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600 tonnes of gold exported from Switzerland to Asia [Copy link] 中文

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Post time 2014-8-2 21:21:30 |Display all floors
600 tonnes of gold exported from Switzerland to Asia





22 July 2014.





According to the latest figures by the Swiss Customs Administration, the country has exported a total of more than 600 tonnes of gold to Asia in the first half of this year.

Since the start of this year, the Swiss Customs Administration is obliged to provide more detailed information on international gold and silver trade.

Every month they publish an update on the volume of precious metals being exported to and imported from other countries.

In the month of June, a net volume of 55,78 tonnes of yellow metal went from Switzerland to Asian countries, bringing the total gold exports to Asia for the first half of this year to 603,38 tonnes of gold.

A small amount of gold found it's destination in the Middle-East.

Over the first half of this year, the net exports from Switzerland to the region were a modest 6,9 tonnes.

The regions supplying Switzerland with gold in the first half of 2014 were Europe (395,21 tonnes), South-America (227,44 tonnes), North-America (111,33 tonnes) and Africa (87,9 tonnes).

Central-Asia and Middle-America exported a net volume of 39,6 and 13,65 tonnes to Switzerland.

Question is, which countries within Asia import so much precious metals from Switzerland?

Most exports went to Hong Kong (239,37 tonnes), India (152 tonnes), China (88,93 tonnes) and Singapore (58,31 tonnes).

A lot of the metal sent to Hong Kong is forwarded straight to China, as we know from the export numbers of the Hong Kong Census and Statistics department.

The flow of gold is to the rising economic powers in Asia, especially China, India and Singapore.

Gold is a weapon in the global currency war.


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Post time 2014-8-2 21:32:13 |Display all floors
Most of the gold is bought by small investors speculating on the price,which is low at the moment, it has nothing to do with war

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Post time 2014-8-9 02:29:11 |Display all floors
This post was edited by gork at 2014-8-9 02:29

According to Koos Jansen, China alone has imported 632 tons and consumed 998 tons, as of 19th July: "Chinese Gold Demand 998 MT YTD"
Compounding is the magic ingredient.

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Post time 2014-8-22 08:53:08 |Display all floors
gork Post time: 2014-8-9 02:29
According to Koos Jansen, China alone has imported 632 tons and consumed 998 tons, as of 19th July:  ...

Don't hoard gold.  It is just not good for the economy.  To understand why, read my explanation in 259 Trillion Vs 5 Trillion book series.  Gold will not create wealth, nor will it store wealth.

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Post time 2014-8-24 08:27:04 |Display all floors
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Post time 2014-11-16 23:36:26 |Display all floors
Gold not Petrodollars



16 November 2014.



The official line from the United States and the European Union is that Tehran must be punished for continuing its efforts to develop a nuclear weapon. The punishment: sanctions on Iran's oil exports, which are meant to isolate Iran and depress the value of its currency to such a point that the country crumbles. But that line doesn't make sense, and the sanctions will not achieve their goals. Iran is far from isolated and its friends – like India – will stand by the oil-producing nation until the US either backs down or acknowledges the real matter at hand. That matter is the American dollar and its role as the global reserve currency. The short version of the story is that a 1970s deal cemented the US dollar as the only currency to buy and sell crude oil, and from that monopoly on the all-important oil trade the US dollar slowly but surely became the reserve currency for global trades in most commodities and goods. Massive demand for US dollars ensued, pushing the dollar's value up, up, and away. In addition, countries stored their excess US dollars savings in US Treasuries, giving the US government a vast pool of credit from which to draw. We know where that situation led – to a US government suffocating in debt while its citizens face stubbornly high unemployment (due in part to the high value of the dollar); a failed real estate market; record personal-debt burdens; a bloated banking system; and a teetering economy. There is one outcome that we foresee with certainty: Gold will rise. Uncertainty around paper money always bodes well for gold, and these are uncertain days indeed.

