To avoid another hair cut (like that phrase) on the Cyprus accounts the bank had to sell off part of its gold reserve to raise 400M euro. After all, we've seen coming from the troubled Mediterranean island, their still short. The title is possessive, in the coming months will it be plural? From the World Official Gold Holdings Cyprus has 13.9 tons of gold, now if that little sell-off of 75% holdings made gold drop bellow $1500 which is a ripple in the pond of all the holdings combined a Tsunami is coming if other countries are forced to sell their holdings. Banks don't trust one another and you're seeing the exchange from paper to gold meaning the paper is worthless and as soon as the Feds raise interest rates all debts go higher and the paper money is worthless if not nothing. Think of this as an opportunity to buy the metals, they're on sale. Cyprus didn't decide to sell, it was told by the German-led troika that it must sell if it wants bailout money. Well, when in debt you sell assets and gold is one of them. The troika is a slang term for the three organizations which have the most power over Greece's financial future or at least that future as it is defined by the European Union. The three groups are the European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB).
David Owen, chief European economist at investment bank Jefferies, said: "As with Greece, we should not be under any illusion that we have seen the last of the Troika warning about Cyprus's debt dynamics. The draft EC report (that suggested another 6bn euro from Cyprus) saw as a worst case scenario Cypriot GDP falling by around 15% in the next two years before output stabilizes. However, Greek GDP has now fallen for three years since its bailout, to date by around 20%, with forward-looking indicators still pointing down."
Max Keiser and Stacy Herbert follow the ounces not the prices in the precious metals market and discuss the psyops of the gold war where sales of 1100 tons (45% of annual new supply) is sold into the market at once in order to alter behavior.
RussiaToday
Silver & Gold
Dr. Martenson is a scientist at his core. His Ph.D. is from Duke University, and his MBA in Finance was earned at Cornell. For Dr. Martenson, reaching conclusions simply results from the data and when it comes to gold and silver, the data is shocking.
From the 4,500 tons of missing gold, Eric Sprott pointed to in U.S. export figures, to the 300-ton German gold repatriation, the questions of who benefited from the plummeting prices. This is the first time in history in which currencies around the globe are failing simultaneously, as more and more currency is printed, and confidence in this mathematically untenable system under which debt is "money" collapses.
whygoldandsilver
