CBI plans to buy more gold

[yota691]

CBI plans to buy more gold

Source: 

• BAGHDAD - Iraq Ahmad

Date: April 12, 2014 He said Iraqi Minister of Finance, acting purity of net debt that the CBI may buy more gold in the coming months based on the needs of the investment.

The "central" said on its website, a week ago, he signed a contract with an international company to manufacture 11 tons of gold bullion to the public and other import Drafters and investors. And bought a "central" 36 tons of high-purity gold, last month, to support the dinar.

This was the first quantitative Add to Iraq's reserves of gold, since it has increased its holdings by 23.9 tons in August 2012, according to data from the International Monetary Fund, the value of the deal and the time of purchase of $ 1.5 billion. According to the World Gold Council that Iraq has already 29.8 tonnes of gold, and thereby increase its holdings total new purchases of the yellow metal to 65.8 tons to come in third place among the forty largest holders of gold in the world in the formal sector after Denmark and before Pakistan directly.

 

 

 

 

[nannab]

Wow! Goodmorning Yota. Thank you.

[jeepguy]

hey  yota  ,  did  we  not  see  at  the first   of  this year  where  Iraq  had  80 tons  of gold ?  and  billions  in the reserves ?    where did that  go I wonder .......    good morning  all insomniacs   or  folks  going  to work  today     

[sandfly]

THANKS

[RodandStaff]

Mornin' to you to Jeep...and Yota and of course our wonderful "Thank You Man"...why am I think in' this is gonna really help back up their currency???? ....hmmmmm, maybe so the doubters who say you can't count oil in the ground as a resource will have their jaws drop when they see a pile of gold....just sayin'!!! ;o)

Thanks Master Yota....again make me smile you do!!!

Edited April 12, 2014 by RodandStaff

[jeepguy]

hahahaa  good post  he  finds  , he do !    morning  back  at  you rod  and  staff ,   I think  you  have  the right idea ,  they have  gold  to keep the currency  backed if  the  oil  falls  off the high  fever  in  sales  they  have ,   and  the  infrastructure  isn`t  doing   too  good  right now  seeing  that  maliki`s  government  is  falling apart ,  and  projects  are   fading away .......  no  wonder  maliki  is  needing  a  martial law in acted  ,  he  fears  for  his own safety   

[Yukon Silvermoon]

Call me closed minded but I don't see any other reason why Iraq would buy so much gold rather than trying to back up the Dinar. Articles are saying all the time how they want to "improve the status of the Dinar against foreign currency."

[The Machine]

Iraq buying more Gold ..... Machine approves, buy more Gold Iraq buy it now.

[moneysoon]

Good Morning All,

More good news. Thanks Yota for the morning rush!

[10 YEARS LATER]

A currency backed by GOLD . . . what a novel idea ! Maybe the USA should try that. Oh ? We did ? What happened ? The hell you say ! Gee, another "smart idea" from another President

 

Where does America Find such "great" men of history?

 

Yep, it's Cynics' Corner today.   

[blueskyline]

"signed contract a contract with an international company" all contracts are now in dinar right ?

[skeetdog]

Thanks Yota...What better way to dump the fast declinin' USD than to purchase gold to back the dinar...by the time the dinar hits the market the dinar and dollar will have switched places and we would be in better off keepin' the bulk of our dinars...

[Wiljor]

Morning Yota, thanks for the post. I see you were burning the midnight oil to keep us up to date on the latest news, much appreciated brother.

[idplzr]

Thanks Yota...What better way to dump the fast declinin' USD than to purchase gold to back the dinar...by the time the dinar hits the market the dinar and dollar will have switched places and we would be in better off keepin' the bulk of our dinars...

If countries keep foreign reserves in their treasuries, why shouldn't we have a basket of currencies too. Diversification

[dontlop]

Aren't they supporting the dinar by buying it back with gold and taking it out of circulation?

