Gold and What Moves it.
82.7K views | +6 today
Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
Curated by Hal
Your new post is loading...
Your new post is loading...
Scooped by Hal
Scoop.it!

Government: "A Seedy Circus... Perpetually In Debt" | Zero Hedge

Government: "A Seedy Circus... Perpetually In Debt" | Zero Hedge | Gold and What Moves it. | Scoop.it

Is there a better phrase to describe modern government than “a seedy circus which is perpetually in debt?” It is perfect.

 

Government is exhausted. It, like Whipsnade’s circus, is  out of resources, ideas and solutions. Government has painted itself into a fiscal and financial corner from which there is no escape.

 

As a result of its profligacy, government is no longer able to sustain itself. That is the real reason for the Fed’s quantitative easing program(s). Taxes and traditional government bond sales no longer provide enough money to run the monster. QE, more properly described as counterfeiting, is a euphemism to disguise the insolvency of the government. Without the Federal Reserve, government would have to pare down dramatically. There is not enough money to meet the levels of military spending, social spending, entitlements, debt service and other commitments. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Michael Pento - This Entire House Of Cards Will Collapse

Michael Pento - This Entire House Of Cards Will Collapse | Gold and What Moves it. | Scoop.it

Today one of the top economists in the world sent King World News an exclusive piece which illustrates how close the West is to collapse, despite the recent stock market action.  Michael Pento, who heads Pento Portfolio Strategies, also believes it is essential to own precious metals in order to survive the coming economic storm. 


Pento:  “It is amazing so many investors are oblivious to the fact that the developed world is completely addicted to artificially-produced low interest rates.  Perhaps that is why there is still a debate over whether the ending of QE will adversely affect the economy, and if rising rates can occur within the context of a healthy economy.


It isn’t so much about whether or not QE is about to end, or even if growth is now causing interest rates to become unglued.  The truth is the end of QE and the normalization of interest rates—for whatever reason--means it will be the end of this anemic and unsustainable recovery in both Japan and the U. S. economies.  


This is because you cannot separate the central banks’ influence on markets from their effect on economies.  The BOJ and Fed have dramatically supported equity and real estate prices by taking interest rates to record lows.  Therefore, it is simply illogical to then assume that rates ...


Hal's insight:

Click through for the rest of the post.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Charles Hugh Smith: How Cheap Credit Fuels Income/Wealth Inequality

Charles Hugh Smith: How Cheap Credit Fuels Income/Wealth Inequality | Gold and What Moves it. | Scoop.it

Cheap credit is a great boon to the wealthy and a path to debt-serfdom for everyone else.


The ever-widening chasm between the wealthy and the "rest of us" has generated any number of explanations for this deeply troubling phenomenon. We can start with capitalism, which is based on competition for innovations, processes, markets, labor and capital. The more successful participants will naturally garner more profit and premium, leaving less for those who don't control assets and skills that carry high premiums in the marketplace. ...
Hal's insight:

Click through for the rest of the post. 

more...
No comment yet.
Scooped by Hal
Scoop.it!

72,600,000: Record Number on Medicaid in 2012; Outnumbers Populations of France and UK | Louis Scatigna, Author of The Financial Physician

72,600,000: Record Number on Medicaid in 2012; Outnumbers Populations of France and UK | Louis Scatigna, Author of The Financial Physician | Gold and What Moves it. | Scoop.it

Record numbers on Medicaid, record numbers on food stamps and record stock prices. There is a disconnect here.-Lou


72,600,000: Record Number on Medicaid in 2012; Outnumbers Populations of France and UK


(CNSNews.com) – A record 72,600,000 were enrolled in Medicaid for at least one month in fiscal 2012, up from 71,700,000 in fiscal 2011, according to the Medicaid and CHIP Payment and Access Commission(MACPAC), which provides an annual report to Congress on Medicaid and the Children’s Health Insurance Program.

 

The 72,600,000 enrolled in Medicaid in the United States in 2012 was more than the 65,630,692 people who lived in France last year, according to data published by the Census Bureau, or the 63,047,162 people who lived in the United Kingdom.

