CBI: We have 80 tons of gold in reserve

[The Machine]

 

Just looked up some numbers, according to a report from the world gold council Iraq has a holding for 89.8 Tons which accounts for 4.9% of its FOREX reserves and they are now 37th in the world for gold holdings.

 

Its not often I get to quote myself lol ..... but ive been thinking of these numbers from the WGC

 

there saying 89.8 Tons of gold make up only 4.9% for Iraq's Forex reserves

 

Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by Central banks to cover thier liabilities ..... eg local currency issued.

 

Now saying that obviously the total amount of Forex reserves will = 100%

 

so if 89.8 tons of gold = $3,459,814,400 which = 4.9% of total reserves

 

1% = $169,530,905.6

 

Therefore 100% of Iraq's fores reserves = $16,953,090,560 ....... (thats a pretty big number , and its in dollars not dinar)

 

$17 Billion Dollars in assets cover all the dinar issued ...... the only question now is what is the exact number of Dinar in circulation and the percentage cover and we can work out what the rate should be.

[skeetdog]

Thanks Machine...They just past the international laws where Iraq can legally retrieve any assets acquired by previous regimes...The numbers mentioned in the article were at or above the numbers SnowGlobe quoted...The law went on to describe any money, artifacts, national treasurers' or precious metals that were associated with any member or associate affiliated with any member all assets were considered the property of Iraq...Not only do they want the money back they want property of other countries acquired through Iraqi funding sold at market prices and that money transferred back to Iraq....    

[bkeiller]

On February 28th there was a posting announcing a 36 ton purchase adding to per existing reserves, taking the total above 136 tonnes, but who really knows? http://www.gold.org/download/file/3347/World_Official_Gold_Holdings_as_of_February2015_IFS.pdf

[bkeiller]

Iraq is listed as 39th in the World with 89.9 tonnes In April this year according to this source: http://www.gold.org/download/file/3733/World_Official_Gold_Holdings_as_of_April2015_IFS.pdf

[Crow]

Good intel for isis.... just sayin

[SnowGlobe7]

they won't read that..to busy getting up their tv station!!!

[Butifldrm]

I wonder why the CBI is announcing their Gold reserves again?  Everyone needs to take a look at this.  https://www.gold.org/sites/default/files/documents/gold_renminbi_multi-currency_reserve_system.pdf.  

 

Gold, the renminbi and the multicurrency reserve system

Washington

BRIEFINGS | UNITED KINGDOM

http://www.omfif.org/meetings/briefings/

 

 

China along with other nations is moving toward having Gold included as part of the SDR Basket..   

Edited April 28, 2015 by Butifldrm

[blueskyline]

Ok ......... So .... That's an Obscenely Ridiculous amount of wealth

[dantach]

Its not often I get to quote myself lol ..... but ive been thinking of these numbers from the WGC

 

there saying 89.8 Tons of gold make up only 4.9% for Iraq's Forex reserves

 

Foreign-exchange reserves (also called forex reserves or FX reserves) are assets held by Central banks to cover thier liabilities ..... eg local currency issued.

 

Now saying that obviously the total amount of Forex reserves will = 100%

 

so if 89.8 tons of gold = $3,459,814,400 which = 4.9% of total reserves

 

1% = $169,530,905.6

 

Therefore 100% of Iraq's fores reserves = $16,953,090,560 ....... (thats a pretty big number , and its in dollars not dinar)

 

$17 Billion Dollars in assets cover all the dinar issued ...... the only question now is what is the exact number of Dinar in circulation and the percentage cover and we can work out what the rate should be.

No he doesn't. Gold is measured in the Troy scale. 12 ounces = 1 pound. so a ton troy is 24,000 ounces.

[dantach]

Let's do this one more time.1 Troy ounce=480 grains. 12 Troy ounces = one pound ( 373.24gram )

The Troy scale is used to measure gold, silver and most gem stones.

[The Machine]

Let's do this one more time.1 Troy ounce=480 grains. 12 Troy ounces = one pound ( 373.24gram )

The Troy scale is used to measure gold, silver and most gem stones.

Yes it is...... But the values quoted are metric, remember the 80 tons.... Yes tons are metric my friend and my math is correct.

1 Troy ounce = 31.1grams

1kg or 1000g = 32.15 Troy ounces

1 ton = 32,150 Troy ounces

Weather you calculate the value in metric system or old imperial system the end value should still be the same if you using the right conversion values.

Edited April 28, 2015 by The Machine

[The Machine]

Gold is not sold in Troy tons it's sold in metric tons, you do realise the US is one of only 3 countries in the world that don't use the metric system

Edited April 28, 2015 by The Machine

[The Machine]

actually come to think of it , there is no such thing as a troy ton

 

Ton is metric

Troy is the troy system

 

you cant have a combination of both lol ..... have you ever heard of a troy kilo or a metric ounce, nope didn't think so because they don't exist.

 

here is a link to a conversion site, just try out yourself.

