This page has been archived and commenting is disabled.
Mario Draghi Orders Cyprus To Sell Gold To Cover Bailout "Shortfall"
Update, and sure enough:
- PANICOS DEMETRIADES SAYS CYPRUS CENTRAL BANK INDEPENDENCE UNDER ATTACK,
- DEMETRIADES SAYS GOVT WANTS TO SELL GOLD WITHOUT CONSULTATION.
- CYPRUS CENTRAL BANK GOV DEMETRIADES SAYS HE AND HIS FAMILY RECEIVED DEATH THREATS
As a reminder, Panicos holds the now obsolete position of head of the Cyprus Central Bank.
* * *
As was noted two days ago (so certainly not the news catalyst for today's gold sell off as some are trying to make it appear) as part of its bailout expansion by 35%, Cyprus announced, then refuted, then re-admitted, it would need to fund a portion of the incremental €7 billion in cash demands by selling €400 million, or nearly all 13.9 tons, of its central bank gold. Today, we learn that this demand came from none other than the head of the ECB Mario Draghi. Bloomberg reports: "European Central Bank President Mario Draghi said the profits of any gold sales by the Cypriot central bank must be used to cover losses it may sustain from emergency loans to Cypriot commercial banks."
Of course, to make it seem that the Cyprus central bank is "independent", the "European creditors today left a possible gold sale in the hands of the Cypriot central bank, which manages 13.9 metric tons of the metal, according to the World Gold Council." Naturally, it would not be very politically correct to give the impression that it is none other than the collateral and asset-starved European central bank that is effectively running local monetary policy of its member states, and certainly would not make Cypriots, already devoid of their uninsured bank deposits, happy that the next demand by the ECB for the privilege of staying in the EUR is for them to hand over the only real asset their country has.
More from Bloomberg:
“The decision is going to be taken by the central bank,” Draghi said after a meeting of euro-area finance officials in Dublin. “What’s important, however, is that what is being transferred to the government budget out of the profits made out of the sales of gold should cover first and foremost any potential loss that the central bank might have from its ELA.”
ELA stands for Emergency Liquidity Assistance, a lifeline that can be offered by national central banks in the euro region to commercial banks that can’t get funding.
Asked about a letter he wrote to Cyprus President Nicos Anastasiades, Draghi said the letter is “very, very clear.” He said the government must abide by the central bank’s handling of the gold stock, since it is independent from political control under European rules.
“The independence of central banks in the euro area is enshrined in the treaty,” Draghi said. “The ECB will look at developments in Cyprus from this angle.”
Speaking alongside Draghi, Dutch Finance Minister Jeroen Dijsselbloem said selling gold “has always been an option put forward by the Cypriot authorities.”
“But as mentioned in the program documentation, this is a decision to be made independently by the Cypriot central bank,” he said. “And it’s not any demand from the troika or the eurogroup.”
In other words, central banks are independent, except for when the ECB tells them to sell gold to cover losses for loans made by collateralizing already worthless assets, or simply created out of thin air and backed by the full faith and credit of the Euro.
Naturally, for every seller of gold, there is a buyer. The only question now is whether Cyprus' gold will end up in the willing hands of China, Russia or the very ECB telling it to sell the gold, and at very depressed prices at that.
Finally recall that the Fed and BOJ are now injecting about $160 billion in newly created money in the G-7 market every month, and there is no end in sight to said monetarily dilution, a number which is set to rise to at least €200 billion once the BOE joins the fray this summer once Mark Carney finally arrives.
In this context, one wonders: should one side with those who are selling their gold, or those who are buying it, such as Goldman which advised its clients two days ago to sell their gold to Goldman's willing traders...
- 29974 reads
- Printer-friendly version
- Send to friend
- advertisements -


oh how nice.
i'm sure he deep down only have cypriots' interests at heart.
Right on cue, here comes the ramp-ogasm is ES
<-- Click this button
.
