GM Putin 's Golden Trap

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  • Nigel Hanrahan
    replied
    Re: Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Originally posted by Egidijus Zeromskis View Post
    Nigel, you could do better. Give us more popcorn.
    Get your own. Heh.

    Anyway, it related to matters of gold reserves by various states, and Ukraine is certainly in the news. It`s my understanding all that gold went to ... the US.

    I don`t pretend to understand all the ins and outs of gold reserves, as Ed and Gary and others seem to, but there is another piece on the subject over here .

    Russia`s Monetary Solution

    MacLeod seems to suggest a "schism in the world's dollar-based monetary order" as a result of "successful remonetisation of gold by a major power such as Russia". The author has a good historical sense of currency matters, which is already leap-years ahead of those who live in the United States of Forget, to use the late Gore Vidal's humorous and critical expression.

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  • Egidijus Zeromskis
    replied
    Re: Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Originally posted by Nigel Hanrahan View Post
    Meanwhile, in Ukraine, a stunning announcement by the head of Ukraine's central bank on primetime TV notes that almost ALL of Ukraine's gold is ... gone. "Vaporized", in the parlance of Jon Corzine.

    What happened? Uh, well ...



    Can anyone say, "failed state" ? Yikes.
    http://www.liveleak.com/view?i=f62_1417619984
    "Gontareva is charged with abuse of power or misuse of office under Article 364 of the Criminal Code of Ukraine.
    The plaintiff is lawyer Rostyslav Kravets, the newspaper said. . He confirmed this information in his post on Facebook, saying that the decision was taken by the court at the third attempt, and in November 2014, the prosecutors declined to bring an action to meet his claim."

    Nigel, you could do better. Give us more popcorn.

    Leave a comment:


  • Nigel Hanrahan
    replied
    Re: Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Originally posted by Nigel Hanrahan View Post
    Whether they are trying to "corner the market" or not, there are calls for France, Switzerland and Germany to repatriate their gold reserves to national vaults. The Netherlands recently repatriated $5 Billion worth of gold from New York.
    Meanwhile, in Ukraine, a stunning announcement by the head of Ukraine's central bank on primetime TV notes that almost ALL of Ukraine's gold is ... gone. "Vaporized", in the parlance of Jon Corzine.

    What happened? Uh, well ...

    Originally posted by Interfax.ua
    "A Kyiv-based court has instructed Kyiv prosecutors to bring an action against National Bank of Ukraine (NBU) Governor Valeriya Gontareva on charges of abuse of power or misuse of office to obtain illegal profit, the Vesti newspaper reported on Tuesday."

    "This decision was taken by Kyiv's Pechersk district court on December 1 after it had examined case No. 757/33660/14. It ordered the Kyiv prosecutor's office to launch an investigation and include it in the register of pre-trial investigations.".
    Can anyone say, "failed state" ? Yikes.
    Last edited by Nigel Hanrahan; Thursday, 4th December, 2014, 06:57 AM. Reason: edit

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  • Gary Ruben
    replied
    Re: sanctions, Alberta, etc

    For those who believe in environmental stuff, I guess with all those energy deals and pipelines the only thing which gets screwed is the environment. :p

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  • Nigel Hanrahan
    replied
    Re: sanctions, Alberta, etc

    Originally posted by Gary Ruben View Post
    I was reading today Russia has made a deal with Turkey on natural gas sales. Even though it's at a 6% price reduction. They generally pay more for natural gas than we do here in Canada....

    Once you eliminate the spin and look at what is actually taking place it looks like a good deal for both Russia and Turkey.
    Turkey is already one of Russia's largest customers as the biggest in the region after Germany. They didn't join the political sanctions against the Russians and now will make millions transporting gas. Too bad for Serbia, and some other countries, but it's understandable. The Bulgarian regime refused to give the go-ahead so the Russians were stuck with a pipeline that would end at the [Bulgarian] territorial limit in the Black Sea, going nowhere, at the cost of dozens of billions. The decision will cost Bulgaria about €400 million in lost transit fees.

    As it stands, the pipeline will go to a hub at the Turkish-Greek border from whence they will be able to serve the entire south European market. Beware of Turks bearing gifts! ha ha.

    This result may also slow the support for ISIS which, it is alleged, was getting support from the direction of the Turkish border. We are living in interesting times.
    Last edited by Nigel Hanrahan; Tuesday, 2nd December, 2014, 02:40 PM.

