The Phaserl


Deliberately False Story on Russia Gold Sales, or Just Sloppy Reporting?

from Winter Watch:

The latest “news reporting” coming from Business Insider (BI) is that Russia “has been forced to sell $4.3 billion in gold reserves.” This may be careless math and failure to correctly translate from Russian, or it may signal someone with an agenda. But it seems to be happening with far too much frequency to chalk up to extreme incompetence.

BI reports Russia’s “gold reserves” fell $4.3 billion, from $420.5 billion to $416.3 billion. The only problem is that this is Russia’s total international reserve and combines currency and gold. Russia holds 1,168.7 tonnes of gold reserves, 10.2% of total reserves. That would be $42.5 billion. There is nothing in the Russian story that mentions gold being sold. Further, Russia has $374 billion in foreign, fiat-based securities it can resort to, long before the need to sell gold.

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2 comments to Deliberately False Story on Russia Gold Sales, or Just Sloppy Reporting?

  • f16hoser

    Never thought for 1 second Putin was that stupid. Obama, Yes, he is stupid. Of course, Obama is just a puppet, bobble-head on a string. US presidents don’t run/decide shit. They do exactly what they’re told to say/do.
    Russia might actually be different. Putin and Medvedev probably do run the country.

  • Kent Dorfman

    My Credo has always been. 90 percent of what media tells us is either a lie or exagerated. Therefore If you believe nothing of what they say, and do the opposite of what they recommend. You cant help but be right 90 percent of the time. No brainer.

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