Tag Archives: Precious Metals

Iran Receives 13 Tons of Gold in Sanctions Relief

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“The Islamic regime showed how the current sanctions regime has been unable to punish its economy as it repatriated 13 tons of gold this week.  Iranian officials on Monday announced the transfer by the South African government, which released the gold bullion as part of the sanctions relief agreed on in the November 2013 interim deal reached between world powers and Iran over the latter’s controversial nuclear program. By the newly extended July 7 deadline for a deal next week, Iran will have had nearly $12 billion in assets unfrozen over the course of nuclear talks. Indicating the failure of sanctions, Iran’s GDP grew 3% in 2014.”

http://www.israelnationalnews.com/News/News.aspx/197570#.VZYf7JvbIdW

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“It Could Never Happen Here”

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“Of course, not everyone in Greece is hurting. Many people saw this coming and took action. They took all their money out of the banks, put it under the mattress, or maybe stored it in a safe. Maybe they bought gold, or diamonds, or something else. These people aren’t standing in lines at ATMs. They aren’t going to go homeless or hungry.  But these people get a pretty bad rap—at least here in the US, where we call them ‘doomsday preppers.’ Or ‘bunker monkeys.’ Or ‘conspiracy theorists.’ Or ‘gold bugs.’ They take a beating.  Jim Rickards tweeted the other day, ‘I’ll bet there a lot of Greeks saying, ‘I wish I had bought some gold.’’ Truer words have never been spoken.”

http://www.mauldineconomics.com/the-10th-man/it-could-never-happen-here

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Russia boosting gold holdings as defence against ‘political risks’

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“Russia is increasing its gold holdings because gold is a reserve asset that is free from legal and political risks, a senior central banker said on Tuesday.  The comments by Dmitry Tulin, who manages monetary policy at the central bank, reflect Russian fears that the country’s overseas assets could be frozen as part of a possible toughening of Western sanctions over the Ukraine crisis.  ‘As you know we are increasing our gold holdings, although this comes with market risks,’ Tulin told lawmakers in the lower house of parliament.  ‘The price of it (gold) swings, but on the other hand it is a 100 percent guarantee from legal and political risks.'”

http://www.reuters.com/article/2015/05/26/russia-cenbank-gold-idUSL5N0YH38V20150526

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China’s new $16bn gold fund at centre of new ‘Silk Road’

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“Gold prices could be boosted by China’s plan to establish a $16bn (£10bn) fund to stockpile the precious metal as part of a scheme known as the ‘Silk Road’ initiative aimed at boosting trade. State endorsed media in China has reported that the new fund Shandong Gold Group and Shaanxi Gold Group will each take stakes of 35pc and 25pc respectively in the new fund alongside other investors. The new entity, which may include an exchange traded fund for gold and investments in miners of the precious metal, aims to raise the $16bn in three tranches, according to the report. China is the largest gold producer and consumer of the precious metal.”

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/11630690/Chinas-new-16bn-gold-fund-at-centre-of-new-Silk-Road.html

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Austria Repatriates 110 Tons Of Gold From Bank of England

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“Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi’s inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny’s new ‘gold strategy’ and with his position (on paper) as one of Draghi’s foremost lieutenants, appears to be a big stab in the back for super money printing Mario.  Austrian central bank plans to keep 50% of its gold reserves in Austria vs 17% now, Kronen-Zeitung reports, citing governor Ewald Nowotny’s unpublished new ‘gold strategy.'”

http://www.zerohedge.com/news/2015-05-22/austria-confirms-faith-fiat-fading-repatriates-110-tons-gold-boe

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India gold smuggling at all-time high, despite Nepali kingpin’s death

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“In two years–since government increased duty on gold to 10% to rein in a yawning current account deficit—gold smuggling has grown by 900%.  That as an accepted principle seizures could be less than 10% of actual smuggling, the figures look even more ominous.  Sources say gold has also begun to be smuggled in ever unique ways and from rather unexpected corners. There is a silver lining to the grim story though. There is an unexpected drop in Nepal which had seen a massive spurt in gold smuggling in the past couple of years. The reason: the kingpin of illicit yellow metal trade in the Himlayan nation died under the rubble of his house in Kathmandu during the recent quake.”

http://timesofindia.indiatimes.com/india/Gold-smuggling-at-all-time-high-seizures-total-Rs-1000cr/articleshow/47437207.cms

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Centuries-Old Shipwreck Chock-Full Of Gold Found Off Finnish Coast

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“More than $150 million worth of gold treasure has been found in a centuries-old shipwreck discovered recently off the coast of Finland — and it has archaeologists going gaga.  Divers found the ship and its treasure — 10,000 gold coins and jewelry — south of the Finnish island of Jussarö, Discovery News reported. The divers think the sunken vessel, a legendary 15th-century ship named Hanneke Wrome, sank in a storm. According to historic documents, the ship had more than 200 passengers and crew members aboard. In addition to the coins and jewelry, it carried 200 parcels of fabric and 1,200 barrels of honey.”

http://www.huffingtonpost.com/2015/05/08/shipwreck-treasure-finnish-coast_n_7224232.html

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Texas Senate Passes Bill to Establish Gold & Silver Bullion Depository

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“A bill taking a step towards gold and silver as commonly-used legal tender in Texas passed in the state Senate today by an overwhelming 29-2 vote.  What the bill essentially does is create a means for transactions to occur in precious metals. It allows people  to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account.  This opening of the market is considered by many insiders to be the most important first step towards bringing sound money to mainstream acceptance.”

http://blog.tenthamendmentcenter.com/2015/05/texas-senate-passes-bill-to-establish-bullion-depository-help-facilitate-transactions-in-gold-and-silver/

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Financier amasses $1 billion in mining investments, plans hedge fund

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“U.S. mining financier Oskar Lewnowski has already deployed almost $1 billion in equity, loans and royalty streams into at least 17 junior mining firms, and hired a physical metals trader to handle supply.  The fund would also stand out as one of the few commodity fund launches in recent years after plunging oil, copper and grain prices forced the closure of some big names, including Hermes, Brevan Howard and Hall Commodities, last year.  Merchants are expanding to fill the gap left by the retreat of European and U.S. banks, which have retrenched from physical trading amid regulatory glare and tight margins.  Bank revenues from base and precious metals fell for a third straight year in 2014.”

http://www.reuters.com/article/2015/05/22/metals-fund-lewnowski-idUSL1N0Y21I420150522

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Rome: Money, Mischief and Minted Crises

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“In a period of about 370 years, the denarius and its successors were debased incrementally from 98 percent to less than one percent silver. The massive spending of the welfare/warfare state exacted a terrible toll in the name of either ‘helping’ Romans or making war on non-Romans. Financial and military crises mixed with poor leadership, expediency, and a clear misunderstanding of economic principles led to the destruction Rome’s monetary system.  Honest and transparent policies could have saved the Romans from centuries of economic hardships. The question future historians will answer is, ‘What did the Americans learn from the Roman experience?'”

http://fee.org/anythingpeaceful/detail/rome-money-mischief-and-minted-crises

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