Iraq is going for the gold

Iraq just bought 36 tons of high quality gold for their reserves.  iI guess they also do not trust the us dollar as backup. One quick comment on this... iraq gets to keep what's left after maliki steals some.
 
 
 
03/24/2014 12:31
Central Bank buys 36 tons of high-purity gold bullion




 
BAGHDAD / obelisk: Central Bank of Iraq, on Monday, to buy 36 tons of high-purity gold bullion.

Said a statement obtained by "obelisk", a copy of "Alasttratejah as part of the central bank in managing the reserves of the vessels, to achieve an element of safety and safety in order to use the tools of monetary policy to stabilize the exchange rate of the dinar against foreign currencies Iraq."

The statement noted that "the Bank has purchased large quantities of gold bullion with a very high purity and in accordance with the approved international standards", noting that "the quantity amounted to almost 36 tons during the month of March to achieve the above objective."

one reason is they still have to get it out of the ground and do not have the technology for that. they are getting outside help. secondly they will have huge back up for there reserves. many countries are now doing this except for the us since we can keep printing worthless money this is one of the reason no one wants to buy our bonds.

Ponee wrote:Why are they BUYING it when they supposedly just hit pay dirt with their own GOLD FIND in their own country???

Contrary to the guru's reports and rumors, they do not have a mother load sitting in the desert just outside of Baghdad. Any gold (and silver) that they have in appreciable quantities will be intermixed with the copper ore ... maybe ... other than that, I have seen nothing to indicate large scale deposits of gold in Iraq.

kevin i know you studied maps but its time to study info. in 2012 3 gold min es with 16 tons of proven  gold deposits were found in iraq also a discovery in bagdad found one of the worlds largest deposits of gold. they have enlisted the chinese  to help get it out of the ground

I have studied maps and I have studied info. I heard those claims years ago. In fact that was what first started me looking at the mineral resources in Iraq. Other than a couple unsubstantiated articles in news organizations of questionable reliability, I have seen nothing to confirm those rumors. Until I do, I will keep those claims of gold discovered in the guru speak category.

They need money to dig it out.. OK I can think of one way they can get the money.  

mneeds the rv more then they need to get the gold out. at the present time they are working out a deal for a chinese mining co  to start extracting the gold sorry kev i forgot its only make believe gold like i believe its called pyrite fools gold

Like I said, until such time as I see reports substantiating the finds, I'm not going to take them as fact. Until then, discretion dictates that the rumors be treated as more hype from the pumpers. So far, the overwhelming evidence is that this is the case. Sorry, I kinda wish they had found gold, but ....

It doesn't really matter even if they did find some massive gold deposits, which I doubt.  That gold wouldn't belong to the CBI to use to back up the currency anymore than the oil belongs to the CBI.  It'd belong to the GOI and all of the money would go to them and whichever company is extracting the gold (which is typically very expensive, it's not unusual to see gold mining costs of a thousand dollars an ounce or close to it).

It wouldn't budge the value of the dinar at all.

Also, 16 metric tons is only about 500,000 troy ounces.  That isn't a big deposit.  Split it between 3 deposits and they're quite small deposits, less than 150,000 ounces each.  Practically mom and pop type stuff.  The big gold mining companies don't even get out of bed for less than 5 million ounces.

At 1350 gold it's around 700 million USD worth of gold.  Even if the GOI managed to extract it at a cost of zero dollars and gave every ounce of it to the CBI for reserves, it wouldn't even add 1%.  Why would anyone get excited about that?

Why would anyone get excited about that?

Going back some ohh ... I think it was 3 or 4 years now, the guru's were doing just that. They were reporting massive veins of gold literally under the streets of Baghdad. I dug and dug and dug, and come up with zip.

I have read alot of articles saying 1 way and the other on this. I do believe that there are some gold deposits in the hills out there but chances are it will not be anything significant...and certainly not worth the cost and hastle of dealing with the Taliban who inhabit that area.

guys thebottom line is who gives a rats arse how much gold they have only thing i care about is if and when they rv

Oh I have no doubt hat there is gold in small quantities. Heck, you can go panning for gold here in Vermont and find some. But IMO the only way we'll see commercial quantities of gold over there is IF if happens to occur mixed in with the copper deposits.