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Iran Announces It Has Converted 15% Of Its $100 Billion+ In FX Reserves Into Gold
As of today, one of the world's top oil exporters disclosed that it has exchanged about $15 billion of its FX reserves into gold. Earlier, Iran announced that the country has converted about 15% of its foreign exchange reserves into gold, and "will not need to import the metal for the next ten years." There is your mystery buyer to all that gold the IMF was selling in Q3... And since Ahmadinejad said that Iran's total FX reserves exceed $100 billion, the amount of gold in stock held by Iran is more than $15 billion. Which is equivalent more than 345 tonnes at a closing price of about $1350. Which also means that the WGC's official gold holdings are in dire need of an update, as Iran does not appear anywhere on the IMF's listing of official gold holders, and with over 345 tonnes, it would make Iran a top 15 holder of the yellow metal.
From Bloomberg:
Iran has changed some 15 percent of its foreign exchange reserves into gold and will not need to import the metal for the next ten years, Mehr reported, citing Central Bank Governor Mahmoud Bahmani.
Iran’s gold reserves have “multiplied several times” in the past two years, Bahmani said in a report published late yesterday by the state-run news agency.
Bahmani gave no specific figures, only saying the country consumes 30 tons of gold a year and that the central bank will have “ample supplies for the next 10 years” even if it doesn’t increase its gold holdings further.
Iranian President Mahmoud Ahmadinejad said yesterday his country’s foreign exchange reserves exceed $100 billion.
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Maybe they are just joking?
Trick or treat!
Soon after, Iran will declare dealing their oil in anything (preferrably gold) but Dollar.
Sounds like another reason to invade Iran to Pentagon.
Gold you can eat!
I myself am hard to work to try and an become a "Top 15" holder of gold as well...
Maybe I should just worry about becoming the Top 1 holder of Iljin's IJ-212001 wheel bearing for Hyundai's H1 (Grand Starex) van instead! None in the USA, but lots in Peru! Resale value of this piece is NICE as I don't think anyone else makes this piece (maybe in China).
Ahh, a monopoly... Bearings better than gold? Maybe in a few situations...
El oro, putaz!
Bingo. Anyone trading their oil in non-dollars threatens USA's reserve currency status. Rumor has it that is what Iraq was about to do, before PetroDollar Police tested their new F-117s on their azz.......
You may have a point. Saddam had been demanding Euro's in payment for his oil for about 6 months before the invasion.
as serious as them saying they have no intention of nuke weapons
As serious as the US saying it will reduce its stockpile of nuke weapons as per the NPT.
Thank you CA. I'm on your team.
How are Russia's gold reserves, and Brazil's?
Gotta watch out for Iran and Russia. Those two are in cahoots, and if you get them to pick Brazil and China and India when it comes time for picking teams...watch out. New global reserve currency, lots of oil, new conflict.
the international banking and financial terrorism cartel owns and controls our beloved US government. we are all alone out there. the dollar is losing credibility, as are all currencies now. commodity for commodity trade based system may come, like gold for oil, because of the distrust between nations and the emerging diplomatic power of iran. they are backed by china AND russia; its why there is no war now. I'd say russia and iran aint in cahoots... the entire WORLD is in cahoots against the great satan, the number of the beast, the money changers, i.e. the United States.
heard once that if a man makes enemies on all sides, he ends up dead. i dont care how much power you may have, if everyone is working against you under the surface, you just wont make it.
its the arrrogance, the transparency of corruption... the outright conspiracy of our banker owned government that has brought us to this place... we are not the worlds policeman.. we are the worlds enemy.
...the transparency of corruption...
Most damning descriptor.
Maybe a tool for WB7.
You can love our "government" I prefer the constitution and gold.
Iran....
Goldman Sachs....
Paulson....
What else do you need to know?
Need to know what the hell you are talking about.
I didnt junk you stupid.
as for you being in the deep end of the pool and your not being able to stand... well?
God Bless You and Yours!
