Chalk up another gold-grab victory for the cartel as Syria is reportedly liquidating its physical gold reserves of 25.8 tons at a 15% discount to market prices in order to raise revenues due to crippling Western sanctions

Western and Arab sanctions have caused Damascus’ currency to sink and depleted its cash reserves, forcing Syria to seek to sell its gold.Syria is moving to liquidate its gold reserves to raise revenue as Western and Arab sanctions targeting its central bank and oil exports cut into its cash reserves.

Syria’s foreign exchange reserves have been halved from about $17 billion, French Foreign Minister Alain Juppe said on Tuesday.

“Syria is selling its gold at rock bottom prices,” he said after a meeting with about 60 nations aimed at coordinating measures against President Bashar al-Assad’s government.

On February 27, the European Union agreed more sanctions including prohibiting trade in gold and other precious metals with Syrian state institutions, including the central bank.

According to reports Syrian officials have been offering to sell gold at a 15 percent discount in discret amounts of 20-30 kilograms, which are easier to move in private sales and online auctions.

Syria had an estimated 25.8 metric tons of gold as of February 2012. At Wednesday’s spot prices, Syria’s total gold reserves are worth around $1.36 billion.
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  1. In times of need you start at your low end stuff when liquidating… They must be out of there minds for selling the gold in the first place… And secondly at a discount?? I understand that things change when sanctions have been brought against you, but still… What do you do down the road when your gold is gone?? Surely not a smart move on there behalf…

  2. 25 tons only worth 1.3 Billion right now. They will be kicking themselves shortly.”

    That could very well be the case.  Even so, it would be hard to beat the Brits for inopportune gold sales timing.  Didn’t their central bank “unload” most of their hoard back in the late 1990s for an average price of $255 per oz.?  Something like that. Heh, maybe they were stupid enough to listen to their “mainstream” economists comments on “the barbarous relic”?  lol

  3. Haha… That would be a sweet deal wouldn’t it! I’d love to help them out by taken all that “barbaric relics” off there hands… hehe… Then the “mainstream” know it alls could mock me… I’d be good with that problem…LoL

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