Monday, March 22, 2010

Russia's Gold Reserves Jump Again in February

If you're holding paper currency, you have to have some kind of trust that the country that issued it is not just going to print its way out of its problems. That's a real concern right now. Gold, on the other hand, has real intrinsic value, unlike a paper currency which can be debased by its government. – Sacha Tihanyi, currency strategist, Scotia Capital

Chart courtesy of Richard Nachbar,  (click on chart to enlarge)


  1. The chart at the link shows that, without question, the U.S. "government" can not print its way out of this situation. If it continues to try we will have hyper-inflation ala Weimar Germany. In the meantime, let's all congratulate The 111th U.S. Congress on passing the No Insurer Left Behind Act.

  2. The bill itself is extemely problematic and corrupted. What was a complete political nuclear disaster was the way in which Obama jammed it thru. He completely urinated and defecated on the Constitution and Rule of Law.

  3. Dave,

    ObamaCare is business as usual for a puppet dangling off a bankster string.

    Joe M.

  4. I know and it's beyond appalling. The only consolation is that the Dems will get annilated at the polls in November and Obama won't even be able to pass gas, let alone any legislation.

  5. Dave when r the f'ing russians going to do a bear raid on the crimex's ass?!?!?!?!

  6. Great question. As you can imagine I have a view on that LOL.

    I believe the large buyers of gold, like China and Russia and India, are only too happy to have the U.S./UK keep a lid on the price of gold - as long as they can continue to acquire it as these prices.

    When the big buyers have trouble finding supply, then we'll see them take the price up to the next level which induces large supply selling.

    I don't know when the Comex will eventually be forced into default. But China Investment Corp. is now one of the larger holders of GLD. I'd love to see them clean on whatever isn't leased out in GLD.

  7. Hello Russian nice guys)))In alliance with Prussia and Austria, Russia fought against Napoleon's France. Napoleon's invasion of Russia at the height of his power in 1812 failed miserably as the obstinate Russian resistance in combination with the bitterly cold Russian winter dealt him a disastrous defeat, in which more than 95% of his invading force perished.[69] Led by Mikhail Kutuzov and Barclay de Tolly, the Russian army ousted Napoleon from the country and drove through Europe as a part of the Sixth Coalition, finally entering Paris.