Russian gold find.

ANGLICANPAT

If the 1600 tons of gold in Lake Baikal turns out to be fact rather than myth , and if its able to be raised - do you think its a big enough find to affect gold prices?

Masomnia

It's like the UK selling off it's reserves 4 times over (No Brown didn't sell it all ). So undoubtedly yes, if indeed that much gold has actually been found.

It's the same as any other commodity, as supply increases prices fall, as in the gold loses its value. When the Spanish brought back all that gold from South America in centuries gone by they thought they would be rich beyond their wildest dreams. But because the extra gold was chasing the same amount of goods, prices of those goods just rose relative gold ie. the gold lost its value. Same principle here, the same amount of money is chasing the gold, if there is more gold it just becomes worth less relative to the money.

C_Mababejive

Sell,Sell..the bubble is about to burst....but..ermm..who will you sell to?

crazygaijin

You could sell your gold to any one of the dealers, I go to ATS bullion because I live close to them. They will give good prices for physical.

https://docs.google.com/viewer?a=v&pid=gmail&attid=0.1&thid=12ad194b8f73c36f&mt=application/msword&url=https://mail.google.com/mail/?ui%3D2%26ik%3D2d908fc63e%26view%3Datt%26th%3D12ad194b8f73c36f%26attid%3D0.1%26disp%3Dattd%26zw&sig=AHIEtbQo3Ne4TzGIB5eKcgmnqIzvf80RZw

But then what do you do with the depreciating fiat currency you just changed for real money? No interest in savings account, the stock market is in long term decline. House prices are falling.

I know change your depreciating fiat currency for silver, the other real money.


About Russia`s gold find it just shows that that amount of gold is more than the amount of silver available for investors to buy.

The amount of gold in the world is increasing because its not used up like silver is, because gold is not consumed its horded. The amount of silver in the world is getting depleted.

The gold silver ratio is getting less but its still 65 parts silver worth 1 part gold.

It will go back to long term average of 8:1.

Hope Russia central bank will stop making fake gold coins now

https://wealthcycles.com/blog/2010/08/31/rusty-gold-coins-recall-follies-past-empires?utm_medium=email&utm_source=WebmailMarketing&utm_content=1146729451&utm_campaign=09-01-10WealthCycles-TheWeeklyCycleVolIV&utm_term=Rusty+Coins

Like when the IMF was found selling fake gold to India.



P.S. Can anyone tell me how that train with all the gold ended up in the middle of a lake?

Good film called the Admiral made 2008 about the history.

http://www.youtube.com/watch?v=bEGfJaMFyvg&feature=channel

crazygaijin

There is 8 tonnes of gold in fort knox (so they say)

1600 tonnes is a little unbelievable to me.

Time will tell, but I am finding it hard to believe there is that much gold there.

Russia might claim they have found this much and then start selling fake bars like the coins in my last post.

Masomnia

crazygaijin wrote: »

1600 tonnes is a little unbelievable to me.

Time will tell, but I am finding it hard to believe there is that much gold there.

What is causing you to doubt it?

crazygaijin

Masomnia wrote: »

What is causing you to doubt it?

The Russians already have been producing fake gold coins that have now started to rust. (see my post above) It would be convenient for them to start selling thousands of tonnes of `gold` ingots that they say were recovered from that lake.

Also historians think this gold was used to buy arms and tech from Japan. They say there would have been hardly any gold left for the admiral.


If a train with 1600 T of gold did fall through the ice on that lake there must have been someone who knew about it. Are you really trying to say that for 100 years they havent found it?



Anyway it will be very interesting to see what happens.

The price of gold continues to climb so it seems not many belive the Russians so far.

Robster88

crazygaijin wrote: »

There is 8 tonnes of gold in fort knox (so they say)

1600 tonnes is a little unbelievable to me.

Time will tell, but I am finding it hard to believe there is that much gold there.

Russia might claim they have found this much and then start selling fake bars like the coins in my last post.

I believe there is slightly more than 8 tonnes of gold in Fort Knox. According to Wikipedia Fort Knox holds 4603 tonnes (down from 20,205 tonnes held there during World War II). So although 1600 tonnes of gold would be an amazing discovery if it is true, it would be significantly less than the amount held in Fort Knox, not 200 times the amount.

crazygaijin

Robster88 wrote: »

I believe there is slightly more than 8 tonnes of gold in Fort Knox. According to Wikipedia Fort Knox holds 4603 tonnes (down from 20,205 tonnes held there during World War II). So although 1600 tonnes of gold would be an amazing discovery if it is true, it would be significantly less than the amount held in Fort Knox, not 200 times the amount.

This is the debate.

Its clear how much gold they claim to have at Fort Knox, but why wont they let it be audited? What are they hiding?

Insiders say they only have about 8T of gold left and NO SILVER left at all.

Loopgames

C_Mababejive wrote: »

Sell,Sell..the bubble is about to burst....but..ermm..who will you sell to?

The bubble is the currency for me...I'd rather sell pound sterling for real sterling or gold.

Anyhow...I'd be interested to learn how other people will be selling in bulk too. Exit startegy is more important than an entrance strategy.

For me - I planned on buying enough silver/gold and set a price in my head to sell at. Then sell through the same methods I have in the past:

Hatten Garden Metals (physical selling)
bullionvault (trading online)

---

The potential problems is what happens when they're closed or internet doesn't work? extreme scenerios.

One can only make a plan and than identify possible problems and be aware of them. Then hopefully identify solutions to them as you research more.

RDB

What happened to the Russian gold reserve in 1919 is a huge subject.

It will be very interesting to see if that gold is at the bottom of that lake.

The is such a lot of moneys worth there $26bil surely they will confirm it soon. I fwe dont hear a confirmation soon that says to me it isnt there.

This is a good video about this.

http://www.youtube.com/watch?v=iOAqyGUcYLo

"A train carrying the gold reserve of the Russian Empire went on a journey across the country in the early 20th century -- but it never reached its destination. The gold mysteriously disappeared. The legends surrounding this story are alive to this day. According to the scientists, part of the gold reserve is thought to have sunk in Lake Baikal. Some claim it lies in Siberian monasteries. Others -- that it is hidden away in caves in the country's Far East, or even in what is now the Czech Republic. What happened to the bulk of the Russian Empire's gold reserve which went missing in 1919 is one of the most intriguing myths of Russian history."

400M is not that deep, it shouldnt be that difficult for that mini sub to bring it up.

The Japanese have subs that go down 4000M and bring things up.