Nice to see the bid continue to strengthen for RHR. FOMC day tomorrow, so it's anybody's guess as to the direction of the POG just before Noon any beyond. I do not think well see an official QE announcement. I'm sure though we'll get a strong indication that "more liquidity" is needed. I believe official QE will begin in September..

Since yesterday was the 20th of August, The Central Bank of the Russian Federation updated its website with their July numbers yesterday. They reported adding another 600,000 troy ounces of gold to their reserves, which now sit at 30.1 million ounces.

It's obvious that Russia has been actively adding to its gold reserves since mid-2007. SMF069

(Click on image to enlarge)