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Cyprus Denies Gold Sale

Tyler Durden's picture


From GoldCore

Cyprus Denies Gold Sale - Debtors Sell Gold; Creditors Buy

Today’s AM fix was USD 1,555.75, EUR 1,012.20 and GBP 1,189.59 per ounce.
Yesterday’s AM fix was USD 1,581.50, EUR 1,207.16 and GBP 1,032.24 per ounce.

Gold fell $26.20 or 1.65% yesterday to $1,558.50/oz and silver slid to $27.50 and finished -1.29%.

Minutes from the U.S. Fed’s 20th of March meeting were released early yesterday due to an early exit by Congress yesterday afternoon.  The minutes reported the following: 

“thought that if the outlook for labor market conditions improved as anticipated, it would probably be appropriate to slow purchases later in the year and to stop them by year-end.” … “Two members indicated that purchases might well continue at the current pace at least through the end of the year. It was also noted that were the outlook to deteriorate, the pace of purchases could be increased.”

Cross Currency Table – (Bloomberg)

In Europe, Cyprus has denied the plan to sell its very small gold reserves of 13.9 tonnes as a contribution to an international bailout.

Gold in USD, 5 Year – (Bloomberg)

Were the sale to happen it would be unlikely to set a precedent for other troubled Eurozone countries as these nations now greatly value their gold reserves as important stores of value that will protect against currency devaluations.

The Central Bank of Cyprus (CBC) said last night however that selling the island’s gold had not been on the table.

“Such an issue has not been raised, has not been discussed and is not being discussed at the moment,” CBC spokeswoman Aliki Stylianou said.

Stylianou added that sale of the gold was a matter handled exclusively by the CBC board.

A spokesperson for the Central Bank of Cyprus told the Cyprus News Agency (CNA) that reports of the $523 million gold sale have not been, “raised, discussed or debated,” with the bank’s board of directors.

The Central Bank of Cyprus denied the gold sale after reports on Reuters said that Cyprus officials had agreed to sell around 400 million euros in excess gold reserves to contribute to the country's bailout. Stylianou, the spokesperson for the Central Bank of Cyprus said that the gold sale was, “never discussed nor are there current or future plans to do so on the board’s agenda.” Reuters based its story on a draft report from the European Commission which assessed the nation's financing needs.

News of Cyprus’ planned sale likely did not contribute to gold's weakness yesterday. The amount of gold is trifling both in dollar or euro terms versus the scale of debts in Cyprus and the wider Eurozone and in terms of tonnage. At just 13.9 tonnes the Cyprus gold reserves is equal to one week's gold demand from Chinese people.

(Charts R US)

Gold imports by China from Hong Kong jumped 89% in February as lower prices led to an increased demand for gold. Chinese buyers purchased 97 metric tons of gold in January alone and the news of the demand was barely covered in the media and led to no impact on the gold price.

Desperate people and nations around the world are being forced by circumstance to sell their gold while creditors are continuing to accumulate gold.


Gold losses seen limited on Cyprus bullion sale plan - Reuters

EU mulls bank law to impose losses on depositors – Reuters

Cyprus to dive into its gold reserves

Cyprus to sell around €400m worth of gold as part of bailout - RTE


Cyprus To Sell €400 Million In Gold, About 75% Of Its Total Holdings, To Finance Part Of Its Bailout – Zero Hedge

Visualizing The "Real" Value Of Everything – Zero Hedge

This is why you don’t want to move gold yourself…
- Soverign Man


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Thu, 04/11/2013 - 09:07 | 3435825 GetZeeGold
GetZeeGold's picture



It would be crazy to give away the gold. We've still got taxpayer bank accounts. Our people lead the world in charitable giving.

Thu, 04/11/2013 - 09:07 | 3435838 eigenvalue
eigenvalue's picture

10 tonnes of gold is just peanuts. 18 tonnes of physical gold is delivered today in Shanghai. 