JW is a loser
The name you have taken... does not suit your one line bullshit drivel... you offer nothing... you are the sheepeople, you are the problem and I am sorry that myself and more than a few others here left you and yours to the way side... it is a shame that we all did not do more to ensure that even the most unfortunate were educated. I am sorry.
With that said I feel a lil better... now, go read a book and come back and tell me where you are growth wise... and I will try to lead you to more fertile fields.
you are the sheepeople
What's that, some exclusively female race like the Amazons?
one line drivel? What else can we say JW. We have been bashing gold for years and it keeps going up. What else is left for us but one liners. And especially insolent one liners, like "am sorry we didn'y educate you better" HA HA, keep pouring on the insolent BS Jon
What does this mean? Did you junk my post?
I'm asking for an explanation about your post. it's confusing.
No... I did not junk you... I Junk spammers... or people I know... and then I admit I did it.
The post implys that only the bad guys are into Gold. Are you a bad guy? are you buying high to sell higher? do you know how close the price is to a historic high? inflation adjusted dollars... of course? or are you a fan boy... on a wagon?
wow
i own gold because i trust our so called political leader to implement new crazy economical ideologies everyday.
so that makes me a bad guy ????????????????
Are you familiar with... irony?
It's used a lot here on Zero Hedge, usually without <irony></irony tags>, so an understanding of it will bring you a greater appreciation of what makes ZH so special.
What else do you need to know?
When Uncle confiscates gold because enemies of the state like China, Iran, North Korea, Russia own/control it
Merrill would not deal Krugerrands in the 70s allegedly because South Africa had apartheid
the world gold council is a sock puppet of the fed...they wouldn't know gold from a fool....
Hmmm, gold trading in terms of oil, at least by proxy.
I'm not sure what to make of that nonsense about not needing any for the next ten years, though. That's like someone saying they don't need to make any money for the next ten years. Just because you can get by without it doesn't mean you should.
suspend your disbelief and speculate a price of $25,000 an ounce for gold
then ask youself the same question, "Will they need more?"
then factor a fractional reserve of 10 or so to one and ask the same question
I'm not saying they won't be rich. I'm saying that to stop accumulating is like saying "I don't want any more money". It doesn't make any sense. I've never heard any government official say that they wouldn't need something for ten more years.
That was a throw away phrase. If you are a buyer, do you want the seller to know your hungry to buy more? "We bought a lot of gold, but now we are totally done. Yep no more gold for us...so what's on the market...you know just curious"
The persians are taking lessons in gold PR headfakes from the Russians and Chinese.
exactly
Yes, exactly. If they REALLY had no intention of buying any more, they'd say "we intend quintupling our gold holding!" to push the price up.
They will need a LOT more at $1350/oz if it is going to $25000.
If gold were at $25000, Iran would never need gold any more because Uncle Sam would have already waged a war against the Persians in order to divert the attention of the public.
$25,000?! What the hell does that mean?! People in other currencies are gonna get rich cuz gold hits US$25,000?! Thats the stupidest thing I've ever heard! All it means is that the dollar has become worthless. The excessively high price of gold will not be reflected in other currencies, just the dollar.
As the dollar (paper) goes so will all other fiat currencies .If there is a new currency it will most certainly be backed by gold which in the past as someone informed me was (if memory serves me ) 60% of all wealth until the money changers cranked up the presses the last 50 years it is now 1 % I believe and will be going back to historical norms . Therefore what gold buys today in no way reflects what it will buy in the near future once the paper collapses . Iran has oil & gold now . They are positioning themselves for what is to come in the near future an end to fiat based currencies . Silver may also be a big winner as gold will be worth too much to carry around even an ounce .
Also once the currency wars really ramp up the only way trust will be restored between nations will be through commodity based currency .
BALDERDASH! The renmibi will take over for the dollar. You mark my words.
The Yuan is not a major currency right now. Other currencies like the Pound, Euro, and Yen are destined for devaluation, which will eventually force everyone who doesn't live in an area with a sound currency to flee to PMs. By buying early, as we have, you are essentially staking a claim in the New world. The first guys there get huge land grants, the next generation gets huge farms, the generation after that gets 40 acres and so on until everyone is there, the and is fully settled, and the land is divided into 1/4 acre lots.
