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Wednesday, December 21, 2016

IMF - Chinese RMB (Yuan) in SDR from 1st Oct 2016

Christine Lagarde on the significance of the Yuan's inclusion to the SDR



IMF Christine Lagarde Announces Activation Chinese RMB (Yuan) into SDR

Thursday, April 21, 2016

Shanghai Gold Exchange : Notice of Launching Shanghai Gold Benchmark Price Trading


Shanghai Gold Exchange (the “Exchange”) will launch Shanghai Gold Benchmark Price Trading on April 19, 2016. The term “Shanghai Gold Benchmark Price Trading” is a centralized pricing process that involves the issuance of various prices as per the corresponding buy and sell orders so that, by the end of multiple rounds of the trading process, the total buying volume and selling volume reach a relative balance and the orders are then matched and executed at the price, the Shanghai Gold Benchmark Price. Detailed specifications of Shanghai Gold Benchmark Price Trading are hereby given as below:
1. The trading code of Shanghai Gold Benchmark Price Trading is SHAU. The quotation unit is in RMB/gram. The minimum price fluctuation is RMB 0.01/g. Trades shall be in multiple of lots, with each lot corresponding to 1 kg. The minimum quotation size is 1 lot, the maximum quotation size is 30,000 lots. T+2 delivery.Relevant product specifications are detailed with Product Specifications for Shanghai Gold Benchmark Price Trading (attached hereto as Annex 1).
2. The auction runs twice daily with the AM session begins at 10:15an and PM session at 2:15pm. There are five minutes for the issuance of reference prices and one minute for the display of Initial Price.
3. The Exchange will announce the Previous Benchmark Price on April 18 as the reference for price limit calculation of the first Shanghai Gold Benchmark Price Trading on April 19.
4. The transaction fee of Shanghai Gold Benchmark Price Trading will be exempted from April 19, 2016 to June 30, 2016.
5. Member shall file with the Exchange Application Form for Shanghai Gold Benchmark Price Trading (attached hereto as Annex 2). Currently the trading access is not open to individual customers.
6. Executed orders of Shanghai Gold Benchmark Price Trading will be cleared along with other SGE products under the same account. During the end-of-day clearing, the Exchange will clear positions in the sequence of price matching trades, Shanghai Gold Benchmark Price trades, and inquiry trades. Clearing orders and default determinations are detailed with Explanation of Default Determination Process of Margin Trading Products in Clearing System as per attached.
7. Traders with trading access to price matching system could use the same username, password, electronic certificate and certificate code to log in Shanghai Gold Benchmark Price Trading system. Members that connects to the Exchange through leased line shall provide their IP address to Technology Operation and Maintenance Department of the Exchange and grant access to firewall. International members could use SGEI Trading System directly. From April 7 to April 12, members could verify the connectivity to the production environment of Shanghai Gold Benchmark Price Trading system.
8. The terminal deployed in production environment is available on Shanghai Gold Benchmark Price Trading System Terminal Download page from the sector of Member Center – The Exchange’s Notice after login into the Membership sector on SGE’s website. International member do not need to download or install the software. As the stimulation environment of Shanghai Gold Benchmark Price Trading is still available after April 7, members shall distinguish production environment from stimulation environment when installing the terminal and use different terminals in case of misoperation.
Please use IE 10.0 or above version or Google Chrome to log in member management system. Windows 7 or above version is suggested when running Shanghai Gold Benchmark Price Trading terminal.
Shanghai Gold Exchange
April 12th, 2016

Why China launched a CNY-denominated gold benchmark



Monday, 18 Apr 2016 | 10:19 PM ET China's new CNY-denominated gold benchmark aims to attract foreign participation, says Marwan Shakarchi, MKS Switzerland's chairman.

Monday, April 18, 2016

World Of Money: "In The World We Live In"

Published on 27 Mar 2016 - Lecture by Brother Zahid Aziz titled World of Money: "In The World We Live In. Brother Zahid is one of the of the founder of movement "Toward s Just Monetary & Financial System. He has 25 years of experience in Muamalat Industry, the winner or IIUM Best Student Award 2012 for Banking & Finance. Hope this talks will give us some new light with regard to monetary & financial system in the world we live today.