 

In fact, if Medicaid was a country rather than a U.S. government program it would be the twentieth most populous nation in the world, ranking just ahead of Thailand, which had 67,091,089 people in 2012, and just behind the Congo, which had 73,599,190 people in 2012.

 

Funded by both the federal and state governments, Medicaid was created in 1965 by the same law that created Medicare. It is designed to provide health-care coverage to low-income Americans.

 

In fiscal 2008, the last full year before President Barack Obama took ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Jeff Gundlach: "There Is No Such Thing As Economic Analysis Anymore" | Zero Hedge

Some always entertaining and informative thoughts on precious metals (which after weeks of suppression are finally soaring on a sliding USD - the Taper pricing in is over, time to price in the Untaper), Japan, Apple, nat gas and, of course, central planning from DoubleLine's Jeff Gundlach.

Since we're dealing with markets that are being manipulated by central bank policies, there is no such thing as economic analysis anymore. All you have is the imaginations of central bankers, and you don't know what they're going to do, so you have to be diversified. For the inflation part of the portfolio, silver is the right one because metals as inflation hedges are dead money. They don't pay anything. You want to allocate as little as possible, while still covering that base. Because silver is the highest beta, you want silver for your inflation protection because you can put less in it, less dead money. I believe if gold doubles, silver goes up 4x. You have twice as much dead money if you use gold instead of silver, so silver is a more efficient way to do it. We're in a deflationary world right now, not inflationary, though everyone is worried about inflation. The message the markets are saying, outside of the stock market, is deflation. Not surprisingly, silver is down but the Japanese stock market is the place to be.

Perhaps it started yesterday. I think that the complacency regarding stock market risk is very ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Rule - There Is A War Going On Between Paper & Physical Gold

Rule - There Is A War Going On Between Paper & Physical Gold | Gold and What Moves it. | Scoop.it

Today one of the wealthiest people in the financial world told King World News there is a war going on between the paper and physical gold markets.  Rick Rule, who is business partners with billionaire Eric Sprott and the CEO of Sprott USA, also shares with KWN readers who is buying the physical gold as well as what is really happening with the global economy.  Below is what Rule had to say in this tremendous interview.

  

Eric King:  “I have to ask you about gold, it’s been stuck down here in a trading range.”

 

Rule:  “It sure has.  It would appear that there is a war going on between the paper futures market for precious metals and the physical market.  I like to think that we are seeing a continuation of a trend of gold going from weak hands to strong.


When I say, ‘weak hands,’ I mean central banks from slow growth Western nations, going to central banks from more muscular, over-leveraged frontier and emerging markets banks.  And also gold going from the leveraged-long, institutional momentum holders where it’s part of derivatives and carry trade, to unencumbered physical retail cash buyers. ...

Hal's insight:

Click through for the rest of the interview.

more...
No comment yet.
Scooped by Hal
Scoop.it!

So-Called Improving Economy's Metrics Are Wrong - Biderman's Money Blog

So-Called Improving Economy's Metrics Are Wrong - Biderman's Money Blog | Gold and What Moves it. | Scoop.it
TrimTabs' Charles Biderman explains why he doesn't see a major rebound for the economy ahead like the one lasting from 1982 to 2007.

 

Let me be blunt. I do not see any way that the US economy can rebound back to its average yearly income growth of 5 percent after inflation from 1982 through to 2007. Remember coincident with that rapid growth in incomes, the value of all US stocks soared from $1 trillion at the end of 1982 to $22 trillion in 2007. A 22-bagger. However, since the economy bottomed in 2009, nominal growth in wages and salaries has averaged about 3 percent per year, and that’s before, not after inflation. Yet, despite the current slow growth environment stock prices again are at record highs.

 

One way to get a real picture of the sorry state of the economy and its meager growth is by looking at the withheld income and employment taxes from the 135 million of us with jobs which flows into the US Treasury daily. It shows that the US economy is barely growing. After-tax incomes including capital gains and the like will be up by $300 billion this year. That is pretty meager results compared with the trillion dollars of new money created this year by the Federal Reserve and $800 billion in US government deficit spending.

 

Therefore given the realities as I see it, I am amazed by the financial community’s consensus that the US economy is in a sustainable recovery and therefore the Fed can taper off its $85 billion in monthly new money creation.