Those holders of the original land grants are now billionaires, with cities named after them.
And don't be so sure that once the reserve currency collapses that people will accept anther dilutable currency for savings and transactions.
Hope you're right. I bought gold with €s back in April, when the $ price was 1175U$. With gold at 1365 (or whatever it is today) my € value is down 7%.
http://www.kitco.com/gold_currency/charts.htm (click hard currencies, then 10-year)
> As the dollar (paper) goes so will all other fiat currencies
It's uneven.. Suisses, Euro, Yen and even GBP are mostly flat this last year.
The different fiat regimes have differing rates of printing or deleveraging, balances of trade, bond yields, inflation, interest rates ..
I'd say silver still has legs from a demand/supply/production analysis (and energy-cost thereof)
think he said that to curb gold speculation. it means they will absolutely be buying over the next 10 years.
Iran Announces It Has Pissed in USA's Wheaties
Wonder if they can use this as a war reason. "We have every reason to believe that Iran now possesses weapons of mass fiat destruction"
you have to be ashame of yourself...paraphrasing the biggest investor ever...which brings me to my next question, which has been puzzling me for awhile...how can you have a bubble when the biggest investor in the history of the world stays away from the metal...we are not talking about waiters and busboys...but old warren...hmmm
I can't put much faith into what the Oracle of Omaha says. He is one of the poster boys for crony capitalism after all. I wouldn't need to invest in gold either if I had a hot-line to Bailout HQ.
to paraphrase another on zh, wb formed his investment strategy in the long credit expansion from ww2 until 2008. although if you went back and checked, he probably had a performance deficit against gold/miners 1965-1980. well chosen equities are an excellent investment much of the time, far outperforming gold in the first parts of inflationary and deflationary cycles. but not in the second parts. course he could be faking too.
one of the poster boys for crony capitalism
http://news.scotsman.com/arnoldschwarzenegger/Is-Arnold-the-running-man....
read what his father say's about gold: http://www.fame.org/pdf/buffet3.pdf
Apparently the fruit can fall far from the tree.
WB probably has quite a lot of gold but is not making a big deal of it.
he owns several jewelry retailers
Suckersssssss......
I hear they are storing their gold at the Bushehr nuke facility. Neutron bombs anyone. Quick, call out to WB7 to put "Kelley's Zeroes" on the case.
Gold ahead, make my day!
Well, the CIA--with an estimate for Iran of $81 billion in foreign exchange reserves--was close.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/21...
345 tonnes =’s 345,000 kilograms =’s 759,000 lbs =’s 12,144,000 ounces =’s (a ***quick sale price*** of $1,000 an ounce) $12,144,000,000 which at a cost of $9b a month… the cost to add another front to our war(s)…
I see clearly that we can afford to bomb the shit out of Iran for one month(ish)… how much Gold did we get out of Iraq? Never mind, we do it for free… or at the tax payers expense… to stabilize the growth needs… sorry. Just Funnin!
On a somewhat less material note, but hopefully a newsworthy hint as to public sentiment, I can finally say that i have influenced two friends to buy gold & silver for the first time. Have overcome their initial reservations, they are now hungry for more.
Like many goldbugs, I was unable for a long time to generate any interest in the topic among friends and family. My experience is that this tide is now turning.
Sounds like an indicator to start thinking about selling to me. I'm a holder of physical precious metals, but this boat is starting to look a little one sided-heavy to me, time to be wary.
Go ahead and please sell, the market needs to remove physical gold from the weak hand and into strong ones. One online person shorted gold time and again, now has shorts at 1330 and 1360, and looks like he is going to get burned once again. So please sell, we all want physical gold out of weak hands.
Funny you should say that, when the other side of the trade is so overcrowded that the boat is underwater.
What are you planning on selling for, dollars? Pfft. If you really want dollars for gold and silver, that's fine by me, but it's a pretty dumb move at this point in our history, like a German selling gold for Marks in January of 1921.
hey, you're on the right side of the truth for once lol
Gold isn't a trade. Those who hold significant quantities of it are using it for the same purposes that the banks have historically.
