• Tag Archives Pakistan
  • Pakistan Plans Replacing Dollar With Yuan In Trade With China

    Pakistan is considering replacing the U. S. dollar with the Chinese yuan for bilateral trade between Pakistan and China, Pakistan’s Minister for Planning and Development Ahsan Iqbal said according to Dawn Online and The Economic Times. Interior Minister Iqbal, who has been central to the planning and implementation of China-Pakistan economic ties, was reported discussing the proposal after unveiling a long-term economic development cooperation plan for the two countries, Reuters added.
    ***
    Iqbal spoke to journalists after the formal launch of Long Term Plan (LTP) for the China-Pakistan Economic Corridor (CPEC) signed by the two sides on November 21, Dawn online reported on Tuesday. The CPEC is a flagship project of China’s Belt and Road initiative. The 3,000 km, over $50 billion corridor stretches from Kashgar in western China to Gwadar port in Pakistan on the Arabian sea.
    Asked if the Chinese currency could be allowed for use in Pakistan, the minister said the Pakistani currency would be used within the country but China desired that bilateral trade should take place in yuan instead of dollars, in yet another push to de-dollarize what China considers its sphere of influence.

    This post was published at Zero Hedge on Dec 21, 2017.


  • Smuggled Gold Pouring into India as Consumers Dodge Taxes

    An increase in the import duty hasn’t dampened Indians’ appetite for gold. It’s just pushed the market underground.
    Gold is such an important part of the Indian economy, people will do whatever they have to in order to get their hands on the yellow metal – including skirt the law. According to a recent report by the Hindu, occurrences of gold smuggling have risen rapidly in the wake of higher import taxes.
    Ever since the import duty on gold was raised to 10%, the country has reportedly witnessed a rapid rise in the quantum of gold brought into the country illegally. Currently, government levies total 13%, including IGST of 3%.’
    Government efforts to crack down on smuggling have proven largely ineffective. Officials estimate customs agents and police have intercepted less than 10% of the gold entering the country illegally. Police do a better job of catching smugglers traveling by air from West Asia and south-east Asia, but officials say gold brought in through the international waters of Sri Lanka and the porous borders of Myanmar, Thailand, Nepal, Bangladesh, and Pakistan is seldom tracked.

    This post was published at Schiffgold on OCTOBER 23, 2017.


  • Gold Back In Favor?

    Those who favor gold usually do so in good and bad times. However, the question: Is gold back in favor? seems especially relevant these days.
    Gold Back in Favor? For so-called gold bugs, gold is always in favor. For the rest of us, there are reasons to tilt toward the so-called ‘barbaric relic,’ regardless of whether we like or dislike it.
    Some of these reasons are obvious:
    Stock valuations seem extraordinarily high. Domestic politics appears to be going nowhere with a President who has both political parties against him. Geo-political events seem especially risky. Korea, China, Russia, Iran etc. all present real threats to peace. Afghanistan looks like it may be ratcheting up, including forays into Pakistan. The dollar, while still King, appears weak enough for dissidents to attack its claim to the throne. The world is awash in debt, debt that cannot possibly be honored in today’s dollars (or other currencies).

    This post was published at Economic Noise on August 30, 2017.


  • Asian Metals Market Update: August-18-2017

    The terror attack in Spain is very good for gold demand from Europe. I have been repeating in my previous reports that Islamisation of Europe equals Shariaization of Europe. There will be religious clashes between migrant Islamic radicals and traditional native Europeans. Japan is a peaceful nation as it does not allow migrants. Once Japan allows migrants it will also be on the way to become another Pakistan.
    France, Germany, UK, Holland and Portugal all had colonies in Asia. History is repeating itself with Europe.

    This post was published at GoldSeek on 18 August 2017.


  • BEWARE THE DOGS OF WAR: IS THE AMERICAN EMPIRE ON THE VERGE OF COLLAPSE?

