Russia

[MonkeysUncle]

The Russian Government has removed VAT on gold purchases for it's citizens this morning. 

Whether that has any effect on supply/ demand/ pricing for us non-Russki's I genuinely have no idea?

[Tn21]

Interesting. 

[Britannia47]

Mmm!  That’s 234,855.85 Roubles per t/oz after a 10.3% drop! Just now. Perhaps it’s the gold price in Zimbabwe?

GB pounds down £50 as well. What’s going on?……..

[Oldun]

Profit taking ?

[flyingveepixie]

34 minutes ago, Britannia47 said:

Mmm!  That’s 234,855.85 Roubles per t/oz after a 10.3% drop! Just now. Perhaps it’s the gold price in Zimbabwe?

GB pounds down £50 as well. What’s going on?……..

I struggle to get my head around the price fluctuations sometimes. Yesterday it went to an all time high of £1580+, and today, right at this minute, it's down to £1509.62.    How is it explained..?  I've heard of silver being manipulated by the big players in investment banking to keep the price down for reasons I would guess have a lot to do with their own profit, but gold seems much more volatile and unpredictable and often doesn't respond to the stimuli in the way I would expect it to..   Maybe it's being manipulated too..🤔

Edited March 9, 2022 by flyingveepixie

[dikefalos]

51 minutes ago, flyingveepixie said:

I struggle to get my head around the price fluctuations sometimes. Yesterday it went to an all time high of £1580+, and today, right at this minute, it's down to £1509.62.    How is it explained..?  I've heard of silver being manipulated by the big players in investment banking to keep the price down for reasons I would guess have a lot to do with their own profit, but gold seems much more volatile and unpredictable and often doesn't respond to the stimuli in the way I would expect it to..   Maybe it's being manipulated too..🤔

I guess gold is just too big to be really able for manipulation. There is much, much more money needed, than to manipulate silver. 

[Britannia47]

5 hours ago, Oldun said:

Profit taking ?

Yes, of course - hope you are right,

[MonkeysUncle]

Gold is very easily manipulated. Not by the likes of me with a few ounces here and there but by Governments, big corporations and investment funds/ groups. Profit taking I would imagine, automatically triggered buy/ sell limits.

Heck, even if I wanted to buy a nice shiny 2022 Sov I've not seen any in stock at RM or the two dealers I use for a week now!

Edited March 9, 2022 by MonkeysUncle
Typo

[Minimalist]

7 hours ago, flyingveepixie said:

Yesterday it went to an all time high of £1580+, and today, right at this minute, it's down to £1509.62. 

Banks trying to suppress the price. Russia and China are the only ones that can make it climb all time highs - or the next banking crash 

[Oldun]

2 hours ago, Britannia47 said:

Yes, of course - hope you are right,

I assume it’s the algos running the stops as they are programmed to do. Also, Ukraine has said they are willing to go to a peace process but will not concede an inch of land…..maybe that also had something to do with it?

Edited March 9, 2022 by Oldun

[paulmerton]

I wonder what effect this will have on the price of gold:

UK unveils new Russia sanctions as PM aims at gold reserves

https://www.bbc.co.uk/news/uk-60858511

The West should consider measures to stop Russia using its gold reserves, the prime minister has said.

"We've got to tighten the economic vice around Putin, sanctioning more people today, as we are, sanctioning the Wagner Group, looking at what we can do to stop Putin using his gold reserves."

[SidS]

A Brown's bottom would be one way. Lots of western nations dumping gold on the market and announcing it loudly before they do it. The price crashes down to the bargain basement prices of old and Putin's purchasing power would be massively diminished.

But which nations with all the massive inflation issues are going to want to do that? I bet the nations that sold their gold (like Canada) will regret it in the long term.

Edited March 24, 2022 by SidS

[GoldStatue]

I'm sure Russia can't sell their gold to most of the western countries already as the Russian central bank has been banned from doing business with them.

I don't think the western countries dumping their gold and buying US dollars like they did 20 years ago would be sustainable even if they were minded to carry it out.

So Boris is most likely suggesting embargos on countries who trade with Russia using gold, which would certainly be hard to implement and destructive to world trade and relations.

[MonkeysUncle]

I've seen talk of Russia possibly looking to accept Bitcoin for gas. I guess anything is a possibility at this time.

Seriously I think the West could simply refuse to handle gold from Russia, but from a practical point is that do-able? Is Russia's bullion all within Russia for example or is their a stash in a Swiss mountain?

And more importantly, are my Russki silver bars worth more or less now? Will I have to ask BYB to melt them down if I need to sell?

Edited March 25, 2022 by MonkeysUncle
Can't type for peanuts. Peanuts gratefully accepted none the less!