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Tunisia Central Bank Admits It Is Missing 1.5 Tons Of Gold
When we first reported on the rumored "confiscation" of 1.5 tons (or is that tonnes?) of gold by deposed Tunisian surging food inflation beneficiary Ben Ali we joked that the next WGC update of Tunisian gold assets would be strangely lower by 23%. Once again, the Onion reality sets in as we uncover we were right. Dow Jones reports that "Tunisia's central bank this week said it held about 5.3 tons, but dismissed reports that the family of ex-leader Zine El Abidine Ben Ali had withdrawn the gold, saying the bank vaults were "under draconian security measures." Um, yeah, that's just off by the amount that Ben Ali is now desperately trying to eat...
From Dow Jones:
Tunisia had 6.8 tons of gold in December, a level unchanged for at least a decade, according to a December online report issued by the World Gold Council, which is also in line with estimates issued by the International Monetary Fund in October.
The WGC regularly publishes global statistics on gold and is considered an authority on the sector.
...
According to French intelligence cited by French daily Le Monde, Ben Ali's wife Leila Trabelsi had gone to the bank to withdraw the gold. The governor initially resisted, but backed down under pressure from Ben Ali himselfFrench TV TF1 also reported that the gold was withdrawn in late December.
Ben Ali fled to Saudi Arabia last week amid an unprecedented wave of street protests against rising unemployment as well as his 23 years of iron-fisted rule and allegations of corruption against his family.
That's funny: also just as funny is that according to the WGC the US has 8,133.5 tonnes of gold. We wonder if we should apply the same 22% pro forma haircut on that number when adjusting for physical gold holdings long since moved to various armored safes in Wall Street's offshore villas located in non-extradition countries. But we jest. We would be satisfied with just learning how much Tungsten is currently located in Fort Knox.
h/t London Dude Trader
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It's Tunisia! I just walked in and took it!
why doesn't anyone care? i mean, another week or two and the CTFC and JPM will have gold declared worthless. so...who cares?
The dead cat bounce is almost over in the USDX
http://tfmetalsreport.blogspot.com/2011/01/ah-buck-it.html
You're the old lady they always find with a house filled with hundreds of dead cats. P-U
------------ >ALERT ! ALERT ! ALERT !!!
http://www.youtube.com/watch?v=JYfM-frIWlQ
CHART OF THE DAY: Guess Which Major Commodity Has Performed The Worst Since QE2
Since quantitative easing 2 really kicked off in early September, one major commodity has lagged the broader market.
Surprise, it's gold.
And now, with all the talk of inflation striking China, India, and even the United States, you would think the great inflation hedge would be set to surge.
Now Nomura says it may be about to head lower.
That's because gold's relationship with U.S. real rates suggests it should lose another 8% of its value, so long as U.S. real rates continue to rise, according to Nomura.
http://www.businessinsider.com/chart-of-the-day-gold-vs-other-commodities-2011-1#ixzz1Bc93Lqow
Bernanke's cred relied on gold not going anywhere. Do you think the cash funneled into PDs was used by Blythe to short gold?
No, its called running for the exit as the building is burning ...
So now we have Spalding, J. " the godfather " Rogers, Soros, Nomura ....
And Ben Ali! Nice metaphor.
Spalding, where did you have your wealth during that time? Just curious.
What does it matter... Gold is a relic of the past.. Right?? .. Right?
Just replace it with a printer.
And ink cartridges are confisgated... Then what?
WSJ reports that Ben Ali and 40 of his relatives personally owned controlling interest in 35% of Tunisia's GDP.
They must have just used that gold to buy all the fucking HUGH stock in the world...ha ha Flash finger alert.....hope my sale at 59 stays....not
Tons come from the French "tonnes", indeed.
Another apport from France to America. France is the cradle, the beacon of civilization.
The USA would not exist without us, keep that in mind.
And if not for the USA, the French would all be speaking German.
Another jealous American.
If not for the French, the Americans would all still be speaking English!
