Economist: The Central Bank increased purchase quantities of gold aims to enhance the cover of the local currency

BAGHDAD / Nina / attributed an economist at the Ministry of Finance Hilal Taan reasons do CBI doubling buy gold to enhance the cover of the local currency. said in a statement to the National Iraqi News / Nina / Today "It is necessary that the bank buys large quantities of gold to support the balance of the Iraqi currency which consists of gold bullion and foreign currencies Home كالدولار and the euro and the pound sterling. " and added, "can the central bank selling department of gold coins to the public as selling dollars at an auction on," pointing out that "Purchases Bank of gold are, in most cases, to promote and strengthen cover the Iraqi dinar in foreign currency. " It was a monthly report to the statistics IMF Ozarmajara that during three months between August and October this year doubled balances Iraq from gold to four-fold to $ 31.07 tonnes, according to the Reuters news agency. At the first change in the reserves for years bought Iraq about 23.9 tons in August, bringing the total to 29.7 tons and the ensuing increase of 2.3 tons in September, bringing the total to 32.09 tons and stocks fell 1.02 tonnes in October to 31.07 tons. No information was available for the month of November. The Central Bank of Iraq announced the fifteenth of the month of August last intention sale gold coins and things of high value soon to the public in addition to selling the dollar at auction. This was the procedure in force earlier in the eighties , but the circumstances of the siege in the nineties made ​​citizens are focused on buying the dollar to ease discharged in markets.

http://www.ninanews.com/arabic/News_Details.asp?ar95_VQ=GFEMEL

Something is brewing....

So they hold about 1.7B in gold reserves. Might be significant, but the more I think about it probably not.

More on "gold" newss:

From GoldCore


12/21/2012 08:02 -0500


Iraq Quadruples Gold Reserves In Two Months - First Time In Years

Today’s AM fix was USD 1,648.25, EUR 1,246.97 and GBP 1,014.56 per ounce.
Yesterday’s AM fix was USD 1,667.00, EUR 1,259.25 and GBP 1,024.96 per ounce.

Silver is trading at $29.89/oz, €22.73/oz and £18.49/oz. Platinum is trading at $1,551.25/oz, palladium at $673.00/oz and rhodium at $1,040/oz.


Cross Currency Table – (Bloomberg)

Gold was down $20.60 or 1.23% in New York yesterday and closed at $1,648.70/oz. Silver dropped to as low as $29.592 and finished with a sharp loss of 3.66%.
Gold is marginally lower in dollars today and on course for its largest weekly drop since June (-2.6%), as COMEX speculators continue to have the upper hand over store of wealth buyers including central banks.

Prices fell below $1,650 an ounce on Thursday for the first time since August despite strong fundamentals which have not changed.

Gold has come under pressure from heavy liquidation by hedge funds and banks on the COMEX this week. The unusual and often 'not for profit' nature of the selling, often in illiquid Asian trading, has again led to suspicions of market manipulation.

Short sellers, technical and momentum traders have the upper hand and are pressing their advantage in these less liquid holiday markets. Nervous longs are being stopped out through stop loss orders and concerns regarding the clear downward short term trend.

The recent drop in the gold price has resurrected physical purchases in the market keeping premiums steady at $1 to $1.10/oz above London prices.

"Definitely, there's physical buying. It's from all over the place. Physical dealers are buying" a physical trader in Singapore told Reuters.

Despite the recent weakness, bullion is 5.6% higher this year in dollar terms and barring a massive year end sell off looks set for a 12th annual gain.

The standoff between the White House and Congress over the 'fiscal cliff' turned into a public relations crisis last night when John Boehner, Republican House Speaker, was humiliated by not being able to gain enough support to secure passage of his own bill.

Gold will be supported by the strong likelihood that central banks will continue buying bullion after data showed Brazil boosted its reserves for a third month, Russia continued to diversify into gold and Iraq entered the gold market for the first time in many years and quadrupled their gold reserves in just two months.

Brazilian holdings expanded the most in 12 years, rising 14.7 metric tons in November. The nation’s holdings doubled since August. Russia’s bullion reserves increased by 2.86 tons to 937.8 metric tons in November.

Central banks have bought 426.5 tons of gold so far this year.


Currency Ranked Returns, GBP – (Bloomberg)

Iraq quadrupled its gold holdings to 31.07 tonnes over the course of three months between August and October, data from the International Monetary Fund showed on yesterday.

The IMF's monthly statistics report showed the country's holdings increased by some 23.9 tonnes in August to 29.7 tonnes.

That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then a cut of 1.02 tonnes in October to 31.07 tonnes. There was no data for November.

It is Iraq's first major move in years to bolster its gold reserves.

More recently, Brazil raised its gold holdings by 14.68 tonnes, or 28 percent, in November, bringing its bullion reserves to 67.19 tonnes.