    Of all the enemies to public liberty war is, perhaps, the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes… known instruments for bringing the many under the domination of the few…. No nation could preserve its freedom in the midst of continual warfare. – James Madison
    Waging endless wars abroad (in Iraq, Afghanistan, Pakistan and now Syria) isn’t making America – or the rest of the world – any safer, it’s certainly not making America great again, and it’s undeniably digging the U. S. deeper into debt.
    In fact, it’s a wonder the economy hasn’t collapsed yet.
    Indeed, even if we were to put an end to all of the government’s military meddling and bring all of the troops home today, it would take decades to pay down the price of these wars and get the government’s creditors off our backs. Even then, government spending would have to be slashed dramatically and taxes raised.
    You do the math.
    The government is $19 trillion in debt: War spending has ratcheted up the nation’s debt. The debt has now exceeded a staggering $19 trillion and is growing at an alarming rate of $35 million/hour and $2 billion every 24 hours. Yet while defense contractors are getting richer than their wildest dreams, we’re in hock to foreign nations such as Japan and China (our two largest foreign holders at $1.13 trillion and $1.12 trillion respectively).

    This post was published at The Daily Sheeple on APRIL 11, 2017.


  • Gold Price Skyrockets in India after Currency Ban

    India’s Government Makes Banknotes Worthless by Decree Overnight
    As I write this in the morning of 9th November 2016, there are huge lines forming outside gold shops in India – and gold traded heavily until late into the night yesterday. Depending on who you ask, the retail price of gold has gone up between 15% and 20% within the last 10 hours.
    At some places, it was sold for as much as US$ 2,294 per ounce. That is, if you can actually find physical gold – gold inventories at stores are rapidly depleting. All of this happened well before the international price started to move up because of the election results coming out of the US.
    Last night (8th November 2016), India’s government banned the use of Rs 500 (~$7.50) and Rs 1,000 ($15) banknotes. This pretty much made most currency-in-use illegal. Banks and ATMs are closed today. The government believes that doing this will help eradicate corruption and push counterfeit money out of circulation. According to the Indian government, the counterfeit money tends to come from Pakistan and helps finance terrorism.
    My first instinct when I heard the news was that people would be on the streets this morning. There would be riots and the Indian Prime Minister, Narendra Modi, would be unceremoniously thrown out. Despite being a huge critic of him, I thought he at least had the spine to take bold action, however erroneous it might have been.
    I am sometimes too optimistic about India and expect too much goodness from Indians. And I was wrong.

    This post was published at Acting-Man on November 9, 2016.


  • Asian Metals Market Update: October-4-2016

    Gold and silver once again seem to be manipulated by the NATO central banks. The second era of global cold war has begun. USA and Russia have severed ties. Russia is making friends with more and more nations which were earlier the domicile of Americans. The best example is Russia trying to forge closer ties with Pakistan. The new president of Philippines wants to be friends with Russia and China and ignore the American dictats. Europe is in my view is just a few years away from a big civil war. American control of Europe is falling and will be negligible by the end of the decade. The Arab invasion of Europe is changing everything.
    Changes in global society and new cartel among nations will ensure that gold moves away from then NATO manipulation. However it is difficult to tell the timeframe. Global central banks are ensuring that retail investors just get glued to interest rate factors and is one of the key reason why gold is falling. I have my doubts over sustainability of American hiring numbers. When it will seem that a top has been formed in American jobs creation gold and other safe havens will zoom.
    Movement will be two way. Technically gold and silver are still bearish. Gold needs to trade over $1296 till Friday to be in a bullish zone. Silver needs to trade over $1830 for the rest of the month to prevent it from moving into a medium term bearish phase. Crude oil is at an infection point where it either breaks $53 in the next two weeks or it will breakdown to $37.60.

    This post was published at GoldSeek on 4 October 2016.


  • Asian Metals Market Update: Sep 27, 2016

    Just trade in the technical. Ignore the media friendly US presidential drama. Promises made before any political elections are just to make voters an emotional fool. Tears shed before any political elections are crocodile tears. Whether its India, Europe or America, politicians are the same breed. They are there to loot you. The bigger the looter the greater generally is the margin of victory.
    Incoming US economic data releases (this week and next week) should support the case for a December interest rate hike. If numbers are weak, then gold and silver will zoom. Indian demand for gold and silver is expected to rise from Sunday. However if Indian demand disappoints in October, then gold and silver could move into another medium term bearish phase.
    A big on Pakistan – India-China relationship.
    The current India-Pakistan situation is like nearing a war front. I believe that the world is paying Pakistan’s army and Pakistan’s religious heads to be the terror hub of world. Americans have been aiding Pakistan in all forms. Organization of Islamic States (OIS) has been supporting Pakistan financially and otherwise to unleash terror in India and also attract more and more Indian Muslim youths towards Islamic extremism. Every year a number of so called news reporters and politicians vanish in Pakistan without any clues. In my view Pakistani religious heads and the Pakistani army are just propaganda machine of NATO and their Islamic allies. (The people of India and the people of Pakistan want fearless friendship but for Pakistani religious heads).