TPP, TTIP, TISA. - The US strategy to create a new global legal and economic system

Friday, November 28, 2014

Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US

Published time: November 28, 2014 05:25
Reuters / Michael Dalder
Reuters / 
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad.
The Dutch central bank – De Nederlandsche Bank – was one of the latest to make the move. The bank announced last Friday that it moved a fifth of its total 612.5-metric-ton gold reserve from New York to Amsterdam earlier in November.
It was done in an effort to redistribute the gold stock in “a more balanced way,” and to boost public confidence, the bank explained.
“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the bank said in a statement. “In addition to a more balanced division of the gold reserves...this may also contribute to a positive confidence effect with the public.”
Dutch gold reserves are now divided as follows: 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.
Meanwhile, Switzerland has organized the ‘Save Our Swiss Gold’ referendum, which is taking place on November 30. If passed, it would force the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the UK and Canada.
“The Swiss initiative is merely part of an increasing global scramble towards gold and away from the endless printing of money. Huge movements of gold are going on right now,” Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious metal dealer BullionStar, told the Guardian.
France has also recently joined in on the trend, with the leader of the far-right National Front party Marine Le Pen calling on the central bank to repatriate the country’s gold reserves.
In an open letter to the governor of the Banque de France, Christian Noyer, Le Pen also demanded an audit of 2,435 tons of physical gold inventory.
Germany tried and failed to adopt a similar path in early 2013 by announcing a plan to repatriate some of its gold reserves back from the US and France.
The efforts fizzled out this summer, when it was announced that Germany decided to leave $635 billion worth of gold in US vaults.
Germany only keeps about a third of its gold at home. Forty-five percent is held in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.

Goldman Sachs, HSBC, BASF sued in first US metals price manipulation case

Published time: November 26, 2014 14:09
Platinum bars (Reuters / Michael Dalder)
Platinum bars (Reuters / Michael Dalder)
Four major global firms are to appear in a New York court accused of manipulating platinumm and palladium prices for eight years. The law suit is the first of its kind in US history.
Those accused include units of Goldman Sachs Group, the world’s biggest global investment bank, HSBC Holdings, Europe's largest bank by market value, the metals unit of BASF SE (BAS) ), the world’s largest chemical company, and Standard Bank Group from South Africa, the world’s largest producer of platinum and second largest producer of palladium after Russia.
The plaintiffs claim the manipulations of precious metals prices, which is believed to have started in 2007, have cost purchasers millions of dollars, Reuters reports.
The companies have been sued for using insider information about client purchases and sale orders to profit from slight movements in the price of platinum group metals, be they used for jewelry or for industrial use, such as the production of automotive catalytic converters, fuel cells, etc.
The illegal sharing of customers’ data enabled the banks to undertake a “front-running” price manipulation, with the help of fabricating “spoof” orders, which is claimed violates US antitrust and commodities laws.
The suit was filed in the Manhattan Federal Court on Tuesday by Modern Settings LLC, a Florida-based maker of jewelry and police badges. All four defendant companies refused to comment on the issue.
Last year BASF’s metal unit generated €2.36 billion ($2.95 billion) revenue in precious metals trading, according to Reuters.
Regulators around the world have been tightening the screws on the global banks over the manipulation with some of benchmark rates, such as rates on the foreign exchange markets and the inter-bank London Interbank Offered Rate (LIBOR).
In spring 2014 the Swiss regulator became the first to confirm it had uncovered illegal currency rate rigging by world’s leading financial organizations, Goldman Sachs, and HSBC included.
By November the world’s biggest banks had agreed to pay out $4.3 billion to settle an investigation into their alleged rigging of foreign exchange rates.

A Major International Monetary Crisis is Looming: The Suppression of Gold and Silver? Is COMEX being Cornered?



Global Research, November 25, 2014

gold
It is with a deep sense of gratitude that I have had all of you as friends and associates during what has been a long war, not a good war, but a very long “financial war”.  As you know from these writings; this has been a war conducted by the Federal Reserve against the entire world, aided and abetted by major international banks via the manipulation of most every market on the planet.  The ethics and morals our country was originally built on …be damned!

