Friday, April 15, 2011

Belarus Halts GOld Sales

Belarus Central Bank Halts Sales of Gold for Roubles

MINSK, April 15 (Reuters) - Belarus' central bank has stopped selling gold to local retail customers for Belarussian roubles it said on Friday, after demand for precious metals soared due to expectations of a currency devaluation.

The bank did not explain its decision.

Belarus is in talks with Russia on a $3 billion bailout package that Minsk hopes will help it avoid a painful devaluation of the rouble and offset the large current account deficit.

Belarussians bought 470 kilograms of gold from the central bank last month, up from 209 kilograms in January and February together, as they sought to protect their savings.

Analysts say that Belarus will have to eventually devalue the rouble by about 20-30 percent even if it receives aid from Moscow. However, the central bank has said it would not make any such moves until late April.
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8 comments:

  1. AnonymousApril 15, 2011 at 11:55 AM

    I'm positive we're gonna be seeing much more of this in the future. Might want to consider getting gold while you still can;)

    Notice how central banks never mention silver? Silver is a fantastic commodity, but gold is the only true store of wealth for the BIG players.

    DDT

    ReplyDelete
  2. freddiemanicApril 15, 2011 at 12:05 PM

    Hey, SGS,

    What's up with TINKA?

    Thanks,
    FM

    ReplyDelete
  3. MHApril 15, 2011 at 12:37 PM

    @SleepingVillage

    I've been watching the Gold:Silver ratio fairly closely. It's currently just below 1:35. At the end of last year it was 1:47. When this ratio gets down near 1:15 I'm looking to change out half my silver for gold. The other half I let ride in the hopes we break through the historic avg.

    ReplyDelete
  4. HomerApril 15, 2011 at 12:47 PM

    Anyone else watch\listen to the CFTC meeting Tuesday? Was it just me, or did O'Malia say to stop sending so many comments, and that basically we needed to get educated on the subject of limits? Maybe i misheard him as I was doing other things at the time.

    ReplyDelete
  5. silvergoldsilverApril 15, 2011 at 12:53 PM

    Homer:

    Do you have an audio link? I thought this was closed doors. You sure it was from Tuesday?

    ReplyDelete
  6. AnonymousApril 15, 2011 at 1:10 PM

    Mark, sounds like a pretty solid plan, I sincerely hope it works out for you. I just(minutes ago)traded all but 5 ounces of my AG hoard for AU. Ended up with a *few* free ounces of gold. I'm more than happy with this as I'm in the camp that believes there will be a massive revaluation of gold that will more than make up for any G/S ratio. FOFOA style(and others), for those that are not aware.

    Some of you probably think I'm nuts for dumping my silver:) I fucking LOVE gold, hah!

    I honestly hope you guys get your $100 silver in the very near future. I would only consider buying back in if it gets knocked down to the high $20's again, rinse-repeat.

    DDT

    Rock 'N Roll

    ReplyDelete
  7. HomerApril 15, 2011 at 1:31 PM

    I'm kinda new to all this sh1t so excuse me if I am off track.

    I watched the stream straight from the CFTC.gov website on Tuesday. Looks like they posted a 'transcript' of it here

    I put quotes around transcript because after speed reading over it I don't see the verbiage from O'Malia that i swear i heard.

    Like I said, I was only paying half attention so maybe i just misheard him.

    I am going to make it a point to go to one of these in person next time they have open doors again.

    ReplyDelete
  8. The News UNITApril 16, 2011 at 12:38 AM

    I encourage everyone to read and listen to this report. Obviously one of the links comes back here to SGS but don't miss the review:

    Supply Shortages Soon Coming Abroad

    This is a post that is dedicated to those of us who are closely watching silver and gold from every angle.

    My prediction of $65US Silver by July has not changed.

    ReplyDelete

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