    This post was published at GoldSeek on 27 September 2016.


  • Asian Metals Market Update: August-10-2016

    The good thing is that even after a good US July jobs numbers gold and silver have nearly pared most of their losses. Investors and everyone are buying gold and silver. The hallmark of the beginning of a bull market is the tendency to shrug off negative news and rise. I think gold and silver are on the verge of a repeat of 2004. Gold’s bull run started from August 2004 when prices were at $380.
    Christians in America have started opposing imposition of Sharia Law around mosques etc. Some US war veterans are taking arms to prevent the imposition of such zones. It may be small news to you. It is big news to me as I see the seeds of a civil war being sowed in America. Gold and other non paper based investments will only rise.
    The world is now being divided between religions. In India religious divisions are a daily event. Financial markets are affected by what happens in the USA, the UK or the Eurozone and not India or Pakistan. Division of America and Europe on the basis of religion will start another historical bull run in gold and silver. This bull run will seem unending. However my bias for physical silver over gold (as a long term investment) will never change.

    This post was published at GoldSeek on 10 August 2016.


  • THE TOTAL COLLAPSE OF SAUDI ARABIA IS FAST APPROACHING

    To the casual observer, Saudi Arabia might currently seem like an emboldened nation that is asserting itself. They’ve been challenging Iran, fighting rebels in Yemen, threatening to invade Syria, and if some rumors are to be believed, they are currently trying to attain nuclear missiles from Pakistan. However, these aren’t the actions of a stable nation that is asserting its dominance in the region. These are the flailing death throes of a nation that is struggling to hang on.
    Ever since global oil prices started to plummet, Saudi Arabia just hasn’t been the same. That’s no surprise. Since prices fell, other oil rich nations have been hurting as well. Russia’s economy has been on the ropes, Canada is plummeting into a recession, and Venezuela is on the verge of total collapse. However, there probably isn’t any nation on Earth that is more reliant on oil than Saudi Arabia. If anyone is going to be destroyed by low oil prices, it’s the Saudi’s.
    The crux of the matter is that this country is running out of money. It doesn’t look like it at first glance. They’ve only recently started to dip into their enormous savings, and their debt to GDP ratio is remarkably low. However, they are hemorrhaging money at an alarming rate. They’ve been flooding the market with cheap oil to drown out their competition (a dangerous gambit for a government that receives 80% of its revenue from oil) , and they’ve been fighting several expensive proxy wars with Iran, which are not going so well. The situation is so dire that the IMF expects them to run out of money within 5 years.

    This post was published at The Daily Sheeple on MARCH 6, 2016.


  • The Rise Of The Yuan Continues: LME To Accept Renminbi As Collateral

    As far-fetched as the notion may be to those who are wedded – by choice, by misguided beliefs, or by virtue of being completely beholden to the perpetuation of the status quo – to idea that the dollar will forever retain its status as the world’s reserve currency, the yuan is set to play a critical role in global finance, investment, and trade going forward.
    We’ve long argued that the BRICS bank, the AIIB, and to an even greater extent, the Silk Road Fund, will help to usher in a new era of yuan hegemony in international investment and trade. A number of recent developments support this, including Beijing’s push for the renminbi to play an outsized role in loans doled out through the AIIB, the denomination of loans from the BRICS bank in yuan, and China’s aggressive investment in Pakistan and Brazil via the Silk Road initiative (here and here).
    As for financial markets, China recently confirmed the impending launch of a yuan denominated gold fix which conveniently dovetailed with the LBMA’s acceptance of the first Chinese banks to participate in the twice-daily auction that determines London gold prices.
    Now, in the latest sign of yuan proliferation and penetration, the renminbi will be accepted as collateral by the LME along with the dollar, the euro, the pound, and the yen.
    Here’s WSJ with more:

    This post was published at Zero Hedge on 07/28/2015.


