If China could have bought this much gold secretly without anyone knowing, who is to say that they haven’t bought more than this and are just not saying anything about it? Just something I thought I would offer for consideration.
CIGA Dr. Bob
Or sold dollars instruments?
Chinese Purchase Could Lead to Structural Shift in Gold Holdings, Says WGC
On Friday April 24, 2009, 1:49 pm EDT
NEW YORK & LONDON–(BUSINESS WIRE)–News that China has increased its gold holdings by more than 75% is a clear indication of the critical role that gold plays in central bank reserves, World Gold Council said today.
Welcoming the announcement by China’s State Administration of Foreign Exchange (SAFE) that the country’s official gold reserves have risen from 600 tonnes in 2003 to 1,054 tonnes, the CEO of World Gold Council, Aram Shishmanian, said:
“The Chinese government’s decision further demonstrates the leadership it is increasingly taking and its public recognition of gold’s proven role as a store of value and portfolio diversifier. We are closely monitoring developments at other central banks to determine whether they will follow China’s bold and thought-leading move, particularly those in Asia.
Dear Mr. Sinclair,
The grim reaper strikes again: Friday evening, four more banks were closed by the regulators, but I take note of a "new twist"
“…The Federal Deposit Insurance Corp. said it could not find a buyer for First Bank of Beverly Hills, and would pay its nearly $1 billion in insured deposits directly. (The bank had about $179,000 in uninsured deposits). The failure is estimated to cost the agency about $394 million.”
Four More Failures Cause $700M Loss
Four banks and thrifts totaling $2.3 billion in assets failed Friday on another busy — and expensive — night for the Federal Deposit Insurance Corp.
The failures — estimated to cost the FDIC roughly $700 million — were $1.5 billion-asset First Bank of Beverly Hills in Calabasas Calif.; $489 million-asset First Bank of Idaho FSB in Ketchum; $185 million-asset Michigan Heritage Bank in Farmington Hills; and $112 million-asset American Southern Bank in Kennesaw, Ga.
The failure toll has now hit 29 this year — four higher than the total number of collapses last year.
Despite the closures, depositors lost money in only one of the failures Friday evening. The Federal Deposit Insurance Corp. said it could not find a buyer for First Bank of Beverly Hills, and would pay its nearly $1 billion in insured deposits directly. (The bank had about $179,000 in uninsured deposits). The failure is estimated to cost the agency about $394 million.
But no customer at the smaller institutions lost a penny.
Depositors at First Bank of Idaho — which was closed by the Office of Thrift Supervision — will become customers of the main bank subsidiary of Minneapolis-based U.S. Bancorp.
U.S. Bank agreed to pay a 0.55% premium for First Bank of Idaho’s $261 million in nonbrokered deposits. (The FDIC will pay about $113 in brokered funds directly). The acquirer also will buy nearly $18 million of the failed bank’s assets, the FDIC said. The failure was estimated to cost the agency about $191 million.
The FDIC said Bank of North Georgia, in Alpharetta, paid a 0.003% premium to assume American Southern’s $55 million in nonbrokered deposits, while the agency said it would pay the bank’s $48.7 million in brokered deposits directly.
Bank of North Georgia also agreed to buy about $31 million of American Southern’s assets. The failure — the 10th in Georgia since the start of 2008 — is estimated to cost the Deposit Insurance Fund $41.9 million.
Michigan Heritage’s nonbrokered deposits — totaling about $102 million — will be assumed by Level One Bank, also in Farmington Hills, for a 1.16% premium. The FDIC will pay out the failed bank’s $50 million in brokered deposits.
Level One also agreed to buy about $46 million of the failed bank’s assets. The FDIC said the failure was estimated to cost $71 million.
Still, we’re told everything is fine
Fort Wealth Trading Co. LLC
866-443-0868 ext 104