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Here We Go: Cyprus To Sell €400 Million In Gold, About 75% Of Its Total Holdings, To Finance Part Of Its Bailout
Curious why every bank and their grandmother, and most recently Goldman today, has been lining up to push the price of gold as low as possible? Here's why:
- CYPRUS TO SELL 400 MLN EUROS WORTH OF GOLD RESERVES TO FINANCE PART OF ITS BAILOUT - TROIKA DOCUMENTS - RTRS
Or about 10 tons of gold. But... the bailout was prefunded and there was no need to provide any additional cash? What happened: was the deposit outflow discovered to have been even greater than the worst case scenario and thus Cyprus needed even more cash? As for the buyers? We will venture a guess: central banks buying at the lows.
Finally: congratulations Cypriots. You are now handing over your gold for the one time, unbeatable opportunity to remain a vassal state to the Eurozone. But at least you have your €.
The good news: Cyprus will have at least another 4 or so tons after selling the 10 demanded now, before the Troika kindly requests that Cypriot citizens sell a kidney or two to pay for the ongoing deposit outflow from its insolvent banks, and indirectly, the endless bailout of the Euro.
Full story from Reuters:
Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
The draft assessment, obtained by Reuters, also said that Cyprus would raise 10.6 billion euros from the winding down of Laiki Bank and the losses imposed on junior bondholders and the deposit-for-equity swap for uninsured deposits in the Bank of Cyprus.
Nicosia would get a further 600 million euros over 3 years from raising the corporate income tax rate and the capital gains tax rate.
Out of the total Cypriot financing needs of 23 billion euros between the second quarter of 2013 and the first quarter of 2016, the euro zone bailout fund will provide 9 billion euros, the International Monetary Fund 1 billion and Cyprus itself will generate 13 billion, the assessment said.
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Less than 20% of the inhabitants of Sparta were free men or citizens.
cyprus is no different .. it has plenty of turks
Irredeemable paper for physical gold. The ancient swindle formula still works and yet another generation has not a clue.
Once again...have you forgotten who is in charge and running this SHOW? Obviously!
Once again the banks are trading shit they created out of thin air, with no work or value add, for hard assets.
Seems to be pretty clearly THEFT to me. Taking something and giving nothing in return....
Next ZH headline will be "No buyers for Cyprus Gold"
What a bunch of morons these Cypriots.
This is good news. I dont like governments owning/holding gold. I prefer it in the hands of the private sector (especially me).
Once upon the time I was lying on the ground and a guy was standing over me with an Glock pointed straight and steady at my forehead. No, I didn't bother to call him a moron! No, I just kept my mouth shut. That's what some others should do when they haven't been there and done that!
what about their bitcoin holdings?
But but but.....I'm confused: the Bernank said gold is not money, just an irrelevant relic of the past. Why does the ECB want Cypress' sovereign gold? It's just a yellow metal, not money right? Whay are the banksters saying one thing and doing the opposite? Who can understand this gigantic contradiction?
I see Slovakia has similar looking numbers to Cyprus in that screenshot. No wonder Slovenia is the next target of these thieves.
I assumed Slovenia was Slovakia but I guess Slovakia is a neighbor to the Czech Republic while Slovenia was created by the disintegration of Yugoslovia?
Confusing, yes. Correct, 2 different countries. The names are even more similar in the local languages, Slovenija and Slovensko.
The flags even look nearly identical except for the Crests.
hopefully it's tungsten
Hopefully, when tptb go after Italy's 2300 tons, Beppe Grillo will be top cat and he can tell them to fuck off and take their euros with them.
It is, after all, the only sane longterm solution.
If you see any of those Gold Bismarks up for sale in that E$400 million pile please let me know. I'd like to buy one.
China and India must be drooling at grabbing it at these bargain basement prices......
Drown them in debt and steal their assets. The Cypriots should hang their politicians, oligarchs and bankers. Already said a thousand times on zh, but it's never enough. Wonder if the gold is there, would be nice if there was a large bitcoin miner in the vault.
The rule of thumb is that central banks sell into the bottom of markets, and diversify out of currency at the top.
Unnhh... Gasp (loading gold dolly)
"Must...Save...Banks...
Uhhhh ...Gasp...
Must save Govt...
ECB smiles.
10 tons !
Gives me Goosebumps.
I thought I had read somewhere five years ago that if you wanted IMF help, they got first rights to your gold and they got it at $35/oz. Maybe I'm thinking of the World Bank Group....
Let me see if I can summarize:
1) Take deposit money from public
2) Take that money and buy the people's treasury's gold - making the gold now the EU's?
"If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered. ”
yeah, Jefferson was just a rich old white guy looking out for his own interest.
WTFU you idiots. Coming to a bank near you.
Cyprus gold information is very sparse on the Cypript Central Bank web site. However they do have a gold account at the Bank of England which was opened in 1977 to take delivery of IMF Restituted gold. Not a lot at the time, less than 1 tonne over four restitutions.
