Schweiz verkauft täglich 1 Tonne Gold - und sammelt dafür US-Anleihen...

verfasst von kingsolomon, 26.04.2003, 09:42

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Swiss Gold Community Member Reports On
The Swiss National Bank Annual Meeting


Q: Hi Jim! Today, I have been at the Swiss National Bank Annual Meeting. A lot of questions have been asked about gold. Conclusions: they continue to fulfill the 1999 gold sales agreement. They are happy with the way they trade. They sell every day 1 tonne of gold and it does not matter where the price is. 35% of the USD Dollar proceedings they hedge. In total, the Swiss National bank is sitting on 15 Billion USD worth of bonds.

Additionally, they are sitting on the equivalent of 65% (average sale of 310 USD per ounce) of their gold sales proceeds in USD which they hold back for a future distribution as soon as the Swiss Parliament or the Swiss public decides what to do with it.

So far the Swiss National Bank sold 640 tonnes of gold. If my math is correct that is another 4 Billion USD. Soon the SNB has 20 Billion USD holdings. I think they are praying every day that the USD is not collapsing. How can I stop the Swiss National Bank from refraining to sell further Gold holdings?

A: I am deeply grateful to you and all other Community members for caring enough to keep me informed of such important matters.

What we need to keep in mind is that the Swiss National Bank has told you that some unnamed party is buying from them one tonne of gold every day, day after day. On top of that, they are acquiring US dollars which they are investing in US Treasury instruments at a negligible yield.

Since the dollar has declined by 20% and they have only hedged 30% they have lost at least 14% on the dollars they have acquired and held. Since there is no yield anywhere near that, one can assume they have earned 4% and lost 14%.

The Swiss National Bank, therefore, has informed you they have sold an asset to an unnamed buyer which on balance has appreciated, Then they took the funds from that sale and lost 10% of those funds and are totally ecstatic.

There was a time in Switzerland when if you murdered a non-Swiss but pleaded he was a spendthrift you probably would have been pardoned. However, if you embarrassed Switzerland's financial system, summary execution was a merciful sentence.

The fact that a Swiss National Bank representative makes such a statement without making a public apology to the Swiss people for squandering national assets is a 100% about face from Swiss tradition.

That this person is proud of such a screw up makes it even worse. When did Switzerland and the Swiss people give up their fabulous financial judgment? Who over there sold out the Swiss financial heritage to join the"World's Wild Ones" in the derivative markets and tech stocks? Has the entire nation forgotten where and why it was founded?

The New York Times in its financial section once published my picture and name as being considered for Secretary of the Treasury as the Nixon Administration was being formed. Will there ever be a person with our principles making international financial policy? If there is no hope, then there is no hope for the US dollar which is clearly still the main reserve asset of this planet. The US Dollar is presently headed for the distinction of being the"North American Peso" (retaking the title from the Canadian dollar) if you believe that Governor Bernanek was speaking truthfully about the potential use of his electronic money printing machine to combat deflation.

Regarding your comment about the 15 Billion USD worth of bonds. That means they have lost 10% of 1,500 millions of US dollars, taking into consideration hedge/yields and dollar depreciation. That's a $150,000,000 loss on that genius move.

That means the Swiss alone sold to Asian/Islamic interests 4,000 million dollars worth of gold. The Asian/Islamic interest handed the Swiss National Bank depreciating dollars and received gold in return which has appreciated on balance. Now who was the smart party and who was the dumb party in that trade? The fact this information was given to you with great pride of accomplishment makes it all the scarier.




I have a few suggestions for these people:

1. Brain surgery, insert one.
2. They should study financial history, their's.
3.Take a few lessons in national pride so they can stop kissing up to the IMF & World Bank.
4. Performance:The Swiss people might demand that traders for the Swiss National Bank make at least one profitable trade in their careers to remain employed. That way you could clean out the entire bank trading department.

Thread gesperrt

 

gesamter Thread:

• Schweiz verkauft täglich 1 Tonne Gold - und sammelt dafür US-Anleihen... - kingsolomon, 26.04.2003, 09:42
  • Lumpen so weit das Auge reicht - stocksorcerer, 26.04.2003, 10:18
    • Wer war's? - fridolin, 26.04.2003, 13:07
      • Das zu wissen würde wohl vieles klären. - LeCoquinus, 26.04.2003, 14:35
        • Re: Das zu wissen würde wohl vieles klären. - apoll, 26.04.2003, 20:01