Thu, 04/11/2013 - 09:13 | 3435857 new game
new game's picture

just a rumor, mind you. but shhhh, speak softly, china plans to introduce gold backed yaun, shhh, don't tell anyone...

Thu, 04/11/2013 - 09:14 | 3435865 Pladizow
Pladizow's picture

Government denial is confirmation of the opposite!

Thu, 04/11/2013 - 09:22 | 3435889 bank guy in Brussels
bank guy in Brussels's picture


"Never believe anything in politics until it has been officially denied"

- Otto von Bismarck (1815-1898), first Chancellor of a united Germany

Thu, 04/11/2013 - 09:23 | 3435903 francis_sawyer
francis_sawyer's picture

No Stairway ~ DENIED!


Thu, 04/11/2013 - 09:32 | 3435915 GetZeeGold
GetZeeGold's picture



Stopped out......again. Dang it!


10 years now.....still nuttin.

Thu, 04/11/2013 - 09:45 | 3435979 Manthong
Manthong's picture

Somebody at Reuters should be fired for making that groundless, impossible, inconceivable, implausible and ludicrous story up out of thin air. Everyone knows the  Euronazi banking syndicate places no value on that shiny barbarous relic of the time before the business cycle was eliminated.

Thu, 04/11/2013 - 09:51 | 3436003 TeamDepends
TeamDepends's picture

Cyprus Denies

Should have left it there.

Thu, 04/11/2013 - 10:50 | 3436276 widget
widget's picture

When things get serious you have to lie

Thu, 04/11/2013 - 15:19 | 3437711 Mugatu
Mugatu's picture

Who gives a shit if Cyprus Central Bank denies the sale? Like Cyprus has a "say" in the matter.  At this point, Cyprus is a debtor-in-possession and the bankruptcy judge is the ECB.  If the ECB tells Cyprus that they need to use newspaper to wipe their asses, the tomorrow there would be a lot of red asses in Cyprus!

They have no choice.

Thu, 04/11/2013 - 09:31 | 3435917 Obadiah
Obadiah's picture

moar double jedi mind tricks from the elites


O says he's from hawaii, fathered by a kenyan and whittie.  Puts out fake story he's not from nigeria, puts up fake birthcert on official whitehouse website all to get the dogs to chase that story rather than the fact that Frank M Davis was his father.

took six months to wrap my mind around that one, but nicely played

Thu, 04/11/2013 - 10:00 | 3436035 Bastiat
Bastiat's picture

DNA - I wonder if Reggie Love has a blue dress. . .

Thu, 04/11/2013 - 09:25 | 3435906 NotApplicable
NotApplicable's picture

Aaaaaaand it's gone!

Thu, 04/11/2013 - 09:32 | 3435925 dick cheneys ghost
dick cheneys ghost's picture

Per Pepe Escobar....Here is what Putin recently denied:


''When Putin stressed that he does not see the BRICS as a "geopolitical competitor" to the West, it was the clincher; the official denial that confirms it's true. Durban may be solidifying just the beginning of such a competition. It goes without saying that Western elites - even mired in stagnation and bankruptcy - won't let any of their privileges go without a fierce fight.''

Thu, 04/11/2013 - 13:01 | 3437081 johny2
johny2's picture

often you can just omit the word "not" to see the real intent or belief.

''When Putin stressed that he does see the BRICS as a "geopolitical competitor"

and than you have soros

"I do expect the gold to go down"

these two are on the opposite sides.

Thu, 04/11/2013 - 09:40 | 3435956 Azannoth
Azannoth's picture

They simply checked their vaults and discovered they were already empty, can't sell what u don't have at least when it's physical

Thu, 04/11/2013 - 10:09 | 3436073 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

They don't get the 7 year delivery plan?

Thu, 04/11/2013 - 10:13 | 3436085 Dishonesty Fatigue
Dishonesty Fatigue's picture

They can't sell their gold. It would contadict the provisons of the Constitution of the Republic of Cyprus and Article 1 of the First Protocol of the European Convention of Human Rights.