But it would make sense to have added gold at a location (BoE) where they already have an account. That is not to say that Cyprus doesn't have a gold account at FRBNY, or that its all just gold time deposits at the BIS or with the bullion banks, which might be cash settled..
Fuck, the gold market must be tight with DielesBoom's Master's turning the screw on Cyprus to part with 10 tonnes of gold..
Remember also that the 15% of gold reserves that Cyprus transferred to the ECB when it joined the euro are also held in the same place as its other gold, and are 'managed' on a decentralized basis.
Don't laugh at Cyprus people. The treasury can and may have disposed of our gold already. There is no law that says they have to disclose sales. Fact.
MSM has got their balls in a vise, they are being held back from telling what is going on. Of course we know the sheeple do not go out of their way to seek anything other then Dancing with the Stars, McDonalds cheese burgers, and Facebook.
It is somewhat comforting to know that there are getting to be more and more States finally waking up to our Federal Gov. issues...
Gold and Silver as currency, instead of the greenback, whocouldanode..
http://azstarnet.com/news/state-and-regional/arizona-house-backs-gold-si...
http://moneymorning.com/2013/04/09/could-gold-and-silver-coins-become-le...
Good Day
smackdown alert - gold now down $27 . . .
Ya think China's buyin' today?
Lady Lagarde sounds off against the banking sector and TBTF :
Zone euro: il faut assainir les banques, voire en fermer, selon Lagarde
Looks like something is changing in the IMF's language; its no longer the public debt that she is zooming in on its the private sector bank debt...
Well, one oligarchy shill now starts talikng turkey openly...
Why is everyone so quick to rail at Cyprus? Cyprus gov is just doing out in the open what US Corp has done secretly for the last 30 years.
What a waste all that gold is going to be converted to worthless paper euros................ I dont think the euro will even be around in 2 ~ 6 years.
Sell? WTF?
That's about as naive/dumb as you could get.
No, what you do is you set up a bullion bank and you lease the gold into the market, you set the entire gold stash as a gold reserve with a leverage ratio of 100:1. It'll easily cover their entire debt.
If someone calls for all the gold you close the bank down and tell them to whistle for it. It's what everyone else is doing.
What's 10 tonnes. that's 1-2 weeks for what China buys. yet the Algos and thieves are taking gold down. Couple that with a goldman and DB reduction in gold price they get Gold at discounted rates.
The US STOCK MARKET is the only Game in Town. <<< This is quite clear the game plan. I wouldn't be surprised to see Dow 18,000-20,000 we are storming ahead.
The money has to go somewhere.
The full court press is on .... because we're so close to snatching victory from the jaws of defeat !
hmmmm... ten tons of gold gets dumped on the market... and spot gold is only down $25
How unlucky of them to have to sell it while the price is being beat down so much. Just an unfortunate coincidence I suppose.
I see this as another sign of a mini "Brown's Bottom" at first, then I see that Slovakia's gold is on their hit list.
Why aren't they selling their bitcoins?... they will eventually be worth more than gold! Stupid Cypriots.
sarc/off
I guess the old "fool me once shame of you" saying doesn't translate well.
When they found the Russian gold was not in the bank vaults, they demanded the Cyprus government pay them in full for their efforts. Or maybe they got both.
What does the Cypriot Parliament have to say about this? WTF is going on in Europe? The people are not cows.
if it keeps mooing and keeps getting milked then what is it if not a cow?
Oh so they are trading hard assets for worthless euros which are probably in digital form to boot. Far out man. Bankers buying up everything with shit created out of thin air.
Silver still hanging in there: I guess Cyprus doesn't have any silver . . .
Who's saying all the gold in Cyprus was actually earned or even belongs to Cyprus? While electronic monies may have slid out, the physical was locked in the vaults. Imagine paying off Cyprus debt to Euro Dictaters w/ Russian gold?
Pool's closed!
Gold's on sale!
Thankyou Thankyou.......That gives me more time to buy cheap. lol
nm
Genios, genios, genios!
Jim Rogers says, get your money out of European banks.
http://xrepublic.tv/node/2877
Heck, everybody knows the Euro is dead and soon after, the dollar. Knowing this is what will happen, what is anyone who is supposedly in the leadership of the countries involved going to do? Ignorantly watch it happen?
Best guess, no one will do anything to stop this insanity. And even worse is watching the lemmings slowly allow this to happen is like some sort of science fiction movie run amok all over the world.
STOP THE TRAIN! WE ALL WANT TO GET OFF HERE!!!!
http://www.youtube.com/watch?v=h27HRNm_r4U
Those central bankers are pure evil...
Those central bankers are pure evil...
Cyprus gold sale story bogus?:
http://goldsilverworlds.com/gold-silver-general/cyprus-gold-noise-vs-facts/
Ahem, you rang?
http://www.youtube.com/watch?v=i5dBZDSSky0
Once Cyrpus' gold is gone it will be impossible for them to resurrect a national currency. How sad to see them devolve into a bankster colony. I wonder if the soon to be announced Russian/Chinese naval base will be rented in gold, Euros, or Yuan.
And 1/2 of Cyprus is Muslim?
Wow, talk about possibilities ...