SpiritWalker2012 : Sometimes when they put a date out there, things have already been done!
ALREADY BLESSED : SPIRITWALKIER....SMART COOKIE
GeorgiaPeach : They usually do it before that date!!!!
ALREADY BLESSED : BINGO GEORGIA PEACH
Teir2wannabe: If someone would have told me 5 yrs ago before I got on this roller coaster that we wouldn't have a chance of seeing this before: 1. Chinese currency becomes a reserve currency, on par w/ USD; 2. Russia would control the ME and; 3. The Mets and Cubs would play for the NLCS, I would have asked what they were smoking and never spent a penny on that funny looking, smelly Iraqi Deenar... :)
Rightway: EXCITING NEWS from a small town bank
Sign on my small hometown bank today " Bank will close at 4 pm Oct 21st for training on upcoming conversion "
This is a small bank in a town of 4000 and part of a local chain of 30 small regional banks.
I am SO Excited
Lealoha: Free Energy, Free Food, Free Medicine, Free Shelter!!!! This is amazing!! Please people, please watch ....what we've all been waiting for!!
Red: The inventor of this free electrical machine tried to introduce it here in the United States he was threatened with prison term so he left the country he finally found a country that would open the invention with wide open arms and a heart to bless people and not squeeze the last penny out of their wallets
BGG Report quotes: "10. re-evaluation of the Iraqi dinar: "...What makes it imperative for the government re-evaluation of the Iraqi dinar is reasonable..."
This is a hummdinger...That was from a report out by one of their economic advisors...
Millionday I WOULD LIKE TO SAY THAT THE IMPORTANCE OF THE INTERNATIONAL INVESTMENT LAW IS THE GREATEST NEED I KNOW.
THE VOTE FOR FOREIGN INVESTMENT LAW WILL BE MONDAY.
THIS IS NEEDED FOR THE INTERNATIONAL LOANS/AGREEMENTS THAT WILL BE MADE FOR DEVELOPMENT.
THE VOTE FOR THE INVESTMENT LAW ON MONDAY IS -- HUGE -- HUGE.
Aggiedad77: Good article WS.....(see Article Below )but you know what.....you posted a couple of article in the last couple of days and I talked of the enormous change that indicate that Iraqent from 30 tons of gold reserves in I think it was 2012 or 13.....to.....90...yes 90 tons of gold in reserves today.....very quietly this little giant is making big steps....like dinosaurs made millions of years ago....yet they step so lightly like that of the cunning wolf in the forest moving but never seen.....HUGE news....but no one caught it....oh well
Walkingstick: China Buys 15 Metric Tons of Gold in Latest Report of Reserves
China increased its gold holdings by nearly 1 percent in September even as total foreign exchange reserves dipped, central bank data showed on Friday.
Gold reserves rose by 480,000 fine troy ounces, or 14.9 tonnes (or metric tons), to 54.93 million ounces, or 1,708.5 tonnes at the end of September, the People's Bank of China (PBOC) said.
The central bank added 16.2 tonnes in August and nearly 19 tonnes in July.
"Their buying has been pretty consistent," said Victor Thianpiriya, commodity strategist at ANZ.
"It's clear that they consider gold to be an important part of their holdings. So it won't surprise me if they continue to add to reserves."
An increase in the gold price in October is unlikely to have deterred the PBOC from buying more, he said.
The rise in China's gold holdings comes at a time when its total foreign exchange reserves are falling as the central bank steps up intervention to stabilize the yuan currency.
Its foreign exchange reserves, the world's largest, dropped $43.3 billion to $3.514 trillion in September, data showed earlier this month.
China is the world's sixth largest official sector gold holder after the United States, Germany, the International Monetary Fund, Italy and France.
Gold reserves still make up only 1.7 percent of China's total reserves, according to Reuters calculations, a factor the market believes will drive the PBOC to continue buying.
The United States, the top holder of gold with over 8,000 tonnes of bullion, has 73 percent of its total foreign reserves in gold, according to the World Gold Council (WGC).
China should increase its gold holdings to around 5 percent of its total reserves to help diversify currency risks, a WGC official said earlier this year.
China previously considered its gold holdings a state secret and did not report its holdings on a monthly basis to the International Monetary Fund like most other countries.
It began updating its reserve figures on a monthly basis in June, in a bid to increase transparency as Beijing campaigns to include the yuan in the IMF's special drawing rights basket. Before the June update, China had last revealed its gold holdings in April 2009.
Read Latest Breaking News from Newsmax.com
Dnari131: Home » English » China on gold: “Troy ounce no more”
China on gold: “Troy ounce no more”
Frank Knopers 16 oktober 2015 English Geen reacties
On 28 October, the Chinese central bank will launch their new 2016 gold and silver Panda coins. An interesting detail discovered by @BullionBaron is that these coins will not appear in one troy ounce size.
Instead, they will be minted on a metric weight system with sizes varying from 1 gram up to 1 kilogram.
The one troy ounce version of the gold and silver Panda coins are replaced with a coin weighing 30 grams. That’s slightly less than a troy ounce, which equals 31,1034768 grams.
From troy ounce to 30 gram for the gold Panda coin
From troy ounce to 30 gram for the silver Panda coin
The history of the troy ounce goes back to the Roman empire, where bronze bars were casted in a size referred to as ‘troy pound’. One twelfth of this size was called the uncia back then, or ounce in English. That is where the English name troy ounce emerged, a weight defined as 480 grains or 31,1034768 grams. The troy ounce format has been used ever since in the monetary system. It is known to be in use in England since about 1400. The American Congress recognized the troy ounce as a measure of weight in the Coinage Act of 1828.
The term troy ounce is often connected to the city of Troyes as well, once an important trading town located in France.
While our monetary system evolved from gold and silver coins to fiat money, the troy ounce weight survived as a standard weight for precious metals. Gold, silver, platinum and palladium coins are often based on this odd weight of a little over 31,1 grams. Well known investment coins like the Maple Leaf, the American Eagle and Philharmonikers, just to name a few, are all based on troy ounces or a fraction of it.
The history of the troy ounce lies in civilizations and monetary systems in the Western world. That’s why the troy ounce is quite unfamiliar in China. Because the Chinese monetary system didn’t use the troy ounce, it is far from logical to use this standard measure of weight besides the metric system of grams and kilograms.
So it isn’t just a symbolic move by the People’s Bank of China to switch from troy ounce to grams for their investment coins. The shift from troy ounce to the metric system is an ongoing event in China, were they prefer gold bars of 1 kilogram instead of the 400 troy ounce Londen ‘Good Delivery’. Swiss refiners have been melting many of these larger bars into new kilogram bars, destined for the Chinese gold market.
The press release on the People’s Bank of China website mentions nine different sizes for the gold Panda and three different versions of the silver coin. All these coins have a 99,9% purity and will be produced with a limited mintage. For more details on mintage and the yuan face value, we refer to the press release on the central bank of China’s website.
Gold coins: 1 gram, 3 gram, 8 gram, 15 gram, 30 gram, 50 gram, 100 gram, 150 gram, 1 kilogram
Silver coins: 30 gram, 150 gram, 1 kilogram