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At Least One Italian Export Is Soaring: Gold

Tyler Durden's picture




 

When one thinks PIIGS, one usually imagines countries with collapsing economies, 50%+ youth unemployment, and current account deficits so large they are about to drag down the ECB, Bundesbank and Germany. And while that is absolutely correct for the most part, there is one product which the PIIGS, or in this case Italy, are all too happy to export in size. Gold, and not just to anywhere, but to that ultimate safe haven - Switzerland. From BBC: "Italian exports of gold ingots to Switzerland have soared in recent months, data has shown. Exports to Switzerland were 35.6% higher than in February 2011 "mainly because of sales of non-monetary raw gold", statistics agency Istat said. This followed a 34.6% year-on-year rise in exports to Switzerland in January." And the absolutely funniest attempt at spin ever:

"Experts say improvements in the trade deficit could be a sign that Prime Minister Mario Monti's economic reforms are starting to take effect."

Uhm, when the country is exporting the only real asset it has for when it will need to backstop its own currency following the inevitable collapse of the EUR, this is not exactly a sign that the country's reforms are taking effect, but rather that everyone else in Europe is stockpiling the precious metal in advance of "some" event, which is coming.

In the meantime, and closely related, as we posted two months ago, another soaring Italian export... are bank deposits.

Come to think of it, the two are quite closely tied.

 

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Mon, 04/16/2012 - 12:12 | 2348789 EscapeKey
EscapeKey's picture

"some" event, which is coming.

That must be the elusive recovery. They've been predicted its arrival for years now.

Mon, 04/16/2012 - 12:18 | 2348802 GetZeeGold
GetZeeGold's picture

 

 

Green chutes baby...

 

Mon, 04/16/2012 - 12:26 | 2348815 Ahmeexnal
Ahmeexnal's picture

That event just came:

 

ARGENTINA NATIONALIZES YPF:

http://www.elmundo.es/america/2012/04/16/argentina/1334590851.html

Argentina expropia YPF

 

En medio de una salva de aplausos y de himnos patrióticos, el Gobierno de Cristina Fernández de Kirchner anunció el envío al Congreso de un proyecto de ley para "salvaguardar la soberanía hidrocarburífera de Argentina". El proyecto contempla como medida central la expropiación de la totalidad de las acciones de YPF, que están en manos del grupo argentino Eskenazi y de la empresa española Repsol.

 

The reason of the expropiation is the discovery of several major oil fields such as the one at "dead cow".  But don't tell oilpeak fucktards about that, since they will deny the facts:

http://www.nytimes.com/2011/07/05/business/global/05shale.html?pagewante...

Mon, 04/16/2012 - 12:36 | 2348868 EscapeKey
EscapeKey's picture

 it holds about 13 billion barrels of oil equivalent

http://www.bloomberg.com/news/2012-03-29/ypf-surges-on-argentine-shale-oil-discovery-buenos-aires-mover.html

Ooh nice, with an extraction rate of say 40% (which is rather generous), that would be 5.2bn recoverable, which is sufficient to supply the world with oil for around 60 days.

Mon, 04/16/2012 - 12:42 | 2348881 Ahmeexnal
Ahmeexnal's picture

YPF shares are plunging:

http://www.marketwatch.com/investing/stock/YPF

They can still plunge some more. Time to put on some shorts?

 

Mon, 04/16/2012 - 13:45 | 2349068 Pladizow
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"Like liberty, gold never stays where it is undervalued." - J.S Morill, Speach in the US Senate, 1/28/1878.

Mon, 04/16/2012 - 14:14 | 2349166 smiler03
smiler03's picture

What is EAP5 ?

Mon, 04/16/2012 - 16:31 | 2349679 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 Pladizow.

Mon, 04/16/2012 - 12:48 | 2348892 fuu
fuu's picture

+1

Mon, 04/16/2012 - 12:21 | 2348818 achmachat
achmachat's picture

is anybody STILL looking for the canary in the mine?
this is as yellow as it will get!

Mon, 04/16/2012 - 12:26 | 2348833 Colombian Gringo
Colombian Gringo's picture

Gold is money. Fiat is just paper backed by government coercion.

Mon, 04/16/2012 - 14:47 | 2349271 boogerbently
boogerbently's picture

They will "nationlize" gold, next!

Mon, 04/16/2012 - 12:38 | 2348871 Don Keot
Don Keot's picture

Black swan, no one could possibly see it coming./sarc

Mon, 04/16/2012 - 13:02 | 2348939 battle axe
battle axe's picture

Rats leaving the ship.

