Psych Posted July 9, 2013 Report Share Posted July 9, 2013 Iraq has touted it's gold reserves in recent articles at 30 tons. 30 tons sounds like a lot of money, and it's certainly nothing to ignore. However, compared to other nations, it's simply a drop in the bucket. The CBI indicates that they have approximately $76 billion in currency on reserves, which is great. The gold equals out to about 1.4 billion dollars, which is obviously just a fraction of their reserves overall. I am not even sure why it's mentioned in the articles, as it doesn't seem to be very significant. http://demonocracy.info/infographics/world/gold/gold.html http://en.wikipedia.org/wiki/Gold_reserve 3 Link to comment Share on other sites More sharing options...
dontlop Posted July 9, 2013 Report Share Posted July 9, 2013 im with ya on that .. According to the World Gold Council, the global official gold holdings totaled 31,694.8 tonnes as of April 2013. United States (Rank 1)Official gold holdings: 8,133.5 tonnes id like to know what they are holding it for 31 thousand tons .. for what .. they hoping for a shortage 2 Link to comment Share on other sites More sharing options...
doctor robbins Posted July 9, 2013 Report Share Posted July 9, 2013 It sounds like a lot to people who aren't good at math, which would include most dinar investors. 6 6 Link to comment Share on other sites More sharing options...
Amos9:13 Posted July 9, 2013 Report Share Posted July 9, 2013 actually the gold is around 1.25 trillion dollars. Myself and a commercial lender did the calculations today...so it's a lot more than what you are figuring. Gold can go up also, it's at a low today. Saw another article where someone came up with billion...I'll get back to the office and make sure we didn't make a miscalculation. We went thru converting by ounces of gold, will have to dbl check. 3 1 Link to comment Share on other sites More sharing options...
tigerstripes Posted July 9, 2013 Report Share Posted July 9, 2013 actually the gold is around 1.25 trillion dollars. Myself and a commercial lender did the calculations today...so it's a lot more than what you are figuring. Gold can go up also, it's at a low today. Saw another article where someone came up with billion...I'll get back to the office and make sure we didn't make a miscalculation. We went thru converting by ounces of gold, will have to dbl check. Try the calculator on this link According the table here the gold reserves make up about 2% of the foreign reserves of Iraq. I'm not sure how all that tallies up with what the CBI states on the key financials. I think they combine Gold and SDR's on the key financial spreadsheet. Link to comment Share on other sites More sharing options...
jsilveira66 Posted July 9, 2013 Report Share Posted July 9, 2013 Good looking out, brother..... Try the calculator on this link According the table here the gold reserves make up about 2% of the foreign reserves of Iraq. I'm not sure how all that tallies up with what the CBI states on the key financials. I think they combine Gold and SDR's on the key financial spreadsheet. All the while. they continue to lose money, while they have the ABILITY to change it. It ISNT like this situation started yesterday. Link to comment Share on other sites More sharing options...
jonjon Posted July 9, 2013 Report Share Posted July 9, 2013 30 tons of gold at $1245 an ounce equals ONE BILLION NINETY-SIX MILLION FIVE HUNDRED SEVENTY-NINE THOUSAND EIGHT HUNDRED FOURTEEN DOLLARS $1,096,579,814.00 Try making that fit on a check. If it's 2% of their foreign reserves they have about FIFTY-FOUR BILLION EIGHT HUNDRED TWENTY-EIGHT MILLION NINE HUNDRED NINETY THOUSAND SEVEN HUNDRED AND NINE DOLLARS $54,828,990,709.00 30 tons of gold at $1245 an ounce equals ONE BILLION NINETY-SIX MILLION FIVE HUNDRED SEVENTY-NINE THOUSAND EIGHT HUNDRED FOURTEEN DOLLARS $1,096,579,814.00 Try making that fit on a check. If it's 2% of their foreign reserves they have about FIFTY-FOUR BILLION EIGHT HUNDRED TWENTY-EIGHT MILLION NINE HUNDRED NINETY THOUSAND SEVEN HUNDRED AND NINE DOLLARS $54,828,990,709.00 We wouldn't even be able to bail out our fraudulent bankers once with no more change than that. Couldn't even stimulate the political economy once with such a trivial amount. Link to comment Share on other sites More sharing options...
sandfly Posted July 9, 2013 Report Share Posted July 9, 2013 THANKS Link to comment Share on other sites More sharing options...
doctor robbins Posted July 9, 2013 Report Share Posted July 9, 2013 actually the gold is around 1.25 trillion dollars. Myself and a commercial lender did the calculations today...so it's a lot more than what you are figuring. Gold can go up also, it's at a low today. Saw another article where someone came up with billion...I'll get back to the office and make sure we didn't make a miscalculation. We went thru converting by ounces of gold, will have to dbl check. You're a banker and you calcluated Iraq's gold reserves at $1.25 trillion? 3 1 Link to comment Share on other sites More sharing options...
rockfl9 Posted July 9, 2013 Report Share Posted July 9, 2013 You're a banker and you calcluated Iraq's gold reserves at $1.25 trillion?NO He SAYS he is a banker! On the internet you don't have to give real name or occupation.. Can make up anything you like, right doctor. Can anyone quote Amos9:13? I haven't read the bible since Sunday school.. Don't have recollection of Book of Amos! 1 1 Link to comment Share on other sites More sharing options...
