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Author: Subject: Gold is the "new" world reserve currency

Sublime Peach





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  posted on 10/24/2012 at 05:21 AM
I had a good laugh at that one, gold really never left as the worlds reserve currency. It's always been money. This is a grate article none the less.


http://www.marketwatch.com/story/10-nations-that-control-the-worlds-gold-20 12-10-20?link=MW_story_popular


10 nations that control the world’s gold

It is now more obvious than ever that gold is becoming the new global reserve currency. Continuous and aggressive central-bank actions from the United States and Europe are driving the demand for gold. Investors have not yet seen any of the real hyperinflationary pressures that seem likely down the road.

Gold’s substantial rise in price should speak for itself. In dollar terms, gold returned 11.1% in the third quarter and was up by 16% year-to-date through the end of the quarter. The World Gold Council said that gold has a low stock-market correlation through time. That was not the case in the third quarter. Gold still outperformed almost all the major equity markets in the largest gold-holding nations in 2012.

FROM 24/7 WALL ST.

24/7 Wall St. analyzed how the gold rankings compare to each major nation’s gross domestic product and how those figures compare to the top 10 holders of gold. What is surprising in some cases is how countries with the largest GDP are not necessarily the largest holders of gold. Two small nations, the Netherlands and Switzerland, are major holders of gold. Under the terms of the Central Bank Gold Agreement among major European states, many countries are supposed to be selling gold but are not.

The United Kingdom’s $2.43 trillion in GDP is the world’s seventh largest, but its gold holdings of 310.3 tonnes rank only 17th in the world and account for only 15.9% of its total foreign reserves. Does the old term “pound sterling” mean that the British banks really care more about silver? Another standout exception is Brazil, which has tiny gold reserves compared with its GDP. Its $2.5 trillion in GDP ranks sixth in the world, yet it holds only 33.6 tonnes of gold, or 0.5% of foreign reserves. Brazil ranks a surprising 52nd in the world among gold holders.

The International Monetary Fund is the third-largest official holder of gold, with more than 2,814 tonnes. The European Central Bank ranks right behind India, with 502.1 tonnes and 32.3% of its total foreign reserves held in gold. Central bank buying of gold was recently undertaken by Russia, Turkey, Ukraine and the Kyrgyz Republic. Turkey went as far as raising the gold reserve requirements for its commercial banks.

Click to Play Crash memories not about lossesMarketWatch senior columnist Chuck Jaffe joins Markets Hub to explain why memories of the crash of 1987 are still so vivid, but not the losses.

The World Gold Council report shows low borrowing costs and the support of financial markets spur gold accumulation. Gold is no longer just an inflation hedge; it is the key protection against a global race to devalue currencies, even if consumer prices are somewhat stable. Bonds pay historically low rates and stock market volatility has spooked many investors, so gold is becoming the true safe haven.

Major central banks are growing their balance sheets by purchasing trillions of dollars in paper assets. The World Gold Council said that research showed that a 1% change in money supply, six months prior, in the United States, Europe, India and Turkey tends to increase the price of gold by 0.9%, 0.5%, 0.7% and 0.05%, respectively. The Council also said that inflation is still several years off and many central banks have been more worried about deflation. Investors would be well advised to heed a warning from bond king Bill Gross, who told global investors to have exposure to hard assets, which will rise in value with inflation.

24/7 Wall St. has listed the 10 nations with the largest gold reserves, along with the percentage of total foreign reserves held in gold, each nation’s 2011 GDP and how it ranks in the world, and the local stock market performance. We have added analysis about how the potential unraveling of the euro could play into the future buying or selling of gold by European nations. For nations outside Europe, we have provided some historical context and predicted the path that their central banks are likely to follow in the years ahead.


[Edited on 10/24/2012 by jerryphilbob]

 

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Sublime Peach



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  posted on 12/18/2012 at 12:35 AM
The people of India seem to think gold is money. So much so their government is trying to convince it's citzens to stop buying physical gold?

quote:
help the investor enjoy benefits of investment in the metal without investing in the physical commodity.

I have a funny feeling this isn't going to work ... they aren't as stupid as the typical US citizen would be. They aren't going to buy that crap for one second. The people of India are way too smart for this scam.

Desperate to axe India's gold habit, govt mulls yellow metal-linked schemes to curb import

New Delhi: Attributing the surge in gold imports to high current account deficit (CAD), the government today said it is considering schemes like gold deposits, accumulation plans, gold-linked accounts and pension products to curb demand for the precious metal.

In its Mid-Year Economic Analysis tabled in Parliament today, government said gold-backed products will help the investor enjoy benefits of investment in the metal without investing in the physical commodity.

