Tuesday, July 7, 2015

Ashtar Command: Open Yourself to the Frequency of Love




Monday, July 6, 2015

Hackers hacked: Malware firm's data leaked, ties with regimes exposed


http://rt.com/news/271855-italian-hacker-firm-hacked/

Hackers hacked: Malware firm's data leaked, ties with regimes exposed

Published time: July 06, 2015 09:25

An Italian company that sells hacking tools to various governments was apparently itself the target of a hacker attack, resulting in its internal documents being leaked online and its deals with countries such as Sudan and Saudi Arabia exposed.

The Milan-based Hacking Team develops spyware and malware tools that can target computers and mobile devices across various platforms. The company maintained that it legally sold its products to be used for law enforcement.


Over the weekend it was apparently targeted by a cyber-attack that resulted in 400 gigabytes of its internal documents and source code leaked online. The identity of those who leaked the sensitive information or the way they obtained it remains unknown. However, the attackers gained control of Hacking Team's corporate Twitter account to report the breach and share a link to a Torrent file with the stolen data.



The hack has shone a spotlight on the widespread demand for such services from governments around the world.

Among Hacking Team’s clients in invoices and other documents, dozens of countries are mentioned, including Egypt, Ethiopia, Morocco, Nigeria, Sudan, Chile, Colombia, Ecuador, Honduras, Mexico, Panama, the United States, Azerbaijan, Kazakhstan, Malaysia, Mongolia, Singapore, South Korea, Thailand, Uzbekistan, Vietnam, Australia, Cyprus, the Czech Republic, Germany, Hungary, Italy, Luxemburg, Poland, Russia, Spain, Switzerland, Bahrain, Oman, Saudi Arabia and the UAE.


Hacking Team Sudan Invoice after they denied selling to Sudan.


The documents appear to confirm earlier accusations by critics that Hacking Team was dealing with various governments, many of which have questionable human rights records.

The firm's ties with Sudan are of special embarrassment, since previously Hacking Team publicly denied selling its tools to Sudan. The firm required that the Sudanese government paid them €480,000 ($530,000) by wire transfer for "remote control" systems used to access a target's personal data.


The leak deals a blow to the reputation of the controversial company. Reporters Without Borders has listed Hacking Team on its Enemies of the Internet index.

Yanis Varoufakis: Minister No More!




http://yanisvaroufakis.eu/2015/07/06/minister-no-more/


Minister No More!
Posted on July 6, 2015 by Yanis Varoufakis

The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage.

Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid NO vote be invested immediately into a YES to a proper resolution – to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms.

Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today.

I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.

And I shall wear the creditors’ loathing with pride.

We of the Left know how to act collectively with no care for the privileges of office. I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government.

The superhuman effort to honour the brave people of Greece, and the famous OXI (NO) that they granted to democrats the world over, is just beginning.

Wall Street's Next Bonanza: Subprime Marriage-Backed Securities




http://www.zerohedge.com/news/2015-07-05/wall-streets-next-bonanza-subprime-marriage-backed-securities

Wall Street's Next Bonanza: Subprime Marriage-Backed Securities

Submitted by Tyler Durden on 07/05/2015 16:30 -0400

Submitted by Daniel Drew via Dark-Bid.com,

The last crash was caused by reckless investments in subprime mortgage-backed securities, an ingenious way to repackage and redistribute staggering amounts of credit risk to unsuspecting investors. After losing their house and their money, some investors may take comfort in their enduring marital relationships. Unfortunately, marriage is one of the riskiest bets of all, which makes it a prime, or should I say "subprime" target for Wall Street's masters of innovation.

After watching oil titan Harold Hamm pay his ex-wife $1 billion, I couldn't help but wonder where he went wrong in the relationship department. Then again, he's not exactly a shining example of risk management; he lost $10 billion in the oil price collapse, or the equivalent of 10 ex-wives. Most Americans can't afford to pay their spouse $1 billion or even $15,000, which is the average cost of a contested divorce. Where there's risk, Wall Street is not far away.

