Tag - Central Bank Gold
Monday, August 19 2019
By GCRU Gold News on Monday, August 19 2019, 06:27
Papua New Guinea wants to retain at least 30% of the gold it currently exports as it transforms its economy under a new government leadership, the country’s commerce minister said on Monday.
Mori said that PNG would also consider pegging its currency, the kina, to gold, rather than the U.S. dollar.
Thursday, August 1 2019
By GCRU Gold News on Thursday, August 1 2019, 23:38
Central banks continued to load up on gold in the first half, helping push total bullion demand to a three-year high, according to the World Gold Council.
Nations added 374.1 tons in the first six months as Russia and China kept building reserves and Poland made a massive purchase. The trend is expected to continue, with a recent survey of central banks showing 54% of respondents expect global holdings to climb in the next 12 months.
Saturday, July 27 2019
By GCRU Gold News on Saturday, July 27 2019, 03:38
As none of the CBGA cartel central banks “currently has plans to sell significant amounts of gold“, has it been a case of gold buying envy as Russia, China and even and have piled into the yellow metal? It would certainly seem so.
By GCRU Gold News on Saturday, July 27 2019, 03:35
The European Central Bank says it and 21 national central banks in Europe are letting an agreement regulating gold sales expire, saying the deal struck two decades ago to stabilize the market for the precious metal is no longer needed.
Friday, July 19 2019
By GCRU Gold News on Friday, July 19 2019, 00:30
'If we use all of our foreign exchange reserves to buy US Treasury bonds, then when someday the Federal Reserve suddenly announces that the original 10 old dollars are now worth only one new dollar, and the new dollar is pegged to the gold – we will be dumbfounded.'
Thursday, July 11 2019
By GCRU Gold News on Thursday, July 11 2019, 00:36
“If the appeal of cryptocurrencies is their capacity to provide a common currency, and to maintain a uniform value for every issued unit, we need only consult historical experience to ascertain that these same qualities were achieved through the classical international gold standard,”
Monday, July 8 2019
By GCRU Gold News on Monday, July 8 2019, 03:32
Whatever the exact motives, both Hungary’s and now Poland’s gold purchases and repatriations are sending clear signals to the EU elites that in the realms of both politics and monetary policy, that two countries still have an independent streak and sense of national sovereignty found lacking in many other EU member states.
By GCRU Gold News on Monday, July 8 2019, 01:16
In an increasing globe trend, we note with interest the following statements made by the National Bank of Poland (NBP). Between 2005 and 2019, the NBP’s gold holdings increased by 125.7 tonnes to 228.6 tonnes and they also confirmed that nearly 50% of Polish gold will be repatriated to their country.
However what is even more telling is that, 95 tons of this increase can be attributed only to the month of June this year.
Thursday, June 20 2019
By GCRU Gold News on Thursday, June 20 2019, 23:31
So will there be a new central bank gold agreement announced in the next few weeks? Word on the street is that large institutions are being quizzed by the obedient World Gold Council and being asked if they in favour of a new CBGA or not. Given that the whole CBGA scheme was a cover whose main purpose has already been achieved, there is no compelling logic for a fifth CBGA, except of course unless there have been further physical gold flows out of western central banks which need to be squared off in the books.
Wednesday, June 5 2019
By GCRU Gold News on Wednesday, June 5 2019, 01:17
Venezuela has defaulted on a gold swap agreement valued at $750 million with Deutsche Bank AG, prompting the lender to take control of the precious metal which was used as collateral and close out the contract, according to two people with direct knowledge of the matter.
Monday, June 3 2019
By GCRU Gold News on Monday, June 3 2019, 08:06
A common theme in economics is “those who own the gold make the rules.” Recent statistics suggest a large disparity between the top gold holders in the world and those governments holding less of the yellow metal.
Thursday, May 30 2019
By GCRU Gold News on Thursday, May 30 2019, 22:08
The Philippines is joining a slew of central banks that are increasing gold holdings in foreign reserves.
Sales to Bangko Sentral ng Pilipinas could reach almost 1 million fine troy ounces a year from the current 20,000 to 30,000 ounces as a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners takes effect, according to Deputy Governor Diwa Guinigundo.
Saturday, May 11 2019
By GCRU Gold News on Saturday, May 11 2019, 06:57
Every so often, US media coverage provides glimpses into the US Treasury’s gold reserves stored with the . While this coverage never documents any of the claimed “deep storage” gold of the US Treasury, it contains just enough suggestion for the populace to connect the words ‘gold storage’ and ‘US Government’, and then return to their daily routines, assuming that the US has the largest strategic gold reserves in the world.
Wednesday, April 24 2019
By GCRU Gold News on Wednesday, April 24 2019, 22:52
India’s central bank is likely to join counterparts in Russia and China scooping up gold this year, adding to its record holdings and lending support to worldwide bullion demand as top economies diversify their reserves.
Wednesday, April 17 2019
By GCRU Gold News on Wednesday, April 17 2019, 23:41
About an hour and a half's drive north from New York City lies a treasure -- the gold kind. But it's not one that you can go and find.
In fact, you can't get anywhere near it. Because this treasure belongs to the United States Treasury.
Nearly a quarter of the U.S. government's gold sits beneath a windowless building on the campus at West Point.
Wednesday, April 10 2019
By GCRU Gold News on Wednesday, April 10 2019, 07:44
Gold was considered as a reserve of the third category for all banks, from central to commercial ones, where the reserves were, first of all, in dollars and bonds of the US. The norms of Basel III demand an increase, first of all, in monetary reserves. This impeded the volumes of monetary resources of banks that could be used to carry out expansion, but it was a compulsory measure for saving the stability of a world banking system that showed to be insufficient in a crisis.
By GCRU Gold News on Wednesday, April 10 2019, 01:25
Venezuela removed eight tonnes of gold from the central bank’s vaults last week, and the cash-strapped socialist state is expected to sell the bullion abroad as it seeks to raise hard currency in the face of U.S. sanctions, a lawmaker and one government source said.
The government source said the central bank’s reserves had fallen by 30 tonnes since the start of the year before U.S. President Donald Trump tightened sanctions, leaving the bank with around 100 tonnes in its vaults, worth more than $4 billion.
Sunday, April 7 2019
By GCRU Gold News on Sunday, April 7 2019, 22:35
Italy’s ruling populists pushed ahead this week with efforts to seize control of the central bank and its gold reserves, stepping up their confrontation with a symbol of the country’s establishment.
Wednesday, March 6 2019
By GCRU Gold News on Wednesday, March 6 2019, 01:37
Hot on the heals of , moves are now afoot in neighboring Romania to do likewise, via a parliamentary bill submitted by Romanian politicians Liviu Dragnea and Serban Nicolae which specifies that only 5% of gold reserves can be kept abroad.
Sunday, March 3 2019
By GCRU Gold News on Sunday, March 3 2019, 05:46
But in what was a huge missed opportunity for the Australian politicians to actual ask some tough and probing questions about the Australian gold reserves stored abroad (as was detailed in the RT article), the Australian Standing Committee on Economics gave the RBA governor and deputy governor an easy ride, let them off the hook, and incredibly, could not come up with even one decent question. Despite this, the RBA bosses squirmed and paused, and the whole session degenerated into an at times hilarious farcical chatter reminiscent of a bunch of Aussie mates having a Friday evening drink.