Brought to you by the Dept of Subliminal Messages Dept.
Impeccable timing. Smack gold, then issue a dictum that you must sell it. Theifdom is alive and well, Draghi a banskter pimp. Fuck you Draghi. Fuck you Goldman.
So we are seeing now, first hand, how the bail-in procedure is working. Bullion banks are technically insolvent, therefore they will bail-in on certain uninsured accounts, such as safe deposit boxes, Gold ETFs, and Cypriot foreign exchange reserves holding gold.
Hey, when in a pinch, steal gold. When on camera, lie and tell the world it's a "tradition". But the pinch here is interesting. Complete admission that physical gold is sought after by any means.
There are serious gold market physical demand "problems" arising.
Between London (LBMA & GLD), Shanghai, and the Comex, physical pull of bullion from these three markets alone is at a pace of 8,500 tonnes p.a.
http://www.tfmetalsreport.com/blog/4633/enencumbered-gold
http://www.tfmetalsreport.com/blog/4575/cyprus-goldand-silver-too
Not sustainable.
You guys have been writing this for years. If it was true then finra and the sec would have done something about it.
Anus.
Krug,
You may want to check out PBS's "The Untouchables" where Assistant Attorney General Lanny Breuer says that the banks are too big to punish because of the perceived impact on the financial system and also check A.G. Eric Holders subsequent comments along the same lines.
Stay informed so that your comments are constructive.
http://www.zerohedge.com/news/2013-01-23/assistant-attorney-general-admi...
Maybe its the silver they are after.
Re. silver, difficult to tell, Rubicon.
Krug's economic model of price discovery appears to be one where physical demand goes through the roof causing prices to plummet.
This anomally would seem to merit serious investigation by economists.
One model that fits this market behavior profile would be to smash the paper market with sell offers thereby cascading the stop-losses and sending the price south while taking delivery of physical metal. And yes, that would be market manipulation and, yes, there are people who would acutually do that (and buy-off policiticians and regulators through regulatory capture so that they could get away with it).
Oh Krugman, you ignorant slut.
The only way the SEC would look at gold or silver is if it was on some midget transsexual porn that they were watching instead of regulating it. Now there's an idea. Make a porno about gold and then maybe the SEC will notice it.
FINRA...what a joke. Have you even looked at their requirements.
And if you even mention Basel 3, we'll have to bitchslap your ass repeatedly. Hell, why not bitchslap Krugman repeatedly anyhow? He surely deserves it.
Why anyone would dump gold/silver at these levels to buy stocks at all fuckin time highs really amazes me....makes no fuckin sense.
"" CYPRUS CENTRAL BANK GOV DEMETRIADES SAYS HE AND HIS FAMILY RECEIVED DEATH THREATS ""
WONDERFUL NEW World Of EU High-Finance And Policy!!!
SELL The GOLD (To Our OPeratives) Or ELSE!!!!!!!!!!!!!!!!
That is how desperate the situation has become; and the tide won't be stopped by threats. Ask Canute.
Here is recent Shanghai Gold Exchange rate of gold physical bullion pull (note this is volume on ONE exchange):
... Maguire: “Deliveries in Shanghai alone in March were 283 tons. In the eight trading days of April, we have seen another 117 tons (of gold) delivered. Today was another 20 tons delivered. So what we are looking at here is over 400 tons (of gold) in less than a month and a half...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/12_Ma...
So the price of gold collapses and Cyprus is ordered to sell its gold.
Finally, note that the GLD ETF is not "dumping" gold. Investors are taking physical delivery by buying GLD shares and taking delivery with the GLD stocks showing a decline thereafter.
They are stupid, myopic, scared little lemmings that frantically run wherever the squid tells them to.
Triple anus, his real one, his mouth and the hole he came from.
Ad hominem.
R U back-filling MDB again?
Dr Krugman, does your mother know you're playing on zerohedge. Fuck You
Red herring, Krugpigtroll, as I keep pointing out to you.
