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Secret Iran Gold Holdings Leaked: Tehran Holds Same Amount Of Gold As United Kingdom, And Is Buying More
While it will not come as a major surprise to most, according to senior BOE individuals and Wikileaks, Iran, as well as Qatar and Jordan have been actively purchasing gold well over the amount reported to and by the IMF, in an accelerated attempt to diversify their holdings away from the US dollar. "Iran has bought large amounts of gold in the international market, according to a senior Bank of England official, in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar. Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times." The reason for Tehran's scramble into gold: "an attempt by Iran to protect its reserves from risk of seizure”. The misrepresentation of Iran's holdings could be so vast that Iran could possibly be one of the largest holders of goldin the world. "Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the 20 largest holders of gold reserves... with an alleged 300 tons, big enough to challenge the UK at 310 tons, and more than Spain! " As a reminder according to the WGC, Iran is not even disclosed as an official holder of gold. Also, Iran is not the only one: "Cables obtained by WikiLeaks cite Jordan’s prime minister as saying the central bank was “instructed to increase its holdings” of gold, and a Qatar Investment Authority official as saying the QIA was interested in buying gold and silver." Which means that there is far more marginal demand by countries supposedly friendly to the dollar, as many more than previously expected are actively dumping linen and buying bullion. What all this means for the future price of gold, especially with geopolitical tension in the region, and QE3 imminent, is rather self-evident.
From the FT:
Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times.
Mr Bailey said the gold buying “was an attempt by Iran to protect its reserves from risk of seizure”.
Market observers believe Tehran has been one of the biggest buyers of bullion over the past decade after China, Russia and India, and is among the 20 largest holders of gold reserves.
They estimate it holds more than 300 tonnes of gold, up from 168.4 tonnes in 1996, the date of the most recent International Monetary Fund data.
Ummm, according to the WGC the UK (thank you Gordon Brown) has 310 tons of gold... Iran has the same amount of gold in storage as the (formerly) biggest colonial power in the history of the world. And this is not breaking news?
The cable, dated June 2006, is the first official confirmation of Tehran’s buying. Last year central banks became net buyers of bullion after 22 years of large sales, helping drive gold prices to all-time nominal highs. Trades by central banks are often kept secret.
Bankers said other Middle Eastern countries had also been quietly adding to gold holdings to diversify away from the dollar amid political tensions and volatility in currency markets.
“The totality of central bank reserves is not what is reported to the IMF,” said Philip Klapwijk, executive chairman of GFMS, a precious metals consultancy. “There’s probably another 10 per cent on top of that.”
Cables obtained by WikiLeaks cite Jordan’s prime minister as saying the central bank was “instructed to increase its holdings” of gold, and a Qatar Investment Authority official as saying the QIA was interested in buying gold and silver.
“There is no question some Middle Eastern countries are very interested in buying gold,” said George Milling-Stanley, head of government affairs at the mining industry-backed World Gold Council.
Secret undisclosed purchases of physical gold... What next: secret undisclosed selling of paper gold by such unusual suspects as JPM? Unpossible.
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We are shifting all 401ks and IRAs into Treasuries. We have to do it, the country is at war and is bankrupt. You are a "good" American aren't you? So you know this is necessary, given all the debt you've run up and all? You spent it after all...
The new "collateral damage." Any collateral you got, we damage.
+C +D
Quatar is accumulating Silver. That pretty much says all you need to hear if you're listening.
While its nice that Iran is still buying gold. I'll wait untill there is a discount on stuff purchased in gold.
When a gram of gold has more value in one place then the next is when that place gets the gold. Show me purchasing power and it might get interesting. Does a crackhead get one rock or 2 if he pays in gold. :)
This is not surpeising as Gordon Brown is an idiot and sold near the bottom.
Iran would be much wiser to leave more of their oil in the ground for their grandchildren. Oil will give them many more options than gold in the future, including perhaps being able to feed themselves.
They tell everyone they have faith in the dollar, publicly, and in the back room they're diversifying out of it as quickly as they can without attracting attention.
My question is who,instructed the central bank to increase it's holding
i had the same Q, see below.
