World Gold Council: Iraq bought 48 tonnes of gold in 2014

[yota691]

World Gold Council: Iraq bought 48 tonnes of gold in 2014

 

Editor Ammar Kazim - Thursday February 12, 2015 17:09

 

 

 

 

Alsumaria News / Baghdad

Announced the World Gold Council (WGC), on Thursday, that the Iraqi Central Bank bought 48 tonnes of gold during 2014.

 

The council said in a report published on its website and seen by "Alsumaria News", "The CBI had bought 48 tons of gold during 2014, bringing the country's reserves of gold material by three times what it was during the year."

 

The report added that "enrich and diversify their reserves away from the US dollar continues to be the driving force behind this activity."

 

The Iraqi Central Bank announced, in 2013, on his quest to find a balanced ratio of gold with hard currency reserves, saying that whenever increases the size of the reserve ratio less than the contribution of the other ingredients.

 

It is noteworthy that the International Monetary Fund confirmed, in 2012, that Iraq boosted its gold reserves to reach more than 31 tons, noting that Iraq bought 23.9 tons of gold in the month of August of the same year.

 

[SnowGlobe7]

How much is left?

[hmmm]

Why do they want to go away from the dollar? Or do they just mean in addition to being backed dollar reserves? I remember when they bought all that gold in 2012, everyone thought that was the go time. Lets see what happens!

[drj]

All of the ducks are lined up, let's have the HCL and pull the trigger! 

[RV on my mind]

Seems like Iraq is setting them selves up to be a financial powerhouse. I still think we'll be lucky too see an RV by 2020 (or ever) but at least they're making big strides to better the lives of the citizens of Iraq.   

[Palmtree1970]

Yep I don't see any significant rise in the dinar anytime soon too much to happen before or if that ever happens......I sure would like to be lucky enough to make a lot of money out of this nice bright paper I have in my bank safe..im more of a realist but this ride has made me a bit of a dreamer too and I'm sure it's done that to a lot of people on here,I feel the pain of the people who are in a bad spot and looking for this so called rv to bail them out .....I hope our day does come and a lot of good comes out of it for a lot of folks.....and see you all in Vegas

[tankdude]

Do is that 48 in conjunction with the 31 mentioned as already in their reserves?  That would mean 80 tons of gold in their reserves....

 

The question then becomes is it Metric tons or Troy tons...

[Theseus]

Bloomberg TV stated that India had 200 tonnes of gold smuggled into their country last year. They also cut their import tax on gold down to 2% from 10% to combat the smuggling of gold. 8% of a household income is spent on purchasing gold in India and to get married the avg cost of a wedding is 200 ozs. 

 

This is just for comparison. Okay discuss. 

 

My Thinking is Iraq needs to purchase a lot more gold.

[birelkart]

This is how Iraq removes dollars from their country and increase the value of the dinar which they are also reducing/removing from circulation. This is very good news!

[Laid Back]

Go CBI.... Keep buying gold.!

[sandfly]

THANKS HA CLOWN I'M BACK BEEN WORKING

[Joe Sutherland]

Sandfly! Glad to see you back here.

Been missing that buzzz.

[calkid11]

Welcome back Sandfly.

[BKD]

This is goodnews!

[Big_J]