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Tiny Mauritius Tells US To Shove Its Dollar, Buys 2 Metric Tons Of Gold From IMF At $1,115 An Ounce
The latest development in the gold bubble saga, and one which will likely cause the precious metal's price to spike even higher, comes from the tiny island of Mauritius which according to Dow Jones has purchased 2 metric tons of Gold from the IMF for $71.7 million. The price works out to approximately $1,115 per ounce. More as we get it. (and yes, this is a picture of Mauritius not some CNBC anchor hangout).
Some more from Dow Jones:
The International Monetary Fund announced Monday it has sold two tons of gold to the central bank of the Indian Ocean island of Mauritius for nearly $72 million.
The sale came as gold prices surged Monday to an all-time high of $1,136.72 per ounce.
The sale to Mauritius "was conducted on the basis of market prices prevailing on November 11, 2009 with proceeds equivalent to U.S. 71.7 million dollars," the IMF said in a statement.
It was the second such sale by the fund since September, when its executive board authorized the sale of 403.3 tons of gold from its holdings to bolster its finances amid the global economic crisis.
On Nov. 2 it sold 200 tons of gold to the central bank of India for $6.7 billion.
The IMF said it would sell gold directly to central banks and other official holders for an initial period before selling the remaining amount on the open markets "in a phased manner over time."
The Washington-based IMF, which currently holds just over 3,000 tons of gold, is the third-largest official holder of the precious metal after the U.S. and Germany
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Found this, silly:
http://www.islandcrisis.net/wp-content/uploads/2009/03/sodomy-in-mauriti...
The only market that is never a bubble is the market you are long.
Is gold a bubble? Don't know. What is the appropriate value for something that has value, but not use, because we just say it has value? Right now gold is being valued at somewhere between 11% and 12% of total world GDP. Is this too high or too low?
And is Mauritius the proverbial "shoe shine boy" of Joe Kennedy in 1929?
We'll see.
Do you know why I like silver? Because everyone is talking about gold.
percent...WISE...
I'm thinking now, after the Bernankes, Geithners, and Paulsons of the US have exhausted the middle class blood supply, they're going to need a nice island retreat to hole up while the rest of the world eats itself...maybe Mauritius is on the short list.
Interesting, a tax haven for rich Indians is now buying gold...
Hasn't anyone considered that Mauritius is no doubt entirely owned by the same folks who own the IMF? Selling Gold to Mauritius is likely just selling Gold to yourself, it hasn't really changed hands at all. Its just likely a means to send a message to the Golbugs to Buy, Buy, Buy and drive the price up further, thereby putting further pressure on the Dollar. It appears to me that this is a concerted effort on a number of fronts to force Bernanke to play his hand and defend the "strong dollar" by raising the fed funds rate. That WOULD unwind the dollar carry trade, and be just spectacular armageddon. Beauty here with this ploy is you never risk the Gold at all, since you are just selling it to yourself Publicly so everybody hears about it.
RE
Compare USD/GOLD vs. INR/GOLD or even EUR/GOLD.
Don't suppose it would be too much and too language police-ey to suggest that dramatically overused phrases like "spot on", "not so much", and others be replaced with something original?
I mean this is a darned creative bunch and to be subjected to these from such a highly articulate crew irks me.
And while I'm at it in the pet peeves department, could you provide a link to a full-screen shot of the lady from Mauritius? My eyes aren't what they used to be.
Spot on Anon. Read the comments you might find a link, or something that may allow you to google it. But as for handing you something like a child... not so much...
I am a bit sceptical of the official gold production figures.
China for example may be heavily subsidizing its domestic gold production and filling its coffers secretly with the stuff.It should be no surprise as it is not a free market nation(A bit like the good old USA)
HAHA, so now we're taking investment advice from Mauritius? Hilarious!
Well, while Mauritius is not perfect it is surely successful in many ways considering the size and the resources of the island. And it is true, why would you take financial advice from us? When your taxpaying money which your governments nicely borrow from you is invested here? we don't mind. Laugh some more and check how much your country is in debt first..
Have a good one!
And what happens to gold when the dollar rallies and equities go down ?
http://www.zerohedge.com/forum/market-outlook-0
My god people, don't believe everything this Kirby moron says. Looks like there is/was a company in China making gold-plated tungsten products ("except for monetary uses", wink wink):
http://www.tungsten-alloy.com/en/alloy11.htm
That's good stuff, makes every one of you goldbugs shart in your shorts a little... I figure if they did a good job then the bars could be 70% "catalytic convertor metal" and 30% "jewelry material". I have zero faith in the dollar but I refuse to dumbly march into a gold buying frenzy. A friend once said of the gold market: "it's always easier to find a seller than a buyer".