Thu, 04/11/2013 - 11:03 | 3436265 TheGardener
TheGardener's picture

The will just post the gold as collateral, lease it back
and get a call option at 20000$/oz as part of the deal.

As long as it is in the books, it must be there. Good
non-deliverable central bank gold claims are held for tradition. The barbaric vaults have already been converted
into museums for gold art exhibitions, with re-enactment
imitation bars endorsed by royal visitors.

Thu, 04/11/2013 - 09:13 | 3435860 Bearwagon
Bearwagon's picture

Lead time for delivery of a few ounces today would be 6 days or more. Just asked a few hours ago. So, even real peanuts can't be had instantly ... should tell us something ...

Thu, 04/11/2013 - 09:55 | 3436015 disabledvet
disabledvet's picture

Tells me the French Legionaires are on their way "to protect zee Cyprus gold"...from...from...from...well, you know. "those people." next up...Portugal "and their controversial gold." I must say the interview went well...the gold bars were quite chatty. Questions like "how does it feel to be loved by the whole world" and "still...people can't keep their hands off you" and "what are your plans? Are there any new shows we have to look forward to?" all went over great. They even gave a wry smile when I popped "the controversy" question. The bosses said I wasn't hard hitting enough...they wanted some "red meat" and felt let down. To be honest I was quite taken by their presence though. It was...well, get all "Sid Viscous" (sp?) on them. Anywho...happy trading!

Thu, 04/11/2013 - 09:23 | 3435898 ziggy59
ziggy59's picture

Agreed! with fear, you can create panic...

The excuse roulette must be massive!

Thu, 04/11/2013 - 09:21 | 3435890 Everybodys All ...
Everybodys All American's picture

The spokesman is always the last to know.

Thu, 04/11/2013 - 10:28 | 3436166 beaker
beaker's picture

Well why shouldn't we believe them?  They seem like straight up guys.

Thu, 04/11/2013 - 11:20 | 3436488 H E D G E H O G
H E D G E H O G's picture

"in excess gold reserves", pardon moi, but I don't belive in EXCESS GOLD.....another "what the fuck" in this endless charade. has the World really become a planet of idiots, jesters, con men, egotistical psychopaths, theives, dupes, little boys wearing gucci suits deciding what the fuck is good for everybody else, lazy sheeple, swindlers, dictators of the masses, propagandasizing bullshit media, no rule of Law, cronyism, and the never ending, all encompassing  greed that is flaunted in our faces each and everyday? i might not live long enough to see it, but there will be blood in the streets from this collasal fuck over. i just hope the blood is from the ones who perpertrated this mass fleecing.

Thu, 04/11/2013 - 13:33 | 3437217 swani
swani's picture

I agree with some of the comments below that Gold will be the new GDP, and it will be owned by the same monopolistic interests, the same oligarchs, so that they can back a new more 'solid' Gold backed currency. This new currency will be controlled by the same Central Banks, and Gold backed or not, the results will be the same old shit all over again. Isn't it obvious? 



Thu, 04/11/2013 - 09:05 | 3435827 Vlad Tepid
Vlad Tepid's picture

They said they lost it in a trireme accident.

Thu, 04/11/2013 - 09:22 | 3435894 MortimerDuke
MortimerDuke's picture

Kudos for the trireme reference.  It did not go unnoticed.

Thu, 04/11/2013 - 09:05 | 3435829 Gunga
Gunga's picture

We haven't sold it,, we just don't know where it is.

Thu, 04/11/2013 - 09:08 | 3435835 GetZeeGold
GetZeeGold's picture



That line only works on the Germans.

Thu, 04/11/2013 - 09:09 | 3435845 Bearwagon
Bearwagon's picture

Do you think the worlds finest armory will not get gold for their merchandise, if they demand it? Come on!

