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Russia Selling US Treasuries To Buy Gold
Posted May 21st, 2014

TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and silver prices eased on Wednesday ahead of the release of the minutes from the Fed's April policy meeting, as the dollar rebounded and gold retreated to $1,287.70 an ounce while silver dipped to $19.34 an ounce. “The metals will again look to see if there are any changes in Fed policy, or at least changes in the nuances of Fed policy, when the April Federal Reserve Minutes are released this afternoon,” wrote Kitco's Peter Hug.
 
The potential for a breakout in gold is growing as the precious metal continues to trade in a narrow range, says MKS (Switzerland) SA. “We remain range-bound and the markets show no real signs of wanting to change that ... with a U.S. and U.K. bank holiday approaching on Monday, there is no real reason for excitement,” said David Govett, of Marex Spectron.
 
“Unless we get any news from Ukraine or South Africa, expect things to continue in the same vein for the time being.” Many investors remain wary of taking a position ahead of the long holiday weekend that will include a presidential election in Ukraine, the fallout from which carries with it immense uncertainty. "For the past few weeks, gold has been struggling for direction," said Mitsubishi's Jonathan Butler.
 
Meanwhile, it appears that Russia is buying bullion and funding its purchase with the proceeds from the sale of U.S. Treasuries. Russia dumped a record $26 billion, or 20 percent of its total U.S. bond holdings in March, and in April Russia increased its gold reserves by another 900,000 ounces, worth $1.17 Billion.
 
The World Gold Council (WGC) reported on Tuesday that purchases by central banks are up 70 percent above their five year quarterly average, and that increase is being spearheaded by Russia and Iraq. Russia is rumored to be backing the struggling ruble with gold to shield it from devaluation and to bolster it in the face of another currency war.
 
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