If paper claim tickets to governments won't cut it, then they will stockpile a harder asset and lend against it
trav7777,
Dont be a DICK! for the record you are one of the very few I really do have some repect for here... regardless... so dont be a dick and be honest...
YOU! with your money are buying at $1,350+ an oz? Really? Seriously?
Or... you where in a long time ago sub $1k and just are encouraging people who have none? seriously? whats your real stand?
I am pro gold... post bullets and food for people who are new... after medicine and / or every other needed item is bought and paid for and secure.
so... whats your real deal with Gold? if you would be so kind, good sir.
I'm not entirely sure what "1350" means...is there some significance to this price as opposed to another?
I've stated very clearly what I think gold is good for, it's good for walking with. It's something that won't go worthless overnight. It's something highly likely to be worthful wherever you might find yourself running to with the clothes on your back and little else. It's what jews keep in little locked boxes with glass and a hammer and an inscription "break glass in case of Hitler"
I'm not at all interested in looking at it as a "trade" to exchange some amount of FRNs at one point then hope to get more FRNs at some later point.
As far as weapons and ammo, I've several times advised stockpiling antibiotics if you want to be king of your block.
I've many times also said save what ever floats your boat. If that is negative interest rate loans to bankrupt institutions (savings account), then fine. If it's the notes of an insolvent state (bonds), then have at it. If you can stockpile coal or oil or wheat as a savings vehicle, then great. If you can stockpile pussies, they have value too and are an income-producing asset potentially. Go with whatever works for you.
Madmax won't happen. If you are interested in gold, you have to pull the trigger at some point. A lotta people said it was "expensive" at 1000, 1100, 1200. The bottom line is the dollar is going to devalue, just like in 1933. There's no other way to make the math work. It's going to happen. It's best to begin planning for that eventuality. Use your method of choice.
I'm on record as not encouraging anyone to buy gold or any other thing. They can stockpile cruzeiro reais for all I care, because "cash is KING!!!!!11" Doesn't matter to me, I got my own problems. I do know that gold is in production decline since 2001 and I maintain that this is the primary cause of its price escalation. A matter of basic supply & demand dynamics mostly, nothing special.
If there ever is a stampede to gold, you'll know it; it will look like the $850 high a few decades ago.
Meds! King of the Meds!! I luv it... Thanks for the pin point accuracy. My best to you and yours Travis.
Sincerely, JW
imagine a dying child...how much would a parent spend to save them? If you're really of the mindset to be a vulture, NOTHING on EARTH compares to modern medicine. People without access to basic antipyretics and antibiotics routinely die from ordinary, and what we regard as minor, diseases.
As far as gold goes, I mean, again, I'm agnostic. It's a thing of value, nothing special beyond anything else with value. Recall also Casablanca...remember the bride-to-be whose fiance needed money to pay Renault for wthever it was, a way out or something. She was willing to trade to Renault the only thing she had of value in exchange, her pussy. So Rick, bein the American stud he was, let the guy win enough in the casino so that she wouldn't have to whore herself to the town police chief.
So if you are walking around with an ATM between your legs, perhaps you have fewer worries. But gold saved more jooz than Schindler's list, I'll tell you that. Many people bribed their way past a Louis Renault with this metal. I mean, hey, if you want to try FRNs and a blowjob, be my guest, your Renault may swing that way. But if you show up at the border with nothing but 2 pussies and one happens to be attached to your wife and the other to your daughter, you may be forced into a Sophie's Choice of sorts. You may not like the exchange rate if you know what I mean.
I just figure that the odds these days of waking up to an FDR move are considerably higher than I consider tolerable. So, anyone who sees this, who sees systemic insolvency, better have some kind of contingency plan in place. However you personally accomplish that is your business. If you look over your asset portfolio and all you have is cars and furniture and a fkin HDTV to go with a bunch of digital IOUs from insolvent institutions, then I'd say that your position is precarious.