 

As I see it, the bulls’ evidence for a sustainably growing economy is first, there has to be a significant wealth effect as the stock market soars. Second, housing is back. Third, lots of jobs are being added. And fourth the deficit is shrinking because tax revenue is surging, both for the US government ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Uganda Gold exports grind to a halt in April on smuggling

Uganda Gold exports grind to a halt in April on smuggling | Gold and What Moves it. | Scoop.it
Gold contributes up to 30% of export revenues from Uganda. Last year Uganda earned over $200m in gold exports alone, but experts have observed that this year won't be the same due to illegal gold mining.

 

KAMPALA(BullionStreet): Days after Zimbabwe announced losing millions due to gold smuggling, another African nation also came up with the same revelation.

 

East Africa's Uganda on Wednesday said the country is losing millions of shillings due to illegal gold mining trade mushrooming across the country.

 

Unconfirmed reports said the issue of illegal mining of gold in Uganda is so alarming that last month Uganda didn’t export any gold while it's neighbour Kenya, that is known not to have gold, managed to export 40kg of gold smuggled from Uganda. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

South America is the next economic powerhouse: Interview with Tekoa Da Silva

Bull Market Thinking's (http://bullmarketthinking.com/) Tekoa Da Silva speaks with Cambridge House Live anchor Bridgitte Anderson at the World Resource Inves...
Hal's insight:

Interesting interview. Worthy watch.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Gold buyers told to contain passion for gold as shortages spread

Gold buyers told to contain passion for gold as shortages spread | Gold and What Moves it. | Scoop.it

Tuesday's expiry of US June gold futures contracts "made for some vicious price moves in both directions," notes trading house Mitsui, pointing to the jump from $1375 to above $1400 as New York trade began. 


"But ultimately the yellow metal remained firmly penned within its recent range," the note adds, and the action was "far less significant for those with a longer focus."


Yesterday also saw 10-year US Treasury yields jump as government bond prices fell, hitting a 14-month high above 2.2% and outpacing the latest Consumer Price Inflation reading by the widest margin since February 2011.


Ten-year UK gilt yields rose today above 2.0% for the first time in two months. They still lag UK inflation by 0.4% per year, however. 


"We can see some Shanghai futures buying interest pushing the market higher," Reuters quotes Peter Fung at Wing Fung dealers in Hong Kong, also noting the $25 premium to international spot prices for Chinese gold futures.


"Singapore is still facing a shortage," said a local dealer to the newswire overnight, adding that customers wanting to buy gold must now wait until July for delivery. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal

Again, at the Comex,  gold is departing as investors are frightened to death of a confiscation similar to what happened at MFGlobal or Refco. Tonight, the Comex registered or dealer gold remains at 1.641 million oz or 51.04 tonnes.  The total of all gold at the comex rose slightly and now above the 8 million oz at 8.057 million oz or 250.6 tonnes of gold. However we must see gold leave as contracts are settled for the May and June delivery months. ...

Hal's insight:

Click through for the rest.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Basel III: How The Bank For International Settlements Is Going To Help Bring Down The Global Economy

Basel III: How The Bank For International Settlements Is Going To Help Bring Down The Global Economy | Gold and What Moves it. | Scoop.it

A new set of regulations that most people have never even heard of that was developed by an immensely powerful central banking organization that most people do not even know exists is going to have a dramatic effect on the global financial system over the next several years.  The new set of regulations is known as "Basel III", and it was developed by the Bank for International Settlements.  The Bank for International Settlements has been called "the central bank for central banks", and it is headquartered in Basel, Switzerland.  58 major central banks (including the Federal Reserve) belong to the Bank for International Settlements, and the decisions made in Basel often have more of an impact on the direction of the global economy than anything the president of the United States or the U.S. Congress are doing.  All you have to do is to look back at the last financial crisis to see an example of this.  Basel II and Basel 2.5 played a major role in precipitating the subprime mortgage meltdown.  Now a new set of regulations known as "Basel III" are being rolled out.  The implementation of these new regulations is beginning this year, and they will be completely phased in by 2019.  These new regulations dramatically increase capital requirements and significantly restrict the use of leverage.  Those certainly sound like good goals, the problem is that the entire global financial system is based on credit at this point, and these new regulations are going to substantially reduce the flow of credit.  The only way that the giant debt bubble that we are all living in can continue to persist is if it continues to expand.  By restricting the flow of credit, these new regulations threaten to burst the debt bubble and bring down the entire global economy. ...

more...
Anthony M. Grimaldi's curator insight, July 17, 2013 9:35 PM

Austerity measures for central banks!