Mon, 04/16/2012 - 12:13 | 2348793 JeremyWS
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got gold?

Mon, 04/16/2012 - 12:14 | 2348795 vmromk
vmromk's picture

Italy, send your gold to me.

Mon, 04/16/2012 - 12:53 | 2348896 HoofHearted
HoofHearted's picture

All of your gold are belong to us. And we at ZH have stellar boating skills...

Mon, 04/16/2012 - 18:26 | 2349961 hamurobby
hamurobby's picture

Just sit right back and you"ll hear a tale,

 a tale of a fateful trip...

Mon, 04/16/2012 - 12:16 | 2348797 5880
5880's picture

gold looks sick

Mon, 04/16/2012 - 12:31 | 2348842 fuu
fuu's picture

Whatever Mr. Sack.

Mon, 04/16/2012 - 12:47 | 2348890 5880
5880's picture

very intelligent

Mon, 04/16/2012 - 13:05 | 2348944 fuu
fuu's picture

Trade on badass.

Mon, 04/16/2012 - 13:14 | 2348965 5880
5880's picture

lol

I'm sure you're a BSD

 

Mon, 04/16/2012 - 13:28 | 2349008 fuu
fuu's picture

Nope, I'm just an ape with a gun.

Mon, 04/16/2012 - 16:31 | 2349684 DoChenRollingBearing
DoChenRollingBearing's picture

Everyone needs to be careful when an ape with a gun comes into the room...

Mon, 04/16/2012 - 16:37 | 2349712 akak
akak's picture

So how long have you worked for the TSA?

Mon, 04/16/2012 - 12:16 | 2348798 navy62802
navy62802's picture

I personally don't believe that there's such a thing as "non-monetary raw gold." All gold is money.

Mon, 04/16/2012 - 12:25 | 2348834 alexwest
alexwest's picture

its called 'pretentiousness'

author by using 'non-monetary raw gold' tries to show he/she is an expert on gold matters,,

besides, most fuckers get paid per word.. so

alx

Mon, 04/16/2012 - 12:17 | 2348800 lordbyroniv
lordbyroniv's picture

what's a yout?

Mon, 04/16/2012 - 12:20 | 2348819 Dr. Engali
Dr. Engali's picture

The opposite of an elde.

Mon, 04/16/2012 - 12:41 | 2348876 A Nanny Moose
A Nanny Moose's picture

I don't know but there were two of them, and the were allegedly seen leaving the Sack of Suds in a hurry.

Mon, 04/16/2012 - 12:18 | 2348811 bugs_
bugs_'s picture

'Camp' Freddie: But Mr. Bridger, what if the Professor's not bent?

Mr. Bridger: Camp Freddie, everyone in the *world* is bent!

Mon, 04/16/2012 - 12:19 | 2348814 Dr. Engali
Dr. Engali's picture

Kind of funny that the two countries with a figurehead leader are exporting their gold.

Mon, 04/16/2012 - 12:35 | 2348864 rehypothecator
rehypothecator's picture

They're doing exactly what they were put there to do.  In another day and age, it would be called plunder. 

Why steal all a country's gold?  Tradition.

Mon, 04/16/2012 - 12:42 | 2348879 Don Keot
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Shhh, no one is supposed to notice, that's the plan.  NWS, new world slavery.

Mon, 04/16/2012 - 12:21 | 2348822 q99x2
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This is just a rumor but I've heard the ECB is nearing an approval for a bailout to Spain so that it avoids bankruptcy and is not forced to default on its loans.

Couldn't resist. Had to get it out of the way. Since we will be f'n hearing about it 10 times a day for the next year.

Mon, 04/16/2012 - 12:23 | 2348823 Fiat Currency
Fiat Currency's picture


"Uhm, when the country is exporting the only real asset it has for when it will need to backstop its own currency following the inevitable collapse of the EUR ..."

No offense - but it seems to me that could have been better worded. My assumption (could be wrong) is that this is individually & privately owned gold leaving the country - not the Italian government's. If so - then the wording implies that private gold confiscation is the Italian goverment's salvation - a position I doubt Zero Hedge supports.

One's gold does not have to be in country to re-boot a broken system. In fact - many opinions support keeping it as far away from your politicians as possible.

Mon, 04/16/2012 - 16:37 | 2349704 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

That's the way I read it too.  Private gold, not Italian national gold.

I think that any Italian gold left in private hands would NOT get turned over to their .gov.  Nobody believes in their .govs anymore.  If I were an Italian with a decent amount of gold, I too would put some in Switzerland.