Looking across the economic landscape, would you really want to be OWED money right now? Be counting on the ability to pay of your debtors? Would you lend your money to BAC or C? Or even Uncle Sam? So if 1350 is "expensive," well that's the damn price you pay for procrastinating and not jumping on 900 when Douchinger said it was gonna crash.
Well done.
Sir, as much feces as has spewed from your mouth in the past, I stand in awe of this piece of writing. Sir, you truly do get it.
nice explanations/analogies. thanks.
Nice avatar! Is that a Vargas beauty?
Pithy, perhaps; but positively perfectly put.
An astounding agglomeration of alliteration, amigo!
Then I should add, that they are not shoeshine boys seeking a quick profit, but are in for the long haul. The key motivation is that they trust neither fiat, nor government.
Be aware that those such as yourself, ever alert for the time to sell, are in turn viewed (fairly or unfairly) as the 'weak hands.'
ah, Market truth & TMosely, you beat me to it!
the tide is turning, but people are weak hands.. i'd wager their gold, and many others of the J6P variety, sell at some point for pape fiat and all the gold will flow up the pyramid to the elites, so they can buy/sell/bribe off the grid. lindsey williams (fwiw) says gold/silver is the currency of the elites,... meaning it will become increasing more important to be off the grid (for them) in their coersions, conspiracies, and bribery of corporate heads, lawyers, and politicians to close this thing....
the price will become unobtainable for entry, and most regular folks will end up selling... just in time for 12/21/2012, when the fed charter ends, and the dollar becomes an immediately hyperinflated and worthless currency...
we get the paper dollars.. they get the gold.
Well that just proves they are evil terrorists. Only evil turrists would own gold.
Silence !
http://fc09.deviantart.net/fs39/i/2008/365/b/2/Achmed_the_Dead_Terrorist...
"For the next 10 years, there will be no need to import gold. Last year, when the price of each ounce of gold worldwide was on average $656, a few hundred tons of gold were imported," IRNA quoted CBI Governor Mahmoud Bahmani as telling a conference entitled, The Banking System on the Path to Nationwide Development, on Saturday.
http://www.presstv.ir/detail/148995.html
i want to buy gold where mahmoud does. gold last year, 2009, varied between over $700 and over $1200 per ounce. or maybe i misunderstood.
Iran is smart... get real honest money....
My, my... how times have changed!
George Bush/CIA/Drug Trafficking and Murder- - - voxfuxIn addition, the Shah was also given the ink and banknote-quality paper, ... The counterfeit notes were re-deposited into Escobar's account at the ... The next leg of the operation was to retrieve the $4 billion exchanged ... 2) Also during 1989, Panama's General Noriega was captured in the US invasion of Panama. ...
www.voxfux.com/.../cia_bush_drug_trafficking_murder_pt2.html
removed/duplicate
What's amazing is that the American people think Iran is a bunch of idiots. I know some Iranians and they are very sophisticated people with a very high culture. You would never know that listening to our media. But when does the mainstream media tell you anything. The funny thing is that Americans in general are the ones who are idiots with a very low culture. (Jersey Shore etc). We are doomed. We really are. We are sheep being led to the slaughter. The only solution I know is to get out of debt, get some gold, food and maybe some guns (though I probably won't do that since I don't like them) and just sit back and hope that the tsunami does not take you out to sea. If anyone else has any other ideas, please post them.
just a suggestion...learn to like guns.
Funny the present state of mind of Americans...
Here in Brazil we have other ideas: to work, produce, progress, see the growth of our economy, the vitality of our cities, and be happy.
Armageddon is an American-only obsession. Sorry.
http://brazil.usaid.gov/
http://countrystudies.us/brazil/113.htm
http://www.dominicantoday.com/dr/economy/2010/10/6/37202/USAID-project-installs-low-cost-greenhouses-agro-forestry-systems
We pay for your freedom... we have bought your expand-shun! http://www2.standardandpoors.com/spf/pdf/index/062207_BRIC-Investing-Report.pdf
So shut the Fuck Up! and say Thanks!