You mom called. You're to return to Doomer watch immediately.
That doesn't even make any sense.
That's because you are stupid.
No, it's because you are a moron with poor communication skills.
Americans are jealous of stinky cowards?
Well, at least we do not have fat-ass girls and bankers openly displaying the looting of this country in the press without reaction... at least here they keep it private.
Why pick on Berlisconi ?
I have seen french girls, and they have fat asses.
You don't look at the right place. I assume it was in Roissy or the RER C?
You do not understand. I said I have seen their nice, shapely, voluptuous, supple, and healthy, fat apple bottoms.
He just called you a putain and now you look like a deer in the lights.
You are out of your element, Johnny.
Yum!
Jealous of what may I ask?
Jealous of our cultural, architectural and military brilliance, that's all.
Jealous of the fact our country is their mother.
Yeah, the Mother land settled by bored Vikings. Besides where would we be without all the Templar conspiracy books?
Gauls=Gaelic.
You do have wonderful culture and architecture...as for military brilliance, I suppose never firing your rifles and laying them gently on the ground does keep them in very good condition.
two words - Maginot Line
And a few more:
Gilbert du Motier, Marquis de Lafayettetwo words- Norman Conquest
One word -- Waterloo
One man- Lance Armstrong
>Jealous of our cultural, architectural and military brilliance, that's all.
Able was I ere I saw Elba.
Actually, it was the French king who helped out the colonials. Since you guys gave that form of government the chop, there's little credit, if any, that accrues to the populace.
This is such a non-issue (U.S. vs. France), more importantly why did the EU and the U.S. support Ben Ali all these years and put Tunisia on a pedestal as a model for Africa. Now they are jumping to the peoples side and cheering them on. The main reason is that Ben Ali played ball with the IMF,WTO, and EU, and when the sentiment towards him turns they will look for a new leader to corrupt. It doesn't matter what kind of leader they have as long as they allow foreign corporations to rape their country via IMF loans.
You're talking to a convinced man, buddy. I'm just trolling.
+1
(from a frenchman!)
Much as I hate to stir the hornets' nest, this highlights a genuine drawback to any attempt to return to a global gold standard, doesn't it?
They ate it after they ran out of food.
The funny thing is they froze his fiat money so he decided to take the real thing.
soon we will believe our cataclysmic end of the world as we know it BS - then we'll be in real trouble... :-)
disgusting - cannot stand; bring him back for trial by the people
saudis just as guilty
the people?
there will be another thug claiming to serve the people....and so we move on...
I'm talking about the people in the street looking for food
i know, did not mean to contradict you - i am just sceptical any real justice will take place...who knows...
Saudis also let Idi Amin live out his days there after he fled Uganda.
I once lost 1.5 tons of gold in the sofa. Looked all over Hell, couldn't find it. Didn't turn up again until I moved from my apartment and it fell out on the floor. I laughed my ass off and after the move used it to buy Egypt. Can happen to anyone.
According to French intelligence cited by French daily Le Monde, Ben Ali's wife Leila Trabelsi had gone to the bank to withdraw the gold.
"Honey, I'm going to the bank to get 1.5 tons of Gold. Where are the keys to the Brink's truck?"
You can't eat gold... Ben Ali is such a loser.
He should have departed with millions of AAPL shares and Irish government bonds.
I detect a bit of sarcasm there, Hamy.
Hamy I can see you have been taught well in the Wanger school of economics.
WangerNomics. Getting pumped and dumped is the only way to get an A.
"Getting pumped and dumped. " You seem quite knowledgeable on the topic.
Draconian - Mall Security Guard
Draconian - your life
Morons don't know what "draconian" means.
Sure we do
The official Draconian homepageWelcome to the official homepage of Sweden's Doom/Gothic Metal band Draconian.
www.draconian.se/
Well, finally. You admit to being a moron. Progress is being made.
A man's gotta know his limits
Draconian - his brother-in-law's idiot cousin
"The gold is missing! Summon the Draconian Guards!"