You would first have to be a homo (Latin: "man") in order to suffer an ad hominem attack.
As you are only a hobbit, you are incapable of suffering such an attack.
Now please, for the love of God, go buy that mouthwash already!
Right there man.....and the ass rape of these poor fuckers is just the hors d'oeuvres...fuck Bernanke....fuck Draghi......& the rest of these criminal motherfuckers....
No, he's pus from the anus.
Evidently they didn't. But then why should they, they aren't here to look after investors interests are they?
I thought gold was a "barbarius relic", why would the ECB want it then? Welcome back, troll of trolls and king of the walking contradiction. As you have said and written before, "gold has no value", so why make such a silly demand? Clearly the ECB isn't reading your work, losers.
Draghi did not say he would buy the gold, he merely noted it would by wise for Cyprus to sell. This will raise funds for the island nation.
Shut the FUCK up, Krugwoman!
Krug - your friends at the c.b.'s create money by the trillions from nothing.
Why sell any real asset that is a critical insurance policy?
Because they will need that Relic for the Barbaric times ahead, when possession will be 10/10's of the Feudal Law.
"Krug - your friends at the c.b.'s create money by the trillions from nothing.
Why sell any real asset that is a critical insurance policy?
Wow...I'll take this one.
How about because they're begging everyone else in the EU to pay their fucking bills. And on roughly weekly intervals claiming the size of the bailout they're being offered, courtesy of the good taxpayers of the other EU members (cough...Germany) will have to be increased to meet the lifestyle level they would prefer.
How about they choose one:
- keep the gold, get their hand out of the EU's wallet, and fund the Cypriot bank bailout with Cypriot tax dollars and assets
- when soneone else is paying their bills and says it's time to sell the gold....get smart fast and sell the gold before they cut you loose to figure out a solution (or not) without the handouts
You can bet your bearded asshole that they will be selling to Draghi affiliated goons. Bet on it motherfucker!
And the double whammy is that his butt buddies get the gold and he gets the cash from the sold gold. Ouch.
Damn it!!! Tried to downvote you but it backfired and it won't let us change. Tyler(s) please, everybody gets a fat finger now and then!
Like you said, "gold has no value". Have cryprus sell something else, you better call Draghi just to be safe.
Draghi was drooling when he said that. And behind the scenes Cyprus will get 15% over spot when selling to one of the big banks, the difference filled up by HSBC drug laundring money. Bunch of creepy fucks.
why would draghi want gold when he could traffic with cyprus for some fresh (and much more valuable) internal human organs, as he does with china and israel? how many ounces does a kidney fetch these days?
Exactly, LofP.
This shit is so transparent, especially to someone like me. I grew up with a diabolical older sister who played every sick prank in the book on me. And as her gullible little victim brother, I fell for every damn joke, every damn time. But she did me an enormous favor. I grew up to be one of the best trained S.O.B.s on planet Earth.
BTMFD!
Are you in denial?
Cypress is being forced to sell its real gold while the fake stuff is hammered to a two year low.
I don't understand why Cyprus doesn't sell them their GLD paper shares instead. Surely, they would gladly accept their issued asswipe back even after it has been run through the system at least once.
and the hammering gold got today insures some entity gets it on the cheap...
finra and the sec would have done something about it.
I haven't laughed so much since I read your screed in the NYT today. You should write children's books... oh wait.
LMFAO
Bullshit, dumbass.
The SEC is busy trying to figure out how to fuck up the financial system even more by catching up on their 2-year backlog on Doddering-Fwank rulemakings.
God are you stupid. I only wish you were the real Krughole. Imbecile.
FINRA and the SEC are tools of the same fascist goons you pimp for-but of course you know that.
If that was irony it was hilarious!
DavidC
Why? Why would they have done something about? When was the last time the SEC ever discovered a problem BEFORE is blew up? When was the last time the SEC charged anyone?
Central banks do not adhere to GAAP. What do they hold on their books as assets?