The events mentioned herein relative to the suppression of gold and silver using dollar hegemony as the tool indicate a major international monetary crisis is dead ahead, this is obvious.  Power in the hands of the few have made massive gains for those at the top of the economic ladder while the average man has become a debt slave to the few.  There are of course the laws of Mother Nature and “unintended consequences”.  Those at the top who intend to “rule the world” are being challenged from the East in what I believe to be almost a winner take all “war”.  It did not have to be this way but the “West” has forced this.

Wednesday, February 19, 2014

Gold Heading To $1,400 This Year: US Global's CEO - Kitco News

Published on 18 Feb 2014 | Kitco News speaks with US Global Investors' CEO Frank Holmes about gold's price movements last week and where he expects the yellow metal is headed. "Now with gold going above the 200-day, there's a sentiment of relief and it is positive," he says. However, Holmes says that this does not mean investors are 'runaway bullish' on gold just yet. Holmes is optimistic about gold's direction, stating that one of the major headwinds for the metal last year will probably soften in 2014. "One of the big headwinds last year in government policies was CPI numbers fell and interest rates for government bonds went up...that was a big headwind for gold," he says. "I think you'll see that change this year; you're going to see CPI numbers start to rise and lots of capacity in the economy means rates are not going to rise; so, we'll probably see a negative real rate of return which would take gold up to around $1,400 an ounce." Tune in now to hear more from Frank Holmes and to hear which mining stocks he is eyeing. Kitco News, February 18, 2014.




Thursday, January 30, 2014

CPM Called Jan. Gold Target, Now Eyes $1,320 in March

Published on Jan 29, 2014 | Kitco News' Commodities Confidential is back with CPM's Jeff Christian talking about gold and some factors that led to higher prices in January. Earlier this month, CPM said gold prices could reach $1,280 while prices could go even higher by early-Feb or late March. "We do think we will see $1,320 but it's probably more likely late March than early February," he says. Looking over at emerging markets, Christian says monetary authorities are suggesting higher interest rates in EM nations in order to support tumbling currencies. "I'm not really sure that solves the problem," he says. Christian adds that the issues in emerging economies will unlikely lead to a 'full blown crisis.' Christian also discusses cash crunch concerns in China and the future of Indian gold import restrictions. Tune in now for a more in-depth look into the gold market with Jeffrey Christian. Kitco News



Monday, January 20, 2014

Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year

Submitted by Tyler Durden on 01/19/2014

On December 24, we posted an update on Germany's gold repatriation process: a year after the Bundesbank announced its stunning decision, driven by Zero Hedge revelations, to repatriate 674 tons of gold from the New York Fed and the French Central Bank, it had managed to transfer a paltry 37 tons. This amount represents just 5% of the stated target, and was well below the 84 tons that the Bundesbank would need to transport each year to collect the 674 tons ratably over the 8 year interval between 2013 and 2020. The release of these numbers promptly angered Germans, and led to the rise of numerous allegations that the reason why the transfer is taking so long is that the gold simply is not in the possession of the offshore custodians, having been leased, or worse, sold without any formal or informal announcement. However, what will certainly not help mute "conspiracy theorists" is today's update from today's edition of Die Welt, in which we learn that only a tiny 5 tons of gold were sent from the NY Fed. The rest came from Paris.
As Welt states, "Konnten die Amerikaner nicht mehr liefern, weil sie die bei der Federal Reserve of New York eingelagerten gut 1500 Tonnen längst verscherbelt haben?" Or, in English, did the US sell Germany's gold? Maybe. The official explanation was as follows: "The Bundesbank explained [the low amount of US gold] by saying that the transports from Paris are simpler and therefore were able to start quickly." Additionally, the Bundesbank had the "support" of the BIS "which has organized more gold shifts already for other central banks and has appropriate experience - only after months of preparation and safety could transports start with truck and plane." That would be the same BIS that in 2011 lent out a record 632 tons of gold...
Going back to the main explanation, we wonder: how exactly is a gold transport "simpler" because it originates in Paris and not in New York? Or does the NY Fed gold travel by car along the bottom of the Atlantic, and is French gold transported by a Vespa scooter out of the country?
Supposedly, there was another reason: "The bullion stored in Paris already has the elongated shape with beveled edges of the "London Good Delivery" standard. The bars in the basement of the Fed on the other hand have a previously common form. They will need to be remelted [to LGD standard]. And the capacity of smelters are just limited."
So... New York Fed-held gold is not London Good Delivery, and there is a bottleneck in remelting capacity? You don't say...
Furthermore, Welt goes on to "debunk" various "conspiracy websites" that the reason why the gold is being melted is not to cover up some shortage (and to scrap serial numbers), but that the gold is exactly the same gold as before. Finally, to silences all skeptics, the Bundesbank says that "there is no reason for complaint - the weight and purity of the gold bars were consistent with the books match." In conclusion, Welt reports that in 2014 "larger transport volumes" can be expected from New York: between 30 and 50 tons.
Here we would be remiss to not point out that the reason why the German people and the Bundesbank have every reason to be skeptical is that as Zero Hedge reported exclusively in November 2012, before the Buba's shocking repatriation announcement and was the reason for the escalation in lack of faith between central banks, it was the Fed and the Bank of England who in 1968 knowingly sent Germany "bad delivery" gold.  Which is why we have a feeling that the pace of gold transportation will certainly not accelerate until such time as the German people much more vocally demand an immediate transit of all their gold held at the New York Fed: after all, it's there right - surely the Bundesbank can be trusted to melt the gold (if any exists of course) into London Good Delivery or whatever format it wants.
Unless of course, the gold isn't there...

