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Russia Bought Seven Tons Of Gold Before Invading Crimea
Posted March 26th, 2014
Los Angeles CA, Mar 26 (Tangible Investments) - by James O’Dell - Precious metals prices inched higher on Tuesday, with gold advancing $1.40 or 0.11 percent to close at $1,310.39 an ounce after recovering from a one month low when the European Central Bank's (ECB) Jens Weidmann announced that quantitative easing (QE) is an option that the bank is considering pursuing. Silver gained $0.07 or 0.35 percent to close at $19.96 an ounce.
"There's some bargain hunting, but there's still sufficient supply and the premiums are not going up," said Brian Lan, of GoldSilver Central Pte Ltd. Despite recent suggestions that China's demand for gold may be slowing down, figures out of Hong Kong dispute that assumption, showing instead that China imports increased 140 percent over the first two months of 2014.
While February is usually a weak month for gold imports as it follows the Chinese New Year holiday, this year, China imported more than 100 tons of the yellow metal and many believe it signals an increase in Chinese demand. There are those as well that believe China is secretly building its gold reserves to bolster the yuan.
The Central Bank of Iraq has received the most attention this month after adding a mammoth 36 metric tons to its reserves. “Central banks, most notably from the emerging markets, have been accumulating bullion since 2010 as a means to diversify away from the USD,” said HSBC. “We expect central banks bullion accumulation to total 400t this year.”
But China and Iraq may not be the only nations building reserves, Russia increased its bullion reserves by 7.247 tons to 1,041.96 tons in February, just before its incursion into Ukraine. Was it preparing for its invasion of the Crimean peninsula, knowing gold would rise on the turmoil? President Obama met with leaders of Germany, France, Britain, Italy, Japan and Canada on Tuesday, and all agreed that Russian intervention in eastern or southern Ukraine, or violence in Crimea, would trigger additional sanctions.
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