Scooped by Hal
Scoop.it!

The Dollar Dying? Why US Currency Is in Danger

The Dollar Dying? Why US Currency Is in Danger | Gold and What Moves it. | Scoop.it

The U.S dollar is shrinking as a percentage of the world's currency supply, raising concerns that the greenback is about to see its long run as the world's premier denomination come to an end.

 

When compared to its peers, the dollar has drifted to a 15-year low, according to theInternational Monetary Fund, indicating that more countries are willing to use other currencies to do business.

 

While the American currency still reigns supreme -- it constitutes $3.72 trillion, or 62 percent, of the $6 trillion in allocated foreign exchange holdings by the world's central banks -- the Japanese yen, Swiss franc and what the IMF classifies as "other currencies" such as the Chinese yuan are gaining. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Trader Dan's Market Views: "FOMC, we have a PROBLEM!"

Trader Dan's Market Views: "FOMC, we have a PROBLEM!" | Gold and What Moves it. | Scoop.it

In this case it might be better written, "FOMC, we have a PROBLEM!"

What I am referring to is the long awaited and long expected, I might add, breakdown in the US long bond. It is my opinion that the US bond market is the single most important market on the planet. For years, many of us have sat and watched as bond prices were driven to levels that very few thought imaginable a decade ago. What with the rush into the perceived "safety" of US Treasury debt and the concerted effort by the Federal Reserve to drive down long term yield through their Quantitative Easing programs, bond bears were blasted from one defensive position after another by the steady influx of money flows.

My oh my how things have changed over the last few weeks! I give you a weekly chart of the long bond where you can see the breakdown in vivid terms. With the advantage that comes from some hindsight now that enough time has passed ...

Hal's insight:

Click through for the rest and the full size chart that Trader Dan put together.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Total Gold Open Interest 5-Year Low

Total Gold Open Interest 5-Year Low | Gold and What Moves it. | Scoop.it

This is so astonishing that I had to start a new thread.

I'll just give you the facts and I'll let you decide what it all means.

We are approaching contract expiration and First Notice Day of the June13 contract. This is coming up tomorrow. At the close tomorrow, all holders of the June13 must show their intent for delivery by having 100% margin in their accounts.For the three days since Friday of last week, total Comex gold open interest has fallen by 10,000, 24,000 and 27,000 respectively for a total drop of 61,726, from 445,517 to last night's 383,791. That's a drop of 13.7%. In three days.For perspective, total OI bottomed out 1 day after the April13 FND at 407,112Total OI bottomed out 1 week after Feb13 FND at 420,766Total OI bottomed out 1 week after Dec12 FND at 427,200Again, with two days to go before June13 FND, total OI is just 383,791.Additionally, I've been trying to guesstimate how many might initially ...
Hal's insight:

Click through for the full piece. It is rather interesting. Thanks to TF Metals for putting it all together.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Sprott - This Is Why There Is Such A Massive Shortage Of Gold

Sprott - This Is Why There Is Such A Massive Shortage Of Gold | Gold and What Moves it. | Scoop.it

Eric Sprott tells King World News:

 

... So I decided to do a comparison of Shanghai premiums to what happens to the GLD.  Pretty well any time that the Shanghai premiums go up, the GLD inventory starts declining.  GLD has lost about 300 tons of gold, which is a lot of tons of gold when you figure that the miners, ex-China, ex-Russia, only produce 2,200 tons of gold.  This was 300 tons in the first four months of the year. ...

