Gold & European Economic Crisis:

Published on Jun 11, 2012 by KitcoNews : Peter Hug

Jeffrey Christian - forecast

Uploaded by KitcoNews on Mar 28, 2012:

IRAN SAYS “GOLD IS MONEY”

by Louis James

Economic crises signal that the current system isn’t working as expected and needs improvement. When it comes to monetary systems, questioning their fundamentals can lead to doubts about whether the preferred medium of exchange will continue to be preferred for long. The large-scale whirlwind of economic trouble around the globe has pushed some to rethink the role of gold in the economy – and to actually move toward bringing it back.

A month ago, a rumor that India is going to pay in gold for oil imported from sanction-struck Iran sent shockwaves through the markets. It was no small deal, both in principle and volume: India is one of Iran’s largest oil buyers, responsible for about 22 percent of total exports and worth about US$12 billion per year. China is next with 13 percent, and Japan is third with about ten. All of them are having a hard time dealing with Iranian oil imports, as the country is under sanctions caused by Western fears regarding its nuclear program.

Then an Israeli news site claimed exclusive knowledge of a possible workaround between India and Iran: settling the purchases in gold. Indian government officials refused to comment, which added to the speculation.

On the surface, the arrangement looked like a great way to settle the purchases via a stable medium: Iranian currency, the rial, is not widely used outside its border, and gold’s inherent anonymity would have provided a perfect way to avoid unnecessary attention from the global community. Ironically, it was precisely the fact that the settlement was planned in gold that attracted so much attention.

It proved to be nothing but a rumor, however: the sides decided to arrange the deal in a more tactical manner. India will partly cover the purchases with its own currency, and Iran will later use those funds to acquire imports.

But gold is not out of the equation yet. The US-initiated sanctions were effective, at least in the sense of making international institutions avoid the pariah nation. Reuters reported that Iran has failed to organize imports of even basic food staples for its population of 74 million. Prices on local markets rose sharply; and as the country neared parliamentary elections on March 2, the government was taking radical steps to provide citizens with basic necessities. One of those unconventional solutions was offering gold as barter for food.

Full report :

Gold is Money: EU Sanctions on Iran include gold and silver purchases.

Written By Kenneth Schortgen Jr on Monday, January 23, 2012 | 9:02 AM

Think gold is not money to central banks and governments?  Just look at one of the prohibitions the EU imposed on Iran recently in their economic sanctions.


Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran.


According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official.


Currency wars continue and are deepening. - Zerohedge




You would think that the EU would LOVE to get rid of their 'relic' metals in exchange for oil.  That is, unless you realize the propaganda that gold and silver are not money is a bold faced lie.

the daily economist

2012 : OUTLOOK FOR GOLD PRICES - CCTV News

Uploaded by cctvnewsenglish on 28 Dec 2011 - Gold prices have fallen 16 percent since reaching a record high, above 1,900 U.S. dollars an ounce in September. But 2012 looks to be another glittering year, with many analysts and institutions predicting gold prices will again rise.

Goldman Sachs says gold prices will continue to go up, and will average one thousand 940 dollars per ounce over the next 12 months. Meanwhile, Citigroup's metals expert says gold could appreciate to three thousand 400 dollars in the next year or two. Although gold's decline has shown extreme risk aversion on the market, the analyst at Deutsche Bank says they see a recovery in gold prices next year.

2012 Precious Metals Outlook with Jim Wyckoff

Uploaded by KitcoNews on 16 Dec 2011 - As part of the Kitco News "Precious Metals Outlook 2012", Jim Wyckoff brings us this special edition of "Technically Speaking" to present us with his outlook for 2012.

European debt crisis boosting gold demand.

Video site : http://bloom.bg/vXT2UM#ooid=BzN3AwMzpcCMOD6qX87jPaS9E_1nLygZ Marcus Grubb, managing director of investment research at the World Gold Council, talks about the outlook for gold after demand rose 6 percent in the third quarter from a year earlier. He speaks with Owen Thomas on Bloomberg Television's "Countdown." (Source: Bloomberg)

Rising silver & gold demand in China.

Uploaded by hjmanan on 20 Nov 2011 - Banking in China.

Gold Rush Hits US House Parties

Uploaded by VOAvideo on 15 Nov 2011 - As world financial markets rise and fall, interest in gold holds fast. As interest in buying gold has spread, so has the popularity of gold parties, where participants sell their golden treasures and walk away with cash. 