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  • Gary Ruben
    replied
    Re: sanctions, Alberta, etc

    I was reading today Russia has made a deal with Turkey on natural gas sales. Even though it's at a 6% price reduction. They generally pay more for natural gas than we do here in Canada.

    http://apps2.tmxmoney.com/news/cpnew...6&mobile=false

    It would have been expensive to build the pipeline they are scrapping.

    In case you're wondering how they increase the amount of natural gas they will send through the existing pipeline, I'm assuming they will do that by increasing the pressure of the natural gas going through the pipeline allowing greater volumes. Likely the pressure is well below the pressure capacity at present. With natural gas and volumes Boyles Law and Charles Law of gases comes into play. Basically, if they can increase the pressure of the gas by say 200 PSIA it will add roughly 13 atmospheres to the the equation and the amount of natural gas shipped with be much greater. Turkey should be OK from that deal.

    Once you eliminate the spin and look at what is actually taking place it looks like a good deal for both Russia and Turkey.

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  • Gary Ruben
    replied
    Re: Economist Khazin on Gold

    Originally posted by Paul Bonham View Post

    Although FIDE's monopoly is not absolute, no one will challenge it with something like an alternate federation because chess is seen in the investment world as something that can't be sold outside of its niche market of serious players.
    That's good information to know. I'll keep it in mind. ;)

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  • Paul Bonham
    replied
    Re: Economist Khazin on Gold

    Originally posted by Vlad Drkulec View Post
    To try to corner the market on any non-essential commodity like gold is somewhat foolish and almost certain to result in ruin. For every commodity there are substitutes and alternatives. Hunt brothers and silver.
    This seems to be indicating that FIDE is doomed. After all, organized chess could be looked at as a product, and a definitely non-essential one, and FIDE has 'cornered the market'. Given FIDE's unwillingness to update the product to reflect modern times and what is needed for growth (except to handle cheating, which itself is done in a way that actually hinders the product and makes it look even worse to outsiders), the product and its monopolizer could be in jeopardy.

    Many entrepeneurial types (Andrew Paulsen, Maurice Ashley and Amy Lee, Rex Sinquefield) are trying to update the image of chess, but prettying it up won't do the trick. Their efforts are not in any way challenging FIDE's monopoly, and that is a critical mistake. It leads to no real changes.

    Although FIDE's monopoly is not absolute, no one will challenge it with something like an alternate federation because chess is seen in the investment world as something that can't be sold outside of its niche market of serious players.

    The overall result is that chess players, both casual and serious, are a very underserved market. Some of them do realize how bad they are served, but apparently there is a feeling of powerlessness. It will take an entrepeneuranial breakthrough in the form of a paradigm shift to more properly serve this market, and that shift will reap rewards for those leading the charge, as well as for the currently deprived market of players.

    What will come is a new kind of chess to which standard chess afficionados, even those vast numbers of adults sitting on the sidelines of today's organized chess, will be drawn. With that will be an explosive growth in spectator appeal via use of elements that FIDE would think of as anathema.

    And so, Vlad, your own statement above ("For every commodity there are substitutes and alternatives") should prove true even applied to organized chess and to FIDE and thus the CFC.

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  • Nigel Hanrahan
    replied
    sanctions, Alberta, etc

    Originally posted by Gary Ruben View Post
    Nigel, what do you think of the way we have sacrificed Alberta's economy to apply sanctions on Russia?

    I'm not a fan of Putin by any means, but he made a smart deal with China to deliver Natural Gas for 30 years after the sanctions started.
    There are some comments in English-language Russian media about how the sanctions are harming those who are applying them, but most of such comments are related to the European countries, which Russia trades with a lot more than with Canada. The sanctions seem to violate WTO guidelines, so they are creating a disorganizing effect on international trade generally. Pepe Escobar, who writes for a Hong Kong Chinese paper, calls it "Empire of Chaos" for this and other reasons.

    It's weird to see the Canadian government, led by an Alberta Conservative who's been such a uncritical cheerleader of the oil and gas industry, implement foreign policy that does harm to that industry. But then, Harper's pro-US political views maybe trumps his support for domestic industry.

    It's clear with the recent OPEC meeting that the views of countries like Nigeria and Venezuela and Iran, which depend on a higher price of oil to break even, differ radically from the views of some of the Gulf States and the Saudis. Probably a higher price is better for those who want to see less dependence on the oil and gas industry for Canadian economic growth.

    Anyway, political sanctions ought to be more widely agreed than these ones are to be effective. The Russian government has implemented counter-sanctions, especially relating to agricultural products from Europe, and it seems they are hurting the Europeans at least as much as the NATO-country sanctions are hurting the Russians.