LOL...maybe in Parana
http://www.zerohedge.com/article/new-keynesian-low-levered-fx-interventi...
dire straights my man...
http://www.zerohedge.com/article/correction-fx-intervention-headline-day
food for thought..clean up the empadinha dishes.
Brazilians are funny though!
You may not be interested in Armageddon, but Armageddon is interested in you.
Brazil's national pastime is waxing.
Very pro-Brazilian, especially women.
John Lennon is so three decades ago........
Lennon's estate makes more in a week than you will in a lifetime....
brazilian arrogance at its best
What's not to like about guns? They are tools that are fun to use, make a lot of noise, and when used correctly will stop others from hurting you and yours.
Hey Tyler Durden, your Bulgarian compatriot Dilma Rousseff is the first female president of Brazil!
Isn't it cool?
This will insure that the NWO (Obama/Bush/Clinton)Will be bombing them.
uh oh,...lolz
orly, thought this was interesting to start the week but figured hey why the hell not.
http://www.bloomberg.com/news/2010-10-31/yuan-deposits-rising-fuel-hong-...
I can see why the Hong Kong Chinese would want to peg their dollar to the renminbi instead of the greenback: it is a proxy for the USD anyway and if there ever comes a time when they will need to have a good friend on the mainland, their relationship would meld their two currencies closer.
Makes sense to me but as a practical matter, it means little right now.
:D
I take it they are done buying, otherwise why announce it and push up the price?
Anyone know what the "consumption" of 30 tons/year is?
So nice to see the US government allowing the IMF to sell our physical supply out to IRAN.
All that tungsten has to go somewhere...
That was my first giggle of the day, thanks!
I wouldn't be giggling if I were you Mr. JW, with your record of gold predictions. Change your handle already!
1st.... I have not made any predictions... so you are a liar.
2nd why would change my name? becuase of a one line bullshit artists request? really? yeah, not gonna happen.
Hehehe, I was actually thinking about the spraypainted steel bars from Africa.
Can we believe anything out of Iran though? They're more dicredited than me, Dennis Gartman and JW put together!
If the IMF sold this gold, they are in violation of UN security council sanctions. I wonder who did?
Iran didn't show up on the WGC's list beause of a minor clerical error...a typo. Also the U.S. actually only holds 800 tonnes not 8000. Just a little typo.
800? With the level of pillage that has been happening the past few decades you think that they left 800 behind? Won't surprise me if what is being held in Ft. Know (and others)is encumbered in some way and we might be much closer to 8 then 800.
they probably have fdr's coin melt left as it isn't readily tradable.
LOLZ...um, re-read the EO.
It commanded surrender of gold to the Federal Reserve. They got the gold. Not Fort Knox
Also the U.S. actually only holds 800 tonnes not 8000. Just a little typo.
8133.5 tonnes Official USA Reserves.
http://en.wikipedia.org/wiki/Official_gold_reserves
It's not just Iran buying; other Arabs are as well; they may well show up the Asians over the next year. I smell war in the air; it may be the only way out for the FED and the banksters who are going to be absolutely crushed by foreclosuresgate.
never EVER call Iranians "Arabs"
good point. persian and related languages 58%, azeri and related turkic languages 26%, kurdish 9%, arabic 1%.
By Jack Farchy in London
Published: October 28 2010 18:47 | Last updated: October 28 2010 18:47
The world’s largest storer of gold, the Federal Reserve Bank of New York, has said it holds bullion from far fewer countries than it had previously reported, shedding a rare chink of light on the opaque activities of central banks in the gold market.
Central banks have helped drive prices to all-time nominal highs by becoming net buyers of bullion this year for the first time in 22 years. But trades by central banks are often secret – as is where they store their vast gold reserves.
The NY Fed revised down the number of countries whose gold it stores by 40 per cent to 36, from a 2004 statement in which it said it held about 60 nations’ gold.