Showing US once again that we are the idiot fools of Nations.
I secretly bought a a Big Mac today. Shhh.
About 170 countries got together last year and quietly colluded to dump the dollar. Agreed, Iran has more interest in dong this than anybody since their assets can be frozen like they were in 1979. But, I swear if it wasn't for Wikileaks we wouldn't know anything. Lovin' it.
"There's no place for fiat to go but gold." -- Alan Greensquid (aka Mr. Andrea Mitchell) to the CFR, 2010.
So this is how you get around sanctions...launder cash and buy all the PM's you want without anyone saying a word. Aren't sanctions supposed to make a country poorer? oooopss.
I'm waiting for Three Kings Part II.
If a sovereign nation is buying gold with dollars or oil they are not going to advertise it. The unwashed masses won't be told about it til the dollar is nearly worthless. Then they will report this extremely useful piece of information to the poor masses with no prospects. This way helps them break the news to their people that their social security is near worthless and government health insurance is not going to pay much.They can say:"Hey. That was yesterday. Today it's all about austerity measures or gold and there's no free ride so buck up you miserable freeloading wretches."
Double
But the dollar died 5 times already in just the last 40years.
Meanwhile total world commerce in dollars has completely and totally plummeted from 72% to 65% over that same period.
Are you related to Joe Granville?
On the same side as the Chinese and now Iran and who knows how many other behind the world by 100yrs civilizations,
should make you feel warm and fuzzy as you cozy up to AU and AG at night.
I know, no medium of exchange needed either- soon my grocer will take it for payment and not LOL his ass off and call the cops at my insistence but the ZH neo marxists insist the dollar is dead and this is the new medium of exchange.
will yer grocer still take food stamps, too, ya think?
lol my assov2!
I have more than enough fiats saved to shop at the grocery store, buy trinkets, and pay my taxes and don't really care to accumulate excessive amounts but if I did I could go to any coin shop and redeem PM's for a lot more fiat than I payed and if not I know 10 friends that are buying or selling and this number is growing. It's all a matter of perspective, trust, how you observe the world, how you gather and process information and ultimately how you perceive what is real and what is a fraud. By all means hoard all the U.S. fed notes in your insolvent bank that you can if it makes you feel rich.Don't use any information available to you outside of mainstream press to plan you future. Keep it tuned to CNBC's Cramer and you should have it covered. Either way I really don't care.
listen to the MSM says the pack/herd animal sarcastically.
if odd geometric shapes do not mean mania/panic depending on perspective what does?
btw fully expect the inverse once QE is done since these odd shapes all started with QE in the first place.
Any way to go long "but I got out at the top posts"?
Any central bank that isn't accumulating gold to hedge its US debt "assets" is crazy, since the US can and should default and revalue the dollar in gold terms - to about $27,000 per ounce:
http://strikelawyer.wordpress.com/2011/01/16/28th-amendment-section-3/
It's inevitable. And if the US still has 8 THOUSAND tons, as it did 60 years ago, it would be incredibly greedy to seize a mere 300 tons from Iran or anywhere else.
One day we'll find out the U.S. doesn't have 300 tons.
So, this is bullish for tungsten?!?
Yes, and for salted gold.
Gordon Brown. Did the man ever do anything intelligent?
Iran figured out the way the wind blows along time ago... get nukes, or at least make it credible that you might have them, if you want to survive. The US and allied countries only pick on the weak and defenseless kids in the school yard.
tyler, this is better than the sunday Xword with a sudoku sidecar!
1st quote: "Iran has bought large amounts of gold in the international market, according to a senior Bank of England official, in a sign of how growing political pressure has driven Tehran to reduce its exposure to the US dollar. Andrew Bailey, head of banking at the Bank of England, told an American official that the central bank had observed “significant moves by Iran to purchase gold”, according to a US diplomatic cable obtained by WikiLeaks and seen by the Financial Times."
whom are you quoting? yer 1st sentence sez: "...according to senior BOE individuals and Wikileaks...", then your 2nd sentence is the 1st quote, above. yet you only mention one BOE bigshot, Bailey, who told an Am. "official" about iran's "moves", and this information was gleaned by a US diplomatic cable obtained by WikiL & seen by the FT.
and, again, the whole "1st quote" is not attributed to anyone. is it from the FT?
later, you quote the FT, but not exactly as above.
then this: "The cable, dated June 2006, is the first official confirmation of Tehran’s buying."[FT]
this is pretty good, T.D.!
