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Thread: Russia Dumps the Dollar

  1. #1

    Default Russia Dumps the Dollar

    Russia diversifies into Canadian dollars
    By Peter Garnham

    Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.

    Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.

    http://www.ft.com/cms/s/0/22f1bd26-0...44feabdc0.html
    "A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." George Washington



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  3. #2

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    I'm dumbfounded that the dollar is still going up after this. I noticed it last night, and thought to myself "surely this rally can't keep going", but it has.

    It makes me think the next down move is going to be very large.

  4. #3

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    scott brown's arrival into the senate diversified the central russian bank?

  5. #4

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    I thought they already dumped the dollar in favor of euros back in the spring...

  6. #5

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    Quote Originally Posted by tmosley View Post
    I'm dumbfounded that the dollar is still going up after this. I noticed it last night, and thought to myself "surely this rally can't keep going", but it has.

    It makes me think the next down move is going to be very large.

    The dollar is actually down on the day now(slightly at the moment).. I think that speaks volumes considering how much the market and PM's have dropped.

    Last edited by not.your.average.joe; 01-21-2010 at 11:58 AM.

  7. #6

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    I think the Federal Reserve Banking Cartel is hard at work buying dollars with other currencies. It's obvious manipulation.

  8. #7

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    Quote Originally Posted by not.your.average.joe View Post
    The dollar is actually down on the day now(slightly at the moment).. I think that speaks volumes considering how much the market and PM's have dropped.

    Heh, it's not often you buy at an exact bottom, even locally. We'll see if it is a long term bottom.

  9. #8

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    they bought Canadian dollars to diversify?

    frkn brilliant, someone go send the kremlin a map
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  10. #9

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    They said the same thing back in November. http://portalfornorthamerica.org/pna...eserves-loonie
    Since they don't reveal just what they actually have in reserves there is no way to know what they are actually up to.
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  11. #10

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    Oh oh, now I'm waiting for the earthquake machine to strike Moscow...

  12. #11

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    Quote Originally Posted by LibForestPaul View Post
    they bought Canadian dollars to diversify?

    frkn brilliant, someone go send the kremlin a map
    What do you mean? The Canadian dollar is a good currency, as far as fiat currencies go. It's right up there with Australia and New Zealand--strong commodity currencies.

  13. #12

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    Quote Originally Posted by tmosley View Post
    What do you mean? The Canadian dollar is a good currency, as far as fiat currencies go. It's right up there with Australia and New Zealand--strong commodity currencies.
    What exactly is a "commodity currency?" I was trying to research what the original article meant when it said: "investments denominated in other commodity-linked currencies, such as the Australian dollar."

    How are the Canadian and Australian currencies "commodity-linked?" Does this have to do with how much oil they export?
    "A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." George Washington

  14. #13

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    Quote Originally Posted by AmericasLastHope View Post
    What exactly is a "commodity currency?" I was trying to research what the original article meant when it said: "investments denominated in other commodity-linked currencies, such as the Australian dollar."

    How are the Canadian and Australian currencies "commodity-linked?" Does this have to do with how much oil they export?
    Although there is no explicit backing by commodities, there is an implicit backing by the overall economy of the country, in that the currency will always be able to be used to purchase commodities produced in those countries. As such, the value of those currencies will fluctuate with the value of thier export industries, which are expected to continue growing.

    As far as fiat currencies go, those are the best out there. Once China finishes severing the tie with America, theirs will likely become the best, as it is both a commodity currency and an industrial one.

  15. #14

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    Quote Originally Posted by tmosley View Post
    What do you mean? The Canadian dollar is a good currency, as far as fiat currencies go. It's right up there with Australia and New Zealand--strong commodity currencies.
    We own dem bitches. If we go down, we're taking those damn Canuks with us.
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  16. #15

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    Quote Originally Posted by LibForestPaul View Post
    We own dem bitches. If we go down, we're taking those damn Canuks with us.
    maybe they'll burn down the white house again! lolz
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