Just go back to rimming MDB already
FINRA & SEC have no say over Cyprus, EU or China for gold. Holder is already trying to get a convict, Jeff Skilling of Enron, out of prison. What’s your explanation for that?
For everyone wondering why the reset hasn't happened yet, well, it's all about shaking out as many weak hands as you can first.
Cuz it's the shakin' that does the final breakin'.
No no. "steal the money first." as a COURTESY "hand over your gold too." and don't forget when your economy collapses either! "we're here to help and stand ready to subsist you!" you really can't make this shit up.
Why not sell the gold? It is weighing down their economy like a heavy anchor.
It is you on the down arrow button Krugman. LOL.
Your are the one who has written that "gold has no value"? Why sell it indeed, don't those losers at the ECB read your work?
A barbarous relic. Has no place in modern monetary systems. So, what's all the fuss about?
Wait - don't tell me the Fed lied. OMG.
Ballast. Get it right, chummer.
Anyone notice how PANICOS DEMETRIADES looks a lot like ARCHDUKE FERDINAND?
For the record, the references to gold holdings in the balance sheet notes of the Central Bank of Cyprus annual reports are even more opaque than most central banks. Questions to the media email of the Cypriot Central Bank went unanswered.
Cyprus had however a gold set-aside account at the Bank of England, opened in 1977 in order to receive the IMF restituted gold. It also delivered gold to the FRBNY for its IMF subscriptions so in all probability has an FRBNY acccount.
However this 10 tonnes of Cypriot gold may not even be in custody, it may be leased out already or else it could be a time deposit at the Bank of England or the BIS. So it could be cash settled.
So its not a big deal, its like 800 bars. I think Draghi, as a mouthpiece, is sort of using this to kick gold down a bit more.
But having said that, he should be hunted. How does it feel to be hunted?
You tell me!
If the goldmanite Draghi was really trying to help Cyprus would he publically announce they were to sell their gold? How fucking stupid are you? A 5 year old understands economics better than you, charlatan.
Don't feed the troll.
I did so! I shorted my position and earned money. Now, in the second phase, I'm going to buy cheaper physical for the earned money.
The strategy of these days: Short/long paper and buy physical PMs for the profit.
How so? Holding it as an asset of value? How does gold act as a liability?
You contradict yourself. If gold isn’t money then it has no negative effect on anyone’s economy where it is held.
It does all that merely by sitting there?
What do you need the gold for? If you need more paper you can print as much as you want. Until it is no longer accepted, of course.
Yes, they are playing with a delicate Cognitive Dissonance here. On the one hand Gold is a barbarous relic, on the other hand Gold is a valuable item to be sold when things get tight and all else fails......such as a banking system.
<Shhh, not too loud CD.>
Draghi wants them to sell to raise funds, that's all. He has their best interest in mind.
Krugman you are THE laughing stock. Keep it up buddy, we're all loving your complete delusion.
You made me chuckle. Thanks, Paul. The best thing for them is to default and leave.
I agree - they should leave the euro - but they haven't and if they won't then they need to raise funds; the best way for them to raise funds is to sell their dead weight gold.
Why would they want gold when it is dropping like the rock it is, anyway? Sell it and put money to use!
Because observant analysts can see that the entire financial system is insolvent - this will send gold much higher and create the need for gold holdings to stabilize economies.
Debt outstanding far exceeds money available to pay it off and economies are declining in real terms (when properly accounting for goods price inflation - see http://www.shadowstats.com/alternate_data ).
I absolutely agree with you, Paul, on "they should leave the euro".
Indeed they should. ASAP!
They should tell him to fuck off and keep his worthless paper Euros that can be printed to infinity.
read again: the Cypriot NCB governor wants to stop the Cypriot President from selling this gold and Draghi is supporting the governor
(i.e. at the end they want to keep the Au in the ECB/EuroSystem and the Prez has other plans)
Draghi needs to read your work. As you say, "gold has no value". They need to sell somthing of value, not the barbarius relic, get on the phone Paul help straighten Draghi out.