Thu, 04/11/2013 - 09:13 | 3435856 GetZeeGold
GetZeeGold's picture



Well.....they haven't yet....just sayin

Thu, 04/11/2013 - 09:20 | 3435880 Bearwagon
Bearwagon's picture

There's plenty of time. No need to disturb allegiant customers because of a diddly squat of a few tons gold. The business relations are worth much more ...   ;-)

Thu, 04/11/2013 - 09:23 | 3435896 GetZeeGold
GetZeeGold's picture



There's plenty of time.


Yeah.....last I heard it was 7 years. Not exactly.....on demand.

Thu, 04/11/2013 - 09:15 | 3435866 scatterbrains
scatterbrains's picture

here it is! Remember we switched the name plates on the vault door.   Just duck tape over it until Goldman straightens this little matter out.


Thu, 04/11/2013 - 09:06 | 3435832 Hongcha
Hongcha's picture
Sell it for Biteuros issued by the Troika.
Thu, 04/11/2013 - 09:08 | 3435836 Bearwagon
Bearwagon's picture

Deny, deny, deny! And there is no B-3 bomber, which is why I can't understand, how comes everybody is talking about it. Deny, deny, deny ...

Thu, 04/11/2013 - 09:10 | 3435837 Stuart
Stuart's picture

Wash, rinse, repeat. .... The gold market behaviour is now simple conditioned response to blatant price rigging in the paper markets.    To think such a story would've been planted, simply to drive the price lower, nah, too conspiratorial.   There are concerted efforts targeting the suppression of gold.  Those who believe in gold as a solution to this mess (red pill) over the forced intervention of repressive central planning (blue pill) need to pick one.   Welcome to the real matrix.   

Thu, 04/11/2013 - 09:10 | 3435846 eigenvalue
eigenvalue's picture

Gold is not so important as silver. Silver is the main battleground these days. However, I wonder why Goldcore doesn't provide any info on silver.

Thu, 04/11/2013 - 09:11 | 3435850 NoWayJose
NoWayJose's picture

Gold and silver were flying higher and shorts were starting to panic - so plant a false gold selling story and then leak Fed minutes early. Panic over. Back to slam down.

Thu, 04/11/2013 - 09:15 | 3435867 Al Huxley
Al Huxley's picture

Along with the Goldman 'sell gold' recommendation.  Still, if 'the market' is stupid enough to believe that shit, why wouldn't they do that.  Now if only I could find some real gold or silver to buy at this price.

Thu, 04/11/2013 - 10:39 | 3436229 Cone of Silence
Cone of Silence's picture

Remember that gold goes down in a recession. Does anybody think that we are not in a recession?  In a recession,  the line of people waiting to buy a gold future contract in NY gets shorter.  That marginal reduction of buyers in a recession  drives the price of gold down.

Thu, 04/11/2013 - 10:48 | 3436270 Al Huxley
Al Huxley's picture

Gold has been following the money supply for at least 13 years.  Look at this chart and tell me if you see any indication that it's going to change direction any time soon.  Do a quick review of activities in Washington over the past 10 years and tell me if you see any indication that they're suddenly going to find a way to cut $85 billion/month in spending.


And the buyers of gold aren't the public (until maybe the very end, when it's way too late), they're the central banks working to displace the USD as reserve currency.

Thu, 04/11/2013 - 12:19 | 3436846 Cone of Silence
Cone of Silence's picture

Agreed,  the buyers of gold that matter, do not read zero hedge.  Look down on your ring finger.  If that is the only gold that you own,  congratulations,  you are a member of the 99.99% of people. ( I made that up)  If you own more than one gold bar,  27 pounds,  or 439 ounces of gold,  that puts you into the 0.0000001 percent of investors.  ( I made that up too.)  Everyone else that  is in between with one or more gold coins  (I hope that you have several)   You can go here   to see a good technical analysis of where gold is going right now.   I do not agree with the analyst conclusions.  He is shilling for the gold bugs.  The squid goldman analyst looked at the exact  same chart, and  came to the same future  number for gold.  If 1522 is pieced to the downsided for gold, then the next level of resistance is around 1447.  The Fed can print all the money it wants, and until the banks start loaning it out, no inflation.  See the M2 money velocity chart.  Its at an all time low.  The new money is not being batted about the economy.  It is getting sucked into excess reserves right away. 