The Machine Posted July 9, 2013 Report Share Posted July 9, 2013 actually the gold is around 1.25 trillion dollars. Myself and a commercial lender did the calculations today...so it's a lot more than what you are figuring. Gold can go up also, it's at a low today. Saw another article where someone came up with billion...I'll get back to the office and make sure we didn't make a miscalculation. We went thru converting by ounces of gold, will have to dbl check. I think your the one that miscalculated buddy ..... it's in the 1.2 billion region not trillion ....... by your math the US would have somewhere near 330 trillion in gold reserves, now if they did why would everyone be concerned about a $14 trillion debt ceiling lol 1 Link to comment Share on other sites More sharing options...
GasCan Posted July 9, 2013 Report Share Posted July 9, 2013 I got 1,296,425,322.00 for 30 tonnes at 1225.10 per ounce. it will make a difference if in ton or metric tonne. Link to comment Share on other sites More sharing options...
cree8tive Posted July 10, 2013 Report Share Posted July 10, 2013 FWIW, ““The time will come,” says the Lord, “when the grain and grapes will grow faster than they can be harvested. Then the terraced vineyards on the hills of Israel will drip with sweet wine!" -- Amos 9:13 Link to comment Share on other sites More sharing options...
Amos9:13 Posted July 10, 2013 Report Share Posted July 10, 2013 Doc no reason to be ugly. I made a conversion error. Sorry but bankers don't typically convert tons of gold. 1 Link to comment Share on other sites More sharing options...
doctor robbins Posted July 10, 2013 Report Share Posted July 10, 2013 NO He SAYS he is a banker! On the internet you don't have to give real name or occupation.. Can make up anything you like, right doctor. Can anyone quote Amos9:13? I haven't read the bible since Sunday school.. Don't have recollection of Book of Amos! That's my point. Somebody who claims to be a banker should know how to do an equation like this. They should also know that a currency isn't going to appreciate from 1166:1 to 1:1. And for the record I never made the claim that I'm a doctor. I just use that name like possum uses his and thug uses his and like a hundred other posters do. 1 2 Link to comment Share on other sites More sharing options...
waterman13 Posted July 10, 2013 Report Share Posted July 10, 2013 NO He SAYS he is a banker! On the internet you don't have to give real name or occupation.. Can make up anything you like, right doctor. Can anyone quote Amos9:13? I haven't read the bible since Sunday school.. Don't have recollection of Book of Amos! Sure: (NKJV) "Behold, the days are coming," says the Lord, "When the plowman shall overtake the reaper, And the treader of grapes him who sows seed; The mountains shall drip with sweet wine, And all the hills shall flow with it." WM13 Link to comment Share on other sites More sharing options...
rockfl9 Posted July 10, 2013 Report Share Posted July 10, 2013 Sure: (NKJV) "Behold, the days are coming," says the Lord, "When the plowman shall overtake the reaper, And the treader of grapes him who sows seed; The mountains shall drip with sweet wine, And all the hills shall flow with it." WM13 thanks, deep thought! Link to comment Share on other sites More sharing options...
waterman13 Posted July 10, 2013 Report Share Posted July 10, 2013 By the way, I hope everyone understands that it's NOT the governments that hold the gold, it's the Central Banks. The Central Banks are not part of the governments of the respective countries. They Banks are owned by the Banksters, not the governments. Try auditing the Federal Reserve. (which is the US's "Central Bank") It is neither Federal, or a Reserve Bank. Just Sayin' WM13 Link to comment Share on other sites More sharing options...
Amos9:13 Posted July 10, 2013 Report Share Posted July 10, 2013 Doc you're nothing but a naysayer, yeah everyone makes mistakes again bankers don't convert Gold. I do interest rates and other things, really don't care what you think. You've always been a troll and always will be. I am a banker in life it's my profession, I posted on here against bogus claims from people who talked with bankers to clear up BS that they were getting fed about screen screens and what nots. 2 Link to comment Share on other sites More sharing options...
Psych Posted July 10, 2013 Author Report Share Posted July 10, 2013 Trolls feed on attention...so back to Iraq's gold...Any theories as to why they mention it in their articles when it doesn't seem substantial in comparison to their currency reserves? Link to comment Share on other sites More sharing options...
Darin Posted July 10, 2013 Report Share Posted July 10, 2013 That's my point. Somebody who claims to be a banker should know how to do an equation like this. They should also know that a currency isn't going to appreciate from 1166:1 to 1:1. And for the record I never made the claim that I'm a doctor. I just use that name like possum uses his and thug uses his and like a hundred other posters do. Who let you out from underneath the bridge? Link to comment Share on other sites More sharing options...
greeneyedlady Posted July 10, 2013 Report Share Posted July 10, 2013 (edited) Old article, but still.. Iraq Quadruples Gold Reserves In Two Months - First Time In Years Tyler Durden's pictureSubmitted by Tyler Durden on 12/21/2012 09:02 -0400 Iraq quadrupled its gold holdings to 31.07 tonnes over the course of three months between August and October, data from the International Monetary Fund showed on yesterday. The IMF's monthly statistics report showed the country's holdings increased by some 23.9 tonnes in August to 29.7 tonnes. That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then a cut of 1.02 tonnes in October to 31.07 tonnes. There was no data for November. It is Iraq's first major move in years to bolster its gold reserves. The central bank of Iraq’s quadrupling of gold reserves is important as there are many oil rich nations in the world with sizeable dollar and euro currency reserves and only a small allocation to gold by these central banks alone could lead to higher gold prices. The smart money will continue to dollar cost average and buy gold on dips. http://www.zerohedge.com/news/2012-12-21/iraq-quadruples-gold-reserves-two-months-first-time-years Edited July 10, 2013 by greeneyedlady Link to comment Share on other sites More sharing options...
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