year after a 41% expansion in 2012. In ounce terms, Kazakhstan expanded holdings to 4.163 million ounces in May from 4.036 million ounces in April.

Turkey’s holdings rose 18.2 tons to 445.3 tons in May, increasing for an 11th month as it accepted gold in its reserve requirements from commercial banks. In ounce terms, Turkey increased gold holdings to 14.32 million ounces in May from 13.73 million in April.

Azerbaijan and Kyrgyz Republic were among nations that bought bullion in May, while Brunei and Nepal added gold in April.

Mexico cut its gold reserves marginally for a 13th month while Czech Republic also reduced holdings marginally.

Czech Republic cut holdings to 0.355 million ounces in May from 0.366 million ounces in April. Mexico cut holdings to 3.986 million ounces in May from 3.989 million in April.

The People’s Bank of China does not declare their gold reserves to the IMF and is likely to be quietly accumulating gold reserves which is another important strong plank of support for gold.

This central bank demand is set to continue as macroeconomic, geopolitical and monetary uncertainty is here to stay and indeed may escalate substantially in the coming months as we move into the next phase of the global debt crisis.

NEWS
Gold down 1% on China fears, Wall St margin calls – Reuters

Russia, Kazakhstan Join Turkey in Raising Gold Holdings in May – Bloomberg

Schroders See Gold Bull Market Intact in Bond Selloff – Bloomberg

Platinum Prices to Rebound as Demand Outpacing Supply, CPM Says – Bloomberg

COMMENTARY
BIS fears fresh bank crisis from global bond spike – The Telegraph

 

Austerity Is a Four-Letter French Word – Financial Sense

The Nightmare Scenario – System Unravelling – 24hGold

 

Austrian Philharmonics As Low As $2.19 Over Spot At SDBullion!

    • Actually, my 17-year old cat sh!ts next to his litter box every morning and sometimes wifey does indeed step in it on the way out the door as she starts her day.
       
      Fortunately, the pile of sh!t is not covered by vomit, though.

  1. The Russian people have suffered greatly over the years.  Americans only THINK they are having a difficult time, yet America hasn’t gone through what Russia has.

    A photo to accompany this one would show O’Bummer staring at a computer monitor, looking at the bogus numbers showing how much Gold is in Fort Knox.
     
     

    • “The Russian people have suffered greatly over the years.  Americans only THINK they are having a difficult time, yet America hasn’t gone through what Russia has.”
       
      True, but then a lot of that was via self-inflicted wounds.  Sympathy is justified for the hardships caused the Russians by the Nazis but not for all the crap they smeared onto themselves intentionally.
       
      America has not suffered since WWII.  Things here have been too soft for much suffering to have occurred.  That will change… shortly.
       

    • I want to see the pics of Putin wearing no shirt while hunting Siberian tigers.  The one of him holding a pair of still-smoking automatic pistols is pretty good too.  The KGB was a nasty group, no doubt, but we gotta admit that they had some HUGE brass ones.

  2. this picture encapsulates obama.
     
    No respect for the military, narcissistic, speaking with erdogan of turkey who has lit a match to all the goodwill he ever had in his country by selling his soul to the west and overtly supporting radical islamist terrorists trying to destroy syria and install yet another theocracy.
     
    To proverbs, would you like to see a picture of the handywork of the radical islamic terrorists who the west, israel and the gulf monarchies support? They gang raped and killed a young christian girl and left her tied to a bed, with a crucifix impaled in her mouth. That is something you can’t unsee and shows exactly who the people YOU BLINDLY SUPPORT SERVE.

  3. BIS warns banks dangerously exposed to $10tn bond market crash, so buy gold!

    By: Peter Cooper, Arabian Money

    — Posted Monday, 24 June 2013 | Share this article | 1 Comment

    Banks face another global financial crisis worse than 2007-8 warns the normally conservative Swiss-based Bank of International Settlements as a $10 trillion central bank bond mountain leaves them perilously exposed to higher interest rates.
    The Federal Reserve recently triggered a global tightening of interest rates with hints it may start to wind down its money printing as soon as this September.
    Bondholders
    The problem is that higher interest rates mean lower bond prices, and the banks are stuffed full of this supposedly safe debt. HSBC has 42 per cent of its balance sheet in US bonds, for example, and that’s arguably the safest of the large bank balance sheets.
    When interest rates go up the banks therefore make losses on their huge bond portfolios. Global central banks have accumulated $10 trillion in bonds that will also face massive losses.
    ‘Someone must ultimately hold the interest rate risk,’ concludes the BIS. ‘As foreign and domestic banks would be among those experiencing the losses, interest rate increases pose risks to the stability of the financial system if not executed with great care.’
    The BIS has issued an urgent appeal for fiscal and monetary prudence but you can’t help reaching the conclusion that it is probably too late for action now.
    ‘Public debt in most advanced economies has reached unprecedented levels in peacetime,’ says the report. ‘Even worse, official debt statistics understate the true scale of fiscal problems. The belief that governments do not face a solvency constraint is a dangerous illusion. Bond investors can and do punish governments hard and fast.
    ‘Governments must redouble their efforts to ensure that their fiscal trajectories are sustainable. Growth will simply not be high enough on its own. Postponing the pain carries the risk of forcing consolidation under stress – which is the current situation in a number of countries in southern Europe.’
    The BIS sees the global economy heading for a 1994-style bond market crash. However, the world has moved on since then and China is very much a part of the global economy, and its emerging debt crisis could be the biggest of all.
    Shanghai surprise
    A recent spike in short-term interest rates well above 30 per cent is a red light flashing in Shanghai. The overnight repurchase rate today is 6.5 per cent, more than double this year’s average. But what can the Chinese government really do now, having made its policy errors many years ago?
    Where can you put your money if you cannot trust bonds or the global banking system? You end up back with precious metals as George Soros’ ‘ultimate financial bubble,’ and the only place for investors to hide when things go seriously wrong.
    Old sages like Dr. Marc Faber are personally buying up precious metals while prices are temporarily depressed, knowing that the real crisis is around the corner. And you don’t have to believe him. The BIS report says it all very clearly. No wonder many bankers are themselves very nervous these days.

    — Posted Monday, 24 June 2013 | Digg This Article | Source: GoldSeek.com

  4. Boyy Howdy, Mars— aint that the truth.
      this is the big s*** storm a brewing   Those derivatives, the Fed losing half of its $65 billion equity with the bond price drops, the collateral issues across the board, with little left in the wagon to offer as collateral here, in Europe,japan and china—-this all spells big trouble in downtown wall street

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