The addition comes on the heels of an even bigger increase in October when the South American country added 17.17 tonnes to its reserves. In September, it increased holdings by 2 tonnes.

Meanwhile Turkey cut its gold holdings last month by 5.84 tonnes to 314 tonnes from October. The country allows commercial banks to use gold as collateral for loans, and changes to its balance sheet are often connected to such activity.

Belarus upped its reserves by 1.39 tonnes to 42.7 tonnes, while Russia, which had both bought and sold gold on a number of occasions this year, increased its holdings by 2.86 tonnes to 937.8 tonnes.


Currency Ranked Returns, EUR – (Bloomberg)

The central bank of Iraq’s quadrupling of gold reserves is important as there are many oil rich nations in the world with sizeable dollar and euro currency reserves and only a small allocation to gold by these central banks alone could lead to higher gold prices.

The smart money will continue to dollar cost average and buy gold on dips.

NEWSWIRE
(Bloomberg) -- Turkish Jewelers Offer to Act as Gold Dealers for Banks
Turkish jewelers, which have lost business after banks campaigned to collect gold from individuals, are seeking cooperation with lenders, Sabah newspaper reports.

“No one can collect gold stuffed under the pillow better than jewelers,‘‘ Sabah quotes Alaattin Kameroglu, chief of Istanbul Chamber of Jewelry, as saying. ‘‘We seek to act as dealers for banks in gold collecting.”

So-called “under the pillow” gold in Turkey totals between 800-1,000 tons, Kameroglu predicts

Banks have been able to collect between 15-20 tons of this amount: Kameroglu

(Bloomberg) -- Sudan Central Bank Sees Gold Exports at 50 Tons in 2013
Country exported 43 mt of the precious metal in 2012, worth $2 billion, state-run Suna news agency says, citing Central Bank Governor Mohamed Khair al- Zubair.

This smells like great news!!!!!!!

I don't know what is smells like but it sure looks colorful.

Seems we could get our float afterall in the NEW YEAR!

Maybe, but 31 tons is not a huge amount relatively speaking, between a billion and a half and 2 billion USD.

and it is not an overnight event - and the rest of the world is doing it too. just nice to see Iraq IS increasing and taking measures to keep thier currency strong.

Kevind53 wrote:Maybe, but 31 tons is not a huge amount relatively speaking, between a billion and a half and 2 billion USD.

If anyone has a loose ton or two of gold lying around gathering dust, please send it to me ... or I'll pick it up. I'll be happy to get it out of your garage.

I'll need a bigger truck, but I will haul it out to you,Seb!

You got a deal!!:cheers:

Think of it this way, that would run this country for a couple of hours. It would run Iraq for about 3 months based upon it's 2012 budget.

Kevind :cheers: 53 wrote:Think of it this way, that would run this country for a couple of hours. It would run Iraq for about 3 months based upon it's 2012 budget.

Lol.

Mine as well ... unless of course our president has his way. I was trying to put it in a contextual basis. Face it, for a nation it's not much although for an individual it is a heck of a pile.

I don't know if this announcement was from the "economist" magazine, or from an "economist, so I am going to assume its from the magazine. If so, remember, that magazine is owned by Rothschild and he uses it to manipulate the economic news to entice investors to make decisions that benefit him and his international bankers.

Second issue is how Iraq is being forced to buy gold, WHEN OUR FOREIGN OCCUPIED GOVERNMENT STOLE 19.5 BILLION DOLLARS OF IRAQ'S GOLD THE DAY BUSH DECLARED HOSTILITIES OVER. Thats right, they shipped it out in a military cargo plane to who knows where. now, the questions, "is the gold Iraq is buying, that they should not have to buy, really tungsten painted in gold?" That is what the european central banks are selling as we found out about Deutch bank.... and gold that the US shipped to Tokyo.

There is not much left that the 'Rothchilds' don't own-It's a sad state of affairs, when these people that want to rule our lives are total friggin' idiots, and want everything we own, plus the world- That's ok, though, because their world is coming to a tire smokin, brake grinding halt!!And SOONER than they think!

Welcome to the forum Petunia Skrebbles. I look forward to "seeing" you around. Just so you know we try not to post anything here that can not be attributed to a source. I did a quick search and the only references I saw were a couple of somewhat vague ones on some conspiracy sites. Please try to provide links in the future.

Kevind53 wrote:Welcome to the forum Petunia Skrebbles. I look forward to "seeing" you around. Just so you know we try not to post anything here that can not be attributed to a source. I did a quick search and the only references I saw were a couple of somewhat vague ones on some conspiracy sites. Please try to provide links in the future.

Thanks for the reminder Kevind53 - I looked over some of my posts and saw that I also have been lax in remembering to post the link. My apologies to the group, and I will correct that going forward.