There is always a good candidate <G> A statement like this
should make gold take off and run. Maybe we'll see it soon.
Maybe that's what happening - SWFs are not refinancing
short term debt? FCBs used to have a bundle in bills
Oh, and note the little change from mid-July to end of July
<GGG>
Here is one:
rbcnews.com
RBC, 14.07.2008, Moscow 09:58:04.The Russian Finance Ministry has commented on the situation regarding the slump in US mortgage agencies Fannie Mae and Freddie Mac shares, as some $1bn worth of Russian gold and foreign exchange reserves is invested in these agencies' debt. The Finance Ministry's press office has reiterated that Russia's Reserve Fund and National Wealth Fund resources are not placed in these agencies' securities. Meanwhile, in contrast to Fannie Mae and Freddie Mac's share prices, their bond prices are stable, as the US government has issued a public statement saying it was ready to provide financial support to these companies.
In terms of their credit qualifications, both Fannie Mae and Freddie Mac's bonds are practically on equal footing with the US sovereign debt, and still has the highest credit rating that meets the requirements for the investment of Russia's gold and foreign currency reserve money, the Finance Ministry's press office elaborated in its commentary.
And then:
<GGG>
uk.reuters.com
MOSCOW, July 28 (Reuters) - Russia has cut its exposure to U.S. mortgage lenders Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) to less than $50 billion by not refinancing matured short-term debt, a senior central bank official told Reuters on Monday.
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