Thu, 04/11/2013 - 09:27 | 3435911 MortimerDuke
MortimerDuke's picture

What?!?!  But Bob Pisani said that the Fed minutes were interpreted by the stock market as the spigot will remain open.  Bertha Coons, reporting on gold yesterday, said that the gold traders interpreted the Fed minutes as if QE were ending tomorrow.  Either CNBC has no clue what is driving markets right now, or somehow the DNA of the average gold trader is dramatically different from the average stock trader.  I'll go with the former.

Thu, 04/11/2013 - 09:55 | 3436012 Everybodys All ...
Everybodys All American's picture

The fleecing can't be far off. The signs are all in.

1. Blackrock. Blackrock says that they are against the Fed and want no more QE. Which means they are ready to sell this market big time in my estimation.

2. Downgrades are coming forward now. Downgrades of Nicrosoft. The semis. Downgrades from all over the place. When was the last time we saw this.

3. The Fed release early of their minutes to a select group. This tells me the QE spigot is about to be turned off and these people are demanding an early warning.

It's all in place to pull the rug and the newbies will be slaughtered.

Thu, 04/11/2013 - 10:19 | 3436116 Al Huxley
Al Huxley's picture

I understand your argument as far as the market prices go.  But tell me, who's going to fund the deficit if the Fed ends QE - because that's what it's really all about. 

Thu, 04/11/2013 - 10:55 | 3436291 Ewtman
Ewtman's picture

If you are going to renege on your debts what difference does it make how much deficit you accumulate? 

Thu, 04/11/2013 - 10:58 | 3436327 Al Huxley
Al Huxley's picture

Agreed, but QE is the means of continuing to grow the deficit 'without consequence'.

Thu, 04/11/2013 - 11:14 | 3436438 Ewtman
Ewtman's picture

Is it really? Few actions lack consequence.

Thu, 04/11/2013 - 11:23 | 3436496 Al Huxley
Al Huxley's picture

That was sarcasm on my part.  That's why I put it in quotes.

Thu, 04/11/2013 - 10:25 | 3436149 Stuart
Stuart's picture

Only one thing driving markets right now.   A torrent of money, used as a stick by the bully who wants for political gain to manage perception spinoff from, every market, everywhere.   Truman Show, 1984, Matrix... all fit.    RIP free markets. 

Thu, 04/11/2013 - 09:11 | 3435853 pods
pods's picture

Well now we know the sale is true.


Thu, 04/11/2013 - 09:15 | 3435854 Smegley Wanxalot
Smegley Wanxalot's picture

I dont care if they sell it or not, but if I were a german being forced to pay for a Cyprus bailout and they weren't willing to cough up their gold to pay for some of it themselves then you'd better believe I would be pissed off. 

It would be like my being forced to pay for my neighbor's home mortgage while they get to keep their vacation home, owned outright, on the lake.  Oh wait....

Thu, 04/11/2013 - 09:41 | 3435963 ITrustMyGut
ITrustMyGut's picture


sorry... but "germans being forced to pay for Cyprus bailouts.." is a farce, d00d.

the entire house of cards.. is raw power of financialization.. and the corruption of PTB...

Thu, 04/11/2013 - 09:12 | 3435855 shovelhead
shovelhead's picture

Barbarous relic.

Greek bonds is the place to be.

Thu, 04/11/2013 - 09:27 | 3435910 GetZeeGold
GetZeeGold's picture



Can't eat'em.

