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Wow!! Egypt Bans Export Of Gold "In Any Form"
Asheron
Posts: 1,229 Forumite
Looks like speculation that the Egyptian Central Bank's gold stash may have been just modestly plundered is starting to play out.
According to Reuters.
"Egypt has issued a ministerial decree immediately banning the export of gold in all its forms, including jewellery and ornaments, until June 30, the official news agency MENA said on Sunday. "This decision, which comes in light of the exceptional circumstances the country is passing through ..., is to preserve the country's wealth until the situation stabilises," MENA said.
Egypt's currency has come under pressure after some of the country's main sources of foreign currency, including tourism and foreign investment, collapsed after the protests that ousted President Hosni Mubarak erupted on Jan. 25." Obviously, this "emergency" step would not be required if the E(gyptian)CB was still in full possession of its purported stash of the inedible metal.
Whether the decline is due to alleged Mubarak sequestering of the shiny metal, or by other members of the former ruling regime is unclear, but one thing is certain: the WGC is long overdue in adjusting the Egyptian gold holdings from 75.6 tonnes to their real current value... far lower. As for Egyptian fiat: that is as freely exportable now as ever. If only anyone wanted it. But yes, somehow emerging markets are manipulating their currencies lower than fair value, the conventional wisdom claims.
Submitted by Tyler Durden on 02/27/2011 14:07 -0500
According to Reuters.
"Egypt has issued a ministerial decree immediately banning the export of gold in all its forms, including jewellery and ornaments, until June 30, the official news agency MENA said on Sunday. "This decision, which comes in light of the exceptional circumstances the country is passing through ..., is to preserve the country's wealth until the situation stabilises," MENA said.
Egypt's currency has come under pressure after some of the country's main sources of foreign currency, including tourism and foreign investment, collapsed after the protests that ousted President Hosni Mubarak erupted on Jan. 25." Obviously, this "emergency" step would not be required if the E(gyptian)CB was still in full possession of its purported stash of the inedible metal.
Whether the decline is due to alleged Mubarak sequestering of the shiny metal, or by other members of the former ruling regime is unclear, but one thing is certain: the WGC is long overdue in adjusting the Egyptian gold holdings from 75.6 tonnes to their real current value... far lower. As for Egyptian fiat: that is as freely exportable now as ever. If only anyone wanted it. But yes, somehow emerging markets are manipulating their currencies lower than fair value, the conventional wisdom claims.
Submitted by Tyler Durden on 02/27/2011 14:07 -0500
As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.
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Comments
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Maybe they heard that Mubarak was planning to take a flight out with Tutankhamen's death mask in his suitcase.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Why would they ban the tin foil hat peoples currency ?As an investor, you know that any kind of investment opportunity has its risks, and investing in Stocks or Precious Metals is highly speculative. All of the content I post is for informational purposes only.0
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'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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Have you forgotten already, what happened last week in Egypt ??
Talk about short attention span :eek:.....I've met Hummingbirds who could stay alert longer !!!'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Because of looters?Have you forgotten already, what happened last week in Egypt ??
Maybe Ash has been too busy with YouTube to watch the news and won't know that the Museum of Antiquities had some valuable exhibits stolen during the uprising, or understand that when the international banking system and governments close ranks on former dictators it means that they have to find something else of value to get out to their secret locations in exile.
If Mubarak gets a flight out of Sharm, he'd better be careful not to use EasyJet. That luggage allowance doesn't go very far when carrying precious metals.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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It always amazes me that people think despots will try to lug tons of Gold around the world.
A few bars, perhaps, but not the many tons needed to transport vast sums of wealth.
Diamonds or bearer bonds (the US stopped issuing them years ago, but some countries still do) are a far more practical choice if you really must transport something physical.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Gold is at $1400 an OUNCE. Hardly need tons to transport vast wealth. Unless you're Bill gates.0
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They actually have none.... and anybody wishing to transport it would quickly spot that there's none left. There are figures on paper... no physical stuff.
Gone.0 -
HAMISH_MCTAVISH wrote: »It always amazes me that people think despots will try to lug tons of Gold around the world.
A few bars, perhaps, but not the many tons needed to transport vast sums of wealth.
Diamonds or bearer bonds (the US stopped issuing them years ago, but some countries still do) are a far more practical choice if you really must transport something physical.
I should imagine Tuts death mask would be worth a few quid, without the bulk.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
I should imagine Tuts death mask would be worth a few quid, without the bulk.
I've been trying to work out if there is a more valuable gold artefact in the world. I honestly can't think of one.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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