Iraq's Gold Reserves

[Psych]

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

 

[dontlop]

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

[doctor robbins]

It sounds like a lot to people who aren't good at math, which would include most dinar investors.

[Amos9:13]

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.

[tigerstripes]

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.

[jsilveira66]

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.

[jonjon]

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.

[sandfly]

THANKS

[doctor robbins]

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? 

[rockfl9]

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!

[The Machine]

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

[GasCan]

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.

[cree8tive]

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

[Amos9:13]

Doc no reason to be ugly. I made a conversion error. Sorry but bankers don't typically convert tons of gold.

[doctor robbins]

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.

[waterman13]

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

[rockfl9]

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!

[waterman13]

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

[Amos9:13]

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. 

[Psych]

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?

[Darin]

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?

[greeneyedlady]

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