The revision is significant because the NY Fed’s historic vault, built on the bedrock of Manhattan island, is the world’s largest repository of bullion with holdings worth about $290bn, but very little is known about which countries store their gold there. Individual vaults have numbers so any visitors cannot tell which gold reserves belong to which central bank.
The NY Fed said the revision was the result of a change in the way it counts the countries that use its services to store gold. Its previous claim of “approximately 60” countries referred to the number of foreign central banks with accounts at the NY Fed, including those that did not hold any gold.
Its revised figure of 36 refers only to those foreign central banks that actually have gold stored at the US central bank’s Manhattan vault, the NY Fed said.
“There has been no change in the number of accounts with active gold holdings in recent years,” a spokesperson said.
The different statements are laid out in two versions of the same brochure about the NY Fed’s gold, dated 2004 and 2008, which are the only known information about the vault.
The 2004 brochure stated that “the gold you see in the vault of the Federal Reserve Bank of New York […] belongs to approximately 60 foreign governments and central banks and international monetary organisations”. The NY Fed has never explained in the past that that number included 24 countries that held no gold at its vault.
After the Financial Times contacted the Fed about the differences between the documents, the central bank removed the old brochure from its website.
The NY Fed added that its vault had contained 226m ounces of gold in mid-2004, rather than 266m, as claimed in the earlier version of the brochure.
The vault, opened in1924, holds nearly a quarter of all the gold belonging to governments and central banks. Other major depositories of official sector gold are at the Bank of England in London and the Bank for International Settlements in Switzerland.
The gold market is often in the dark about the activities of central banks and other official institutions in the gold market as some of the largest buyers and sellers do not regularly release information about their trading.
Saudi Arabia this year said its gold reserves have almost doubled. Riyadh attributed the increase, disclosed in a quarterly financial statement from the central bank, to an accounting change. Earlier, China surprised the bullion market when it revealed its gold holdings had almost doubled without any explanation.
Investors are scrutinising central banks’ purchases and sales of gold as the official sector is set to buy 15 tonnes of bullion this year, according to estimates from GFMS, the precious metal consultancy – a sea-change from the past decade when on average central banks sold more than 400 tonnes a year.
22 tons went into the market and 10 tone to Bangladesh!
----“”The persians are taking lessons in gold PR headfakes from the Russians and Chinese.””----
These guys are the inventors of headfakes, from WAY back. One interesting note, if they take physical delivery, how we gonna nuke em and not evaporate the gold. This does present a problem.
There is no Persia. "Persians" are usually snobby people that think they are high class.
"One interesting note, if they take physical delivery, how we gonna nuke em and not evaporate the gold. This does present a problem."
Neutron bomb, my friend.
Luckily they didnt spend that 15 billion on silver. There would have been none left.
i dont know......
What's this thread about? I lost track. Iran is buying gold with GPS chips secretly embedded?
Iran should start settling their oil contracts in CNY and RUB, and/or charge a 100% fee on contracts settled in USD.
You know things are bad when the underdog is the axis of evil.
Should have moved all of 7th Army and III Corps to Herat.
Better luck with the next empire.
settling in CNY is like settling in USD. RUB is reasonably sound money nowadays but it's like settling in notes with a gangster.
I know the semi-peg is in, but politically its all a little unsettling to see USD traded for yuan. If everyone knew about McDonald's yuan denominated bond issuance out of HK, then maybe maybe folks might wander over to Burger King.
Iran should start settling their oil contracts in CNY
How about settling with CSNY?
Crosby, Stills, Nash & Young - Down By The River (Big Sur, CA 1969)http://www.youtube.com/watch?v=8jxs0ybnsEQ
last week...
http://www.youtube.com/watch?v=fkEc6c6fn3s
Ripe for invasion and confiscation sounds like...
Looks like those sanctions are working just fine lol.
I totally agree with you toa400
Iranian people are smart , Hillary Clinton
should treat them right, and build trade .
they build the best wind power units in the world.
we could also buy their oil , rare earth .... we could
give them Corn , Wheat , Lumber , Apples , etc...
Gold is the only money that won't disappear with a nuclear event, although it may get dispersed a bit. :<)
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