More News, Rumors and Opinions Saturday PM 8-24-2024
KTFA:
Clare: More than 100 tons.. Iraq is the ninth largest buyer of gold in 2024
8/24/2024 Economy
Iraq ranked ninth globally among the top 10 countries buying gold this year. What is meant by gold is converting foreign currency reserves into gold, not the gold of goldsmiths and citizens.
Iraq bought 100 tons of gold this year, coming in ninth out of the top 10 countries buying gold this year, compared to 1,298 tons bought by Russia, as interest in buying gold is growing amid rising geopolitical tensions and economic fluctuations.
This comes as the precious metal hit an all-time high of $2,531.75 an ounce after breaking above $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
Bullion typically benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield properties. LINK
Clare: Iraq and America to resume negotiations on the banking sector next Monday
8/24/2024 Baghdad
A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 I don't care about the WTO and HCL because it only waits for one thing, the new exchange rate. The only mechanism that everyone is waiting for is the new exchange rate. That is the simple fact. This fact is real because Sudani is constantly reinforcing that idea...by constantly coming out on TV and talking to you [Iraqi citizens] about you're going to get purchasing power.
Militia Man Article: "Iraq is heading towards printing new paper currency" They're not going to print new currency in the sense of triple zero notes...There's no reason for it. They were destroying perfectly good triple zero notes. They did a video on it...destroying money, making little pellets. They had a whole show on it. Why would they be destroying good money? Granted, if they filmed that they were damaged with ink on them, all these different things, I understand that. That wasn't the case. In 2018...they spent tens of millions of dollars on printing new currency... Bottom line is, why would they be printing triple zero notes at a time when inflation is low? That would create inflation. The whole idea is not to do that. Article quote: "There's no intention to print new paper currency at the central bank..."
Housing Crash WILL BE EXTREME (U.S. ECONOMY in BIG TROUBLE)
Sachs Realty: 8-24-2024
Worst housing crash in history expected, We're in a more dangerous bubble and the U.S. economy is destroyed.