"Now gold backed financial instruments in the form of modified gold deposits and gold accumulation plans, besides gold-linked accounts and pension products linked with the precious metal are some measures being considered to reduce the attraction of a direct investment in bullion and jewellery in the domestic market and check a substantial rise in imports," the review said.

However, gold-linked investments would have to be monitored to see whether the overall demand for the metal actually falls, it added.

The Finance Ministry's Chief Economic Advisor Raghuram Rajan told reporters: "We are worried about gold imports. It is an unproductive instrument. The way to curb holding of gold is to create more attractive financial instruments.

"Some gold linked instruments have been talked about by the RBI but potentially there could be other financial instruments to attract investment."

The current account deficit (CAD), which occurs when a country's total imports are greater than total exports, has been rising on the back of record trade deficits, which in October jumped to a 12-year high of USD 21 billion on the back of rising oil and gold imports.

"We are worried about CAD. We want to take steps to monitor it," Rajan said on the government's worry on high CAD.

The Reserve Bank has unveiled a slew of curbs on gold purchase and financing as imports touched a record high last year, pushing up the current account deficit to a historic high of 4.2 per cent in the year.

In the 2011-12 fiscal, India's gold imports stood at USD 60 billion and the quantum of import was 1,067 tonnes.

A Finance Ministry official said the imports have shown signs of moderation and that gives the government hope that the CAD will be lower this fiscal.

In the April-June quarter of the current fiscal, however, gold imports had contracted by 18.4 per cent year-on-year to Rs 71,912 crore (USD 13 billion).

Gold imports into the country has risen considerably in the last three-four years.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

True Peach



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  posted on 12/18/2012 at 01:07 AM
Thank you for not posting a youtube of unknown origin with ominous music playing in the background.


From your article:


1. United States

Gold reserves: 8,133.5 tonnes

Percentage of total foreign reserves: 75.4%

GDP: $15 trillion in GDP (the largest)

Stock performance: S&P 500 up 5.7% in Q3, up 14.5% YTD

"It should be no surprise that the U.S. is the largest holder of gold as the dollar is the global reserve currency and the U.S. has by far the largest GDP of any nation. The growth of the Federal Reserve’s balance sheet can only be sustained without dire consequences if it is backed by hard assets like gold. Imagine if the conspiracy theorists are right and that Fort Knox and other repositories do not have gold in them. It is this gold, the massive U.S. GDP and America’s underlying wealth of natural resources that keep the dollar as the world’s reserve currency. If the World Gold Council is right in its assessments of inflation and gold, then the U.S. is likely to hold its reserve currency status for quite some time, even if credit rating agencies continue to downgrade the country"

 

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Sublime Peach



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  posted on 12/18/2012 at 07:11 AM
If the World Gold Council is right in its assessments of inflation and gold

First they would have to prove the gold is still there, and they won't do that. I do know that Germany is never getting it's gold back. I wonder how the IMF got to be 3rd on the list of gold holdings in the world.

Second, the inflation number is a flat out joke. Maybe if they would include food and energy cost in the number, it might be more real. Of course, they don't really want you to know the real inflation number, it is just like the unemployment number, a joke.

Don't you find it odd that we print and coin gold and silver, yet, you cannot buy it from any US bank? They mint the coins, they just won't sell them to you direct? Hmmn. Seems odd. Why don't they want you to have it?


IS GOLD MONEY?

Just ask Uncle Ben Bernanke ... He knows ... kinda ... listen to the PAUSE after Ron Paul asks him "is gold money?", too funny.

http://www.youtube.com/watch?v=2Dj9v9s9buk

 

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"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Ultimate Peach



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  posted on 12/18/2012 at 01:31 PM
. This is a grate article none the less.


While you keep posting things to show how you are just so scary smart is there any chance that you could possibly learn the difference between the word GRATE and GREAT? Seriously!



 

Maximum Peach



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  posted on 12/18/2012 at 03:06 PM
I think he's pretty much cornered the market on grating.

 

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This one goes to eleven...

 

Zen Peach



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  posted on 12/18/2012 at 03:16 PM
quote:
I think he's pretty much cornered the market on grating.
LMAO Brendan!!!

 

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Sublime Peach



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  posted on 12/18/2012 at 06:05 PM
quote:
GRATE and GREAT? Seriously!


Now this is exactly what I am talking about? Are you serious? You don't know why I use the spelling of GRATE ??? My god man, get it together. It's just not that tough.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Ultimate Peach



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  posted on 12/18/2012 at 06:21 PM
quote:
quote:
GRATE and GREAT? Seriously!


Now this is exactly what I am talking about? Are you serious? You don't know why I use the spelling of GRATE ??? My god man, get it together. It's just not that tough.




My god man. you are a LYING SACK OF MANURE! Here is an example of why I noticed this. YOU DO NOT KNOW THE DIFFERENCE BETWEEN GREAT AND GRATE.