  • ADB “Boosts Firepower” As China-Led Bank Grabs Center Stage

    I don’t think there will be major change to the world of development finance [because of the creation of the AIIB], although there can be interpretations as to the symbolic meaning of this.’
    – Takehiko Nakao, Japanese head of Asian Development Bank
    One can hardly blame Nakao for putting on a brave face. After all, the China-led Asian Infrastructure Investment Bank represents not only a major shift away from the multilateral institutions that have dominated the post-war global economic order, but also a move by Beijing to establish what we have described as a Sino-Monroe Doctrine. Speaking to the latter point, President Xi Jinping’s recent pledge to invest $46 billion in Pakistan (53% more than the US has invested in 13 years) as part of Beijing’s Silk Road initiative, gives us a window into what the future may hold in terms of China’s growing regional influence.
    But as Washington learned in March, belittling China’s power grabs is a fool’s errand, especially when they are disguised as infrastructure development initiatives. In the end, resistance is futile, but old habits die hard, which is why it’s not surprising that the ADB is now beefing up its lending capacity while simultaneously paying lip service to the AIIB.
    Via Bloomberg:

    This post was published at Zero Hedge on 05/04/2015.


  • Weekend Update March 13

    By Everett Millman, head content writer at Gainesville Coins, a leading gold and silver distributor. ABSTRACT: While European and Asian markets continued to get a boost from quantitative easing measures, U. S. stocks indices pulled back sharply at midweek. This erased all of equities’ gains in 2015 before stocks staged a considerable recovery by week’s end. The precious metals continued to slide lower on a runaway rally for the U. S. dollar.
    GOVERNMENT & POLICY All Signs Lead to Easy Street
    On Thursday, South Korea joined the far from exclusive ‘QE Club’ when the Bank of Korea decided to cut its benchmark lending rate by 25 basis points to 1.75%. This brings our tally to no less than 27 different countries of economic entities that have engaged in similar rate-cutting and monetary easing policies over the last year. In alphabetical order, the list of the club members is as follows:
    Albania; Australia; Botswana; Canada; China, this March; Denmark, four times, now negative; the eurozone; Egypt; India, this March; Indonesia; Israel; Japan; Kenya; Mexico; New Zealand; Pakistan; Peru; Poland, this March; Romania; Russia; Singapore; Sweden; Switzerland; Thailand, this Wednesday; Turkey, three times; and Uzbekistan.
    Many forex analysts have suggested that Malaysia could be the next country to jump on the easing bandwagon. In some of the above cases, central banks have had no choice but to cut their rates in order to remain competitive with their regional rivals. One can see a bit of a Domino Effect taking place as, one after another, the monetary authorities in various nations become ensnared in the ‘race to the bottom’ set into motion by the so-called Currency Wars. To those whose jobs center around making sense of central banks’ behavior, a task that is undoubtedly becoming increasingly difficult, these policies would seem be Faustian bargains: short-term gratification in exchange for long-term doom.

    This post was published at Deviant Investor on March 14, 2015.


  • Futures Rebound Continues As “Greece Concession” Story Picked Up By European Desks, Oil Rises

    The rally that was sparked by yesterday’s late-day FT report had all but fizzled overnight, replaced by more concerns about the state of the global economy when Austrialia’s central bank surprised the world (just 9 of 29 analysts had expected this move) by becoming the 15th in a row to ease in 2015 (the list: Singapore, Europe, Switzerland, Denmark, Canada, India, Turkey, Egypt, Romania, Peru, Albania, Uzbekistan and Pakistan, Russia and now Australia), cutting the cash rate to an all-time low of 2.25%, and sparking more concerns about a global currency war or rather USD war against every other currency, when the USDJPY algos woke up again, and did everything they could to re-defend the critical 117.20 level in the USDJPY which has proven critical in supporting the market in recent weeks, once again using the Greek “softening tone” story as the basis for the ramp as Europe woke up, which in turn sent the DAX promptly to new all time highs, while the Athens stock market surged by 9% at last check.
    How long this narrative will sustain today is unclear, especially with Varoufakis explicitly said earlier that he had been misinterpreted once again as we reported earlier. However, it is assured that if not for the Greek “broken telephone”, then some other intervention will step in to keep the S&P above the all important 2000 level.
    The second most important news overnight comes from the bond where following a surprisingly weak 10 Year auction in Japan, where the Bid to Cover came in the weakest since 2013, “Germany became Japan“, as the 10 Year Bund yield (0.31%) is now below that of the sliding 10 Year JGB (0.37%) for the first time ever.
    The third main overnight story involves commodity complex, and specifically oil where the surge of the last several days continues, and sees both energy and metals trade higher, with energy WTI and Brent crude futures trade higher for the fourth consecutive day, above USD 51 and USD 56 handles respectively. This comes as an extension of gains seen since Friday following the latest Baker Hughes rig count, which fell by over 90 rigs, the most since 1987, to see WTI finish 8.3% higher as a consequence. The ongoing strike by the United Steelworkers Association is also adding to the upside for prices. This comes as WTI crude futures settled higher yesterday by over 1% for the second consecutive trading day for the first time since two weeks prior to OPEC’s November meeting.

