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+--- Thread: Cyprus announces intent to sell gold reserves (/thread-10548.html)
Cyprus announces intent to sell gold reserves - David Guyatt - 11-04-2013
Here we go again. Announcing it's intent to sell it's gold reserves simply allows the market price to be adjusted lower prior to the sales. For me, this is the Eurozone's intention. Deflate the gold price even further.
It's a trend that began with Gordon Brown announcing his intention to sell of 400 tonnes of Britain's gold reserves in 1999. Prior to that any intention was a closely guarded secret in order not to tip off the market in advance. Brown's sale took place when the gold price was at a 20 year low. He recouped £2 billion through the sale at $300 an ounce. It then spiked to $1900 an ounce less than 10 years later.
Quote:Cyprus to sell gold reserves to help fund bailout
Cyprus is to sell off much of its gold reserves to help finance part of its bailout.
An assessment by the European Commission says Cyprus must sell about 400m euros (£341m) worth of gold.
The country has already been forced to wind down one of its largest banks in order to qualify for a 10bn euro lifeline from international lenders.
Even with that bailout, it is predicted that the Cypriot economy will shrink by 8.7% this year.
Cyprus's total bullion reserves stood at 13.9 tonnes at the end of February, according to data from the World Gold Council.
At current prices, 400m euros' worth of gold amounts to about 10.36 tonnes of metal.
The sale will be the biggest bullion sale by a eurozone central bank since France sold 17.4 tonnes in the first half of 2009.
European finance ministers meet in Dublin on Friday to discuss the Cyprus bailout.
Analysts say it is very unlikely that other European Union states will become big sellers of the precious metal.
Portugal holds 382.5 tonnes of gold, worth some 14.76bn euros at current prices, in its reserves, while Spain's holdings stand at 281.6 tonnes, worth 10.8bn euros.
Italy is the world's fourth-largest gold holder, with 2,451.8 tonnes, worth 94.6bn euros.
Cyprus announces intent to sell gold reserves - Magda Hassan - 11-04-2013
What idiot would ever show their hand in a game of high stakes like this where one wants to maximize profits unless they were working for the other side?
David Guyatt Wrote:Here we go again. Announcing it's intent to sell it's gold reserves simply allows the market price to be adjusted lower prior to the sales. For me, this is the Eurozone's intention. Deflate the gold price even further.
It's a trend that began with Gordon Brown announcing his intention to sell of 400 tonnes of Britain's gold reserves in 1999. Prior to that any intention was a closely guarded secret in order not to tip off the market in advance. Brown's sale took place when the gold price was at a 20 year low. He recouped £2 billion through the sale at $300 an ounce. It then spiked to $1900 an ounce less than 10 years later.
Cyprus announces intent to sell gold reserves - Jan Klimkowski - 11-04-2013
The democratically elected government of Cyprus is not in the driving seat:
Quote:An assessment by the European Commission says Cyprus must sell about 400m euros (£341m) worth of gold.
This is theft and looting organised by the Bundesbank and Eurocrats.
The Brown example cited by David was payment to the puppeteers who pulled Gordo's strings.
Cyprus announces intent to sell gold reserves - Magda Hassan - 18-04-2013
I've moved all the gold posts here:
https://deeppoliticsforum.com/forums/showthread.php?11449-Gold-market-manipulation