cyprus to sell gold

bronco2078

dips tend to shake gold out of weak hands

streeter

The market will absorb Cyprus' only AND last TIER 1
asset.

It'll be interesting to see how long it impacts price.
When entities dump gold in order to stay afloat, the worst
is yet to follow.

Sad for Cypriots, good for accumulators.

derryb

It won't affect price. It will be gobbled up in a private sale by a central bank(s). For all we know this whole mess could have really been about prying their gold from them. IMF works in mysterious ways.

bronco2078

When they wanted Cyprus's gold they gave them a carrot , sort of. Libya got the stick , sort of.


Iran and North Korea are going to get sticks , Slovenia gets the next carrot.


The big prize is Italy

streeter

Washington has 7 years to return Germany's gold.

Tic toc. Tic toc.

At least this way it doesn't have to cross the Atlantic.

Nothing to see here, back to American Idol.

cohodk

<< <i>The market will absorb Cyprus' only AND last TIER 1
asset.

It'll be interesting to see how long it impacts price.
When entities dump gold in order to stay afloat, the worst
is yet to follow.

Sad for Cypriots, good for accumulators. >>




Their best asset is the real estate. They could have been taken over by the Russians.

roadrunner

It's only 10 tonnes of gold.....or about 1 min of trading on the Comex....or about one day of world mine production. Shouldn't make any difference.

I don't know if Cyprus vaulted their own gold. But if they didn't, their gold was already long gone. That would mean this is just a paper exercise in shifting the books around.
But like the IMF, always try to get some mileage out of an upcoming gold sale....even if you don't have the actual gold...or it's been leased out long ago.

roadrunner

Spokesman for Cyprus central bank says no discussion of selling $400 MILL in gold ever occurred.

The story gets another twist. Never let a good rumor get in the way of facts. Thanks Reuters. Wonder why they didn't report today that China imported 97 tonnes of gold
last month.


A spokesperson for the Central Bank of Cyprus told the Cyprus News Agency (CNA) that reports of the $523 million gold sale have not been, “raised, discussed or debated,” with the bank’s board of directors.

Aliki Stylianou told CNA this Wednesday after reports on Reuters surfaced that Cyprus officials had agreed to sell around 400 million euros in excess gold reserves to contribute to the country's bailout. Stylianou said that the gold sale was, “never discussed nor are there current or future plans to do so on the board’s agenda.” Reuters based its story on a draft report from the European Commission which assessed the nation's financing needs.


Another article