Thu, 04/11/2013 - 09:46 | 3435989 ejhickey
ejhickey's picture

but they printed on 2 ply, so they are good for sumthin.

Thu, 04/11/2013 - 10:49 | 3436273 Al Huxley
Al Huxley's picture

Maybe savings accounts at Spanish and Italian banks as well.  I hear you get some pretty sweet prizes for signing up.

Thu, 04/11/2013 - 09:16 | 3435868 Fix-ItSilly
Fix-ItSilly's picture

How does one define "excess" Cyprus gold reserves?  Maybe this gold should be sold to make depositors more whole?

There are also news reports of the Cypriot Central Bank disgorging "extraordinary" profits.  A country whose banking system just went bankrupt has a Central Bank with extraordinary profits on its balance sheet?  If so, make the depositors more whole.

Thu, 04/11/2013 - 09:15 | 3435869 Satan
Satan's picture

Like somebody hasn't stolen the gold's long gone.

Thu, 04/11/2013 - 09:17 | 3435872 Jayda1850
Jayda1850's picture

These are the same people who told everyone, all the way up to the day it happened, that all bank deposits were safe. they have already sold out there entire people, why believe them now.


Thu, 04/11/2013 - 09:17 | 3435874 Downtoolong
Downtoolong's picture

They probably just discovered the gold they thought was there isn't either, just like those oversized deposits.

"Hey, stop that boat".


Thu, 04/11/2013 - 09:17 | 3435875 Sudden Debt
Sudden Debt's picture


in my defense... she said she was a goat...

Thu, 04/11/2013 - 09:23 | 3435902 Bearwagon
Bearwagon's picture

Off topic:

A man walks into his bedroom, dragging a sheep with him. His wife is in the room, too.

He say's: "Look, honey, that's the goat with whom I cheated on you all the time!"

His wife: "That's no goat, it's a sheep."

Man: "I didn't talk to you!"

Thu, 04/11/2013 - 09:32 | 3435922 MortimerDuke
MortimerDuke's picture

Good one.

Thu, 04/11/2013 - 09:43 | 3435970 mess nonster
mess nonster's picture

Two banksters were riding acorss the plains when one of them saw a sheep trapped in a barbed wire fence.

Immediately, he jumped off his horse, ran over to the sheep and had his way with it.

When he was done, he called to the other bankster, "hey, you want a turn?"

The other bankster replaied, "No, I'm afraid if I get all tangled up in that fence, it'll rip my suit."

Thu, 04/11/2013 - 10:14 | 3436091 Monedas
Monedas's picture

In the trade .... this is known as a sheep dip !

Thu, 04/11/2013 - 10:07 | 3436069 Sudden Debt
Sudden Debt's picture


Where men are men, and sheep are nerveous

Thu, 04/11/2013 - 09:19 | 3435879 Richard Head
Richard Head's picture

Official denial means it has already happened!

Thu, 04/11/2013 - 09:21 | 3435886 Bearwagon
Bearwagon's picture

And if you aren't sure, it is sure.

Thu, 04/11/2013 - 09:30 | 3435919 eclectic syncretist
eclectic syncretist's picture

Is there anyone here who thinks it's a coincidence that this Cyprus Gold selling rumor came out the same day as Goldman Sachs bullhorn proclaims that everyone should sell gold?

This was just a takedown so some big hands could get gold at an artificially lowered price.  I used it as an opportunity to grab long-term options in junior silver miners.

Thu, 04/11/2013 - 09:37 | 3435942 Bearwagon
Bearwagon's picture

I can't spot any coincidence. What you described seems absolutely normal to me. Normal as in "that's, how they normally do it."

Thu, 04/11/2013 - 09:32 | 3435927 tinsmith
tinsmith's picture

It's true they are not discussing it. There is no discussion involved when you are TOLD to do something by your boss.

Thu, 04/11/2013 - 09:38 | 3435947 NoDebt
NoDebt's picture

Or when the discussion has already taken place and a decision already reached.