Central banks do that and then holding those dinar in their assets column out of circulation

They will still show up in the money supply but are not circulating

Then if they want to raise the rate like in a revaluation they would be permantly removed from the money supply

The gold is circulating in the Iraqi economy instead of dollars which makes demand for currency go up

Instead of increasing notes they increase the exchange rate

I hope they are moving away from the peg and into managed float

Not a free float

Or a crawling peg like they had from 2006 thru 2009

[skeetdog]

It was explained to me that Iraq buys the gold with USD and then sells the gold for the IQD and then the process continues the way you described "dontlop" I'm not that well read up on this matter and I'm not sayin' the person that explained it to me knew what they were talkin' about.. It's kind of like if someone sayin'  they know a foreign language that you don't and they start speaking in something you don't understand..how am I to know if that's the language...I know it's hard to believe but I've been wrong before...more than once           

[NoviceInvestor]

They certainly are preparing themselves to rise like a Phoenix from the ashes of a global crash ..

[BobCoss]

What I don't understand is that if they have found so much gold in Iraq, & I'm sure it belongs to the state, why are they buying it instead of mining & refining their own and adding it to their coffers? It would seem to me that would be full steam ahead!

[vomer]

All that gold.  They must be fixing to lop. HAHA!

[easyrider]

What I don't understand is that if they have found so much gold in Iraq, & I'm sure it belongs to the state, why are they buying it instead of mining & refining their own and adding it to their coffers? It would seem to me that would be full steam ahead!

because they are getting rid of their worthless fiat usd money to buy gold they are dumping the USD preparing for the crash of the fiat system 

[moneysoon]

This is good any way you look at it! They are fortifying my dinar.

[Goodlife]

Source - Wikipedia 2013 ( Dec) gold bullion holdings in tonnes

 

Rank Country/Organization Gold
(tonnes) 

 (EU) 8,972.

 

1 United States 8,133.

2  Germany 3,387.

3  International Monetary Fund 2,814.  

4  Italy 2,451 

5  France 2,435.

6  China 1,054.

7  Russia 1,041

8  Switzerland 1,040

9 Japan 765.

10 Netherlands 612

 

38 Kuwait 79.

39 Islamic Republic of Pakistan 64.4

 

55 Republic of Iraq 29.82.

 

59 Islamic Republic of Afghanistan 21.9

 

 

Even with the latest gold purchase the gold bullion holding is not that significant in comparison to the top ten countries.  

A good sign non the less but lets keep  our feet grounded

Edited April 13, 2014 by Goodlife

[bigwave]

I got this one - any comments????

 

The countries with the largest gold reserves With gold prices hitting a record high on Wednesday, here are the 10 countries holding all the cards when it comes to gold reserves, according to the World Gold Council.

The greatest demand for gold comes from the jewellery industry. There is also demand from technology sectors and investors. Photo: AP

 

 

5:06PM BST 13 Jul 2011 Well on a second look the date is from a long time ago

 

 

The United Kingdom lags well behind in 17th place in the world league table. Britain currently holds 310.3 tonnes of gold, valued at $13.8bn.

As Chancellor of the Exchequer, Gordon Brown sold 395 tonnes of UK reserves between 1999 and 2002.

• 1 USA

Total gold holdings: 8,133 tonnes

Value: $361.8bn

• 2 Germany

Total gold holdings: 3,401 tonnes

Value: $151.3bn

• 3 IMF

Total gold holdings: 2,814 tonnes

Value: $125.7bn

The IMF oversees international economic operations of 187 member countries. Reserves remain to stabilise international markets and aid national economies.

• 4 Italy

Total gold holdings: 2,451.8 tonnes

Value: $109bn

• 5 France

Total gold holdings: 2,435.4 tonnes

Value: $108.3bn

• 6 China

Total gold holdings: 1,054.1 tonnes

Value: $46.9bn

• 7 Switzerland

Total gold holdings: 1,040.1 tonnes

Value: $46.3bn

• 8 Russia

Total gold holdings: 824.8 tonnes

Value: $34.9bn

• 9 Japan

Total gold holdings: 765.2 tonnes

Value: $34bn

• 10 Netherlands

Total gold holdings: 612.5 tonnes

Value: $27.2bn

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/8635555/The-countries-with-the-largest-gold-reserves.html

Who owns the IMF?????

 

This is an old article....

Edited April 13, 2014 by bigwave

[SocalDinar]

Hope this pans out for them

Thanks Yota