Russia Busts "Gold-Selling" Rumors, Reports It Bought Another 600,000 Ounces Taking Gold Holdings To New Record HighSubmitted by Tyler Durden on 12/19/2014 - 07:10
Yesterday, when we reported the latest rumor of Russian gold selling, this time out of SocGen, we said that "it should be noted that SocGen and its "sources" have a conflict: in an indirect way, none other than SocGen is suddenly very interested in Russia stabilizing its economy because as we wrote before, "Russia Contagion Spreads To European Banks : French SocGen, Austrian Raiffeisen Plummet" which also sent SocGen's default risk higher in recent days. So if all it will take to stabilize the RUB sell off, reduce fears of Russian contagion, and halt the selloff of SocGen stocks is a "source" reporting what may or may not be the case, so be it." Moments ago, as if to sway further speculation that Russia is indeed converting hard money earned from real resources for fiat paper, the Russian monetary authority made it quite clear, that at least in November, Russia not only did not sell any gold, but in fact bought another 600K ounces in the month of November.
Reprise: Kyle Bass On Holding Gold In a Bullion Bank Comex Warehouse
'If you are a fiduciary, the decision is easy.'
Especially if you take the duties of a fiduciary for other people's assets seriously.
What about the fiduciary responsibilities of central banks? Hard to say, right?
We'll get right on that-- in about seven years. Jawohl! And no need for an audit. We believe.
And as for private citizens, when and if the time comes when there is a 'run on the bullion banks', I would not be surprised to see forced cash settlements, and 'bail ins' with even allocated receipts being taken.
Does this seem unlikely, improbable?