Tag Archives: Precious Metals

India: $1.2 million in gold bars found stashed in Boeing 737 bathroom

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“A hidden stash of gold bars worth $1.2 million was found in a commercial jet’s bathroom on Tuesday.  An aircraft maintenance crew found the 24 gold bars in two bags aboard a Jet Airways Boeing 737 while they performed routine end-of-day checks at Kolkata, India, airport.  The bars weigh 53 pounds in total and appeared to have originated in the United Arab Emirates. While this is the first time gold bars have been found on a plane at the airport, security checks have in the past caught people trying to smuggle gold onto aircraft in their hand luggage, the airport director said.  India has traditionally been the world’s largest importer of gold, although that title is being threatened this year by China.”

http://worldnews.nbcnews.com/_news/2013/11/20/21545372-12-million-in-gold-bars-found-stashed-in-boeing-737s-bathroom

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Venezuela’s Central Bank to Trade Gold with Goldman Sachs

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“Venezuela’s Central Bank and Goldman Sachs are ready to sign an agreement to swap or exchange international gold reserves, with a start date in October, as stated in the contract, and until October 2020.  The negotiated amount, equivalent to 1.45 million ounces of gold, are deposited in the Bank of England and the transfers are made directly to Goldman Sachs once delivery times are stipulated.  The operation involves the delivery of gold from the central bank, which will receive dollars from the U.S. firm. Economist Jose Guerra explains that this operation is being undertaken because of the fall in international reserves, on Nov. 15 totaled $20.6 billion, a loss of $9.9 billion in 11 months.”

http://www.gata.org/node/13264

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As Bitcoin Surges, Here’s How It Compares to Gold

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“So far this year, gold (GLD) has fallen 23% relative to the U.S. dollar (UUP), while bitcoin has risen 4,600%. This is quite the precipitous contrast.  Perhaps this is just coincidental. Gold, after all, has always been volatile and subject to multiyear cycles relating to many factors including demand, inflation, the economic cycle and investor perceptions of global political stability.  And maybe bitcoin is just a speculative bubble marked by illiquid parabolic lunacy. As more fast money piles in, the higher it goes, with the price flying above $600 Monday.  Though some might argue, of course, that this is what things look like when the world moves away from old physical money to new electronic money.”

http://finance.yahoo.com/blogs/the-exchange/chart-of-the-day–comparing-bitcoin-and-gold-145744537.html

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Jim Rogers on Price Inflation, Investing in Asia and China’s Boom

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Jim-Rogers1

“As we speak, there is this meeting in Beijing on what to do about the Chinese economy. It’s a plenary council, which only meets periodically. The first meeting was in 1978 where [Deng Xiaoping] started opening up the Chinese economy, which has certainly been the most important thing in the world economy in the past 35 years. In 1993 they had another one, which had dramatic results. The Chinese say that this meeting is going to have equally dramatic and dynamic results and come up with very important changes. It may be as important as 1993 or 1978, and if they do big things, it’s going to be perhaps the most important thing affecting the world economy over the next 10 or 20 years.”

http://www.thedailybell.com/exclusive-interviews/34756/Anthony-Wile-Jim-Rogers-on-Price-Inflation-Investing-in-Asia-and-Why-China-Will-Continue-to-Boom/

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Not exactly the brightest way to smuggle gold…

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“Because of its traditional gold ties, regional commerce, and generous transportation options, Thailand has now become a major transit point for international gold smuggling destined for India.  The World Gold Council recently released its quarterly data on global gold trends, and the numbers are very clear: India’s gold demand cratered, dropping 32% because of the restrictions.  In Thailand, however, gold demand is up 125% from the 3rd quarter of 2012.  I’ve noticed this on the ground; there’s been a surge of gold shops and new inventory in the marketplace, particularly the small ‘biscuit’ bars that are easier to smuggle.  Much of this is bound for India.”

http://www.sovereignman.com/offshore/not-exactly-the-brightest-way-to-smuggle-gold-13193/

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iGolder Shuts Down, Recommends Using Bitcoin Instead

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“As of August 1st, iGolder is no longer accepting new accounts and balances can only be redeemed. During the past months, we have been recommending Bitcoin more than our own payment system. We believe in physical gold ownership, and developed iGolder as a mechanism for people to acquire physical gold by trading with one another. Since iGolder has a central point of failure (our server may be raided by thugs wearing some kind of uniform), we feel it is safer for us to cease operations. The iGolder experiment has been personally rewarding as we met many gold enthusiasts and also learned about Bitcoin in the process.  Bitcoin is far superior to iGolder in every way, both in privacy and security.”

http://www.igolder.com/

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Black Market Dollar Exchange Sparks Argentina Luxury Sales Crackdown

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“Argentines who buy a car valued at more than 350,000 pesos ($58,600) will now be required to justify the transaction with the Financial Information Unit, the nation’s money-laundering watchdog, according to a Nov. 11 decree.  Argentina is boosting its currency controls as consumers faced with 25 percent annual inflation turn to everything from luxury cars to gold and bitcoins as a store of savings. With the black market offering holders of undeclared U.S. currency 3.8 pesos more than the official exchange rate of 5.9764 pesos per dollar, demand for premium cars from Volkswagen AG’s Porsche and Bayerische Motoren Werke AG is causing a 33 percent jump in imports this year.”

http://www.bloomberg.com/news/2013-11-13/porsche-911s-at-39-off-spurs-argentina-crackdown-on-peso.html

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The Downturn in the Spot Gold Price

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“Virtually from the day that Germany demanded to have its gold delivered back to the Bundesbank, three very clear phenomena have occurred:  1. The gold price, which had been trending sideways, has plummeted.  2. The physical gold held at the COMEX has been pouring out of the warehouses.  3. The amount of physical gold held by the ETFs has stopped rising and started falling.  Fast.  Coincidence? I very much doubt it.”

http://www.hardassetsalliance.com/investing-news/editorial/the-downturn-in-the-spot-gold-price

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Fed Critic Mulligan Mint Files for Bankruptcy

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“A Dallas mint that makes commemorative coins and ‘alternative’ money for people who are wary of the U.S. dollar has run into problems with its own finances. The 25-worker Mulligan Mint Inc.—which has the power to create a ‘complementary currency system that can fill in the blanks where the U.S. dollar lets us down,’ according to its president—has filed for bankruptcy after officials in June discovered that part of a $1.4 million shipment of silver was missing.  Mulligan Mint’s bankruptcy stops Republic Metals, which has sued the mint, from taking any more of the plant’s property. The county’s sheriff already took $200,000 worth of silver and gold amid the dispute.”

http://blogs.wsj.com/bankruptcy/2013/09/20/texas-coin-maker-for-fed-estranged-files-for-bankruptcy/

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The Greatest Opportunity in 30 Years

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“Today, the XAU/gold ratio is at a historic low of 0.07.  To fully appreciate what this means, look at these former lows for comparison:  It’s lower than the 2008 gold stock selloff; It’s lower than the “nuclear winter” of the mid-’90s; It’s lower than the very beginning of the gold bull market in 2001. Right now, gold stocks are like a rubber band that’s being stretched to an extreme. As all rubber bands do, itwill snap back. And not just that; based on how extreme the undervaluation has become, they’re bound to be among the most profitable investments of this generation.”

http://www.caseyresearch.com/cdd/the-greatest-opportunity-in-30-years

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