GOLD plunge wipes out 2 years gain

Light of Hope · 26 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 7:44 am

Light of Hope

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Agree. I have been smiling at the rains for sometime now. I finished collecting gold 2 years back, 10% of my full portfolio.

Chinwi wrote:@ light of hope & Troy,

Thanks.

BTW, I am not buying Gold at this moment.

Raining is continuing. At this moment I think drought affected Hydro-power is valuable than Gold. !

Somehow gold is probably the best long term investment if you can get it when bottom out.

smallville · 27 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 8:17 am

smallville

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Light of Hope wrote:Cabba on Bloomberg, talking about gold prices (my foot). He is saying CB will look at this opportunity seriously to increase their gold reserves. Another loan for this ???

OH.. sh$&.. This stupid is ruining the country..

Chinwi · 28 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 8:36 am

Chinwi

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Notes from recent history.

-- start --

2009
The allegation was made by the Opposition and United National Party (UNP) leader Ranil Wickremesinghe addressing a public gathering in Kurunegala on September 13. He had reportedly said that the CBSL was about to sell off its gold reserves (38 Tons) valued at some Rs. 1,400 million to pay off the country’s urgent debts.

The Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal strongly denies the allegation that the CBSL was about to sell its gold reserves to pay off the country’s short term debts.

2012

Sri Lanka announced the sale of nearly 40 tons of gold last year.

International Monetary Cooperation Minister Sarath Amunugama told Parliament that Central Bank of Sri Lanka sold 39.66 metric tons of Sri Lanka's gold reserves last year.

The sale of the gold reserves had earned the Central Bank sum of 1,966 millions of US dollars.

The Minister said that the country's total existing gold reserves was estimated at 9.98 metric tonnes and their worth was 523 millions of US dollars.

These details were disclosed in response to a question raised by UNP Kurunegala District MP Dayasiri Jayasekera.

Minister Amunugama added that the amount of US $ 1,966 earned by selling the gold reserves in 2011 was kept in foreign currencies at country's international deposits.

--end--
As per the sources current exposure to gold in out foreign reserve was 525 million US and now is about US$ 420 million( at the latest rates) i.e. about 6 % of total reserve.

If they did not sell at that time 40 % of our foreign reserves will be Gold before this debacle and imagine the consequence we enjoy at this awurudu time.

Opposition eke mathawaru me gana kiyanne monawada danne naha.

http://www.bullionstreet.com/news/sri-lanka-sold-39.66-metric-tons-of-gold-last-year/2024

smallville · 29 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 9:49 am

smallville

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Chinwi,

If Govt officials had foreseen the GOLD crisis and had sold it that time it could be good.. But this Kabba is totally full of 'pissu'. He doesn't know economics and doesn't know what he's talking abt either..

This person is deciding the inflation value as per the values his wanted parties need to tell the ppl and ultimately our true image is not reflected anywhere..

Danno danithi SL inflation is more than 10% kiyala..

Chinwi · 30 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 10:42 am

Chinwi

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@ small,

probably they sold it for other reasons, somehow lucky.
I know that fellow from his UNP days .... got top place from this regime .

UKboy · 31 Re: GOLD plunge wipes out 2 years gain Tue Apr 16, 2013 1:06 pm

UKboy

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Hope GOSL will buy back some gold again.
The problem with Cabba is, unlike PBJ, his hands are tightened.
PBJ is in better position than Cabba when we concern their level of voices.

On the other has Cabba is not stupid to lose all his power for sake of the country. Surely sometimes he has to do things which against what his mind says.

Common he’s poor chap don’t be nasty..!

smallville · 32 Re: GOLD plunge wipes out 2 years gain Wed Apr 17, 2013 9:53 am

smallville

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Kabba say, CB may buy GOLD.. geezzz

http://www.lankabusinessonline.com/news/Sri_Lanka_central_bank_may_buy_gold:_CB_Governor/1974313586

Chinwi · 33 Re: GOLD plunge wipes out 2 years gain Wed Apr 17, 2013 10:28 am

Chinwi

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CB may buy GOLD !

Why is that bad ?

That is the way to do. Explore the unexpected ?? ( expected by many people) opportunity.
They have sold 40 tons at higher price. Now they can get them at lower cost.

They should buy. If Gold comes around 1200 they should start buying more, investing few 100 millions US $ each step. They should stop or postpone useless mega projects at thistime .

Price may go either way up or down but in the long run Gold will pass 2000 US$ level.

මම තාමත් හරි අසාවෙන් ඉන්නේ ලංකාව අරන් තිබුන රත්රන් ටොන් 40 බහින්න කලින් විකුණන කොට පෙරලි කරපු විපක්ෂය දැන් කියන දේවල් අහන්න . කෝ අර පණ්ඩිතයෝ ටික සද්ද නැහැ නේ