Buy gold – Russian central bank goes on a gold spending spree

I know many of my readers have personally put themselves back on the “gold standard” by buying and storing physical gold of their own. It’s a clever trick – and one I am fond of myself.

Anyone who questions the role of gold in a portfolio should note that Russia’s central bank (central banks you will recall thrive on the endless production of increasing quantities of valueless fiat currencies) have just recorded their largest one month purchase of gold. In September they purchased a whopping 1.2 million ounces, the biggest one month increase on record I note.

September’s gold grab brings the Russian gold reserves up to 37 million ounces.

That means Russia is now the seventh largest holder of gold having just overtaken the Swiss central bank.

The question we have to ask ourselves is why would a central bank (and they are not alone) start stock piling physical gold?

The Swiss vote how much gold THEIR central bank should hold.

Don’t forget that the Swiss vote on how much gold THEIR central bank should hold will take place on November 30th. Power to the people.

If the vote goes to the “Yes” campaign you can add that to your growing list of reasons why YOU should hold physical gold too. See the gold section of my website for more details.

Early polls suggest that 29% of respondents will vote to force the Swiss central bank to hold physical gold equivalent to 20% of the country’s foreign exchange reserves, with another 16% looking to follow suit, whilst 28% look as if they will say no with another 11% leaning that way. If that were to play out in the actual vote it would give the Yes campaign a 6% lead. This is a very important vote for gold and the global implications could be huge.

We will know soon enough which way this one will go.

Meanwhile, for gold bugs everywhere, I know it’s been a long wait in order to see the kind of gains we are hoping for when all this funny money blows up. But let’s be honest here, most people need time to build up enough gold reserves of their own to make a real difference when the price does fly. What do I mean by fly? Well a 200% increase in the gold price really would just be the start.

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6 Comments

  • At £100 to double-you’re not really competing with large scale seasoned professionals.

    Once you go down the doubling numbers you begin to compete in effect with institutions and or Goverment policy etc(as that kind of continual doubling becomes an Intrest to the other 7 billion people and stated Goverment)

    As a result-after a handful of these ‘doubling’ moves…the ability and time and competing positions from other investors and said governments etc just make the ability a compounded hardness.

    Hopefully as we become more sophisticated we can enjoy these posts but realise they are like any other headline….attention seeking!

    • I’m afraid that none of that is even remotely true, Gerry. Remember, DYWTAM was written by not one, but two, multi-millionaires using these very techniques. I suspect that you’ve been ripped off in the past by the many “get rich quick schemes” that are out there. That’s a real shame. Having done all of the fourteen levels myself, (and I watch others do the same every week), I feel highly qualified to disagree with every single one of your comments. If you’re not rich now then you have to change your thinking if you want to make serious money. Here’s the thing; “If you keep doing what you’ve always done – you’ll keep getting what you’ve always got”. Stop and think about that for a minute. I don’t know if you live in a two million pound house but if you don’t, here you are telling someone who does that this won’t work. Really? The DYWTAM Programme is a genuine no-nonsense guide on how to become a millionaire – and absolutely anyone can do it.

  • Barry, is it only 10 issues of Double your way to a Million? A friend of mine who is interested wants to know, thanks.

  • hi barry i am interested in your horse racing course and your recommendation of using isiris,i understand kevin booth has resigned from isiris do you still recommend we use this company still thank you,and also i notice on your websitethat it is still dated 2017 .

    • Good question. I have not used the Isiris service recently. I had a brilliant 11 year run but eventually I got closed down by all the bookmakers. I guess that’s a real sign of success but it was fun to do and I actually miss it. I did not know that Kevin had actually retired but I understand that the results this year have been extremely good. Maybe regular readers who still use Isiris can update me on that one and let me know how they are doing.

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