Thu, 04/11/2013 - 09:37 | 3435944 NoDebt
NoDebt's picture

All the legitimacy of a 3 card monte game in a side alley.  Where's the ace?  Look how simple it is!  You're a winner!  Now, how much you wanna put down on it this time?

POOF goes the gold.

Thu, 04/11/2013 - 09:41 | 3435964 rsnoble
rsnoble's picture

Lie lie lie. No one trusts anyone.  That's when bombs start dropping.

Thu, 04/11/2013 - 09:52 | 3436005 Bryan
Bryan's picture

Lies.  All lies.

Thu, 04/11/2013 - 09:58 | 3436025 Sid James
Sid James's picture

So they confiscated my savings, what next? My car? My house? My mistress? (they can have my wife).

Thu, 04/11/2013 - 10:02 | 3436044 GetZeeGold
GetZeeGold's picture



They're stealing your grandkid's money I'm not sure there is a limit.

Thu, 04/11/2013 - 10:02 | 3436048 network
network's picture

why would you sell your gold, when the whole paper currency system is turning into confetti?  The parabolic Bitcoin move was a waring illustration of that.   The gasket is gonna burst with the Fed's/Bernanke's bubblenomic, Central planning to protect bubble prices. 

Thu, 04/11/2013 - 10:06 | 3436061 Dre4dwolf
Dre4dwolf's picture

Theres only one reason, that , they would try and stop discussing the sale of gold.

The gold was already stollen from cyprus and sold off privately, so they have no gold in their vaults to sell (the bankers stole it), so now they dont wana discuss it for fear of them searching for who stole the gold.



Thu, 04/11/2013 - 10:10 | 3436075 Monedas
Monedas's picture

We will never know .... they keep us in the dark .... and  feed us shit  .... the old "Mushroom Treatment" !

Thu, 04/11/2013 - 10:18 | 3436112 Herkimer Jerkimer
Herkimer Jerkimer's picture





The real question here is this:


Who "let" this initial news out that Cyprus was selling, and most importantly "WHY?"


What is the/was the message being sent that this was done, knowing that the Cyp's would deny and refute it?


Why the disinformation?


Why the attempt at manipulation and what is the end game?





Thu, 04/11/2013 - 10:31 | 3436185 realitybiter
realitybiter's picture

Maybe Richard "Les" Holder will look into this.

Thu, 04/11/2013 - 10:26 | 3436151 Seize Mars
Seize Mars's picture

Say, you don't suppose these guys you?

Thu, 04/11/2013 - 10:27 | 3436153 realitybiter
realitybiter's picture

“Such an issue has not been raised, has not been discussed and is not being discussed at the moment,” CBC spokeswoman Aliki Stylianou said.


because we actually sold in 2007 when the fan blades started getting gummed up.  The truth is that we took a page out of "Brown's Bottom" and realized that we had to buy back what we no longer owned and we needed to make the pain just a little we planted the rumor, knocked the price down, and now we are flat, and really, really broke.


Thu, 04/11/2013 - 10:30 | 3436174 Cacete de Ouro
Cacete de Ouro's picture

Of course the Eurocrats are planning to sell the Cypriot gold despite blatant lies by the Cypriot political servants.

It is stated clearly in paragraph 29 of the Commission document here:

"29. Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of EUR €0.4 bn via an extraordinary pay-out of central bank profits."

Extraordinary indeed. Notice that Republic is uppercase and state is lowercase. Obviously someone in Brussels, whether subconsciously or not, still feels that the Republic, however much raped and pillaged, still deserves a capital R whereas the slave state does not..!!!

Thu, 04/11/2013 - 11:25 | 3436511 TheGardener
TheGardener's picture

Selling "excess" gold reserves sounds like selling "excess" children to me. Am I the only one ?

Thu, 04/11/2013 - 10:30 | 3436180 q99x2
q99x2's picture

Dow at new high. Vix 12.23

All is well as the NWO takes over the world.