I admire folks who know true value when they seize it.
OT:
Anyone watching this neurotic buy/sell/buy/sell/buy/sell BS happening right now...per every other freakin' second? It is so sweet to live in a Banana Republic Tree nation.
And Market Credibility stumbles and falls once again, face down at the corner of Wall and Broad.
"Mary, Mary, Mary, Mary!"
Sounds like you are not a big fan of the casino-like "action" we now have across all asset classes.
Brought to you courtesy of Banana Ben Shalom.
Been doing this for quite a long time now...but today's last ten minutes was absurd...as was the action in GOOG after the report.
This market is truly broken. Ye ole Flash Crash cannot be far from here.
Action figures: Banana Ben and Bend Over Barney.
I resent that remark. We raise our children here. We reall don't need the corner of broad and wall to keep them in non lubricated food.
TZA holding up really nice.
Good call IMO, RUT looks terrible. You may get bit short term from a small bounce and/or choppy action until either next week (post op ex) or beginning February, but the RUT monthly is ridiculously overextended (as are SPX and COMP, to a lesser extent).
If you don't hold it, you don't own it...
And the things you own, end up owning you anyway.
Shit, I hope AIG doesn't hold the policy for that, too. We'll end up having to bail it out so Goldman Sachs doesn't suffer losses.
+1
1st time poster here.
Love ZH and all your guys' opinions/sarcs/barbs etc.....
Was thinking of purchasing my first set of silver coins/bullion via APMEX. Do not have
too much liquidity, however, I would like to protect what i do have against the
forces of the Morgue, Bernank, and other looters of our economy and I think the
price for silver right now is right. This correction has helped me make a decision
to jump in and hold the physical stuff for the long term.
What do you guys suggest since i'm a bullion virgin? Help me pop my cherry, haha.
American eagles? Maples? Other suggestions?
Thanks.
Both Eagles and Maples are well recognized, choose which ever has the lowest premium.
Welcome.
I like Maples. .9999 and can get 1oz to 1/10 oz
Buy lead, then food, then generic rounds....if you're not that liquid.
My 2 cents: I started with eagles. Shop your premiums. Stay away from graded/numismatic. Look at onlygold.com and compare premium. (I have no personal interest.) I have bought from there on occasion. Good and honest folks and some of the lowest premiums I have found.
Eagles have a lower markup than Maples. My favorite six words: your apmex order has been shipped.
bulliondirect.com may work better for you
as of now, cheaper premiums on some stuff and you don't have to have it shipped immediately. Just store it there and ship when you build up a good bit (purchases over whatever timeframe)
They have always done me right.
Go to a coin shop and look at Eagles, Maples, Philharmonics, etc....
They are all worth the [ahem] monie.
All the above gave you good advice. I'd add: Buy some junk U. S. silver. Never know when you'll need to trade a few circulated dimes or quarters for those nice veggies at the farmers market.
When I recently shopping around I found that Lear Capital had the lowest premium on silver maples if you order on the website, however the situation may have changed since a couple weeks ago. They only accept bank wires though but You can get free shipping if you have a coupon code AB297. (Order online - don't call them up to order, they will try to push you into high-premium "collectibles").
I found that Gainseville coins had the lowest premium for small bags of 90% US coins, at $0.00 over spot, if you can afford a $1000 face bag Tulving sells for $0.15 under spot.
I'm not particular to any one shop but I just go with whoever has the lowest premium at the time.
If you find a local coin shop dealer that you trust, take advantage of their expertise they can find you anything particular you're looking for.
If you find a local pawn shop dealer who's oblivious, take advantage of him but make sure it's genuine PM.
If you're talking small quantities, try a local coin dealer before buying online, you might get just as good a rate by the time you throw in shipping from your online order. You also get your hands on it immediately that way. I also buy 1 oz. rounds and bars. It's all equally fun to fondle.