Mon, 04/16/2012 - 12:22 | 2348824 TNTARG
TNTARG's picture

Shit! They're selling my granfathers' gold. We're deeply in trouble.

Mon, 04/16/2012 - 12:44 | 2348884 xela2200
xela2200's picture

Don't worry my Grandfather's people will take good care of it.

Mon, 04/16/2012 - 12:24 | 2348827 alexwest
alexwest's picture

yeah it would be wise to move gold into country that is neutral
and probably last true democracy on earth as swiss people can/do have referendum on each major issue..

++ most swiss keep guns at home, and seems not afraid to use it..

thanks god not much negroes out there, so thats why criminal rate is so low...
only stupid ones try to rob/ kill arm bearing citizens..

alx

Mon, 04/16/2012 - 13:45 | 2348829 Bam_Man
Bam_Man's picture

The Swissies are getting nervous and have good reason to be.

When the Euro finally shits the bed, the SNB will be stuck sitting on the Mt Everest of worthless Euros it has purchased to maintain the CHF "soft-peg". At that point the only thing standing between the CHF and SNB insolvency and possible hyperinflation will be whatever Gold the SNB has.

Mon, 04/16/2012 - 16:37 | 2349714 DoChenRollingBearing
DoChenRollingBearing's picture

Swiss BANKS hold gold too.  How much?  I don't know, it's secret!

Mon, 04/16/2012 - 12:30 | 2348831 tocointhephrase
tocointhephrase's picture

So what makes it "non-monetary raw gold" coz 9999 is pretty raw to me and boy that is money? 

Mon, 04/16/2012 - 15:11 | 2349338 e_goldstein
e_goldstein's picture

It's tungsten free.

Tue, 04/17/2012 - 06:17 | 2350792 tocointhephrase
tocointhephrase's picture

that explains it!

Mon, 04/16/2012 - 12:26 | 2348832 Debtless
Debtless's picture

I wish phyz would hurry up and briefly dip below $1600 & $30.

Mon, 04/16/2012 - 16:38 | 2349718 DoChenRollingBearing
DoChenRollingBearing's picture

Don't wait and try to buy on dips.  Just buy when you have extra fiats come in.

Mon, 04/16/2012 - 12:25 | 2348835 tocointhephrase
tocointhephrase's picture

BBC are scum (just sayin)

Mon, 04/16/2012 - 12:28 | 2348837 GeneMarchbanks
GeneMarchbanks's picture

+1

Mon, 04/16/2012 - 12:27 | 2348838 Dick Darlington
Dick Darlington's picture

But but but:

Crisis Over, Italy Solid Claims PM

http://www.corriere.it/english/12_aprile_02/monti_0d315a48-7cb0-11e1-b9f... 

 

This one never gets old, lol!

Mon, 04/16/2012 - 12:30 | 2348841 Bam_Man
Bam_Man's picture

"All your Gold are belong to us."

Mon, 04/16/2012 - 12:30 | 2348846 nah
nah's picture

thats what i like to hear

.

maybe i shouldt wait for gold to hit $800 before I buy in

Mon, 04/16/2012 - 15:21 | 2349392 The Disappointed
The Disappointed's picture

If you are waiting for $800 gold before you buy in, I would suggest that when you get that delivery, it will be a very thin coating of Au on a tungsten bar.

FWIW

The Other Dave in SF (where all of the swans are pink and we're f***ing proud of it!)

Mon, 04/16/2012 - 12:36 | 2348869 Quinvarius
Quinvarius's picture

All I see is the Swiss buying a crapload of gold.  Somehow the story was reworded to make it appear less ominous.

Mon, 04/16/2012 - 18:40 | 2349988 hamurobby
hamurobby's picture

Maybe they are unloading Euros for worthless non monetary gold?

 

Mon, 04/16/2012 - 12:58 | 2348914 Jeanne dArc
Jeanne dArc's picture

I notice that the Italians are also major cheese exporters. Coincidence? I don't think so...

http://screwtapefiles.blogspot.com/2012/04/screwtape-world-news-broadcast.html#more

JdA

Mon, 04/16/2012 - 15:26 | 2349410 The Disappointed
The Disappointed's picture

'Blessed are the cheesemakers...'

http://www.youtube.com/watch?v=-xLUEMj6cwA

The Other Dave in SF (where all of the swans are pink and we're f***ing proud of it!)