more >>>


Monday, November 4, 2013

The Gold is Gone - Germanys' access to its gold denied


Published on 15 Aug 2013 | The world is losing trust in the dollar as a safe haven. A major blow came after Germany's Bundesbank demanded the repatriation of a big chunk of its gold being held in the US. Because as RT's Gayane Chichakyan reports, some are concerned the assets of foreign nations in the Federal Reserve are not secure or even there. 

The Germans were infuriated when the US Federal reserve didn't even let them examine their own assets properly. Peter Boehringer, the founder and chairman of 'German Precious Metal Association', says that's a bad sign.



Sunday, November 3, 2013

Venezuela got their gold, why not Germany?

Submitted by Ben S. on Tue, 09/10/2013 - 09:46

I guess I missed this bit of news, but Venezuela recently got about $9 billion worth of their gold transferred from American to Venezuela.

Germany requested an audit of their gold, which we refused, and $34 billion worth of their gold, which we said we would deliver in 7 years.

What's up? We're not exactly best buds with Venezuela, yet we ship their gold right away. Germany isn't exactly an insignificant country, especially economically (as far as I can tell, they're pretty much funding the rest of the EU right now), but we refuse to even audit their gold holding in our country?

Anyone have any great theories on this one? Something to do with central banks and the Fed vying for power? I thought I had a clue until I started reading about Venezuela.

Article about Venezuela gold:



Why Does Germany Want It's Gold Back?

Published on 12 Feb 2013 - This video is about, why does Germany want it's gold back from the Federal Reserve in New York - by MrEnergyCzar ?




More And More Germans Want Their Gold Back

ADAM TAYLOR | OCT. 31, 2012,

Germany's gold reserves are amongst the highest in the world and they have been kept almost entirely overseas due to Cold War fears of a Soviet invasion. Almost half of Germany's gold is kept in Manhattan — deep in the heart of the Financial District at the New York Fed. But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

But some German politicians seem to be getting uncomfortable with trusting the US with this system. They want to actually see the gold, to make sure its still there. Some even want it back. A campaign called "Bring back our Gold" was launched in May, and seems to be making an impact on mainstream politics.

Der Spiegel's Sven Böll and Anne Seith have published a good explainer about the situation. A large part of the movement seems to come from Peter Gauweiler, the head of the conservative Christian Social Union (CSU), who has for years demanded to know exactly where Germany's gold is (He eventually was allowed to visit the Bundesbank's domestic gold in storage in Frankfurt).

However, what really got Guaweiler riled up was a secret report from Germany's Federal Audit Office that sternly criticized the German central bank. The report, while apparently routine, looked like a key piece of evidence to those expecting some sort of conspiracy theory. As Der Spiegel describes it:

Indeed, the partially blacked-out report read like the prologue to an espionage thriller in which the stunned central bankers could end up standing in front of empty vaults in the US.