    I don't really agree with the reasoning behind them, in any case, as it seems to me that NATO expansion, and what the Russians are calling "the US playing chicken with Russia" , are the real reasons for the conflict in Ukraine, just as the Americans goaded Saakashvili in Georgia to attack South Ossetia and Abkhazia in August of 2008. The neo-cons, whose views Kasparov is a shill for, dominate US foreign policy and think of global affairs as a chess board (Brzezinski's idea) on which they can manipulate pieces and pawns at will. I don't believe they really care about Ukrainians, they just want a fight or war. Gives chess a bad name if you ask me. The beauty of chess is uglified by this unnecessary association with the shallow materialism and spiritual impoverishment of the neo-cons.

    eta: the Russians have "pivoted" to Asia - and China in particular - and Obama has the short stick at this point. Lame duck city. The way the Chinese managed the US President at APEC was brilliant. The Chinese have always been masters at this sort of thing. Good on them. I think the neo-cons expected the same sort of venom in Chinese-Russian relations that characterizes their own relations and attitudes towards the rest of the planet, and, lo and behold, not everyone shares the same misanthropy of the neo-cons. May they choke on their own bile.

    The world is changing, a unipolar world of a single Empire is unsustainable, and all sorts of unpredictable things are happening. I think we live in interesting times.
    Last edited by Nigel Hanrahan; Friday, 28th November, 2014, 11:44 PM. Reason: eta

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  • Gary Ruben
    replied
    Re: Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Nigel, what do you think of the way we have sacrificed Alberta's economy to apply sanctions on Russia?

    I'm not a fan of Putin by any means, but he made a smart deal with China to deliver Natural Gas for 30 years after the sanctions started. Most energy uses for oil can be filled with natural gas at a lower price so the full demand for oil may never come back. Which translates to lower oil prices over an extended period.

    In North America they will work through the glut by less drilling and exploration.

    I wonder if it will become more economical for high rise buildings and industry, many of which can burn oil or natural gas, to switch from the cleaner burning natural gas to oil. All you really need for that is Bunker C (or number 6) oil. A thick oil.

    Leave a comment:


  • Gary Ruben
    replied
    Re: Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Kinross Gold has a big gold mine in Russia and exploration projects. I'm not sure if there are other Canadian companies operating there.

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  • Nigel Hanrahan
    replied
    Gold repatriation, eg, Netherlands in the amount of 5 Billion or 122 tons

    Whether they are trying to "corner the market" or not, there are calls for France, Switzerland and Germany to repatriate their gold reserves to national vaults. The Netherlands recently repatriated $5 Billion worth of gold from New York.

    See Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US

    Leave a comment:


  • Vlad Drkulec
    replied
    Re: Economist Khazin on Gold

    To try to corner the market on any non-essential commodity like gold is somewhat foolish and almost certain to result in ruin. For every commodity there are substitutes and alternatives. Hunt brothers and silver.

    Leave a comment:


  • Nigel Hanrahan
    replied
    Re: Economist Khazin on Gold

    Originally posted by Gary Ruben View Post
    I figure the only way gold gets to $15,000 per troy oz in the next 25 years is if the U.S. has to exchange One New Dollar for Every Twenty Old Dollars. Like if people need to take a wheel barrel full of money to buy a loaf of bread.
    Khazin takes the view that the global dominance of the US currency will be replaced by what he is calling regional currencies. Others suggest a basket of alternative currencies. ETA: As you probably know, since the institutional establishment at Bretton Woods after WW2 of creating global financial institutions such as the IMF, World Bank, WTO, and the US dollar dominance, the US has had their way financially. But nothing lasts forever. We see through Chinese efforts generally, the recent establishment of a Development Bank outside of IMF dictat through BRICS, Russian steps of solidifying their sovereignty in the face of anti-WTO sanctions by NATO-member states, and other steps of this seemingly inexorable global trend. In any case, if I am reading him (and others) correctly, this process has already begun on a smaller scale. A massive de-valuation of the US dollar at some point during this transition isn't beyond the realm of the possible.
    Last edited by Nigel Hanrahan; Thursday, 27th November, 2014, 09:04 PM. Reason: more info

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  • Gary Ruben
    replied
    Re: Economist Khazin on Gold

    Originally posted by Nigel Hanrahan View Post

    Today this “fork” (in current dollars) is seen somewhere at the level of $ 4,500 - $ 15,000 per Troy ounce.
    That from your quote.

    I figure the only way gold gets to $15,000 per troy oz in the next 25 years is if the U.S. has to exchange One New Dollar for Every Twenty Old Dollars. Like if people need to take a wheel barrel full of money to buy a loaf of bread.

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