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At Least One Italian Export Is Soaring: Gold
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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That must be the elusive recovery. They've been predicted its arrival for years now.
Green chutes baby...
That event just came:
ARGENTINA NATIONALIZES YPF:
http://www.elmundo.es/america/2012/04/16/argentina/1334590851.html
Argentina expropia YPFThe 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...
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.
YPF shares are plunging:
http://www.marketwatch.com/investing/stock/YPF
They can still plunge some more. Time to put on some shorts?
"Like liberty, gold never stays where it is undervalued." - J.S Morill, Speach in the US Senate, 1/28/1878.
What is EAP5 ?
+ 1 Pladizow.
+1
is anybody STILL looking for the canary in the mine?
this is as yellow as it will get!
Gold is money. Fiat is just paper backed by government coercion.
They will "nationlize" gold, next!
Black swan, no one could possibly see it coming./sarc
Rats leaving the ship.
got gold?
Italy, send your gold to me.
All of your gold are belong to us. And we at ZH have stellar boating skills...
Just sit right back and you"ll hear a tale,
a tale of a fateful trip...
gold looks sick
Whatever Mr. Sack.
very intelligent
Trade on badass.
lol
I'm sure you're a BSD
Nope, I'm just an ape with a gun.
Everyone needs to be careful when an ape with a gun comes into the room...
So how long have you worked for the TSA?
I personally don't believe that there's such a thing as "non-monetary raw gold." All gold is money.
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
what's a yout?
The opposite of an elde.
I don't know but there were two of them, and the were allegedly seen leaving the Sack of Suds in a hurry.
'Camp' Freddie: But Mr. Bridger, what if the Professor's not bent?
Mr. Bridger: Camp Freddie, everyone in the *world* is bent!
Kind of funny that the two countries with a figurehead leader are exporting their gold.
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.
Shhh, no one is supposed to notice, that's the plan. NWS, new world slavery.
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.
"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.
+ 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.
Shit! They're selling my granfathers' gold. We're deeply in trouble.
Don't worry my Grandfather's people will take good care of it.
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
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.
Swiss BANKS hold gold too. How much? I don't know, it's secret!
So what makes it "non-monetary raw gold" coz 9999 is pretty raw to me and boy that is money?
It's tungsten free.
that explains it!
I wish phyz would hurry up and briefly dip below $1600 & $30.
Don't wait and try to buy on dips. Just buy when you have extra fiats come in.
BBC are scum (just sayin)
+1
But but but:
Crisis Over, Italy Solid Claims PMhttp://www.corriere.it/english/12_aprile_02/monti_0d315a48-7cb0-11e1-b9f...
This one never gets old, lol!
"All your Gold are belong to us."
thats what i like to hear
.
maybe i shouldt wait for gold to hit $800 before I buy in
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!)
All I see is the Swiss buying a crapload of gold. Somehow the story was reworded to make it appear less ominous.
Maybe they are unloading Euros for worthless non monetary gold?
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
'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!)
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!
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......
Funniest attempt at spin indeed. It's like celebrating a decapitation by saying "hey, your blood pressure just went way down!"
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.
At that point, it is highly likely that you won't be able to afford it. Better to be buying now, in increments.
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.
El Dorado in Switzerland....how many tons is Bankfein stashing in his Swiss vaults?
What an Oinker he is!
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.
Right u r
I got a nice shiny silver eagle that says you're wrong. The Euro will collapse........and probably this year!
.
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.
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? ;-)
Like Buridan's_ass, the Tylers could go broke for indecision if placed exactly between a heap of EUR and a heap of USD
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.
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.
Ruh roh, Raggy!