Germany has almost 3,600 metric tons of gold, second only to the US. Half of that gold has been stored at the NY Fed since the late 70s, sitting fifth sub-floor of the bank's building on Liberty Street, 80 feet below street level. The Germans were not allowed to see their gold for decades, but in 2007 they were finally allowed in, and, after further inquiries, finally allowed to actually touch some of the gold in 2011.

While this fuels conspiracy theories, it is standard practice for US gold storage institutions. The owners of the gold in Fort Knox have not seen their gold for decades. But that doesn't stop the rumors and conspiracy theories doing the rounds about missing gold, or secret agreements between the US and German governments.

While the report was mostly calling for better measures to account for the vast amount of gold, the movement to bring it all back is large. As Der Spiegel notes, that's hugely impractical, "One cannot simply pack 1,500 tons of gold into an Airbus A380 super-jumbo jet and fly it back to Germany."

But it wouldn't be entirely unprecedented. Ambrose Evans-Pritchard of The Telegraph notes that secret German reports have revealed that the country took two-thirds of it's gold back shortly after the start of the Euro a decade ago.

Evans-Pritchard says that the timing of the move makes no sense on the surface — coming as the euro was at its weakest — but may have been ordered as the Bank of England was selling off its own gold and there were fears that the gold may not be clearly allocated to Germany.



Tuesday, October 22, 2013

Reports Are Back, Bullish For Gold?

Published on 21 Oct 2013 | The government shutdown is over, economic reports are back on track and Gary Wagner is on Kitco News to tell Daniela Cambone what this means for gold. "[The U.S. government] hasn't solved anything and that means uncertainty," Gary says. "Uncertainty of course is a bullish factor for gold." During the government shutdown, all government reports were postponed but now that it is over, the much-anticipated jobs numbers will be released Tuesday morning. "I wouldn't even fathom to guess what the outcome might be from that," Gary says. "It's going to be an interesting week." Tune in now to hear his key support and resistance levels for gold this week. Kitco News, October 21, 2013



Monday, August 19, 2013

Gold Demand Trends Q2 2013

Published on 14 Aug 2013 | David Lamb, Managing Director Jewellery, talks through the findings from the Q2 2013 Gold Demand Trends report.



Cyprus Gold Heading to China

12 Apr 2013 | Today's gold selloff is the weak hands selling in the west trying to keep the paper game going. This gold will end up in China's hands. Cyprus gold was confiscated to feed the beast. China doesn't have to do anything and they will inherit the world. Wealth is being transferred eastward. This was a coordinated sell off. First you had Goldman's call, the ECB forcing Cyprus to give up gold for 7 billion euros meanwhile the Fed is printing 85 billion a month so in 1 year the Fed is printing 100 times the bailout given to Cyprus but they are a mess and the Dow is at all time highs...such nonsense. Don't be fooled.



Thursday, June 20, 2013

The Secret World of Gold

Published on 21 Apr 2013 : Full Documentary



Gold futures down on global cues, subdued domestic demand

Gold prices fell 0.42% to Rs27,894 per 10 gm in futures trade on Thursday

New Delhi: Gold prices fell 0.42% to Rs27,894 per 10 gm in futures trade on Thursday as participants reduced their positions largely in tandem with a weak trend overseas. Besides, subdued spot demand also weighed on the prices.

At the Multi Commodity Exchange, gold for delivery in August contracts eased by Rs117, or 0.42%, to Rs27,894 per 10 gm in business turnover of 1,275 lots. Likewise, the metal for delivery in far-month October shed Rs112, or 0.40%, to Rs28,063 per 10 gm in 66 lots.
In the spot markets, gold prices dropped by Rs80 to Rs28,400 per 10 gm in the national capital in Wednesday’s trade.

Analysts said besides subdued domestic demand, a weak trend in the overseas markets as the US Federal Reserve chairman Ben Bernanke said it could start tapering off its massive stimulus programme later this year, mainly weighed on gold prices at futures trade in India.
They said, however, depreciating rupee which slumped to a record low of 60 against the dollar, cushioned the fall as weak rupee makes imports costlier.

Globally, gold fell 0.9% to $1,339.55 an ounce, the cheapest since 20 May in Singapore on Thursday.
 First Published: Thu, Jun 20 2013. 02 01 PM IST source here