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RV HERE ! 29,730 tons of Iraqi gold in banks world wide .at 7.5 million a ton


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Tuesday, August 27, 2013

Iraqi Dinar Exchange Rate Linked To Oil Exports, Federal Reserves
Thank you to Ed ..

August 27, 2013

Iraqi Dinar Exchange Rate Linked To Oil Exports, Federal Reserves

According to an Iraqi financial expert, the value of Iraq’s federal reserves currently amounts to about $80 billion, following the recent increase in the country’s oil exports. Nevertheless, no information was made available by the Central Bank of Iraq (CBI) to this effect.

Speaking to Al-Monitor, Iraqi financial expert Hussein al-Asadi said, “According to my information, the value of Iraq’s federal reserves currently amounts to about $80 billion. This includes funds, precious metals and other items.”

Nevertheless, the spokesman for the CBI, which is charged with managing the federal reserves of Iraq, has yet to issue a statement in this regard. Meanwhile, Al-Monitor’s correspondent in Baghdad failed to obtain comment from the bank’s governor, Abdul Basit Turki, to this effect, or determine the identity of those authorized to speak to the media. The bank has only issued statements to comment on the developments of its work.

The last comment made by the CBI regarding the country’s federal reserves dates back to Jan. 31, 2012, when the bank denied the “decline of gold reserves.” The CBI stated, “They have been stable throughout the past months and amount to 29,730 tons.”

Asadi added, “The US dollar is the main currency in the Iraqi reserves. There are also some reserves in other currencies, in addition to gold. ... Due to the troubled military and political conditions of the country, Iraq’s reserves cannot be invested to a large extent, as is the case in China or the United Arab Emirates, for instance.”

“Iraq is distributing its reserves to a number of banks just to protect [these funds], although it does generate some interest on the deposits,” Asadi added.

Asadi also talked about the crisis that took place between the Iraqi government and the CBI under the management of its former Gov. Sinan al-Shabibi, who refused to lend the government a part of the reserves to implement projects related to providing services to citizens such as water and electricity.

Asadi added, “Article 26 of the CBI law explicitly states that it is inadmissible to lend to the government.”

On how the reserves are formed, Asadi said, “Iraq’s annual budget is in Iraqi dinars, which the CBI owns. The state’s revenues are from oil exports, and they are mostly in US dollars. The government buys dinars from the bank, which results in profits for the bank. ... The total CBI profits from selling dinars to the state constitute the country’s federal reserve, whose growth is associated with state spending. State spending increases in proportion with its oil exports.

Moreover, Asadi said, “With the expected increase in Iraq’s oil exports in the near future, the country’s reserves are likely to grow to a large extent in the coming years.

For his part, Iraqi MP Abdul Hussein Abtan, who is a member of the parliamentary economic committee, said to Al-Monitor, “The total value of funds and precious metals that make up Iraq’s federal reserves amounts to about $76 billion.” He added, “This reserve was only invested in projects to support the stability of the Iraqi dinar's exchange rate.”

Abtan also talked about the currency auction, where the bank is putting up amounts of US dollars in cash for auction three times per week, to provide hard currency for traders and suppliers.

Furthermore, in a phone call with Al-Monitor, Ahmed Hassan Faizullah, a member of the parliamentary finance committee, denied the fact that “the government is able to use Iraq’s federal reserves, despite its need for funds on more than one occasion.”


 

Edited by Bumper64
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There is no way they have 29,000 tons of gold that would be almost as much as the Top 40 gold reserves in the world combined. And gold is approx $45 million per ton. That would give them $1,305,000,000,000.

The comma is a decimal. So the really have 29 tons of gold. At $45M/ton that is $1,305,000,000. One billion not ONE TRILLION...

Edited by Mustmoto
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29,000 tons ........ I don't see how they could possibly have that much

Although 174,100 tons have been mined throughout history

Even with that said there is no way Iraq has more gold than the US, Europe, China ,Russia , the IMF & the ECB all combined

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Also if that quantity of gold was suddenly revealed the gold price worldwide would crash.

The market is built on supply and demand among other things

The collective gold holdings of the top 100 countries is 31,868 tons.

29,730 is more than the top 34 countries combined !!

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***///

 

Said they're moving some of it to outside banks....