FROM YOUR OWN POST!

http://allmanbrothersband.com/modules.php?op=modload&name=XForum&fi le=viewthread&tid=123642#pid2899987

posted on 4/27/2012 at 06:10 PM
A real nice moment last night when Derek came back on stage for the encore, he handed a young boy who was in the crowd an autographed slide. He did it will little fanfare and it was a grate gesture on Dereks part.

 

Sublime Peach



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  posted on 12/18/2012 at 06:39 PM
I can't help you if you don't get the reference ... it's really not that hard to grasp. Most get it, you don't. No big deal.

 

____________________
"If everyone demanded peace instead of another television set, then there'd be peace."



- John Lennon

 

Zen Peach



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  posted on 12/18/2012 at 08:01 PM
quote:
I had a good laugh at that one, gold really never left as the worlds reserve currency. It's always been money. This is a grate article none the less.


http://www.marketwatch.com/story/10-nations-that-control-the-worlds-gold-20 12-10-20?link=MW_story_popular


10 nations that control the world’s gold

It is now more obvious than ever that gold is becoming the new global reserve currency. Continuous and aggressive central-bank actions from the United States and Europe are driving the demand for gold. Investors have not yet seen any of the real hyperinflationary pressures that seem likely down the road.

Gold’s substantial rise in price should speak for itself. In dollar terms, gold returned 11.1% in the third quarter and was up by 16% year-to-date through the end of the quarter. The World Gold Council said that gold has a low stock-market correlation through time. That was not the case in the third quarter. Gold still outperformed almost all the major equity markets in the largest gold-holding nations in 2012.

FROM 24/7 WALL ST.

24/7 Wall St. analyzed how the gold rankings compare to each major nation’s gross domestic product and how those figures compare to the top 10 holders of gold. What is surprising in some cases is how countries with the largest GDP are not necessarily the largest holders of gold. Two small nations, the Netherlands and Switzerland, are major holders of gold. Under the terms of the Central Bank Gold Agreement among major European states, many countries are supposed to be selling gold but are not.

The United Kingdom’s $2.43 trillion in GDP is the world’s seventh largest, but its gold holdings of 310.3 tonnes rank only 17th in the world and account for only 15.9% of its total foreign reserves. Does the old term “pound sterling” mean that the British banks really care more about silver? Another standout exception is Brazil, which has tiny gold reserves compared with its GDP. Its $2.5 trillion in GDP ranks sixth in the world, yet it holds only 33.6 tonnes of gold, or 0.5% of foreign reserves. Brazil ranks a surprising 52nd in the world among gold holders.

The International Monetary Fund is the third-largest official holder of gold, with more than 2,814 tonnes. The European Central Bank ranks right behind India, with 502.1 tonnes and 32.3% of its total foreign reserves held in gold. Central bank buying of gold was recently undertaken by Russia, Turkey, Ukraine and the Kyrgyz Republic. Turkey went as far as raising the gold reserve requirements for its commercial banks.

Click to Play Crash memories not about lossesMarketWatch senior columnist Chuck Jaffe joins Markets Hub to explain why memories of the crash of 1987 are still so vivid, but not the losses.

The World Gold Council report shows low borrowing costs and the support of financial markets spur gold accumulation. Gold is no longer just an inflation hedge; it is the key protection against a global race to devalue currencies, even if consumer prices are somewhat stable. Bonds pay historically low rates and stock market volatility has spooked many investors, so gold is becoming the true safe haven.

Major central banks are growing their balance sheets by purchasing trillions of dollars in paper assets. The World Gold Council said that research showed that a 1% change in money supply, six months prior, in the United States, Europe, India and Turkey tends to increase the price of gold by 0.9%, 0.5%, 0.7% and 0.05%, respectively. The Council also said that inflation is still several years off and many central banks have been more worried about deflation. Investors would be well advised to heed a warning from bond king Bill Gross, who told global investors to have exposure to hard assets, which will rise in value with inflation.

24/7 Wall St. has listed the 10 nations with the largest gold reserves, along with the percentage of total foreign reserves held in gold, each nation’s 2011 GDP and how it ranks in the world, and the local stock market performance. We have added analysis about how the potential unraveling of the euro could play into the future buying or selling of gold by European nations. For nations outside Europe, we have provided some historical context and predicted the path that their central banks are likely to follow in the years ahead.


[Edited on 10/24/2012 by jerryphilbob]


I think back at some point in history chocolate/cocoa was what they traded in, and nobody demanded war. Maybe we should go back to that.

 

____________________
"Mankind is a single nation" "Allah did not make you a single people so he could try you in what he gave you, to him you will all return, he will inform you where you differed". Quran Chapter 2 Sura 213

 
 


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