Let's say I have a rock that has value only as an industrial product. Then let's say I could sell said rock to raise funds to get me out of bankruptcy. It's a no brainer! I sell the rock.
Then you wouldn't have anything to live under.
zing
I thought that scorpions lived under the soil along with the worms and other creepy-crawlies.
How sad for them, too --- no windows in their homes to break. At least they're safe from aliens.
Nice. Its fun, but unfair to match wits with an unarmed man like the Krug!
Let's say that I have paper, whose only real value is to wipe arses. Why don't I just actually wipe my arse with it because there is an endless supply of it.
Rocks we hide in bunker-like vaults deep underground with the highest security on the planet.
Thus why you are a doomer - you have gold in a bunker.
(golf clap). +1.
Krug - ad hominem.
An attack on Krugman:
ad hobbitem
edit: I guess it makes the Fed a doomer too. Along with other banks, nations, investors, hedge funds, etc.
What do you sell when your rocks are gone and you're stil sitting under a pile of debt?
Your kids.
Like you said Paul, "gold has no value". Have cryprus sell something else, you better call Draghi just to be safe. Lot's of other "assets" to sell, just look at what is on the bank's balance sheet. You are the one who said this rock has no value, not me. Are you changing you tune? Does this rock/gold now have value to you?
Why doesn't Draghi ask for the CCB's aggregated, outstanding mortgages and loans? They're "productive assets", right Paul?
Still waiting for an answer, Paul Krugman.
Do formulate an ad hominem, false dichotomy, casually slanderous, redirection, faulty logic, fact misrepresentation, or outright lie ...
because...
You're beaten.
Bingo!!!!!!! Lots of other assets on those books (unless they are lying about that too). Stop the presses, Paul Krugman admits gold has real value, is good store of wealth and purchasing power!
On the books, got that right. It says right there on the books, loans are assets, deposits are liabilities. If the gold is a deposit, what does Draghi want with it? Who needs an "anchor"?
Apparently deposits are assets now too.
Really? Because nobody told me.
Something tells me we are not on the mailing list. Go figure.
I don't know about you guys, but I value myself quite highly, regardless of the valuations of others.
Paul, you haven't answered.
Why not debt, Paul? Why not debt?
Krugman's industrial use of gold comment is as misleading and stupid as anything else he writes.
There is never a supply/demand imbalance for gold. About 85% of all the gold ever mined in all of history still exists, as jewelry and stockpiles of bullion. Certainly no shortage of supply. Demand for gold -- for genuine industrial purposes, such as electronics -- amounts to about 2% of world production per year, and 0.04% of the existing supply, (I consider use in dentistry to be jewelry-like.) Not much demand there either.
"Krugman" + "misleading":
Brought to you by the Department of Redundancy Department.
"Let's say I have a rock that has value only as an industrial product. Then let's say I could sell said rock to raise funds to get me out of bankruptcy. It's a no brainer! I sell the rock."
Let's say Cyprus has gold and I urgently need more and cheaper physical gold to a) settle oil trade b) keep FIAT afloat; while competing with rapacious Easterners who are depleting reserves and could screw the party sooner than desired, along with growing number of people who do not want to understand the commodity status of gold (perhaps some of them noticed that this commodity somewhat mysteriously always ends up in bank vaults and asked themselves why the same didn't happen to zinc, aluminium, silver, or platinum).
Then let's say I could sell paper to raise funds they need to get them out of bankruptcy in exchange for their commodity gold. It's a no brainer! I sell the paper they sell their gold and will eventually end up in bankruptcy anyway.
Except gold has no industrial value. Its a store of value.
When Draghi takes a dump, a Krugman comes out. Somebody please flush it
Actually, a Bernanke comes out.
Krugman is just the stain left afterward.