The elderly 90% Silver Peace dollars (1922-1935) are a good buy right now at APMEX:
http://www.apmex.com/Category/987/Other_US_Silver_Coins.aspx
I don't collect coins -- I buy whatever form is cheapest and most conventient - 10 & 100 oz bars, generic fine silver 1 oz rounds, and old 90% silver US coins.
My stomach is a mess and I am now shitting diamonds from trying to eat gold...does that make me some sort of alchemist?
No. That makes you a girl's best friend.
An old girlfriend said “The finest penises tastes like chocolate and ejaculates cash.” She dumped me, I ejaculated 1/10 oz. eagles. Buy the fing dip.
How far does 1.5 tons go to cover excercised options on the comex?
Looks like it's good for a 20 buck drop in gold prices.
I wonder how much gold is "missing" from Fort Knox?
All I know is that the guard has doubled with every new president since Nixon.
You know Dick
I also know Tom and Harry. Your point?
I think his point is that he's been knocked the fuck out and is now at the bottom of the disagreement heiarchy.
http://www.google.com/imgres?imgurl=http://www.acceleratingfuture.com/mi...
There are 3 meanings within the 3 words. See if you can find one of them.
That's odd, considering the deregulation that's been going on since then. Why not just let market forces guard the gold?
Alluah Akbar! We was robbed!
Au Freak Out!
http://www.youtube.com/watch?v=WsKPPL-j6kE
Le freak, c'est Sheikh
Those Bens. Always getting into some kinda crazy hijinks.
"Ben Ali's wife Leila Trabelsi had gone to the bank to withdraw [1.5 tons of] gold."
"She don't look like much, but she's strong."
Yeah, you would think someone would have commented when she showed up driving a fork lift instead of the limo.
also just as funny is that according to the WGC the US has 8,133.5 tonnes of gold.
That is funny!
Maybe the 1.5 tons was just Mrs. Leila's bling ... you marry a high-class/high-maintenance gal, you gotta expect to shell out now and again (or just have some of your country's bullion melted and made into bling) to keep her happy.
I do so love a true old-fashioned romance.
No worries! Bernanke will now lease them 1.5 tonnes from his Federal Reserve Gold Vault. Win/win all around!
Indeed...I bet that's going to be his pitch. "See, this is what happens when you don't let us keep your gold in our basement..."
Well! The entities that be , can exchange the xau for (bordering soverign) Blood Diamonds! Pathetic!
One question.
How in the hell did Tunisia manage to squirrel away 6.8 tonnes of gold?
You would have thought the Nazi's would have looted it when they left North Africa after being routed by Gen. Patton.
It's just a number. How does anyone know how much they really have?
I bet 1.5 tons was it. I bet that foxy lady made off with the whole stash--I mean, come on, wouldn't you?--and now the central bank is sweating bullets, hoping nobody notices the vault is actually empty.
Coming soon cavity searches for all Tunisians !
2.484 cubic feet
That's one hell of a paper weight.
What weighs more, 1.5 tons of gold or 1.5 tons of feathers?
They weigh the same.
But an ounce of gold weighs more than an ounce of feathers. (Gold is measured in troy ounces; feathers in avoirdupois ounces.)
Quite impressive but if you weigh them in the exact same unit of measurement...whatever.
Ben Ali took 1.5 tonnes from Tunisia, sold it TODAY (price dropped a little) and is buying the State of New Jersey where he'll feel right at home!
Tunisia is rid of the guy, New Jersey gets to pay their pensions and benefits another day and the gold community just got the gift to buy 1.5 tonnes at the ridiculous sale price of less than $1,500 funny money dollars!
win-win-win
1.5 tonnes is around $70 million given yesterday's prices. That's nothing. I wonder if his "the Goldman Sachs" private banker moved him into US Municipals and State Bond funds...
"You know Ali & Leila... these municpals are just priced to move and hold that AAA S&P Rating... Why you can't lose. Oh and I've still got some MBS's in the back room that are just a steal!
Now it will be interesting to see when he runs out of cash if the Saudis will send him back.