Russian central bank can't explain why it keeps buying gold

Section:

Russian Central Bank Says It Has No Aim to Raise Gold's Share in Reserves

By Yelena Fabrichnaya, Lidia Kelly, and Maria Kiselyova
Reuters
Wednesday, September 28, 2016

http://www.reuters.com/article/russia-cenbank-gold-reserves-idUSR4N1BY01...

Russia's Central Bank is ready to continue buying gold from banks but has no quotas or objective to increase the metal's share in its gold and foreign exchange reserves, the bank's First Deputy Governor Dmitry Tulin said on Wednesday.

"We are not currently selling foreign currency from reserves but keep buying gold, for which prices are rising, which has led to a rise of gold's share in reserves," Tulin told reporters.

"We don't have an operational target of increasing gold's share in reserves but it may grow naturally," he said, adding the bank had made an offer to banks to buy gold.



ADVERTISEMENT

K92 Mining Shows What 'Fast Track' Really Means

Company Announcement
By Kevin Silva
Market One Media, Vancouver, British Columbia, Canada
via Business News Network, Toronto
September 18, 2016

"Fast-tracking" is an overused phrase in the mining sector. But K92 Mining Inc. (TSX.V: KNT) has demonstrated exactly what that concept means.

Less than four months after going public on May 25, the company has completed additional financings totaling $18.5 million. It also refurbished the mill and mine facilities with enhanced processing capacity and has two drills turning onsite. With all this accomplished, production looks to be just days away.

"The technical team on site has done an excellent job with the production restart, and we are on schedule and on budget," says Director and Chief Operating Officer John Lewins. "With that focus on track, and with the enhanced financial flexibility resulting from our recent financings, we are now looking to target a resource expansion that we believe exists."

K92 has under-promised and over-delivered. ...

... For the remainder of the announcement:

http://www.bnn.ca/k92-shows-what-fast-track-really-means-1.568196



Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 26-29, 2016
Hilton New Orleans Riverside
New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2016/08/2016_Powell.h...

Help GATA by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://tinyurl.com/zr4tjuc

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16