    This post was published at Zero Hedge on 02/03/2015.


  • Modern Slavery: It’s Not Just For Greek Teachers

    While forcing citizens to work for no money may appeal to European policy-makers as a solution to their youth unemployment problem (as we discussed here and here), it is a problem that covers a stunning 35.8 million people in the world who are classified as slaves, according to the latest data.
    China, India, and Pakistan top the list of modern slave nations (in absolute terms), but Mauritania is the most ‘slaved’ nation with 4% of the population in some kind of bondage.
    As Gallup notes, most modern slavery is not visible to the general public, and victims may not be easy to identify using standard survey methods. Poverty is a clear risk factor behind modern slavery: Poorer countries tend to have more slaves; but a host of other factors may be perpetuating the problem, including traditional institutions, attitudes, social systems or poor governance, as well as individual risk factors such as lack of education or unemployment.
    The Walk Free Foundation defines modern slavery as the deprivation of individual liberty for the purpose of exploitation. This broad definition includes many slavery-related practices such as human trafficking, forced labor, debt bondage, forced marriage, commercial sexual exploitation and the sale and exploitation of children.

    This post was published at Zero Hedge on 11/17/2014.


  • Gold subdued

    The yellow metal price in global market eased on back of correction in international inventories besides dull interest of international and domestic buyers. It closed at $1,264 an ounce with $23 per ounce down in value as compared to previous trading session while domestic bullion price also witnessed correction. Gold in tola term down by Rs 949 per tola to stay at Rs 48,403 per tola while in grammage value, gold dipped by Rs 815 per ten grams to close at Rs 41,541 per ten grams respectively on Tuesday, dealers said.
    The gold price remained in correction phase, as leading traders in international and domestic markets were eyeing on future output however potential buyers in India and Pakistan remained busy in hedging.

    This post was published at TruthinGold on September 3, 2014.


  • sept 2/raid on gold and silver/GLD loses another 1.8 tonnes of inventory gold/no change in silver/ Conditions inside Pakistan heating up/Escalation in the Ukraine vs Russia/Ebola spread/

    Gold closed down $22.10 at $1263.70 (comex to comex closing time ). Silver was down 33 cents at $19.07
    In the access market tonight at 5:15 pm
    gold: $1265.00
    silver: $19.19
    GLD : a loss of .1.8 tonnes of gold (inventory now at 793.20 tonnes)
    SLV : no change in silver inventory at the SLV/now 331.528 million oz
    Every time we have a long weekend, the banksters whack gold and silver. They did not disappoint us again with their antics.
    The game will end once China/Russia can no longer receive any physical gold and silver from the West.
    Today we have commentaries concerning the Ukraine, Russia, Pakistan, China, Japan and the terror of ISIS and Ebola.
    We will discuss these and other stories
    So without further ado………………
    Let’s head immediately to see the data has in store for us today.
    First: GOFO rates/
    All months basically moved slightly towards the negative needle. Again, they must have found some gold to lease..
    London good delivery bars are still quite scarce.
    Sept 2 2014
    1 Month Rate: 2 Month Rate 3 Month Rate 6 month rate 1 yr rate
    .082000% .1000000% .11800% .14600% .220000%
    August 29.2014:
    1 Month Rate 2 Month Rate 3 Month Rate 6 month Rate 1 yr rate
    08800% .102000% .12000% .1500% .228000%
    end
    Let us now head over to the comex and assess trading over there today,

    This post was published at Harvey Organ on September 2, 2014.