Gold found in South Africa mine's waste

Uploaded by AlJazeeraEnglish on Nov 4, 2011 - In a single gold mine in South Africa, an expected $2.2 billion worth of gold can still be extracted from just one dump site's waste material.Using water cannons and chemical treatements, a single mine can hope to extract about 3 grams in every tonne.

 It may not sound like much but if there is 140 million tonnes of waste lying around - the numbers start adding up. High prices means all the effort that goes into sourcing the precious metal may well be worth it.

Germany 4.0 Making its Mark.

Uploaded by RussiaToday on 3 Oct 2011 - the return of the deutschemark is imminent.

Gold rush ravages Malaysian forest!

Uploaded by AlJazeeraEnglish on 29 Sep 2011 - Malaysian forestry officials have warned that illegal mining is polluting rivers, causing soil erosion and damaging trees in the country's pristine forests. Mining for gold has been taking place in Malaysia's southern state of Johor since the 1960s, but as gold prices have soared in recent months the hunt for the precious metal has intensified.

Gold starting to lose glitter following slump.

Uploaded by AlJazeeraEnglish on Sep 26, 2011 - After hitting a high of $1,900 an ounce in early September, the price of gold has fallen to just above $1,500.European policymakers are struggling to resolve the region's debt crisis, and such fears would normally drive the price of gold higher.But with the commodity already at such lofty heights, many investors now feel the only really safe bet is cash itself, and hence the selling.

Gaddafi gold-for-oil,

dollar-doom plans behind Libya 'mission'? Uploaded by RussiaToday on May 5, 2011 - More speculation has been raised on the reasons for NATO's intervention in Libya. As RT's Laura Emmett reports, the organisation may have been trying to prevent Gaddafi from burying the American buck.

Gold Chart - Last 10 years

the USA dollar since sept 2001 is now worth only 14.3 cents , when compared to the price of gold over the last ten years , clearly the entire world no longer trusts nor wants the USA dollar.

Gold Chart - Last 10 years

Gold ATM sure to make a mint

Uploaded by ReutersVideo on 24 Sep 2010 :: As gold nears $1,300 an ounce, now $1,800+ (3rd Sept 2011) "Gold to go" unveils its first gold dispensing ATM in Europe at Madrid´s Westin Palace Hotel . 

   

Goldvein, Virginia : Gold Prices Luring Many to Start Prospecting

Uploaded by VOAvideo on Aug 25, 2011 - As gold prices continue to rise around the world, there is renewed interest in panning for gold in certain parts of the United States. In the late 1800's the state of Virginia had a thriving gold-mining industry. Today there is still gold to be found in the streams of central Virginia. The lure of easy money is drawing many to buy prospecting equipment and head into nearby streams. But as Jeff Swicord reports from Goldvein, Virginia, striking it rich is not that easy.

Gold rises as Asian markets slide

Uploaded by AlJazeeraEnglish on Aug 19, 2011 - For investors in this economic climate, it seems that all that glitters is gold. The cost of the precious metal hit an all-time high on Friday after its seventh consecutive weekly gain. The metal has already risen by 14 per cent in August.It is being called a modern day gold rush, and is fueled by the dismal performance of the stock markets across Asia pacific.

Casino Capitalism Centers failures makes gold stronger.

Published on Aug 18, 2011 by Euronews - The world financial markets have again been taking a beating due to renewed worries about recession and Europe's debt crisis. European bourses suffered their biggest daily fall in two and a half years - with the top 300 shares down five percent at the close. The sell off was on both sides of the Atlantic - with the Dow Jones Industrial Average down around four percent for most of the session - made worse by a decline in factory activity in the US Mid-Atlantic region and an increase in the number of Americans claiming new jobless benefits last week.

Gold Hits New Record After Chavez Announces Plan To Pull Reserves From US, European Banks

Thursday, August 18, 2011

Despite a report from the World Gold Council showing that demand for the precious metal has subsided, gold soared to a new record high today on the back of another stock market plunge and an announcement from Venezuelan President Hugo Chavez that the country’s gold mining industry would be nationalized.

Gold touched a new record high of around $1827 dollars an ounce as the Dow Jones plunged by 500 points in early trading.

Gold soared to new heights even in the face of aWorld Gold Council report that said demand was down 37% year on year.

However, the report noted that there was “increasing acceptance of higher price levels” globally, which explained a modest 3% fall in recycling gold on the supply side.

Although today’s new high for gold is obviously being driven by a flight to safety as the stock market crumbles, Hugo Chavez’s announcement last night that he was to nationalize the country’s gold mining industry undoubtedly has had an impact on today’s trading.

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