Poppy3 : LAWS ARE PASSED AND THE HCL WAS IN THE HANDS OF THE COMMITTEE TUESDAY AND ALL THAT WAS LEFT TO DO TO IT WAS CHANGING SOME WORDING ON TWO OF THE AMENDMENTS...SHOULD BE FAST.
I DON'T THINK WE ARE TWO MONTHS AWAY ACCORDING TO ALL THE INK WE HAVE READ THIS MONTH.
THEIR USD CASH FLOW IS VERY SHORT ACCORDING TO THEIR OWN NEWS AGENCIES.
I THINK WE ARE MUCH CLOSER THAN PEOPLE THINK.
I ALSO KNOW HISTORICALLY THEY HAVE GONE BY THE MUSLIM NEW YEAR DATES NOT OURS.
OMEGA MAN > we are awaiting santa on monday...
ash Don't get excited ... Just don't get excited .
Chef Rob It's tomorrow in Iraq!! What time do we expect the ISX to launch here? 1-2AM?? Is it possible to open with the program 1166?? Anyone?
BaNDiTo.RoX > Chef Rob Forex doesn't open until Sunday 5 pm Est and Nasdaq will open at Market time 9 am Monday.
Ron Burgundy > Chef Rob IMO the ISX re-launch being a key indicator is just a bunch of guru gobleygook nonsense. It has NOTHING to do with a GCR……However, things are unfolding very nicely, so do NOT get discouraged if it does not RV with the re-opening of the Iraq's BS stock market. AGAIN - Things look AWESOME ATM!
Al Gold: UPDATE!!!!..... on Major Bank Personnel now knows!
Back in September I posted the following info.
Posted back in September:
Last year I talked to with a Head personnel at a Major Bank I deal with about the dinar...and he knew nothing about it. Yesterday I was at the branch again getting some papers notarized....and ask him if he had heard anything about the dinar; this is what he said "When you talked to me about it first time, weeks later I started seeing emails about it.....in fact (now) I have to attend a meeting next week on it".
Well on this past Friday I, ran into this same upper bank personnel person, and was able to ask them how did that meeting go? They told me good....I ask did they pacifically mention the Dinar, and they said "YES".
I ask did they know when the bank would start exchanging,,,,and they said no,...because the bank did not want them to know when.....but they said they believe they are just going to slide it in quietly.
In others words… in the meeting they had updated them that the Dinar would be coming to them as a exchangeable currency but would not let them know the exact time....as Tony had said sometime ago that the banks did not want their employees to know too much ahead of time.
Folks this is one of the biggest banks in the USA....who a while back told me they had nothing to do with the Dinar. Again for those who know about ridding buses, waiting at the bus stop......."
It's real Folks!........Hold on....just cause you don't see the bus coming, don't mean it's not on it's way! Stay at that bus Stop!!!!!!!
Adept1: MY SOURCES ARE SAYING TONIGHT!
Buckwheat: Well if it isn't tonight, I know for sure that it is in the very near future. With all the information coming out even in the news it is getting to a point where the New York Times might as well put a headline on the front page saying that Iraq is going to revalue their currency lol
Millionairess: Tonight's Gonna Be A Good Good Night
walkingstick » October 26th, 2014, 12:08 am
10/25/2014 @ 8:25AM 5,436 views
Switzerland Set To Greedily Grab Gold
The Swiss National Bank (SNB) could soon be obliged to begin acquiring gold because of a very specific question posed by a referendum.
On Sunday, November 30th, 2014, the Swiss will go to the polls to vote their response to a question titled “Save Our Swiss Gold”. If this were approved it would require the SNB to:
Hold 20% of its reserves in gold.
Repatriate any gold it holds outside its borders.
Cease selling any gold.
The latest poll suggests that of those voters that were surveyed the opinion is as follows:
YES 42 percent…Leaning to YES 11 percent i.e. 53 percent
NO 39 percent…leaning to NO 5 percent i.e. 44 percent
UNDECIDED 3 percent
Source: gfs.bern in partnership with Swiss broadcaster SRG
Over the past few years the SNB has been an active seller of the precious metal to the extent that gold as a percentage of Switzerland’s foreign reserves has fallen from 29.0 percent in 2006 to 1,040 tonnes or 7.8 percent in September 2014. (Source: SNB Monthly Bulletin and World Gold Council)
The referendum is the initiative of Luzi Stamm, Vice President of the Swiss People’s Party, (SVP). The view is that the world may be destined to live in an environment of zero-bound interest rates for considerably longer than has previously been envisaged and that gold should become a core holding of the nation once again. Unlike currencies such as the Dollar (USD), Euro (EUR), Sterling (GBP) or Yen (JPY) it cannot be manipulated by asset purchases that inflate central bank balance sheets.
