Azzouz Qasim the Libyan central bank governor Revealed Tuesday that the Colonel Muammar Gaddafi's regime has sold in the last days before its collapse 20% of the gold reserves, equal to 29 tons of gold. Mr Azzouz told a news conference in Tripoli that gold sold was worth 1.7 billion dinars (1.47 billion dollars), It was sold in dinars in last April / May to traders within Libya to pay off staff salaries and to provide liquidity in the capital, The Bank officials say the gold sold may have found its way to neighboring countries such as Tunisia and others. The former Libyan Central Bank Governor Farhat Bin Guidara said last month that Gaddafi will try to sell a portion of the Libyan gold reserves to pay for protection and create chaos among the tribes in Libya. Bin Guidara told the Italian Corriere della Sera that there are in Tripoli reserves of gold worth ten billion dollars, and may be Gaddafi took some of them, and he pointed out that supporters of Gaddafi offered 25 tons of gold on his banker friend a short time ago. Azzouz confirmed that none of the assets of the Central Bank, whether or not gold that was not exposed to theft, and that what Gaddafi took was not from the coffers of the central bank, adding that the total cash reserves of the Bank of Libya are approximately $ 115 billion, ninety billion of which there are abroad According to the World Gold Council statistics for the past month, Libya Gold reserves are about 143.8 tons, equivalent to 5.6% of the total world Gold reserves .
Friday, September 9, 2011
Gaddafi sold 20% of Libyas Gold reserves before leaving
Azzouz Qasim the Libyan central bank governor Revealed Tuesday that the Colonel Muammar Gaddafi's regime has sold in the last days before its collapse 20% of the gold reserves, equal to 29 tons of gold. Mr Azzouz told a news conference in Tripoli that gold sold was worth 1.7 billion dinars (1.47 billion dollars), It was sold in dinars in last April / May to traders within Libya to pay off staff salaries and to provide liquidity in the capital, The Bank officials say the gold sold may have found its way to neighboring countries such as Tunisia and others. The former Libyan Central Bank Governor Farhat Bin Guidara said last month that Gaddafi will try to sell a portion of the Libyan gold reserves to pay for protection and create chaos among the tribes in Libya. Bin Guidara told the Italian Corriere della Sera that there are in Tripoli reserves of gold worth ten billion dollars, and may be Gaddafi took some of them, and he pointed out that supporters of Gaddafi offered 25 tons of gold on his banker friend a short time ago. Azzouz confirmed that none of the assets of the Central Bank, whether or not gold that was not exposed to theft, and that what Gaddafi took was not from the coffers of the central bank, adding that the total cash reserves of the Bank of Libya are approximately $ 115 billion, ninety billion of which there are abroad According to the World Gold Council statistics for the past month, Libya Gold reserves are about 143.8 tons, equivalent to 5.6% of the total world Gold reserves .
Bob Chapman : we could see a Revolution in Germany
Bob Chapman - The Sovereign Economist - 08 Sept 2011
Bob Chapman : The Germans do not get mad very often but when they get mad watch out , I lived in Germany for a long time I speak German I understand them very , groups do have their strong and weak points and Germans have theirs as well ....we could see a Revolution in Germany that's how mad are these people are , I would not be surprised if some of the politicians will me murdered , these people are really mad about this , they have been acting as a second party in Europe for years anything they were asked to do they did it , they have had it they are not going to give anymore , there is no guilt and there should not be because the people who grow up in the second world war are my age I mean in 1939 I was 5 years oldJULIAN PHILLIPS : Central Bank Gold Buying & China Role in the Gold Market
JULIAN PHILLIPS : as an investor in Gold mining shares I would tend to put a big circle around those countries able to take locally produced gold into their reserves those deposits will be far less vulnerable , not entirely without vulnerability but certainly far less vulnerable to such policies (Gold confiscation ) Europe is a classic example of a fixed currency system , you got a strong Germany which actually needs a strong Deutschmark , you got a weak Greece which needs a weak Drachma you put the two together under a one currency that's a fixed exchange rate and the end result you can possibly have is all the capital finds its way into northern Europe leaving Greek investors invested up north and not in their own economy , making sure that Greece remains a nice holiday resort period , so fixed exchange rate I think are a disaster for a range of economies worldwide
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