 

http://www.thecalculatorsite.com/conversions/substances/gold.php

Edited April 28, 2015 by The Machine

[The Machine]

Hey Dantach, just to get my point across clearly.

 

In the rest of the world gold is pretty much solely sold in metric units, the only Troy units are the 1 ounce bar or coin and maybe a really old 10 ounce bar.

 

this is what my dealer sells, and all dealers in this part of the world.

 

1 gram   -- Metric system

2.5 grams   -- Metric system

5 grams   -- Metric system

10 grams   -- Metric system

20 grams   -- Metric system

1 ounce (31.1 grams)  -- Troy system

50 grams   -- Metric system

100 grams   -- Metric system

250 grams   -- Metric system

500 grams   -- Metric system

1Kg (1,000 grams)   -- Metric system

 

1 ton (1,000Kg)   -- Metric system  (my dealer doesn't sell tons lol ..... only central banks do)

 

Although the US does not use the metric system all countries have either fully adopted or legally sanctioned the International System of Units, or SI, the modern form of the metric system.

 

I can see where your going wrong and its not really your fault, it's the mess of a weight and measures system you guys use in the US.  In the U.S. Customary System, or the inch-pound system, more than 300 different units exist to measure various physical quantities. Many of those units use the same name but have very different meanings. On the U.S. Metric Association Web site, contributor Dennis Brownridge identifies at least nine different meanings for the unit we know as a "ton": short ton, displacement ton, refrigeration ton, nuclear ton, freight ton, register ton, metric ton, assay ton and ton of coal equivalent.

 

It's just mayhem.

 

It's not that American leaders didn't want to control the chaos. In the Constitution of the newly formed United States of America, Article I, Section 8 provided that Congress should have the power "to coin Money ... and fix the Standard of Weights and Measures."

The first practical analysis of this provision fell to George Washington's Secretary of State, Thomas Jefferson, in 1790. Jefferson endorsed a decimal system of measurement but, when presented with the basic principles of the decimal-based metric system, felt reluctant to steer his nation in that direction. He feared that the U.S. wouldn't be able to verify the metric unit of length without sending a costly delegation to France.

 

The evolving political situation didn't help matters. Although France supported the American colonies during the Revolutionary War, it became hostile to the U.S. after Jay's Treaty was ratified in 1795. The French viewed the treaty, which eliminated British control of posts in the Northwest Territories and provided America a limited right to trade in the West Indies, as a blossoming alliance between the U.S. and England. France retaliated by sending privateers to target American merchant ships. By the time John Adams became president in 1797, the hostilities between the U.S. and France had grown quite intense. It's no surprise, then, that in 1798, France snubbed the U.S. when it invited dignitaries from foreign countries to travel to Paris to learn about the metric system.

 

Cost is one reason the U.S. has been slow to adopt the metric system. Converting technical drawings and operations manuals for complex equipment with many parts can take thousands of man-hours. NASA engineers, for example, recently reported that converting the space shuttle's relevant drawings, software and documentation to SI units would require $370 million -- about half the cost of a typical space shuttle launch.

 

Of course, cost alone can't explain America's reluctance to go metric. Certain psychological attributes also play a significant role. American stubbornness makes its citizens resistant to change, especially when that change is being driven by foreign governments. Or, more likely, you guys simply like doing things a bit differently. Individualism has always been a defining characteristic of the American experience. The quality allowed pioneers to hack a nation from an immense wilderness. 

 

The most logical explanation, however, just may be the failure of Congress to make the metric system mandatory in all 50 states, the District of Columbia and its territories. By making conversion voluntary in all major legislation since 1866, the U.S. has failed to restrict the use of traditional units in transactions that touch the daily lives of ordinary citizens. Until that mandate comes -- and it will likely come soon if the U.S. is to remain competitive with growing economic powers, such as China and India -- many Americans will continue to think in terms of inches and pounds instead of meters and kilograms.

 

Ok I'll leave it at that , I kinda went off on a tangent again.

Edited April 29, 2015 by The Machine

[Texstorm]

Thanks TM for the history lesson, in all of my years I've never had it explained that way. I greatly appreciated the education of the differences between the two systems of measurements , it was very enlightening for an old country boy like me lol !

[magawatt]

Thanks Machine. I've always thought that we've been penny wise and .453592 kilogram foolish in not adapting to a common standard.

The good news is that the CBI has much more gold than I imagined!

Edited April 29, 2015 by magawatt

[The Machine]

Thanks TM for the history lesson, in all of my years I've never had it explained that way. I greatly appreciated the education of the differences between the two systems of measurements , it was very enlightening for an old country boy like me lol !

 

Your welcome.

 

Thanks Machine. I've always thought that we've been penny wise and .453592 kilogram foolish in not adapting to a common standard.

The good news is that the CBI has much more gold than I imagined!

 

that's a really good analogy.

 

I was surprised I thought they would have had more gold than that.

 

there's a really useful chart on the World Gold Council website .... you can edit the chart for whatever country or group of countries you want. link below

 

http://www.gold.org/reserve-asset-management/statistics