Reuters rapporterar att Egypten just infört ett förbud av export av “all form av guld” som gäller till åtminstone den 30 juni. Knappast oväntat med tanke på de rapporter om att guld bokstavligen flödat ut ur landet. Anledningen som man nämner, “att bevara landets tillgångar innan situationen stabiliserats”, säger väl nästan allt man behöver veta.
Regelbundna läsare kanske kommer ihåg inlägget om att Egyptiska tullen strax innan oroligheterna i landet funnit stora mängder guld och valuta som gömts inuti bl a örngott.
I en artikel i The Telegraph nyligen berättades det också om att Mubarak frenetiskt försökt att rädda undan sina tillgångar, inte minst genom att ta med sig guld ut ur landet. Tidningen nämnde att detta mer eller mindre var hela anledningen till den försenade avgången.
Sakta men säkert kommer världen att vakna upp till betydelsen av guld för att bevara sin förmögenhet som snabbt urholkas tack vare Ben och hans vänner.
Här er mer från Reuters (via ZeroHedge):
Egypt Bans Export Of Gold “In Any Form”
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.
En del läsare kanske kommer ihåg att vi för drygt tre veckor sedan skrev om att den egyptiska tullen påträffat ett stort antal försändelser med fysiskt guld som någon försökte smuggla ut. En naturlig fråga att ställa sig då var om Egypten stod inför en liknande situation som Tunisien. Nu vet vi att så var fallet.
Frågan kvarstår dock vem som försökte smuggla ut detta guld. En artikel i The Telegraph (via ZeroHedge) ger oss troligen svaret, då den nämner att Mubarak frenetiskt försökt att rädda undan sina tillgångar, inte minst genom att ta med sig guld ut ur landet. Tidningen nämner att detta mer eller mindre har varit hela anledningen till den försenade avgången.
Skall som sagt bli intressant att se om den egyptiska centralbanken fick behålla några guldtackor efter Mubaraks plundring. Eller är det, som ZeroHedge cyniskt skriver, så att centralbanken bara kommer att se till att fylla valven med guldpläterad volfram.
It’s official: as Egypt was burning, Mubarak was stealing the gold. When we reported, presumably jokingly, two weeks ago that the Egyptian Central Bank may have been plundered, it turns out we were pretty much accurate once again. For all those wondering why Mubarak was refusing to hand over power for the past two weeks as hundreds of people were dying, we now have the answer – it was all just to make sure he transferred his assets, especially gold, to safe regimes (in the process paying tens of millions in commissions to that most noble of jobs – the banker class). The Telegraph reports: “A US official told The Sunday Telegraph: “Hosni Mubarak used the 18 days it took for protesters to topple him to shift his vast wealth into untraceable accounts overseas, Western intelligence sources have said…There’s no doubt that there will have been some frantic financial activity behind the scenes. They can lose the homes and some of the bank accounts, but they will have wanted to get the gold bars and other investments to safe quarters. The Mubaraks are understood to have wanted to shift assets to Gulf states where they have considerable investments already – and, crucially, friendly relations. The United Arab Emirates and Saudi Arabia have frequently been mentioned as likely final destinations for Mr Mubarak and possibly his family.”As usual, we remind readers that according to the World Gold Council, Egypt had 75.6 tonnes of gold at the end of 2010. Should this number not be reduced following Mubarak’s plundering, we will know just how pervasive Tungsten is in the world central banking cartel.
The former Egyptian president is accused of amassing a fortune of more than £3 billion – although some suggest it could be as much as £40 billion – during his 30 years in power. It is claimed his wealth was tied up in foreign banks, investments, bullion and properties in London, New York, Paris and Beverly Hills.
In the knowledge his downfall was imminent, Mr Mubarak is understood to have attempted to place his assets out of reach of potential investigators.
On Friday night Swiss authorities announced they were freezing any assets Mubarak and his family may hold in the country’s banks while pressure was growing for the UK to do the same. Mr Mubarak has strong connections to London and it is thought many millions of pounds are stashed in the UK.
But a senior Western intelligence source claimed that Mubarak had begun moving his fortune in recent weeks.
“We’re aware of some urgent conversations within the Mubarak family about how to save these assets,” said the source, “And we think their financial advisers have moved some of the money around. If he had real money in Zurich, it may be gone by now.”
Perhaps Goldman Sachs can take a proactive PR step and disclose to the population that the flow trade-frontrunning hedge fund had nothing to do with facilitating the transfer of Mubarak’s billions in stolen wealth from point A to point B. And perhaps all other banks can follow suit. Either that, or we can all just wait for Mubarak’s sworn deposition when he is put on trial for crimes against the Egyptian people some time in 1-2 months. Doing text searches for “Goldman” in those thousand page PDFs will be breeze…
Enligt news.egypt.com (via ZeroHedge) har inte mindre än 59 försändelser upptäckts vid en av Egyptens flygplatser där guld samt utländsk valuta till ett värde av ‘tiotals miljoner’ dollar gömts inuti bland annat örngott.
Regelbundna läsare kommer säkert ihåg den avsatte Tunisiske presidenten Ben Ali flydde med 1,5 ton guld, vilket gör att man kan undra om den egyptiska ledningen förbereder sig för liknande upplopp som i Tunisien.
Oavsett så är denna utveckling högst alarmerande eftersom den, enligt min mening, annars sannolikt kan betyda att någon/några försöker lägga beslag på guld i full vetskap om att marknaden för pappersguld (där det sålts uppemot 100 gånger så mycket pappersguld som det finns fysiskt guld) kommer att falla samman. Det kan givetvis också vara en kombination av dessa.
After a week ago we learned that the central bank of Tunisia had parted with 23% of its gold stash courtesy of now deposed president who fled the country with a 1.5 ton shipment of gold, it appears that Egypt is preparing for a comparable spike in revolutionary activity. Only unlike the now former Tunisian president whose gold sequestering actions were retroactive and thus, quite lucky to succeed, Egypt has taken proactive measures. According to Egypt News, the country’s airport has intercepted 59 shipments of gold directed for the Netherlands “worth tens of millions.” The gold, as well as an indeterminate amount of foreign currencies, was hidden in pillow cases: uh, cotton may not show up on X-Rays, but gold sure does. We eagerly await to learn how big the decline in the country’s official holdings 75.6 tonnes of gold will be after this most recent episode confirming that gold is precisely money. And all this happening despite gold’s complete and thorough inedibility.
From News Egypt, google translated from the Arabic:
Authority announced today the state of emergency to re-examine the expulsion of 59 gold and foreign currencies was on its way out of Egypt on the path of smuggling after the discovery of tearing some pillow cases before they are shipped to the Netherlands.
The workers were shipping on the plane heading to Amsterdam, the Netherlands were surprised to tear bags under the 59 parcels containing large quantities of gold and foreign currencies worth tens of millions were reported to officials.
Committee was formed headed by one official of the Egyptian banks have been re-examine the packages and parcels to make sure that shortages and supervise the shipment on the plane.