Wednesday, October 17, 2012
Bank of Mexico reveals the storage locations of its nation's gold
Unlike the Reserve Bank of Australia (RBA), The Central Bank of Mexico has just revealed in which countries it stores its nation's gold. Suffice to say, like most lap dogs of Western Imperial powers, it stores it's gold outside of its direct control.
See these posts for my attempts the elicit same information from the RBA.
Source
Last year the story went around the world: Banco de México (Banxico) refused to reveal in what country its reserves of gold were stored. Mexico was on the world stage as regards gold, after it purchased 93 tonnes, and rose in the global ranking of gold reserves calculated by the World Gold Council.
Today, thanks to the Federal Transparency Law, Banxico has become perhaps the first central bank to reveal in writing the amounts of its gold holdings as well as the names of its custodians and the locations where it s gold holdings are supposedly held.
It was quite difficult to obtain this information, for the Bank refused again and again to hand over the information until compelled to do so by a ruling of its own “Department of Management for Rules Control”, which is the entity in charge of dealing with appeals presented as “Appeals for Revision”.
The wrangling went on for four months, during which Banxico insisted that it was necessary to classify as “Reserved” all information refering to its gold position; it claimed that revelations might “harm the financial, economic or monetary stability of the country”.
Once the four cases were resolved favorably, the Liaison Unit of the central bank notified this journalist through the following documents: REF.: 22.25.2012, I22.27.2012, I22.28.2012 y REF.:I22.29.2012, as follows:
- “At month’s end, April 2012, Banco de Mexico maintained a position in fine gold of 4,034,802 ounces, of which only 194,539 ounces are located in the territory of the United Mexican States.”
- Banxico “has been informed and knows the specific location of the gold position that forms part of its reserve of International assets”
- The countries where these reserves are located are “United States of America, England and Mexico.” And also, “the acquisitions of gold during March and April 2012 are under custody in England”.
- And besides, it is precisely there in “the city of London, England, where more than 99% of the gold which the Bank of Mexico maintains outside the country is presently under custody…”
Investors May Be Moving to Physical Gold
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| A non-performing ETF |
From Bloomberg.com
Gold holdings in exchange-traded products are growing at a slower pace than in 2004-2009 because some investors may be moving to physical bullion after initial purchases of an exchange-traded fund, according to Barclays Plc.
The following are comments from Cengiz Belentepe, head of industrial and precious metals trading at Barclays. He spoke in an interview Oct. 10:
“We’ve seen instances of people coming in, whose first step is to buy an ETF, second step is to get educated on how the market works, third step -- I’m going to shift this in direct gold purchase and storage, fourth step -- let me allocate this metal into these locations. It’s the early step they are all migrating through, expressing the same view but in different ways.”
Read in full
Marc Faber - Obama, Romney & the US Fiscal Grand Canyon
Oct 15, 2012 by ogchris100
Dr. Marc Faber on Yahoo's Daily Ticker Financial Show. Topics include Europe, Asia and US markets along with US Election 2012.
Keiser Report: Enema of the State
One of the best and most rational Keiser Report if the year. Definitely worth watching.
Oct 16, 2012 by RussiaToday
In this episode, Max Keiser and Stacy Herbert discuss banksters having the 'eyes of used enema resellers' as 'transflation' rages and the bond markets teeter on the verge of collapse. In the second half of the show, Max Keiser talks to a former fraud squad detective, Rowan Bosworth-Davies of Rowans-blog.blogspot.co.uk, about the organized criminal conspiracy and racket happening right now in the City of London and why the police are not allowed to investigate without approval from politicians.
Tuesday, October 16, 2012
Court Strikes Down CFTC Regulation to Limit Excessive Speculation
Oct 15, 2012 by TheRealNews
Michael Greenberger: Legal and lobying assault by finance sector blocks regulation of excessive speculation, will create higher prices for food and other commodities.
Portugal protests against tough tax hikes
Oct 16, 2012 by Euronews http://www.euronews.com/ Hundreds of protesters stayed out in front of the Portugese parliament building late into Monday night after the government announced sweeping tax rises.
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