IWFG1818: “Rock bottom became the solid foundation on which I rebuilt my life.” ~ JK Rowling
Shane: If you haven’t looked at the Forex chart this morning and held all night at 1101 two 1103 then drop to the lowest in years at 1095.2 and holding….that is the longest the Forex has held any price in well over a year and the lowest
I hope IKO was right when he said 1095 is the new 1085 a point of no return
IkoWard: Hi Shane, Forex did indeed display new behavior last night, an indication that something changed after yesterdays PTB meeting. My guess is we’ll know tonight if it was enough to RV.
Ivantulafitov: Iko I just looked at forex.. looks like a break in the pattern ( again) which is a new pattern Time: 11/04/15 19:00 EST Open: 1101.1000 High: 1103.4000 Low: 1095.2000 Close: 1095.2000….last blip was around 10th/ 11th
Shane: Ivan the fact that it is held for over 12 hours since the meeting ended at 11 old one and then drop to 1095 is pretty telling all by itself
Ivantulafitov: just look at the patterns in the graphhttp://www.forex.tradingcharts.com/chart/US%20Dollar_Iraqi%20Dinar.html no green lines means it didnt go back up (down really) to 1166
Iko Ward: Guys, I am now solidly in RayRen’s camp concerning the RV. Any intel other then bank stories from our membership is at best interesting and probably PTB smoke. It’s all done, all approved, just waiting for the button. Doesn’t mean we shouldn’t stop watching Forex or reading articles or listening to other gurus, there is a wealth of knowledge out there we will need post RV, but as for the actual deed, only one thing matters now.
Mangelo: They are just finalizing the procedures for us IMO
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Tishwash: India wants people to turn in their gold
Published time: 5 Nov, 2015 10:13
India’s Prime Minister Narendra Modi has launched a program to lure tons of gold from households into the country’s banking system. The program consists of three schemes; a gold monetization scheme, gold sovereign bonds and Indian gold coin.
The gold monetization scheme aims to unlock about 20,000 tons of gold worth over $800 billion lying idle in homes and temples. Under the plan, banks will collect gold for up to 15 years and pay 2.25-2.50 percent interest per year.
This is higher than previous rates of around one percent. The government hopes that higher interest rates will help in mobilizing the gold as previous attempts have been unsuccessful.
There are pictures and tweets for this article you will need to go to the site to see them and it’s worth it
By launching sovereign gold bonds with 2.75 percent interest, Indian authorities hope to cut the physical buying of the precious metal.
Modi has also unveiled the first Indian gold coin which is initially to be available in denominations of 5 and 10 grams.
The program wants to cut the country’s reliance on gold imports, estimated at around 1,000 tons a year.
“The government wants to reduce the reliance on gold imports over time,” an Indian finance ministry official said.
The Prime Minister said the country has overtaken China as the world’s largest gold consumer, buying 562 tons so far this year, against China’s 548 tons.
In 2013, India’s budget deficit hit a record $190 billion.
The deficit was due in part to Indians spending a lot of money on gold imports. The government was forced to hike its duty on imports to a record 10 percent. Imports of gold fell to $34 billion in 2014-2015.
Indians are known for their obsession with gold, which is seen as symbol of social status and prosperity. Gold is widely used for wedding gifts, religious donations and as an investment.
TnDr: Literally, in our faces the going ons of the old ways coming back as new ways. Gold/Asset backed….wow, what a refreshing way to back and insure a country’s wealth and currency values.