Gold Monitoring Thread £ GBP only

[HerefordBullyun]

Just now, Leonmarsh said:

Or up and down like your blow up. Doll 

No flys on you! But expect they are buzzing round my heavily used dolly!

[Midasfrog]

6 minutes ago, HerefordBullyun said:

No flys on you! But expect they are buzzing round my heavily used dolly!

She needs a few more psi in her 😂

[Leonmarsh]

14 minutes ago, Midasfrog said:

She needs a few more psi in her 😂

It's jsut the look of resignation on her face 

"here comes bully again for the 9th time today" 

[HerefordBullyun]

4 minutes ago, Leonmarsh said:

It's jsut the look of resignation on her face 

"here comes bully again for the 90000000000th time today" 

Fixed that for you.....

[jultorsk]

Russia is doubling down and saying they'll buy more gold on domestic market starting today. Might be bluff and bluster, but safe to guess Russia's gold miners are told to dig faster and deeper.

https://www.reuters.com/business/finance/russian-central-bank-resume-gold-purchases-domestic-market-monday-2022-02-27/

[jultorsk]

The Russian central bank has ordered market players to reject foreign clients' bids to sell Russian securities from 0400 GMT on Monday, according to a central bank document seen by Reuters.

https://www.reuters.com/business/russian-cbank-orders-block-foreign-clients-bids-sell-russian-securities-document-2022-02-27/

 

Things should be escalating rapidly on the money markets from now. 

[sixgun]

2 hours ago, jultorsk said:

Russia is doubling down and saying they'll buy more gold on domestic market starting today. Might be bluff and bluster, but safe to guess Russia's gold miners are told to dig faster and deeper.

https://www.reuters.com/business/finance/russian-central-bank-resume-gold-purchases-domestic-market-monday-2022-02-27/

Maguire said on Saturday that Russia has certainly been on the buy in the gold markets. 
Now why would they do that?
Try trashing a gold backed rouble - i would expect China would do the same at the same time. This was going to happen sooner or later - the USD and other Western fiat would be smoked.

Edited February 28, 2022 by sixgun

[jultorsk]

16 minutes ago, sixgun said:

Maguire said on Saturday that Russia has certainly been on the buy in the gold markets. 
Now why would they do that?
Try trashing a gold backed rouble - i would expect China would do the same at the same time. This was going to happen sooner or later - the USD and other Western fiat would be smoked.

Fair assumption. Rouble down 28% at start on Monday trading.

Interestingly they have apparently set up a oil/gas for Rupees trade with India. 

"While many may see Russia’s delinking from SWIFT purely as an evaporation of access to dollars, on the other side of the transaction, Russia will now be selling its oil for other currencies. India and Russia are already in talks to set up an Oil for Rupee trade. Russian exporters are reportedly opening bank accounts in New Delhi so that they can trade on rupee terms. India has a long-standing relationship with Russia, who supplies them with gas, coal and fertilizer. With the Saudis dropping their exclusivity agreement with the US dollar agreeing in 2021 to Oil made its first pass triple digit psychological resistance on Thursday.

 

Seeing sanctions on major Russian exports Oil and Gas initially saw the two move higher as markets priced in reducing supply. When the second tranche of sanctions were effectively more of the same (i.e. more sanctions on banks, export ban on technology to Russia, more restrictions on individuals in Russia), markets saw that there was no further targeting of oil and gas. With that, prices in the two energy commodities cooled off. Russian oil accounts for approximately 9% of global output.

However, these market reactions, as well as the raft of other sanctions, were most likely expected by Russia. We have drawn readers’ attention multiple times to the Russian Central Bank’s accumulation of gold reserves over the last number of years. Being kicked out of SWIFT upon their ‘crossing of the Rubicon’ can’t be coming as a surprise to Moscow. If leaving SWIFT leaves the western world without Russian oil, cost of living pressures at the petrol pump are about to start heading north in Western Europe. "

https://www.ainsliebullion.com.au/gold-silver-bullion-news/swift-russia-and-shifting-tectonic-plates-in-payments/tabid/88/a/2707/default.aspx

 

[sixgun]

The bosses of the oil business - Russia and Saudi have been selling to China in yuan for several years. i heard of suggestions that Saudi would be selling in yuan as far back as 2016. If you pour through Saudi Aramco paperwork you can find the company has been selling yuan denominated bonds. For sure Saudi has been selling oil to China in yuan  since September 2019. This is all part of global de-dollarisation which on the whole goes under the radar. 

i note that Saudi and UAE has refused to increase production - start cutting off Russian oil and you have an oil crisis in Europe. Russia is not alone. There are many old scores to be settled.
Having the world reserve currency is a privilege which comes with responsibilities. The US started abusing the dollar back in the 1960's and reneged on Breton Woods in 1971. The US has used the dollar as a weapon - sanctions are threatened at the drop of a hat. They have killed the dollar - we are now witnessing the funeral.

