Sunday, September 21, 2014

Super-Rich Rush To Buy “Italian Job” Style Gold Bars




Super-Rich Rush To Buy “Italian Job” Style Gold Bars


Economic uncertainties trigger rush for 12.5kg gold bars, worth about £300,000 each

The super-rich are looking to protect their wealth through buying record numbers of “Italian job” style gold bars, according to bullion experts.


The number of 12.5kg gold bars being bought by wealthy customers has increased 243pc so far this year, when compared to the same period last year, said Rob Halliday-Stein founder of BullionByPost.


“These gold bars are usually stored in the vaults of central banks and are the same ones you see in the film ‘The Italian Job’,” added David Cousins, bullion executive from London based ATS Bullion.




The bars which are made from pure gold and are worth more than £300,000 each at today’s prices of $1,223 (£760) an ounce.

The sales of 1kg gold bars, worth about £25,000 each, has doubled during the three months ended August, when compared to the same period last year, according to ATS Bullion sales figures.

Sales of the more popular gold coins such as the quarter ounce sovereign and one ounce Krugerrand have also doubled this year, according to figures from BullionByPost.

Mr Halliday-Stein said that while most customers arrange for secure storage of the larger bars in secret vaults operated by Brinks, some customers have taken physical delivery of the 12.5kg bars. The small coins can also be sent in the post.

Five Reasons To Own Gold

Five Reasons To Own Gold

Tuesday, September 16, 2014

UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond




By Tyler Durden on 09/15/2014 From Zerohedge.com
Yuanification continues around the world. As The USA attempts to corral its allies in a ‘broad coalition’, an increasing number of people – including domestic economic policy advisors – are shifting away from the USD as primary reserve currency. However, the move by British Chancellor of the Exchequer George Osborne, announced Friday, is likely the most notable yet in the world’s de-dollarization. As Xinhua reports, the British government intend to be the first nation (ex-China) to issue Renminbi denominated bond and to use the proceeds to finance the government’s reserves of foreign currency. Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".
As Xinhua reports,
British Chancellor of the Exchequer George Osborne announced Friday that the British government intend to issue a Renminbi denominated bond and to use the proceeds to finance the government’s reserves of foreign currency.
"I can now announce that the UK government intend to be the first national government outside of China to issue a bond in China’s currency. We issued bonds in U.S. dollar before, now we will be issuing a bond in RMB," said Osborne in the press release of the Sixth China-UK Economic and Financial Dialogue (EFD).
Chinese Vice Premier Ma Kai and Osborne concluded the meeting of the Sixth China-UK Economic and Financial Dialogue in London.
Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".