Thu, 04/11/2013 - 10:30 | 3436181 Bansters-in-my-...
Bansters-in-my- feces's picture

Well of coarse they did not SELL, they probably "leased" it out for - negative -0.590% for a year like eveyone else does,that way they get to keep it on their books and only have to pay someone  -0.590% to take it off their hands.

Win/ Win

It's the way ya know....



Thu, 04/11/2013 - 11:02 | 3436348 Debugas
Debugas's picture

nothing to discuss there because the gold has already been taken over by the troika by changing the labels at some London location

Thu, 04/11/2013 - 11:03 | 3436354 newworldorder
newworldorder's picture

OK - Here is a challange for the MSM that gleefully wrote the story on the Cyprus Gold Sales yesterday.

Go back to your sources and follow the LIES and those people that gave you those lies. EXPOSE who they are for all of us to see.

Thu, 04/11/2013 - 11:53 | 3436704 andyupnorth
andyupnorth's picture

There are no talks about selling the gold, because the Rothchilds really don't care to hear your voice.  They're just gonna take the gold from you!

Thu, 04/11/2013 - 12:38 | 3436970 Paracelsus
Paracelsus's picture

   It is extraordinary the way the spin-doctors can come up with this shit.  The gold is probably in allocated/un-allocated status in the London Vaults. Just change the account numbers.

When Hitler absorbed Czechoslovakia he was given the keys to the Czech gold bullion stored in London BIS vaults.  This was also a spin-doctor nightmare.Part of the Dutch gold got away,and the Antwerp diamonds.  But the Belgians stored theirs with the Bank of France in Paris and got re-allocated (vaporized) by the Germans. The Polish got their gold out through Bulgaria to Africa,ending up in Dakar. If it is not in your hand (and got transport),you don't own it.

Thu, 04/11/2013 - 12:37 | 3436972 lunaticfringe
lunaticfringe's picture

Lunatic Fringe translation.

FOMC minutes- they are full of shit. QE will not stop until such point that Ben leaves in Jan. and a new dove lackey is chosen from their ranks. A complete and utter stock market swoon will not be allowed while President Transparency is in.

Cyprus denies gold sale- swaps. Anybody can lie about gold sales while employing swaps. Incidentally, does our treasury have to report gold sales? Nope. 

From Bank Guy in Brussels;

"Never believe anything in politics until it has been officially denied"

Thu, 04/11/2013 - 12:53 | 3437037 cynicalskeptic
cynicalskeptic's picture

Better sell now while it's still worht something.   A minor redux of 'Brown's Bottom' in the works?


Gold is SOOOOO 2011 according to the NYT


Something big must be going on behind the scenes.... a HUGE amount of 'gold is over' propaganda has been hitting the papers and airwaves in the last two weeks.   Despite thsi propaganda, China and Russia are still buying at the central bank level and the population of India and nwo Japan are buying like mad....   c'mon - Japan is printing like mad, their population is fleeing to gold as a safe haven and the price is GOING DOWN?!?!?!    WTF?


Thu, 04/11/2013 - 14:35 | 3437519 Conax
Conax's picture

This from Harvey Organ yesterday:

"we  lost a monstrous 16.84 tonnes gold at the GLD today.
Ladies and Gentlemen, this is no gold liquidation..this is gold that China is demanding over in London."

The Chinese are shaking down the west for gold- no wonder we get so many "Gold is over" stories in the press.  

Thu, 04/11/2013 - 13:28 | 3437211 SmittyinLA
SmittyinLA's picture

They'll sell the gold, but WHEN is the key, with so many looting Socialists around the table controlling WHEN exactly the gold gets sold determines who makes what and WHO SCREWS WHO, they all have their gold hedges but of limited time spans with limited coverage.

At some point in time somebody at the table is going to whip out a shotgun and adjust the paradigm manually, I would. 

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