HA HA HA...
Now the Chinese government's edict that it's citizens should invest in gold makes sense.
The Chinese goverment is obviously a lot more clever at screwing over it's people than the US gov't (probably because it needs to be).
Assuming the tungsten story is true, that means the real supply of gold is less than expected.
Also, prudent buyers of gold bars should be testing their gold upon receipt.
How is China screwing it's people by advising them to buy gold again? And does the Chinese government benefit from that screwing?
What keeps these various small nations from just being "regime changed"? The US has the means and a rational motive to do so.
This tread needs moar pics
Ahhh...The mountains of Mauritius.
No one can accurately predict the price of gold or anything else. It is obvious that gold is in an uptrend. Getting long and protecting your position with risk management stops is the way to profit. Circle-jerking around the fundamentals is a waste of time. Why ask why? The future will take care of itself.
In the title of this article you didn't spell ton properly. A ton is 2,000 pounds but a metric tonne is 2,200 pounds.
The tungsten issue may be approaching critical mass. I hope Mauritius had an independent assay done. This was posted yesterday on Ben Fulford's blog:
China has stealthily introduced a new financial system based on the renminbi which is well on its way to becoming fully convertible, according to a high-level Chinese source. In addition, China is purchasing 10,000 tons of gold to back up a new fund designed to develop and market heretofore forbidden and suppressed technologies. The fund will be based outside of China and will be controlled by prominent members of the Chinese overseas community. The gold purchase will take some time because of the logistics of transporting it and the Chinese wish to test it thoroughly. Both the Chinese government and MI6 now confirm reports that much of the gold sold by the Federal Reserve Board over the past decade is in fact gold plated tungsten.
For its part, the renminbi is now convertible with South American currencies, the rouble, Middle-Eastern currencies, the yen, South East Asian currencies and African currencies. “We will slowly introduce our new financial system in parallel with the old one and hope that people steadily migrate towards it,” the Chinese official says.
Meanwhile, the latest G20 meeting ended in acrimony and chaos. The leadership of the West is in total disarray and will remain so until the Federal Reserve Board’s bankruptcy becomes visible even to brainwashed section of the Western public. This is now expected by January or February. Both MI6 and a senior Chinese government source now predict the collapse of the Federal Reserve dollar by that time.
We are also hearing various reports that many Pentagon and other US alphabet suit agency figures with both US and Israeli citizenship have recently fled to Israel. Things are coming to a head.
i hope all the women in Mauritania are big breasted girls in bikinis and wearing pigtails...huh what's that about gold....mmmmmm boobies
A day will come when we will see the balance tilt in favour of developping countries. How many of you actually realize that the quality of life we live in the western society is just not worth it. It's just too stressful.Chill out people. Is gold worth as much as your life or is your life worth more than gold? You can buy material but not health...so forget gold and enjoy life. Would you still take your mobile phine on your most idyllic holiday of a lifetime, to Mauritius maybe?; in case your business went down overnight? Think. We are all slaves of capitalism; no matter how much money we have, we will never be happy. Our ancestors had to sweat days and nights to bring us peace and harmony to flow with civilization, and yet we still want a reason to fight each other.
Why bury our head in the sand when we all know we can't escape reality. The reality is the US$ is going down and too fast. We all know the world will need to depend on crude oil for another 100 years. Whosoever takes control of the energy market for the next 100 years will dominate the world economy...OPEC is looking at replacing the unstable US dollar very soon and this is why there is a mad rush for the PM....you might soon need a wheelbarrow full of dollars to buy a loaf bread just like we, Mauritians, used to do some three generations ago when we used to be poor. BTW did you know that Mauritius is an volcanic island and has no natural resources whatsoever...we have built the island with our sweat and blood and not from oil unlike any other nation in the world, our only resource is our brain and so we use it wisely.
"When you go to Mauritius, you gather the idea that Mauritius was made first, and then heaven; and that heaven was copied after Mauritius" Mark Twain
US$ Check this out;
http://www.goldprice.org/buying-gold/2006/04/how-much-is-gold.html
Nice post. Mauritius is a Birds Of Heaven.You can see Casela Bird Park, In park there are 140 birds species and over 25,000 birds.Mauritius is a best place for holiday especially for bird lovers. September to November is a best time. Experience Fishing Lake in Casela Bird Park.Attractions are Port Louis, Caudan Waterfront, Grand Bay, Pamplemousses garden For more details refer http://www.theearthtraveler.com/birds-of-heaven-called-mauritius.html
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