Mid-Day Gold & Silver Market Report – 8/22/22014
Peter LaTona
8/15/2014 11:56:00 AM
RUSSIA BUYS $400 MILLION IN GOLD TO BOOST RESERVES
Russia has just added 9.4 tons of Gold valued at $400 million to its Gold reserves. This is the fourth consecutive month that Russia has expanded their Gold holdings. Russia now holds 1,104 tons which is the fifth largest moving ahead of China. (China has not reported their Gold holdings since 2009, but Russia has moved past what was last reported). “Russia has been the largest official buyer for years,” Eugen Weinberg, the head of commodities research at Commerzbank in Frankfurt, said yesterday. “It’s a part of its long-term strategy of amassing gold reserves and diversifying its foreign exchange reserves.” According to the World Gold Council, Central Banks have continued to be purchasers of Gold and have been net purchasers since third quarter 2009. Central Banks purchased 409 tons of Gold in 2013 and they are expected to add as much as 500 tons in 2014.
Gold and Silver prices are up this morning largely on the news coming out of the Ukraine. NATO Secretary General Anders Fogh Rasmussen said Friday “[the alliance has observed an alarming buildup of Russian ground and air forces in the vicinity of Ukraine.] We have also seen transfers of large quantities of advanced weapons, including tanks, armored personnel carriers and artillery to separatist groups in eastern Ukraine.” He also condemned Russia’s move sending “so-called humanitarian convoy” without acknowledgment from Ukraine or supervision of the International Red Cross.
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,280.80 Up $4.40
- Silver, $19.44 Down $0.02
- Platinum, $1,417.60 Down $1.70
- Palladium, $887.70 Up $6.80
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