Mon, 04/16/2012 - 12:58 | 2348918 905ozs
905ozs's picture

Back in the day when I had more hair than sense, the early 90's, I worked for 2years for AngloAmerican Gold Division.

Could never understand how the Italians made more money converting Our gold into goods, than we did extracting the stuff!

Now, with less hair than a Mexican hairless poodle, but maybe a little wiser.

I understand, and say fuck you Oppenheimers (1st cousin Rothschild) for umpteen African wars and apartheid and the misery and rapeage you inflicted (whilst grinning) on our people, black & white.

Someone line them up, truly I will avenge what these creatures have done & do...free of charge!

Mon, 04/16/2012 - 13:00 | 2348925 Ted Baker
Ted Baker's picture

CAREFUL ATTENTION NEEDS TO BE PAID BY THIS PIECE OF NEWS AND THE EFFECTS IT MAY HAVE IN GOLD. REMEMBER THE SWISS ARE NOT TO BE TRUSTED......

Mon, 04/16/2012 - 13:15 | 2348966 Killer the Buzzard
Killer the Buzzard's picture

Funniest attempt at spin indeed.  It's like celebrating a decapitation by saying "hey, your blood pressure just went way down!"

Mon, 04/16/2012 - 13:26 | 2349006 Silversem
Silversem's picture

One conclusion can be drawn from this story: Gold is still HOT! The bullmarket is far from over. Smart money is still moving into the yellow metal. When the current consolidation phase of gold ends, i will load up with cfd's (Contract For Difference) on gold.

Mon, 04/16/2012 - 13:49 | 2349079 Bam_Man
Bam_Man's picture

At that point, it is highly likely that you won't be able to afford it. Better to be buying now, in increments.

Mon, 04/16/2012 - 13:35 | 2349038 PontifexMaximus
PontifexMaximus's picture

This is only one leg of the trade: the big known smelters are in Switzerland, esp. In the canton of Ticino, they know full well, why to be there, beside the one's in UK and D. But where is the 999,9 and the 995 quality heading to? That's the second leg and the more interesting. I bet, that at least half of it is heading back south, but do not ask me HOW. P. S. Big manufacturers in the VIcenza and Arrezo area are also final users, best known in the world btw.

Mon, 04/16/2012 - 14:16 | 2349159 Arnold Ziffel
Arnold Ziffel's picture

El Dorado in Switzerland....how many tons is Bankfein stashing in his Swiss vaults?

What an Oinker he is!

Mon, 04/16/2012 - 14:15 | 2349169 Freegolder
Freegolder's picture

Come on Tyler....which do you prefer: the Euro or the Dollar?

Look at the gold reserves, look at mark-to-market, look at austerity versus head in the sand.

Look at inflation. Look at what is really happening.

And then you will see the Euro is not going to collapse.

Mon, 04/16/2012 - 14:23 | 2349190 PontifexMaximus
PontifexMaximus's picture

Right u r

Mon, 04/16/2012 - 14:53 | 2349284 ljag
ljag's picture

I got a nice shiny silver eagle that says you're wrong. The Euro will collapse........and probably this year!

Mon, 04/16/2012 - 15:46 | 2349460 akak
akak's picture

.

And then you will see the Euro is not going to collapse.

Fiat currency (it is NOT money!) ALWAYS collapses --- the only thing left uncertain is the rate of that collapse in each individual case.

(And that does not even take into account the wildly unsustainable nature of the European welfare states.)

Never bet on government paper.

Mon, 04/16/2012 - 16:56 | 2349774 Ghordius
Ghordius's picture

akak, LOL, it reminds me of how some part of my family talks about me

in theory, I am supposed to die, eventually, though I can't be sure, can I? ;-)

Mon, 04/16/2012 - 16:57 | 2349753 Ghordius
Ghordius's picture

Like Buridan's_ass, the Tylers could go broke for indecision if placed exactly between a heap of EUR and a heap of USD

Mon, 04/16/2012 - 14:43 | 2349257 Likstane
Likstane's picture

I almost have my first COMEX gold contract paid off.  I can't wait to take delivery of all those shiny tungsten loafs.  I should call Gerald and ask him to have Johnny C. meet me to pick up my order, just to be safe, you know.

Mon, 04/16/2012 - 15:31 | 2349423 orangegeek
orangegeek's picture

It's always good to empty the ship's cargo before it sinks.  Or said another way, it's always better to hide your gold before the government shows up and takes it.

 

Europe is hosed. 

Mon, 04/16/2012 - 19:11 | 2350033 MeelionDollerBogus
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