Home > Articles by PoliticalMetals > Russian Central Bank’s Gold Reserves to rise further

Russian Central Bank’s Gold Reserves to rise further

Congressman Ron Paul was appointed to head the Domestic Monetary Policy Subcommittee of the House Financial Services Committee in December last year. This subcommittee overseas the Federal Reserve.  Paul is well known as the author of comprehensive legislation to audit the Federal Reserve Bank, with the goal of providing both taxpayers and world financial markets with full transparency of U.S. central bank actions.

This is where one of the key battles over the role & fate of the Political Metals will be fought - the battle to end the Fed’s relentless effort to suppress the price of PMs in cohort with other central banks and Wall Street bankers.

Today, Ron Paul writes on  ”Real Respect for the Constitution

I wonder: will this welcomed renewed interest in the Constitution lead to a healthy reassessment of all of our policies?  Will there be no more wars without an actual congressional declaration?  Will the Federal Reserve Act be repealed?  Will only gold and silver be deemed legal tender?

I’ll will keep an eye on the progress of the  112th Congress currently in session and share with you any pertinent developments with the “Audit the Fed” initiative.

Now, on to an interesting (but little known) role played by one of the key members of the banking cartel involved in the manipulation of the PM markets.  In the interview below, JP Morgan executive Christopher Paton amits that this is “a very important business to JP Morgan” and that it is doing very well. So what’s that “important business”?

As unemployment rises as a result of the crash of 2008 caused primarily by the banking cartel, JP Morgan’s role is to process the rising food stamp benefits.  JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia.  JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan make. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan’s profits in this area have soared.  More unemployment, more business, more profits!

While JP Morgan et al are pushing down the price of paper gold & silver, the Russian Central Bank, and many others, are piling up on the real stuff - physical gold in their reserves. Today, the WSJ reports that the Central Bank of Russia plans to buy from domestic banks 100 metric tons of gold a year in order to replenish the country’s gold reserves. In 2010 Russia’s gold reserve increased 23.9% to 790 tons, or 25.4 million Troy ounces.

One more reason to convert your fiat money into Political Metals.

[Updated: 21 Apr 2011 - Central Bank of the Russian Federation reported they bought 600,000 ounces in March, which brings their 'official' holdings up to 26.1 million ounces] Click image to enlarge.

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