Surely You're Joking, Dr. Krugman! (not to be confused with http://en.wikipedia.org/wiki/Surely_You're_Joking,_Mr._Feynman; a real PhD with a real Nobel Prize.)
I think we get the JPG:
[1] QE = CB_LedgerGames = "Wealth Effect Mechanism", whereas
[2] Induced Insolvency = PaperDebt - RealAssets - Gold = "Wealth Transfer Mechanism".
The real Effect (financial kick in the groin) happens when the one is traded for the other: QE is used to snap up the Real and Gold assets of the (artificially-induced) Insolvencies of people, companies and countries. Put together, it's a true Binary Weapon, a Financial WMD.
QED, Doc.
Opinion stated as fact ... does not make it FACT
Portugal should demand its gold back.
Panicos.. I love that name.
Panic and sell all of your real assets to pay off fake debts.
Now is a good time to Panicos!
Draghiula is coming tonight.
The EU will gain unity through fear.
Their current M O, hollow out the weak hands by forcing a sell-off of tangible assets. Then, they will ONLY have the EU.
The PIIGS weren't forced to sell their gold, yet. More downward pressure to gold coming.
Dark_Horse
Speaking on timing,even worse and to add more insult to the gold community GSux just announced Blankfiend will be paid $21million in salary for' 12.......ugly day?.
This is exactly what I asked about on the other thread:
http://www.zerohedge.com/news/2013-04-12/first-bitcoin-now-gold-all-alte...
It was only half-serious speculation, though, because I probably don't understand half the shit I read on ZH. Never thought they'd be so blatant.
Its fucking confusing to everyone and for a reason. TPTB must make it confusing so they can create loophole on top of loophole to commit theft. Just look at the tax code crap by the IRS. I honestly think it will grow forever until we the people say lights out.
People, just ignore smokescreens from mass media and Big Banks (including FED, ECB, BOE, and BOJ).
The only things that keeping their economies going are their fiat paper currencies especially world reserve currencies like US$ and euro. By losing US$ world reserve currency status, the USA economy will collapse. Note that America is not anymore in a position to dictate militarily to China, Russia, and India. These are the nuclear powers.
America is not in a military position even to get into a fight with North Korea. Yes, America can nuke N. Korea out of its existence BUT a) N. Korea can potentially nuke Japan and some US military and economic assets; b) China will not tolerate a major war on its border.
Consequently, the West will do everything in its power to keep the reserve status of its currencies as long as possible. This is why FED and ECB are fighting gold so hard since gold is the primary enemy of any fiat currencies. The West is very desperate since it cannot prevent its economic/political decay and/or it is losing its conventional military superpower status.
and what was the benefit for being in the euro?
in this case, for Cyprus? well, they got billions to save their banks. or where you going to save them? Russia wasn't, the UK neither, and the US also not
so it's done by the partner countries in the eurozone, after a long, long discussion where the Team Cyprus somehow managed to piss everybody off, including it's own people, the Russians, the Greeks, the Americans, the Germans, the Dutch, the Finns, the IMF, the EU Commission, the other national governors in the ECB
whatever this deal is - it's an agreement that the Cypriot parliament accepted, indeed made a couple of ad-hoc laws to make it possible
now the Cypriot national bank governor is accusing the Cypriot elected President to sell national bank gold without the bank's permission. ding, ding? notice something?
You must have different new sources in Europe. What I read in the states was that the Cyprus parliament unanimously rejected the haircut given to all Cypriot account holders and that because only the account holders of the troubled banks would be scalped, no parliamentary vote was necessary.
That's not to say that Cypriot lawmakers couldn't have grown a pair and told the Troika to "FUCK OFF" and gone through a lawful bankruptcy and issued their own currency.
The laws are already established for what to do in the event an entity goes broke, but these mother fuckers want first dibs on the assets so they keep making up new rules as they go.
If by "cypriots" you mean Goldman Sack, you are dead on.
