Care to comment?
Turkish people can pay in gold in certain foreign exchange houses and most jewellers will accept gold as payment. Turkish banks are is now offering digital gold saving accounts.
Turkey expanded its gold reserves by 29.7 metric tons in April. Turkey’s bullion reserves climbed to 239.3 tons last month meaning that Turkey increased their gold reserves by 14% in April.
The central bank on March 27 doubled the share of lira reserves banks can hold in gold to 20%, saying it would provide 6.1 billion liras ($3.3 billion) of extra liquidity.
"This addition," the WGC says, "was the result of a policy change under which the central bank will now accept gold in reserve requirements from commercial banks to help the banks utilize their gold in managing their liquidity."
CIGA Derek A
I have commented on this trend whereby gold is moving towards, and not away from the monetary system.
Gold Deposits Of USD 1 Billion To Be Collected By Turkish Bank
Published in Market Update Precious Metals Update on 12 June 2012
Today’s AM fix was USD 1,589.25, EUR 1,271.40, and GBP 1,025.65 per ounce.
Yesterday’s AM fix was USD 1,593.00, EUR 1,264.79, and GBP 1,023.45 per ounce.
Gold climbed $5.60 or 0.35% yesterday in New York and closed at $1,600.20/oz despite stock markets giving up early gains on misguided optimism regarding the Spanish “bailout”.
Gold fell initially in Asia before trading sideways and this range trading has continued in European trading.
An update on the front page of the FT online declares: ‘Hong Kong Urged To Review Dollar Peg’.
Looks like you are right again – this time regarding the USD vulnerability.
This June may well be remembered as the month it all ended.
The end is here, not near. The drama must play itself out but there is no going backwards to better times.
The dollar is a mirror image of the euro. The euro will be resolved one way or another. Then the dollar enters a collapse phase.
Jim Sinclair’s Commentary
The most endangered species in the Western world is on two feet. It is the pensioner without a paid off hobby farm.
Public-employee pensions face a rollback in Calif
Pension of public employees have long been considered untouchable. Deteriorating local, state, and federal financials have politicians with increasing support of the private sector saying no more.
Any move that curtails public pensions carries consequences. The public sector, a large employer of the US civilian workforce, could very well be faced with a sharp reduction in their current and future standard of livings via a public vote. This will not only curtail economic growth in a predominantly consumption-driven economy but also could further polarize the nation into social and political extremes.
Headline: Public-employee pensions face a rollback in Calif
SAN DIEGO (AP) — For years, companies have been chipping away at workers’ pensions. Now, two California cities may help pave the way for governments to follow suit. Voters in San Diego and San Jose, the nation’s eighth- and 10th-largest cities, overwhelmingly approved ballot measures last week to roll back municipal retirement benefits — and not just for future hires but for current employees. From coast to coast, the pensions of current public employees have long been generally considered untouchable. But now, some politicians are saying those obligations are trumped by the need to provide for the public’s health and safety. The two California cases could put that argument to the test in a legal battle that could resonate in cash-strapped state capitols and city halls across the country. Lawsuits have already been filed in both cities. "Other states are going to have to pay attention," said Amy Monahan, a law professor at University of Minnesota. The court battles are playing out as lawmakers across the U.S. grapple with ballooning pension obligations that increasingly threaten schools, police, health clinics and other basic services. State and local governments may have $3 trillion in unfunded pension liabilities, and seven states and six large cities will be unable to cover their obligations beyond 2020, Northwestern University finance professor Joshua Rauh estimated last year.
Why aren’t we hearing more about this potential purchase to China? How would this affect JP Morgan Goldman and Barclays? If China controls the market would anything change?
You really think the "good old boys" will allow this to happen?
ICE, HKEx seen likely to raise offers for LME
By Susan Thomas and Veronica Brown
LONDON, June 6 (Reuters) – The two remaining suitors for the London Metal Exchange (LME) will resubmit proposals on Thursday and are likely to raise their bids in the final stages of a contest to buy the world’s biggest metals marketplace, sources close to the situation said.
The content of bids by InterContinental Exchange and Hong Kong Exchanges and Clearing are similar, the sources have told Reuters.
Both have pledged to keep the LME’s unique composition unchanged for now, including its warehousing network, complex prompt-date structure and open outcry trading. Trading on the LME sets global benchmark prices for six base metals.
That has increased the prospects the two bidders will be asked to refine the proposals, which sources have said are already around 1.2 billion pounds ($1.84 billion).