 

Guess that means the Chi-Coms managed to talk them out of their gold, too, eh... <_<

 

THAT would explain maliki allowing them to run loose and ride rough-shod all over Iraq.

Edited by SgtFuryUSCZ
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The Phoenix/lakehouse team are not a PSYOP containing spin. If a rumor is discussed during a topic. It is labeled as such. They provide varifiable news for those who seek information in a vast disinformation world. It is your responsibility to vet info. Nothing can replace your own due dilligence. This is but another Arabeze article that needs qualifying that's all. Still... attaboy to you Yoda. Your working hard to keep us informed and it's appreciated. Move out.

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The Phoenix/lakehouse team are not a PSYOP containing spin. If a rumor is discussed during a topic. It is labeled as such. They provide varifiable news for those who seek information in a vast disinformation world. It is your responsibility to vet info. Nothing can replace your own due dilligence. This is but another Arabeze article that needs qualifying that's all. Still... attaboy to you Yoda. Your working hard to keep us informed and it's appreciated. Move out.

Wouldn't that be why they posted in Runors sections? Perhaps reading the forum title would help quell your dissapointment and help manage expectations. I am fairly here and it was obvious to me...

Hope is a powerful drug though...

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There is no way they have 29,000 tons of gold that would be almost as much as the Top 40 gold reserves in the world combined. And gold is approx $45 million per ton. That would give them $1,305,000,000,000.

The comma is a decimal. So the really have 29 tons of gold. At $45M/ton that is $1,305,000,000. One billion not ONE TRILLION...

Ever hear of King Solomon? Everything he had was solid gold. King Solomon's mine, this gold comes from is in Iraq. All that gold King Solomon had went somewhere. It just didnt disappear from the earth. IMO they could have even more gold than anybody knows about here in the west. I met a man last year about this time that showed me a report of around thrity or forty tons of gold being shipped from Switzerland to Iraq. The gold had been strored there for a long time in Switzerland. I didnt take much stock in it but he was saying it was tied to they RV. Thats when the big rumor was going around, it was suppose to RV before Dec.2012. I did read the report, I don't remember where or who reported it. it was official looking documents. The man is a DV member if he reads this maybe he may share that report. JMO They could have more than 29 tons of gold. Nuff Said!

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Wouldn't that be why they posted in Runors sections? Perhaps reading the forum title would help quell your dissapointment and help manage expectations. I am fairly here and it was obvious to me...

Hope is a powerful drug though...

Putting an AK in the air over your head, pointing "that way" and emptying the clip, does not make you a marksman. Disregarding...

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I have some pictures on my home computer that I got from my son while the Marines were invading Iraq. Pictures of GIs that I do not want to post because it would get them in trouble if they are still in the  service. Large fuel trucks packed full of gold bars. Just a sampling of the gold involved.

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I have some pictures on my home computer that I got from my son while the Marines were invading Iraq. Pictures of GIs that I do not want to post because it would get them in trouble if they are still in the  service. Large fuel trucks packed full of gold bars. Just a sampling of the gold involved.

Really? Let's do the math on a "fuel truck" full of gold bars. Lets just say for arguments sake the area that the gold was stacked in was 20 feet long by 7 feet wide by 4 feet deep. That's 560 cubic feet. 24k gold weighs 1204 pounds per cubic foot. That's 674,240 pounds. Now that would be if every square inch was filled with gold. Gold bars don't have right angles so let's say we lose 20% to gaps between the gold. That's around 540,000 pounds. Those must be some stout fuel trucks.

The US reserves of gold is just over 8000 tons of gold. (If we believe the numbers - a whole other issue). That's 16,000 pounds much much less than a fuel truck packed full of gold. In fact all that gold would it inside a 14 square foot container.

21.-ops.-Scrooge-McDuck.-Azizonomics.jpg

Doesn't seem like that much if you think about it. In my mind's eye I picture 8,000 tons of gold looking like a small mountian tha Scrooge McDuck skis down....

But that is assuming gold bars are 24kt... Not sure if they are.

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This is what happens when math is never taught correctly in schools anymore.  Not to mention doing homework on what is factual on Gold Reserves and Fiat Currency.  By no means am I an expert on any of this.  But I do have a bit of common sense.  The numbers don't add up and make no sense.  That alone creates doubt in my mind of the veracity of the Iraqi gold position.

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