Hal's insight:

Click through for the full interview and the full size chart.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Super Expensive Metals - Periodic Table of Videos

Inside a Noble Metals factory, where even the dust on your shoes is too valuable to ignore! See also our gold bullion video: http://youtu.be/CTtf5s2HFkA See ...
Hal's insight:

hat tip to http://www.mining.com/its-quite-difficult-to-get-into-places-like-this-touring-johnson-mattheys-platinum-plant-50667/

more...
No comment yet.
Scooped by Hal
Scoop.it!

India may limit Gold imports by MMTC, STC

India may limit Gold imports by MMTC, STC | Gold and What Moves it. | Scoop.it
India imported around 120 tons of gold worth $7.5 billion in April, double from the same time last year, and is expected to climb further in May owing to festival and wedding season.

 

NEW DELHI(BullionStreet): India to take more measures to curb gold imports after WGC said imports of the world's top consumer will likely double in the quarter through June to reach 350-400 tonnes, analysts said.

 

India imported around 120 tons of gold worth $7.5 billion in April, double from the same time last year, and is expected to climb further in May owing to festival and wedding season.

 

Industry executives said the government may limit the amount of gold imported by state-run agencies such as MMTCLtd and State Trading Corp. of India Ltd.

 

Until mid-May, bullion dealers could place gold import orders with a ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Azerbaijan's SOFAZ to hike Gold reserves to 30 tons

Azerbaijan's SOFAZ to hike Gold reserves to 30 tons | Gold and What Moves it. | Scoop.it

Sofaz, established in 1999 to manage the Caspian Sea nation's income from the sale of oil and natural gas, started investing in gold in February 2012.

 

BAKU(BullionStreet): Azerbaijan's State Oil Fund of Azerbaijan said it will increase gold reserves to 30 tonnes by the end of this year.

 

According to SOFZ Executive Director Shahmar Movsumov, Fund has purchased 22-23 tonnes of gold so far and 7-8 tonnes have already been brought to Azerbaijan.

 

Movsumov stated that SOFAZ is not concerned about changes in the prices of gold at the world markets and it does not intend to sell gold due to low price.

 

Sofaz, established in 1999 to manage the Caspian Sea nation’s income from the sale of oil and natural gas, started investing in gold in February 2012.

 

The fund bought 18.4 metric tons by the end of the first quarter and said it ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

The Student Loan Delinquency Rate In The United States Has Hit A Brand New Record High

The Student Loan Delinquency Rate In The United States Has Hit A Brand New Record High | Gold and What Moves it. | Scoop.it

37 million Americans currently have outstanding student loans, and the delinquency rate on those student loans has now reached a level never seen before.  According to a new report that was just released by the U.S. Department of Education, 11 percent of all student loans are at least 90 days delinquent.  That is a brand new record high, and it is almost double the rate of a decade ago.  Total student loan debt exceeds a trillion dollars, and it is now the second largest category of consumer debt after home mortgages.  The student loan debt bubble has been growing particularly rapidly in recent years.  According to the Federal Reserve, the total amount of student loan debt has risen by 275 percent since 2003.  That is a staggering figure.  Millions upon millions of young college graduates are entering the "real world" only to discover that they are already financially crippled for decades to come by oppressive student loan debt burdens.  Large numbers of young people are even putting off buying homes or getting married simply because of student loan debt. ...

Hal's insight:

This can't end well.

more...
No comment yet.
Scooped by Hal
Scoop.it!

Understanding Gold Market Dynamics | John Browne | Safehaven.com

To an extent that reveals a thorough misunderstanding of the market forces, the financial media has failed to consider the different motivations and beliefs that drive the different types of investors who are active in the gold market. By treating the gold market as if it were comprised of just one type of investor, analysts have drawn false conclusions about the recent volatility.

 

Broadly speaking, the gold market consists of long-term investors, which are comprised of primarily private individuals who believe in gold as a better store of value than fiat currencies, and short-term traders, who are primarily financial professionals looking to play on momentum trades. The groups invest with different time horizons and with varying goals. Those with a long-term view tend to see gold as a hedge against inflation and as security against financial uncertainty. They tend to buy both paper gold (in the form of ETFs), and physical gold (in the form of coins, bars and, in some cases, jewelry). The physical market is divided between these small buyers and the central bank bullion buyers who acquire gold as national currency reserves.