5-year old "leaked" cable based on an alleged coupla sentences that Bailey told an "American official" and the American wrote up thru State, prob, and now this is the first official confirmation of iran's buying. slewie is just amazed!
then we get to "Market observers believe...", and from THIS "source" we get to the "300 tons." ALLEGED. where do they stand on the Easter Bunny Belief? would they observe multiple bunnies and allege, say, 300?
then, UNDATED cables say Jordan's CB was INSTRUCTED to increase gold holdings (by the PM?) and that Qatar is "interested in buying gold & silver." note: no mention of actual purchases....hmm...
i can find ONE fact: that there was a cable 5 years ago saying that Bailey had said Iran was buying "large amounts" of gold. and this ONE fact is based upon the bedrock of a WikiLeak "cable"!!! which "somebody @ FT saw." if this were ice on the lake, i don't think i'd be driving my car out to do donuts.
all i can say is that you have out-tylered your smelly ass, in spades, you fuking asshole! if this were the scuttlebutt in my apartment complex or in your neighborhood, no one would believe a word of it or pay a bit of mind to it, after repeating it, with emotion, to anyone near the mailboxes or the laundry room, as you have so dutifully done, here...
...with a tyleresque finish of strength, i might add: "Secret undisclosed purchases of physical gold... What next: secret undisclosed selling of paper gold by such unusual suspects as JPM? Unpossible."
you da man, T.D.!!! ...unpossibly so...
How barbarous of Persia. /sarc
My opinion, is that this story, has been planted to lead investors to believe that extra demand has existed for some good length of time, without anyone knowing it.
So, in other words, all this extra demand, and the price of gold is ONLY in the $1,400's . So in view of this NEW undisclosed information, we should be scared.
Why, because huge undisclosed New demand was only able to move GOLD and other metals a small amount, and when these Middle Eastern Countries get in the REAL SHIT (like Now) they will stop buying GOLD and may become net sellers of gold in order to protect their turf (or Kingdoms).
Looks to me to be a shakeout attempt, pure and simple, I don't believe a fucking word, especially based upon fundamentals which have only gotten worse for the people that have the power to print and spread this story.
Only my view, based on many, many, years of this, but hold or buy more, a breakout to the upside is imminent. i could be wrong.
CuzMan
Save a cow "Eat a Fat Fucking Banker"
Banksters-in-my- feces
Maybe Taco-Bell would be interested in a meat substitute
ALLAH SAVE THE SHAH?
Japan to give Tax breaks
http://dawnwires.com/investment-news/japan-to-give-earthquake-tax-breaks/
The economic collapse will merely be a Wealth Transfer.
I think there will be six (1-6) amazing events occurring in a very short order, they are;
1. Chinas' Renminbi will be un-pegged and allowed to float freely.
2. The US Dollar falling from grace as Reserve Currency will cause a run on the Dollar.
3. China dumps Silver Shorts onto the market causing banking collapse.
4. A run toward Gold and Silver allows the Renminbi to be fully back by the extreme uplift of Gold and Silver prices.
5. China pegs Renminbi to high Gold and Silver prices.
6. Citizens of China, who have been buying Gold and Silver will be elevated in their wealth (wealth transfer from West to East).
Then;
7. Chinese citizens move into their shiny new previously "unafordable" (LOL) apartments within their shiny new cities.
8. Wealth transfer complete; China becomes >USA, USA becomes <Mexico.
Or something like that! :)))
UK would've had more if Gordon Clown hadn't dumped at the bottom.
I feel soo? happy.
Awhile back did we not have some information on Iran trading oil for gold with India?
Italy has 2400 tons of gold so they will be next in austerity rampaging through Europe. Book it!
Tuco Benedicto Pacifico Juan Maria Ramirez