Gold is holding steady Wednesday morning after Tuesdays sell-off and against a stronger U.S. dollar index. All eye’s are on Greece as precious metals investors try to stay one step ahead of the game. If Greece defaults, gold will post solid gains. Gold last reported today a.m. is $1187.60 and silver is $16.75.
Russia continues increasing its gold holdings as its reserves rose to 40.1 million ounces as of May 1. A senior central banker said on Tuesday that Russia is increasing its gold holdings because “the metal is an asset that is free from legal and political risks.”
On the military front, Russia is conducting a surprise military exercise in the country’s northwest deploying as many as 12,000 troops combined with 250 combat planes and helicopters. Russian news agency Tass said, cruise missiles will be aimed at an “imaginary enemy.”
NATO, already on edge as war rhetoric escalates has concern over the size, scale and frequency of Russia’s snap exercises stating three of them have included over 80,000 men. Senior officials feel that Russia is not playing fair because NATO always announces its military exercises in advance, even inviting international observers including Russia.
TASS reports that the surprise exercise was launched by Vladimir Putin to assess capabilities of the Air Force and air defense forces of the Central Military District to fulfill tasks to destroy an enemy.
As global military drills increase at an unparalleled level to date, it appears war may be on the horizon. We’ve stated repeatedly that the Federal Reserve will absolutely direct Washington to go to war to protect its investment, the U.S. dollar.
Unfortunately, the U.S. may find itself standing alone as our allies have grown weary of war and leery of holding U.S. debt.
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