Tag Archives: bis

The Road Map of the Unusually Uncertain

Posted on July 23, 2010 by stacyherbert| 189 Comments

Stacy Summary: Nah, I’m not going to summarize . . . I’ll let you do that!

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Posted in Headlines

Tagged bis, fed, gold swaps, qe

[KR61] Keiser Report – Markets! Finance! Gold!

Posted on July 20, 2010 by stacyherbert| 157 Comments

Stacy Summary: We look at the latest scandals of deficit fraud, Hank Paulson’s love of financial reform and the RIAA’s very low return bullying. In the second half of the show, Max talks to Ben Davies of Hinde Capital about the BIS gold swaps and more

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Posted in Max Keiser Video

Tagged ben davies, bis, gold, gold swaps, hank paulson, hinde capital, keiser report, max keiser, riaa, stacy herbert

Cash for gold scam! BIS giving cash to European banks in exchange for their gold holdings

Posted on July 7, 2010 by stacyherbert| 52 Comments

Stacy Summary: Unbelievable, truly unbelievable. Wonder why the BIS is taking the gold as collateral from the European banks rather than just a paper promise? Don’t the BIS know they can’t eat gold?

European commercial banks have begun using their holdings of gold to raise cash with the Bank for International Settlements, in a further sign of strains in the money markets on which many rely for funding.

The BIS, the so-called “central banks’ central bank”, took 346 tonnes of gold in exchange for foreign currency in “swap operations” in the financial year to March 31, according to a note in its latest annual report.

In a gold swap, one counterparty, in this case a bank, sells its gold to the other, in this case the BIS, with an agreement to buy it back at a later date.

In the past the BIS has occasionally engaged in gold swaps.

There has been no mention, though, of any such operation in recent years.

. . . .

The BIS annual report says the gold received in the swaps was held “at central banks”.