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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Roads End who wrote (168015)5/24/2002 10:20:55 AM
From: posthumousone  Read Replies (2) of 436258
 
Russian Central Bank Planning to Sell Hard Currency Reserves
DAILY MARKET REPORT FOR MAY 23, 2002
Presented by Goldline International, Inc.
by Joseph C. Battaglia
Russian Central Bank Planning to Sell Hard Currency Reserves

Gold’s week long advance stalled this morning on profit taking, although the safe-haven asset held at slightly lower levels, according to Reuters. Reuters also noted that the Russian Central Bank Chairman Ignatyev said that they plan to sell some reserves, which were interpreted as gold reserves. This announcement initially caused gold to fall. Later Ignatyev cleared up his statement saying he did not mean gold reserves but rather hard currency reserves. In other words, he was referring to the dollar. Clearly the Russians are planning to sell dollars which are falling and replace them with gold, which is actually going to be a very bullish development.
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