Gold Steady At $1,500 As Russia Buys Another 300,000 Ounces Of Gold In July

22, August

Russia increased it’s gold reserves by another 300,000 ounces in July and its gold reserves are now worth $101.9 billion
Total amount of Russian gold reserves rose 0.4% in July, reaching 71.3 million ounces or 2,218 tons as of August 1
Official figures show gold now accounts for 19.6% of the total reserves of the Russian Federation
Russia was the world’s largest gold buyer last year and bought nearly 275 tons, the largest amount ever purchased in a single year, according to the World Gold Council
Russia is en route to become the world’s fourth largest foreign exchange holder after China, Japan, and Switzerland

News and Commentary

Gold steady, focus on Jackson Hole summit for rate-cut direction

Fed debated bigger rate cut, wanted to avoid appearing on path for more cuts

Fed members affirm ‘mid-cycle adjustment,’ see no ‘pre-set course’ for cuts, minutes show

Surge in corporate debt with negative yields poses risk ‘unlike anything’ investors have ever seen

Russia Buys More Gold in July, Taking Reserves Well Above $100bn

Going for gold: Russia boosts bullion stockpile by 9 tons in July

Ira Epstein Precious Metals Update Video: Gold consolidating

Gold in USD – Last 3 Days

Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

21-Aug-19 1499.65 1503.25, 1235.41 1238.53 & 1351.48 1354.43
20-Aug-19 1502.65 1504.55, 1242.69 1239.60 & 1356.44 1357.86
19-Aug-19 1499.35 1496.60, 1236.66 1235.29 & 1350.76 1348.89
16-Aug-19 1509.05 1515.25, 1242.55 1246.14 & 1361.46 1367.82
15-Aug-19 1517.65 1515.65, 1254.49 1250.26 & 1361.48 1363.78
14-Aug-19 1500.35 1513.25, 1241.69 1253.73 & 1341.61 1356.17
13-Aug-19 1527.20 1498.40, 1265.90 1240.38 & 1363.48 1338.67
12-Aug-19 1501.95 1504.70, 1244.82 1243.63 & 1343.64 1341.74
09-Aug-19 1503.50 1497.70, 1242.19 1240.99 & 1342.02 1338.05
08-Aug-19 1497.40 1495.75, 1230.26 1234.14 & 1335.08 1335.70
07-Aug-19 1487.65 1506.05, 1225.82 1239.33 & 1330.11 1341.44
06-Aug-19 1461.85 1465.25, 1199.59 1201.21 & 1304.85 1311.11
05-Aug-19 1457.45 1465.25, 1199.92 1203.85 & 1307.92 1310.23
02-Aug-19 1436.05 1441.75, 1184.17 1187.28 & 1294.02 1298.44

Gold in USD – Monthly – 10 Years

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Mark O'Byrne

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