To explain this situation properly, we have to start in 1973. That's when President Nixon asked King Faisal of Saudi Arabia to accept only US dollars as payment for oil and to invest any excess profits in US Treasury bonds, notes, and bills. In exchange, Nixon pledged to protect Saudi Arabian oil fields from the Soviet Union and other interested nations, such as Iran and Iraq. It was the start of something great for the US, even if the outcome was as artificial as the US real-estate bubble and yet constitutes the foundation for the valuation of the US dollar. By 1975 all of the members of OPEC agreed to sell their oil only in US dollars. Every oil-importing nation in the world started saving their surplus in US dollars so as to be able to buy oil; with such high demand for dollars the currency strengthened. On top of that, many oil-exporting nations like Saudi Arabia spent their US dollar surpluses on Treasury securities, providing a new, deep pool of lenders to support US government spending. The "petrodollar" system was a brilliant political and economic move. It forced the world's oil money to flow through the US Federal Reserve, creating ever-growing international demand for both US dollars and US debt, while essentially letting the US pretty much own the world's oil for free, since oil's value is denominated in a currency that America controls and prints. The petrodollar system spread beyond oil: the majority of international trade is done in US dollars. That means that from Russia to Brazil to South Korea, every country aims to maximize the US-dollar surplus garnered from its export trade to buy oil.

The US has reaped many rewards. As oil usage increased in the 1980s, demand for the US dollar rose with it, lifting the US economy to new heights. But even without economic success at home the US dollar would have soared, because the petrodollar system created consistent international demand for US dollars, which in turn gained in value. A strong US dollar allowed Americans to buy imported goods at a massive discount – the petrodollar system essentially creating a subsidy for US consumers at the expense of the rest of the world. Here, finally, the US hit on a downside: The availability of cheap imports hit the US manufacturing industry hard, and the disappearance of manufacturing jobs remains one of the biggest challenges in resurrecting the US economy today. There is another downside, a potential threat now lurking in the shadows. The value of the US dollar is determined in large part by the fact that oil is sold in US dollars. If that trade shifts to a different currency, countries around the world won't need all their US money. The resulting sell-off of US dollars would weaken the currency dramatically. So here's an interesting thought experiment. Everybody says the US goes to war to protect its oil supplies, but doesn't it really go to war to ensure the continuation of the petrodollar system?

The Iraq war provides a good example. Until November 2000, no OPEC country had dared to violate the US dollar-pricing rule, and while the US dollar remained the strongest currency in the world there was also little reason to challenge the system. But in late 2000, France and a few other EU members convinced Saddam Hussein to defy the petrodollar process and sell Iraq's oil for food in euros, not dollars. In the time between then and the March 2003 American invasion of Iraq, several other nations hinted at their interest in non-US dollar oil trading, including Russia, Iran, Indonesia, and even Venezuela. In April 2002, Iranian OPEC representative Javad Yarjani was invited to Spain by the EU to deliver a detailed analysis of how OPEC might at some point sell its oil to the EU for euros, not dollars. This movement, founded in Iraq, was starting to threaten the dominance of the US dollar as the global reserve currency and petro currency. In March 2003, the US invaded Iraq, ending the oil-for-food program and its euro payment program. There are many other historic examples of the US stepping in to halt a movement away from the petrodollar system, often in covert ways. War and insidious interventions of this sort may be costly, but the costs of not protecting the petrodollar system would be far higher. If euros, yen, renminbi, rubles, or for that matter straight gold, were generally accepted for oil, the US dollar would quickly become irrelevant, rendering the currency almost worthless. As the rest of the world realizes that there are other options besides the US dollar for global transactions, the US is facing a very significant – and very messy – transition in the global oil machine.

Iran may be isolated from the United States and Western Europe, but Tehran still has some pretty staunch allies. Iran and Venezuela are advancing $4 billion worth of joint projects, including a bank. India has pledged to continue buying Iranian oil because Tehran has been a great business partner for New Delhi, which struggles to make its payments. Greece opposed the EU sanctions because Iran was one of very few suppliers that had been letting the bankrupt Greeks buy oil on credit. South Korea and Japan are pleading for exemptions from the coming embargoes because they rely on Iranian oil. Economic ties between Russia and Iran are getting stronger every year. Iran will continue to have friends, and those friends will continue to buy its oil. More importantly, you can bet they won't be paying for that oil with US dollars. Rumors are swirling that India and Iran are at the negotiating table right now, hammering out a deal to trade oil for gold, supported by a few rupees and some yen. Iran is already dumping the dollar in its trade with Russia in favor of rials and rubles.
With all this knowledge in hand, it starts to seem pretty reasonable that the real reason tensions are mounting in the Persian Gulf is because the United States is desperate to torpedo this movement away from petrodollars. The shift is being spearheaded by Iran and backed by India and Russia. That is undoubtedly enough to make Washington anxious enough to seek out an excuse to topple the regime in Iran.