 

In contrast, short-term players, like hedge funds, mutual funds, and institutional day traders tend to be much more sensitive to trends and technical analysis. Trading effectively both ahead of and behind a particular asset price trend requires quick decisions and precise trade execution. To achieve this, these players tend to buy the vast majority of their gold in the form of easily traded ETFs. Certainly over the last decade, gold had established a clear upward momentum that such traders could not afford to ignore. To profit from this trade, participants did not need to care why gold was rising. A simple understanding of chart dynamics was sufficient ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Ukraine is among top 50 world gold holders — RT Business

Ukraine is among top 50 world gold holders — RT Business | Gold and What Moves it. | Scoop.it
Ukraine’s gold reserves are estimated at more than 36.1 tonnes, according to the national bank, and is ranked 47 in world standings.

 

In March Ukraine was 51 according to the World Gold Council.

 

For the second consecutive year Ukraine is trying to diversify its international reserves and is actively buying gold on both foreign and domestic markets. However the price is turbulent and experts argue, whether the Central Bank should join in the rush or wait until the price settles. ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

Gold and Silver Investors Need to Ask Themselves 10 Basic Questions

Gold and Silver Investors Need to Ask Themselves 10 Basic Questions | Gold and What Moves it. | Scoop.it
Rick Rule listed 10 key questions regarding today’s economy. They are: 10 Questions for Precious Metals Investors Is the financial crisis in the Western

 

10 Questions for Precious Metals InvestorsIs the financial crisis in the Western world over?Have the G20 countries balanced their budget?Did the commercial banks manage to become solvent?Are (real) interest rates positive or negative?Is a global competitive devaluation to increase exports still ongoing?Is the European periphery still financially challenged?Do the Asian countries still have a cultural affinity with precious metals?Which are the US budgetary issues and solutions?Are the derivatives from large banks still a problem for economies and client portfolios?Can liquidity solve the issue of insolvency?
more...
No comment yet.
Scooped by Hal
Scoop.it!

Central Banks' Central Bank Warns About Rehypothecation Threats | Zero Hedge

Just a few years ago, central bankers dared not breathe the word rehypotehcation - after all it was the secret fabric that held the shadow banking system together, which was a critical hub to perpetuating the central bankers' plan of reflating assets and creating a wealth effect if only for the 1%, while keeping the rest content with free Obamaphones and endless promises of "trickling down" which four years into Bernanke's grand monetary experiment has yet to materialize. Then, little by little, more and more started to realize that the shadow banking system, whose fiath-based (sic) liabilities amount to somewhere between $60 and $100 trillion (of credit money) globally, is precisely the inflation buffer that has allowed central banks to engage in round after round of QE, which has sent global stocks to all time highs, while keeping the world mired in the longest economic depression since the 1930s (explained here).

 

Of course, the one inadvertent side effect of all this constant meddling which be definition requires the monetization of quality collateral in order to generate new fungible money, was the gradual disappearance of all such quality assets which private investors could buy, then pledge back via repo and other conduits and use proceeds for risky investments. Such as Treasurys. Which is why recently none other than the ...

more...
No comment yet.
Scooped by Hal
Scoop.it!

National Bank of Belgium takes loan against 25 tons of Gold

National Bank of Belgium takes loan against 25 tons of Gold | Gold and What Moves it. | Scoop.it
Belgium is one of the central banks that sold substantial amounts of their gold reserves during the 1990's, prior to the advent of the euro.

 

BRUSSELS(BullionStreet): In a significant move, National Bank of Belgium announced lending 25 tons of gold from it's reserves to bullion banks.

 

Nearly 10% or about 25 metric tons of the National Bank of Belgium’s remaining 227.5 tons of gold reserves are currently lent to bullion banks, Director and Treasurer Jean Hilgers told the central bank’s annual meeting in Brussels.

 

The proportion of gold reserves on loan declined from 84.3 tons on December 31, 2011, and averaged 48.1 tons in 2012 as loans matured and some gold loans were reimbursed early.

Hilgers said that the Belgian central bank sees gold lending decreasing further this year. ...

more...
No comment yet.