Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

[yota691]

Central Bank bought gold to be used as a cover for the process of deletion of zeros from currency

02/17/2015

 
 
BAGHDAD / JD / .. is heading the Iraqi Central Bank to invest cash reserves of hard currency through the purchase of gold, especially after the decline in gold prices in world markets over the past months, in a move it to diversify its reserves, the fact that gold is a store relatively safe for the value of the local currency, where the Council announced International gold buying CBI 48 tonnes of gold during 2014.

 

A number of experts and specialists in the financial and economic affairs central bank's move to buy gold as positive the fact that gold is a safe cover for the local currency and maintains its value against foreign currencies especially at a time when the global economy is witnessing a decline in the growth of global markets, gold prices declined.

 

He says the parliamentary finance committee member Tariq Rashid, that the use of the Iraqi Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency.

 

He Rashid told / BD /: that the process of buying these large quantities of gold is "a good gesture to the diversification of currencies and not limited balances at the central bank on the dollar only", pointing out that gold is one of the balances guarantor of the Iraqi economy, which contribute to maintaining the value of the dinar Iraqi.

 

The President of the Economic Information Center Dergham Mohammed Ali said, that buying and selling gold operations by the Central Bank of Iraq is a cyclical process designed to optimize the investment of its reserves and diversify the assets of the guaranteed value.

 

He said Mohammed Ali told / BD /: that gold is a safe cover of the national currency and acquisitions during the low gold prices in world markets, as well as in the event of instability baskets currency values ​​and the decline in global economies, is a positive step because gold is a store a relatively safe value.

 

The World Gold Council announced (WGC), said that "the Iraqi Central Bank 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," adding that "enrich and diversify their reserves away from the dollar The US 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 had 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. / End / 8 /

[vato96]

Dang they got around 100 tonnes of gold!!!! I would exchange my dinar for gold no problem at a 1iqd to 1 dollar ratio!!! That is not covering any gold they had before 2012!!!! Where can I sign up for that?

so much for them saying they are a poor country!!! Nearly 100 tons of gold cmon really you are poor? One of the richest countries with natural reserves and you cant hook us up 1-1?

[Big_J]

I'm with you vato  Let's Go, hook us up. How much more timing do you all need. No time like the present! 

[moneysoon]

TIME OUT..... Who wrote this article and from what source? This must be an opinion piece because it's too priceless to be official.

[MyLadiesDaddy]

Simply amazing. 3.5trillion worth of gold. And there people live like poppers.

[yota691]

TIME OUT..... Who wrote this article and from what source? This must be an opinion piece because it's too priceless to be official.

I'm curious which Lopster will take it down to the Tank....to say it a translation issue...  

[bsims25]

If they have 100 tonnes, that is worth about $3.9 billion at the current gold price.

[tlars brother]

aint gonna be a lop....not going to happen.cant believe anyone even seriously discusses it.

[gregp]

Simply one of the best articles to date.

[blueskyline]

Boy it sure LOOKS like they are getting ready to solve their liquidity problem .....

[dontlop]

(2013) Gold tonnes

Eurozone* 10,786.3

US 8,133.5

China** 4,500.0

Russia 1,068.4

India 557.7

Japan 765.2

China 1,054.1

Last time when we heard about the 42 tonnes iraq bought this year we figured they now had 116 tonnes about 4 billion dollars worth now

[msmortgagewiz]

It is noteworthy that the International Monetary Fund confirmed, in 2012, that Iraq had 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... Plus the 48 tonnes recently purchased, is close enough for me to add up. I'm hopeful.

[dontlop]

China doesn't hold that much because they have over 4 trillion dollars worth of foriegn currency reserves besides their gold to back their currency plus 4,500 tonnes of gold http://www.caseyresearch.com/articles/the-truth-about-chinas-massive-gold-hoard

The cbi has gold listed on its web site but it's combined with imf sdrs ,, it shows 5.1 trillion dinars worth combined

Iraq has 67 billion dollars reserves and around 4 billion dollars in gold

Edited February 17, 2015 by dontlop

[Wiljor]

"Iraqi Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency"

Maybe Im wrong but this this paragraph says it all, what "new currency" are they talking about? The revalued one :-)

Thanks again Yota.

Edited February 17, 2015 by Wiljor

[dontlop]

Has iraq issued new currency lately ?

gold probably will be used as a cover for the new currency, which purports Bank issued

Purport = appear or claim to be or do something, especially falsely; profess.

"she is not the person she purports to be"

synonyms: claim to be, profess to be, pretend to be; More

Edited February 17, 2015 by dontlop

[Laid Back]

"To cover the new currency"

I hope they're talking about the lower denomination notes.

Go CBI

Go Gold

Go lower denomination

Go dinar

Go strong $1.13:1

[MyLadiesDaddy]

Dang I guess that IS only 4billion.

Darn probably won't be any RV until they bring back Maliki and let ISIS kill all the

Kurds and run the CBI. LOL

[Markinsa]

x = Gold Level for the Year

 

x + 48 = 3x

 

3x - x = 48

 

2x = 48

 

x = 24

 

Therefore the current gold level is 3 x 24 = 72 Tons.

 

One of you math teachers, rocket scientist check my math.  

-

[RV on my mind]

The way I see it, it would take about 1,000,000 tons of gold to cover the outstanding Dinar for an RV of 1 to 1. So we may just be...   

[bigwave]

Can some on help me out with the following?:

 

"Central Bank to buy large quantities of gold probably will be used as a cover for the new currency, which purports Bank issued and is also used as a cover for the process of deletion of zeros from the Iraqi currency."

In particularly to the new currency part.

 

Are they talking about getting rid of all that they have or adding to it?

 

If they change currency then it will eliminate those that have been stolen.

 

If they are adding to the existing currency with new coins and all then we are still good - right?  

 

Sorry, in advance, for being a dummy on this topic.

 

Peace,

 

Come on RV

[yota691]

New Currency = Coin's, 1, 5, 10, 20, etc called Lower Denom.... 

[drj]

Sounds great, Iraq, let's pull the trigger...NOW!  

[vato96]

Markinsa please refigure your math in 2012 Iraq purchased 31 tons if gold then again in august that year they purchased 23.9 tons of gold and in 2014 they purchased 48 tons of gold if you add that up Iraq has 102.9 tons of gold so there you go your math has been checked!!!

just using the information provided in the attached article

[Markinsa]

Markinsa please refigure your math in 2012 Iraq purchased 31 tons if gold then again in august that year they purchased 23.9 tons of gold and in 2014 they purchased 48 tons of gold if you add that up Iraq has 102.9 tons of gold so there you go your math has been checked!!!

just using the information provided in the attached article

 

This was the basis for my calculation:

 

The World Gold Council announced (WGC), said that "the Iraqi Central Bank 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,"

Read more: http://dinarvets.com/forums/index.php?/topic/197293-central-bank-bought-gold-to-be-used-as-a-cover-for-the-process-of-deletion-of-zeros-from-currency/#ixzz3S2XZcN2k

[bigwave]

New Currency = Coin's, 1, 5, 10, 20, etc called Lower Denom.... 

Thank you yota691!