Here we go again!  With the cartel’s gold smash stalled at $1386, breaking across the wires is a Bloomberg report that Cyprus Finance Minister Haris Georgiades has just stated that Cyprus will liquidate its gold reserves within the next few months.
Now we know why the Cyprus gold sale story was refuted 48 hours after the initial report: so the MSM could re-cycle the news and use the threat of the same tiny 10 ton gold sale as an excuse for another future paper raid.
Still no mention from Bloomberg or any other MSM source about last weekend’s collapse of Rio Tinto’s Kennecott mine in Utah, which wiped out 5 million ounces in annual silver supply, and 500,000 ounces of annual gold supply.

As Bloomberg reports:

The Cypriot government plans to sell part of its gold reserves within the next months, a decision that needs to be approved by the country’s central bank, Finance Minister Haris Georgiades said.

“The exact details of it will be formulated in due course primarily by the board of the central bank,” Georgiades, 41, told Bloomberg TV’s Ryan Chilcote in an interview in Nicosia. “Obviously it’s a big decision.”

It seems however that Cyprus’ Central Bank head objects to the theft of Cypriot gold:

Central bank chief Panicos Demetriades said last week that the Cypriot government didn’t have the right to sell gold without his consent. He also signalled the administration hadn’t involved him in the plan. The Cypriot central bank manages the country’s gold stock, which amounts to 13.9 metric tons, according to the World Gold Council.

With more MSM MOPE propaganda being released regarding gold sales, perhaps the cartel is not finished quite yet with their historic gold and silver raid?

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  1. Not only do they get the metal but its being sold at 2 year lows. 
    It appears that Cyprus is just being thrown to the sharks in order to keep the EU floating a few more months.  But isn’t this always the way it works?  The weakest hands fold first.

  2. If I calculate correctly, Rio Tinto produced slightly more gold on annual basis than Cyprus holds. Over 32,000 ounce make for a ton.
    We can’t have it both ways, say that 10 tons in a days should be no biggie, and then proceed to say that the loss of Rio Tinto for the next year or so will be such an impact on the supply side.
    I wonder though, what happens to those who had contracts with the mine for future delivery?

    • Hi Skater, you’ve confused some of the facts. Rio Tinto supplied 16% of the worlds SILVER (as a by product mind you) GOLD as a byproduct also is measured to be 5% of U.S. gold production, at (260?) tons. If 500 tons is close to world annual production, then Tinto’s supply loss is closer to 2% of the worlds production. a 2% drop would not have had the same “up in arms” affect. so you see, we dont have it both ways. Its a larger loss to the copper and silver industry. Note: plus 50 tons of silver sold in Asia two days ago, 5 times as much! If the measly 10 tons dropped gold 30% then selling 50 would jump it 150%. But that’s not going to happen, because were both big boys and we know Golds drop had nothing to do with fundamentals. :) because fundamentals cut both ways.

  3. for the last two years Silver Doctor Irregulars have been talking about governments in the PIIG zone being forced to sell their gold in return for bail outs.  This was completely predictable.  Italy has over 2,000 tons of gold.  If the IMF and ECB try to force a sale of Italian gold the fight will be to the death. Italians take their gold seriously. 
    France?  Not some much.   Spain?  I don’t know what will happen but Spainards would take the potential of a gold theft pretty seriously.  The wealthier provinces are already hacked off at Rajoy and his pack of bribe taking imbeciles.  It’s more likely that the Troika will bully the smaller countries like Slovakia, Slovenia, Luxemburg and Portugal if there is gold to be had in their vaults.

  4. It’s amazing how people are falling for this story then get scared and sell their Paper. I don’t see anyone selling Gold or Silver, just the weak Hands. Keep Stacking, need to find more Fiat for the next downtrend.

  5. Is it me? Or did anyone else notice the early morning battle during thin trading hours? As if some influential financial force stepped in, every time silver had a whopping sell order, it was soon countered by a buy order of twice the potential. This continues a few times with a pause. (I imagine a broker calling his boss, explaining the zero effect, the boss ponders, then gives the go to throw more fiat at silver for sale) This apparently too is countered with a buy of greater size until the buyer throws a truck into the game!  The massive movements in either direction just painted this picture in my mind, I thought it would be fun to share. :)

  6. Just an update from the UK – Gold selling at 8-10% over spot per oz. Some dealers have minimum order requirements and delays in shipping. I managed to buy some 2012 sovereigns over the weekend (which had reduced in price by 30% over the past few weeks?)

  7. PIGS and other nations being forced to sell gold would be bearish.  That is gold that is not being bought in the market.  The cartel has many tricks to surpress the price, this is just one more.
    If the gold even exists, that’s a lot of gold to keep prices in check.

  8. In the old days, it took an invading army to steal another country’ Gold and Silver.  Today, it’s done by Banksters.  Does this country have an army?  Cause now is the time for them to take over the show before it’s too late.  Disgusting…

  9. What they should do but I’m certain they never would, is sell that gold into the free market and buy Ag. Leave the Euroland behind. Mint the Ag into coins creating a new monetary system in Cyprus so their citizens have a future!!! Criminal scum..

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