Results 1 to 8 of 8
  1. #1
    News Hound Investors Iraq News's Avatar
    Join Date
    Sep 2006
    Posts
    49,370

    Post Iraq Cuts Gold Holdings by a Quarter

    By John Lee.
    Reuters reports that Iraq cut its gold holdings by a quarter in November.
    Data from the International Monetary Fund (IMF) showed that the country’s stocks fell to 29.9 tonnes.
    (Source: Reuters)


    Source: Iraq-BusinessNews.com.

    Post your commentary below.

  2. #2
    Supporter and Investor!
    Join Date
    Nov 2005
    Posts
    903
    This contradicts other articles that have been saying Iraq is increasing its gold holdings!!!!
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  3. #3
    Supporter and Investor!
    Join Date
    Jun 2005
    Posts
    8,625
    The CBI brought gold in August, September, and October of 2012. They sold gold in November 2012.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

  4. #4
    Supporter and Investor!
    Join Date
    Nov 2005
    Posts
    903
    Iraq quadrupled its gold holdings to 31.07 tonnes over the course of three months between August and October, data from the International Monetary Fund showed.

    The IMF's monthly statistics report showed the country's holdings increased by some 23.9 tonnes in August to 29.7 tonnes.

    That was followed by a 2.3-tonne rise in September to 32.09 tonnes and then a cut of 1.02 tonnes in October to 31.07 tonnes.
    It is Iraq's first major move in years to bolster its gold reserves.

    Read more: http://www.businessinsider.com/iraq-...#ixzz2JOse7uHO

    The headline in today's article from Reuters is wrong!
    Iraq has not sold a "quarter" of there gold reserves, they have only sold just under two tonnes (31.07 tonnes down to 29.9 tonnes) this is nothing compared with August when they acquired nearly 24 tonnes!!!
    Weird strategy going on buying so much then selling in November!! I wonder is this down to the new governor??
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  5. #5
    Supporter and Investor!
    Join Date
    Jun 2005
    Posts
    8,625
    Central Banks buy and sell gold assets often and if one reviews the CBI financial indicators one can see that it happen many times since 2003. However If they quadrupled their gold holdings to 31.07 tonnes that means they only had 7.7675 tonnes or ~348 billion dinar of gold in reserve July 2012. Gold and SDR's are combined on the balance sheet however the value of the SDR's only change once a year so any change in the SDR and gold total is only caused by gold.

    In Jan 2012 the total was 2.747 trillion dinar with gold serve being ~348.808 billion dinar and SDR's being ~ 2.398 trillion dinar.

    In July the total was ~2.398 trillion SDR's and 243 billion dinar in gold.

    End of October the total was 4.867 trillion with ~2.398 SDR's and 2.469 trillion gold.

    In December the total dropped to 4.176 trillion with ~2.398 trillion SDR's and 1.778 trillion dinar in gold.

    That's a drop of their gold holdings from 2.469 trillion to 1.778 or a drop of 691 trillion or .691/2.469=~27%.

    Allowing for a gold price fluctuation of $1640 to $1700 a oz during the buying and selling and a metric tonne of 29,400 ozs financials show that Iraq has sold ~ 25% of its previously acquired gold holdings.

    However gold is a very small part of the CBI assets. Their balanced assets are the banknotes they hold.

    7.5 trillion dinar French
    4.6 trillion dinar Italy
    2.5 trillion dinar English
    0.3 trillion dinar UAE
    6.4 trillion dinar Netherlands
    33.4 trillion dinar USA
    12.0 trillion dinar or countries.

    Gold is a very small part of Iraq's CBI assets and the end of Dec. 2012 was 2.2%
    Last edited by Screaming Eagle; 01-30-2013 at 03:44 AM.
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

  6. #6
    Supporter and Investor!
    Join Date
    Jun 2005
    Posts
    8,625
    http://thecurrencynewshound.com/2013...-by-a-quarter/

    “IMF”: Iraq reduce gold holdings by a quarter
    Posted: January 27, 2013 in Iraqi Dinar/Politics
    Tags: Baghdad, International Monetary Fund, Iraq, November, reuters, Russia, Turkey, United States

    27/01/2013

    Data from the International Monetary Fund (IMF) to Iraq to reduce its holdings of gold by a quarter to 29.9 tons last November, after efforts to strengthen reserves in recent times.

    According to monthly statistics report issued by the Fund holdings have increased 9.6 tons in September and October first two total up to 39.4 tonnes before falling back in November, while the data are not available December.

    came down in November after months of a significant increase in holdings Iraq is the first in years.
    reserves Baghdad tiny compared with the United States, which owns holdings are the largest ever, size 8133 tons, but Iraq remains ranked forty-fourth among more than 115 countries on the list of gold holdings to the International Monetary Fund.

    purchases of central banks for gold source key support for gold prices, which recorded a record high in September 2011.

    data showed rising reserves Russia gold 19.9 tons to 957.8 tons in December to jump two spots to sixth place in the world in terms of holdings of the precious metal.

    In December also Turkey increased its reserves by 45.6 tons to 359.6 tons. And allow Turkey to commercial banks using gold as collateral for loans and often due to changes in the level of reserves to such activity.
    In November South Korea lifted its holdings of gold 13.9 tons to 84.4 tons. (Reuters)
    Get a free first class world education here. http://www.khanacademy.org/

    We are all born ignorant, but one must work hard to remain stupid. - by Franklin, Benjamin.

  7. #7
    Supporter and Investor!
    Join Date
    Nov 2005
    Posts
    903
    Thanks SE for your research and posts - it's more the wording of the Reuters articles that have been confusing the situation...one article in early Jan stated Iraq have quadrupled there gold holdings over the previous months, then the article yesterday stated Iraq cut its reserves by a quarter...

    IMO Gold is going to play a major role in the future regarding all currencies - Already there is talk of the return of the gold standard...
    DINAR INDEX.COM London UK - Investments in the New Iraq - Currency Buy/Sell - ISX (Iraqi Stock Exchange) Facilitation - Iraqi Banking Services - Facebook.com/DINARINDEX - IIF Member since 2005

  8. #8
    Supporter and Investor!
    Join Date
    Sep 2008
    Posts
    3,396
    Maybe to do with Iran

    They are out of the $ banking system and are using gold as a currency to buy and sell goods.

    So Iraq may need the gold to pay for some goods from Iran.

    JMHO

    EB
    A day without laughter is a day wasted: Charlie Chaplin. :cheeky-smiley-025: :yelrotflmao:

    NO RV TODAY! MAYBE TOMMOROW! :shhh:

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Powered byvBSocial.com and Block Facebook