tyb/s
by 9 seconds. Fucker is getting quicker
good question. would like to know too
it appears that way anon. 6 weeks after that habbened the latin american situation was put on steroids. Prior to that there was a massive amount of debt pushed into the region. That was the cover for getting that operation really going. While the country was busy mourning, that situation was being progressed bigly
BIS to reclassify physical gold as a cash equivalent
translation
messy but here is some
What's happening on the world gold reserves? The gold market there is a climate of cold war: for the first time in 50 years, central banks have bought last year over 640 tons of gold bullion, almost double compared to 2017 and the highest level since 1971, when the President of the United States Richard Nixon (pictured) closed the era of the Gold Standard.
The interesting fact is that the European Central banks, together with the Asian ones, have been the most aggressive in purchasing: fear of the euro crisis and currency wars? Actually, and this is especially true in Europe, behind the big maneuvers on reserves there is not only the traditional protective shield against the major hazards: there is also the lure of the opportunity. A reminder that few seem even aware, despite the appointment is now a matter of a few weeks: those that are missing to 29 March of 2019. Judgement day for Brexit will also be that of advent to the gold market.
It is unclear whether by choice or by chance, the Bank for international settlements in Basel, the "Bank of the central banks" for his key role in the world financial system, set for March 29 an appointment with history: the resurrection of the Gold Standards in the banking world. For nearly 60 years, the gold standard it set the currency convertibility between gold and the dollar, hooking the market value: in 1971 was us President Richard Nixon, frightened by bearish pressures that threatened to sink the dollar in full war cold, cut the cord with gold decreeing the end of the gold standard. Now something starts to move in the opposite direction.
24-hour cash gold as the Sun has discovered that among the complex but well-known standards for credit and finance reforms from the plane "Basel 3", hides an accounting alchemy that can transform the gold coin in the budgets of the big banking groups. From 29 March, by decision of the bis, gold in the portfolio and business banks becomes "Crosscut", an asset that is equivalent to the cash and then ' risk free '. In fact, it's the first «gold rimonetizzazione» since the Bretton Woods agreement: the techies call it ' Gold Remonetization», the reverse process of ' demonetization ' of gold decided by Nixon. in the banking world. For nearly 60 years, the gold standard it set the currency convertibility between gold and the dollar, hooking the market value: in 1971 was us President Richard Nixon.
Same status as sovereign bonds the operation of the bis, as reconstructed from the Sole24Ore, bears the signature of the FED, the ECB, the Bundesbank, the Bank of England and the Bank of France, the G-5 of the great global monetary powers. In 2016, when the new rules were defined in the banking system included in the package "Basle 3», the Committee of central bankers has inserted a rule of epochal that nobody has never discussed openly in public. In practice, the gold bullion "physical"-so not in the form "synthetic" as certificates-returns to be considered by regulators such as the euro and dollar equivalent in terms of financial security, eliminating the requirement to compared the purposes of capital absorption
continued
The result is relevant: with the new Basel 3 rules, is assigned to gold status now recognized sovereign bonds in the banks ' balance sheets. A question therefore arises spontaneously: the promotion of gold is perhaps the premise to apply a coefficient of risk weight to government securities held by banks? The debt crisis, the goal of regulators has been twofold: to force the banking system to hold appropriate assets to cover the extent of the risks. In the viewfinder there are mainly Government bonds, which according to the current rules may be held by banks without any impact on their heritage. The issue mainly concerns countries with low ratings such as Italy, Spain, Portugal and Greece, the watchlist after the debt crisis in 2011.
The banks of these countries, both for increasing profitability (carry trade) is to facilitate the issuance of government debt at auctions, have the highest amount of government bonds in the eurozone. And this phenomenon is particularly acute in Italy, where the banking system has 400 billion of debt on BTp 2.4 trillion. What would happen then, if it were applied to the risk weighting on the BTP as required by the Basel Committee? The consequences depend on the level of risk weight applied to the BTP: if it was high, some banks may be forced to replace the titles with other financial assets, including gold, or to proceed with capital increases. At a time when the market is reluctant to buy Bank stock, the risk of repercussions on the stability of the banking system could be high.
Just look at Credit default swaps (the insurance from the risk of default) on Italian banks: according to data from Bloomberg, the Cds to 5 years of some of the major Italian banks have surged since the spring of 2018, even tripling in some cases value. It is in this context that the March 29 date is fast approaching.
Countries that have repatriated the gold from abroad riconquistandone control and manage you already feel protected from the risk of following the March 29 short of physical gold to be made available to its banks in case they want to replace it to sovereign bonds. In the arsenal of the system, there is a golden mountain by 33 thousand metric tons of gold worth 1.4 trillion dollars at the current exchange rate. And that is the 20% of all the gold mined in the world at almost 3 thousand years. As usual, the most farsighted and cautious–or perhaps the best informed on the turning of the end March, were Germany, the Netherlands, Austria, France, Switzerland and Belgium, but also Poland, Romania and Hungary have regained control of the reserves Gold stocks also increasing consistency.
China, Russia, India and Turkey were the Nations who bought gold in the last two years more than anyone else, with Moscow that has even dismissed the entire portfolio into American Government bonds and replace them with the precious metal. But the problem is this: is the price of gold that doesn't compute. In 2018, ben 641 tons of gold ingots were acquired by the monetary authorities of every continent, but especially in Europe: it is the highest level since 1971. The maneuver is unprecedented and should be seen in the phenomenon of return of State entrusted ingots into custody.  Seven thousand tons of reserves auras were withdrawn by central banks from the coffers of the Federal Reserve in New York, while 400 tons have gone out in secret by the Bank of England.
translator crapped before I could get it all