Speaking of that search for an excuse, this is interesting. A team of International Atomic Energy Agency (IAEA) inspectors just visited Iran. The IAEA is supervising all things nuclear in Iran, and it was an IAEA report in November warning that the country was progressing in its ability to make weapons that sparked this latest round of international condemnation against the supposedly near-nuclear state. But after their latest visit, the IAEA's inspectors reported no signs of bomb making. Oh, and if keeping the world safe from rogue states with nuclear capabilities were the sole motive, why have North Korea and Pakistan been given a pass? There is another consideration to keep in mind, one that is very important when it comes to making some investment decisions based on this situation: Russia and India – members of the rising economic powerhouse group known as the BRICs (which also includes Brazil) – are allied with Iran and are major gold producers. If petrodollars go out of vogue and trading in other currencies gets too complicated, they will tap their gold storehouses to keep the crude flowing. Gold always has and always will be the fallback currency and, as mentioned before, when currency relationships start to change and valuations become hard to predict, trading in gold is a tried and true failsafe. The world will eventually defect from the US dollar as the global currency of choice. If that goes and the dollar slides, maybe the US will be able to repay its debts and start fresh. That new start would come without the privileges and ingrained subsidies to which Americans are so accustomed, but it's amazing that the petrodollar system has lasted this long. It was only a matter of time before something would break it down.

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Post time 2014-11-17 02:24:56 |Display all floors
The Swiss Gold Referendum on 30 November 2014




16 November 2014.




One of the very few remaining proper democracies in the world will vote on bringing the Swiss Gold back to Switzerland on November 30.

This is an initiative that could only happen in Switzerland. An influential member of parliament, Luzi Stamm, representing the biggest Swiss party SVP (Swiss People’s Party) started this initiative with two other parliamentarians.

In order to have a national referendum on an issue in Switzerland, 100,000 supporting signatures are required.

The ‘Swiss Gold Initiative’ already achieved this requirement in early 2013.

Not only will the referendum deal with gold repatriation but also seeks to stop all gold sales by the SNB (Swiss National Bank) and to require the SNB to hold 20% of its assets in gold.

The Swiss Parliament and the SNB are against the initiative since it would stop their ability to freely print money.

Swiss monetary policy used to be the soundest in the world, but in recent years Switzerland has joined other countries in abandoning a policy of sound money.

Switzerland had 2,600 tons of gold in 1999 which was a significant amount in relation to the size of the country.

At that time it was decided to sell 50% of the holding. Most of this was sold at the low of the market just like in the UK.

But not only did Switzerland dispose of half of their gold over ten years ago, but a major part of their remaining gold has either been leased out or sold.

And some of the gold , if it is still there, is stored in other countries.

As most other central banks, the SNB refuses to carry out a proper and official audit of the Swiss gold.

Until an audit is done there is no certainty that all of the gold is still there.

Most governments and central banks officially dislike gold because it reveals the decline in the value of paper money.

Since 1913 when the Fed in the USA was founded, all major currencies, including the Swiss Franc, have lost between 97% and 99% of their value against gold.

Voltaire said already in 1729: “Paper money eventually returns to its intrinsic value – ZERO.”

There is clearly not far to go for the major paper currencies to go to zero. Although Switzerland’s economy is in better shape than many, the country has sadly followed the same destructive monetary policies as other countries in later years.

This Swiss referendum is a very important initiative to fully restore confidence in the Swiss Franc and in Switzerland as one of the safest nations in the world.

It is therefore critical that the Swiss people and the rest of the world is made aware of this initiative.

If successful it could be the first step towards a new monetary system based on sound money rather than debt and money printing.

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