Isn't it about time someone tells these mother fuckers:
SUCK MY DICK. Cancel that
Suck my dick and shine my shoes.
Excuse the profanity, but certain enviromental factors sets off tourettes.
We're all tourettes sufferers now.
FUCKING, COCK-SUCKING bankers.
I think a better name for this post would be Goldman Sachs Cyprus
he's very tearful about this heartfelt action....sad to see a grown man 's eyes water....
FUCK YOU Mario Dracula!!! And ALL of you blood sucking despots. The sooner someone kills you fuckers off, the better the World will be.
EXaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaactLY......
KILL 'EM WITH A SILVER BULLET!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A Duh Hitler! This is how to rule Europe. And look at you wasting all that money on bombs and planes! On a more positive note, the colony states of Germany can look forward to really nice roads. So they got that going for them.
And why exactly they have to sell it? Can just transfer GOLD to Central Bank.
"Come here and take it" is the only proper answer at this point.
Problem, Reaction, Solution. Perfectly played Ponzi masters. I salute the magnificent game play you've demonstrated to date.
<But your time WILL come.>
it's called kicking the can
eventually, they run out of other people's gold.
Then they will get rid of the people. Might even agree to lob a few nukes at each other's major cities to do it 'cleanly'.
Even better, drive down the price before the sale. That'll show em.
"But the day of the Lord will come like a thief." 2 Peter 3.10
Oh ... so that's why we're supposed to be storing our treasures in heaven and not give them swimming lessons.
OK wait Mario. We should see a bottom soon and that will be your cue to force the sale of cypriot gold.
Now it's really high time for Cyprus to say good bye.
Normalcy bias, and the human hate of any change stops them.
Some of my Cypriot relatives think Cyprus has been saved, not raped by
the ECB.
I going to start talking to myself in future.At least I'll have at least one
intelligent listener.If the authorities don't lock me up that is.
They will disarm you first because you are talking to yourself and are a danger to yourself and then it will be off to camp for re-orientation.
Actually, it all perhaps starts making sense now... to increase the physical supply being constantly depleted, the central bankers start looting gold from the 'poor' EU countries... at paper-fabricated discount prices. The old imperialist politics known for centuries.
Force 'em to sell during the gold "Sale of the Year"! I wonder if the Bundesbank is buying?
All the Gold-trading TRIBALISTS in NYC know it by heart, "Buy on Friday, sell on Monday."
500 Tons of Paper Gold Sold:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/12_Ma...
So today's action in Gold NOT necessarily caused by the Bernank, but probably by buyers looking to acquire physical....
What does the trend tell you?
The East wants physical, and is forcing the West to cough up supply.
BULLISH FOR GOLD.
Stack today, you'll thank me tomorrow!
But why would they want this "barbarius relic"? < sarc off > fuck you bernanke!
@ Laws of Physics:
Bernank is a "Physical Stacker's Best Friend"..........
Cyprus to channel the spirit of Gordon Brown with (ahem) timely gold liquidations.
Draghi's bottom.
Hey!!! I bet with all of that gold, Draghi et. al. can make some serious bullion caves to live in. I would have to check the physics, but I suspect that gold is every bit as effective as lead (if not more so) in stopping the netrons from the coming air bursts over North Korea.
Draghi is doing exactly doing what Goldman told him to do: cause a dump, so they can pump
double post
Whats the first part in Goldman? GOLD
They can go to hell
Ha ha. Fucking liars. Guys I think we all get it here. As pointed out above: the agenda is to drive you into poverty and obtain the real assets. Problem reaction solution. Gold taken.
Cyprus should demand that all the gold in Switzerland and the City of London be accounted for, and that JP Morgan and HSBC be investigated for market manipulation....by someone who is not being paid off by the same banksters.
they are hardly in a position to negotiate
no doubt this bit about gold wasn't mentioned in the initial "draft", however, language which would allow "misc asset classes" to make up part of the "asset rebalancing requirements" was very much present like the trojan horse it was meant to be.