Edited February 28, 2022 by sixgun

[sixgun]

Bank of Russia Resumes Gold Buying After Two-Year Pause

https://finance.yahoo.com/news/bank-russia-resumes-gold-buying-190114643.html

Preparing for the real great reset.

[dicker]

7 hours ago, Mtaybar said:

Can Russia even sell its gold. A lot of it will be tied up in other countries which will just be frozen I'd assume. 

It doesn’t need to sell its gold just use it to trade with partners like China 

[jultorsk]

https://www.cnbc.com/2022/02/28/russia-central-bank-hikes-interest-rates-to-20percent-from-9point5percent-to-bolster-ruble.html

 

Russia’s central bank has nearly doubled the country’s key interest rate from 9.5% to 20% as its currency, the ruble, hit a record low against the dollar on the back of a slew of new sanctions and penalties imposed on Russia by Europe and the U.S. for its invasion of Ukraine.

 

The rate hike, the central bank said, “is designed to offset increased risk of ruble depreciation and inflation.” This follows the central bank’s order to halt foreigners’ bids to sell Russian securities in an effort to contain the market fallout. The ruble fell as far as 119.50 per dollar, down a whopping 30% from Friday’s close.

 

The bank also said it would be freeing 733 billion rubles ($8.78 billion) in local bank reserves to boost liquidity.

[Ukbullionfan]

I’m really not sure what to do. I wanted to have a strict approach this year on not paying over £335 for the new 2022 sovereigns. I’m in a situation where I can buy now but seeing then at nearly £360 each is putting me off. I could wait it out and hope it comes back down but then I’m concerned of the price going even higher and maybe we not see the price go much lower than £1350 ever again. Oh guys what to do? What to do ? 😩

[Jvw]

18 minutes ago, Ukbullionfan said:

I’m really not sure what to do. I wanted to have a strict approach this year on not paying over £335 for the new 2022 sovereigns. I’m in a situation where I can buy now but seeing then at nearly £360 each is putting me off. I could wait it out and hope it comes back down but then I’m concerned of the price going even higher and maybe we not see the price go much lower than £1350 ever again. Oh guys what to do? What to do ? 😩

Just buy what you like and can afford. In the long run it doesn't make any difference. Gold will always rise. Buying the dip won't work. 

[Ukbullionfan]

5 minutes ago, Jvw said:

Just buy what you like and can afford. In the long run it doesn't make any difference. Gold will always rise. Buying the dip won't work. 

If there is a sup then it will work. Do you mean. “Don’t rely on their being a dip”

[Paul]

Is it £2000oz yet like Mike Maloney said it would be a decade ago??  sorry I'm out of the loop on things 

[Zhorro]

42 minutes ago, Ukbullionfan said:

I’m really not sure what to do. I wanted to have a strict approach this year on not paying over £335 for the new 2022 sovereigns. I’m in a situation where I can buy now but seeing then at nearly £360 each is putting me off. I could wait it out and hope it comes back down but then I’m concerned of the price going even higher and maybe we not see the price go much lower than £1350 ever again. Oh guys what to do? What to do ? 😩

I think some guys on the Forum are still refusing to buy gold sovereigns until they go back below £200.

[Darr3nG]

8 hours ago, jultorsk said:

safe to guess Russia's gold miners are told to dig faster and deeper.

[Paul]

Whats the new tat launching on royal mint today,?? Anyone know?

[James32]

Just now, Paul said:

Whats the new tat launching on royal mint today,?? Anyone know?

Dame Vera Lynn coin I believe 

[Paul]

10 minutes ago, James32 said:

Dame Vera Lynn coin I believe 

Quite appropriate, that song she sang, was originally dedicated to royal mint "we'll meet again" ..........(in the returns dept) 

[sixgun]

48 minutes ago, James32 said:

Dame Vera Lynn coin I believe 

i thought you were joking for a second and then i realised it was to coincide with the MOD sending out a squadron of Spitfires to the Ukraine.

[SidS]

10 hours ago, CANV said:

swift switched off.  should add to the rally.   will the Russians dump gold?  I wouldnt. 

Genius no? Other countries have tried to distance themselves from the dollar and find other solutions and have found themselves in hot water. An act of aggression against the US etc.

Russia doesn't have to walk away from the dollar and US dominated payment systems if they are thrown out by the US.

Edited February 28, 2022 by SidS

[Happypanda88]

1 hour ago, Paul said:

Is it £2000oz yet like Mike Maloney said it would be a decade ago??  sorry I'm out of the loop on things 

It doesn't seem that long ago when I was buying an ounce of gold for around £720.

I stopped buying when it hit over a grand mark around 2017. With hindsight, I should have continued buying and not waited until 2020.

Be careful what you wish for coz it won't be pretty.

[HerefordBullyun]