This stance places the SVP at odds with the Swiss Parliament who have rejected the by a large majority. They have suggested that the value of gold as a tool of monetary policy has lost its potency.
The campaign has been playing to voters emotions by highlighting facts such as:
The SNB has sold one tonne of gold per day during the past five years?
The SNB have misread the market and sold 1550 tonnes for relatively cheap prices ranging from USD 300/Troy Ounce and USD 500/Troy Ounce.
Close on Friday, October 24th 2014 USD 1231.8/Troy Ounce
Perhaps what is of greatest concern is that the current government appear to be blissfully ignorant of where Swiss gold is located. When asked where the SNB gold reserves are currently stored, a spokesperson for the Federal Department of Finance answered in parliament:
“…I cannot say, because I do not know, because I do not need to know and because I do not want to know…”
The Swiss are well known for their independent attitude to life. After all Switzerland is the 19th largest economy and yet is not a member of the G20. It prefers to chart its own course, choosing to follow whatever G20 rulings suit it. Of course that attitude has led it into conflict with several other nations over non-resident bank accounts that hoard hidden fortunes.
If we delve into the economic history books one will find that up until the end of the Bretton Woods Agreement, the Swiss accumulated large gold reserves given that they were running a steady current account surplus. This placed the SNB at odds with the International Monetary Fund (IMF) and it is not surprising to note that this difference of opinion prevented Switzerland from joining the IMF until 1992. By so doing the Swiss had to adhere to the rules of membership and that meant slowly weaning the Swiss Franc (CHF) off the link to gold.
The introduction of floating exchange rates and the floating of the gold price reduced the importance of the fixing of the gold price in the SNB balance sheet. As the new millennium began so the IMF intensified the process to demonetize gold as the new mantra was that within a globalised economic and financial system the USD as the global reserve currency would counter any future supply-side and inflation issues.
Many central banks, for example the Bank of England (BOE) and the SNB, sold masses of gold. The Euro had only just been launched and so the German Bündesbank (BUBA) , French Banque de France and Italian Banca D’Italia initially decided to maintain their gold reserves as a means of giving the EUR credibility on the foreign exchange market.
That has changed in more recent years and even when gold enjoyed substantial price rises between 2008 and 2012 *, they never looked to acquire more gold. If anything they sold into the strength whereas central banks of emerging markets, e.g. Brazil, China, India and Russia deliberately bought more gold.
* Gold price: Start 2008 USD833.55/Troy Ounce End 2012 USD1688.80/Troy Ounce
The Swiss are not the only nation that has been selling gold over the past few years. Once the Euro was established, Germany via the BUBA had 20 percent of total assets in gold as of 2002 even if one allows for the weaker gold prices of the time.
Just as BUBA was selling gold it allowed its balance sheet to expand as it acquired Euro denominated claims under a programme known as “Target 2”. This allowed the percentage of assets held as gold to fall to less than 10 percent.
Implications of a “YES” vote on November 30th:
A “YES” result in the referendum implies that the CHF enjoy an appreciation. The SNB would need to double the quantity of gold holdings which would mean buying at relatively high prices expensive after selling it cheap…or sell half of its fiat money reserves or a mixture of both so as to boost the percentage weight of gold on the balance sheet.
Clearly, if they buy gold the price will rise and as would the Gold-Silver ratio. It will be fascinating to watch the impact on the Platinum-Gold ratio which has been landlocked near the unity level for many months now.
The CHF will rise as quant driven trade programmes that sniff out gold price correlations will be activated. This currency appreciation would also occur if the SNB sells other fiat money.
There was a time when the CHF was highly sought as it was seen as closely linked to inflationary trends. Well, we all know how that is in Europe at the moment. Swiss CPI in September was booked at -0.1 percent…even lower than in the Eurozone! This is on the back of strong monetarist ideas in the SNB.
However, now the CHF is likely to be correlated to gold. So the irony is that the “YES” may favour the CHF as a fiat currency that will be sought by investors and other central banks. This will be because the three-year cap on the value of the EURCHF by the SNB will be placed at risk.
That may create trade headaches in the next few years…but that will be a debate for another day.