One of the remarkable features of modern society is the seemingly endless amount of ways to repackage risk and distribute it to those who have a demand for it. The wacky world of the insurance industry seems to know no bounds. From vanilla products like car insurance to the ultra-weird like Troy Polamalu's $1 million hair insurance, you never really know what you're going to see next. While there are certainly notable individual examples of insurance oddities, nothing has the potential to create widespread effects like marriage insurance.

Provided by Safeguard Guaranty, marriage insurance is sold in units for $15.99 per month, which covers $1,250 in potential divorce costs. That's $192 per year for one "unit," which gives the insurance company a break-even point of 6.5 years, not including overhead. They even have a divorce probability calculator that is based on over 20,000 interviews. Supposedly, it has an accuracy rate of 87%. They don't elaborate on their formula, but you can get an idea of their inputs by answering some of the questions.

If marriage insurance sales take off, it's only a matter of time before Wall Street repackages it and sells it to investors via subprime marriage-backed securities. A boom in marriage speculation would ensue. Did you see your neighbor with his mistress last night? Buy some MBS credit default swaps on him and tell his wife what you saw. Is your other neighbor away from home a lot? Buy some MBS insurance on his wife, seduce her, and when they get divorced, you can cash in. Consider it "inside her" trading. Does it sound preposterous? It's not any crazier than buying credit default swaps on poor people's mortgages and making $15 billion when they become homeless. Remember, everything is fair in the "free market."

The "Nightmare Of The Euro-Architects" Is Coming True: JPM Now Sees Grexit, Eurogroup "Split In Coming Days




The "Nightmare Of The Euro-Architects" Is Coming True: JPM Now Sees Grexit, Eurogroup "Split In Coming Days"

Submitted by Tyler Durden on 07/05/2015 16:46 -0400


Perhaps the best summary - or epitaph, some would say - of the shocking events that took place in Greece this afternoon, and the resultant falling dominoes that are about to be unleashed, was given by Slovakia's finance minister Peter Kazimir, who summarized events as follows:

He followed it up with a Dylan Thomas quote:

We assume the next lines goes as follows:

"Rage, rage against the dying of the "irreversible" currency"
And while we laid out what Deutsche Bank's 4 possible scenarios are in the case of the now confirmed "No" vote, here is JPM's Malcom Barr with the bank's latest take on Greece which is that at this point, a Grexit is JPM's "base case"... and it only
goes downhill from there.

After the "big no", euro exit is our base case 
  • After the “big no” it is now a race between two forces: political pressure for a deal, versus the impact of banking dysfunction within Greece 
  • Although the situation is fluid, at this point Greek exit from the euro appears more likely than not

Early indications of the official result suggest the result is a “No” by a comfortable margin. What happens next?

First, it will be important to see the tone of the immediate political responses both within Greece and outside. We would expect the tone to be somewhat more conciliatory on both sides. Hollande and Merkel are to meet tomorrow night to discuss the issue, and as we understand it, the Eurogroup is scheduled to meet on Tuesday. We expect that a split is likely to emerge in the coming days. The Commission and France (and possibly others) will argue that negotiations should resume immediately with an aim of finding agreement. Others will find it more difficult to return to negotiations with a newly emboldened Tsipras in short order.

In the German case, for example, the Bundestag has to be consulted before Mr Schauble can enter into discussions about a new program for Greece (as requested on 30th June). However, the Bundestag has just broken for summer recess, so any such vote will require a recall. We have seen reports that talks at a technical level between Greece and the creditors may restart tomorrow (Monday), but we can imagine that the Bundestag will express its displeasure if it feels those discussions are in-progress without their express consent.

Second, there are reports of an emergency meeting between the ECB, Bank of Greece and Finance Ministry tonight, and at the latest the ECB will likely have to take a decision about ELA support tomorrow (if not tonight). Our base case is that the ELA total will simply be rolled on a day-to-day basis for now. It is extremely difficult for the ECB to justify increasing the region's exposure to Greece at this point. That effectively means that the Greek banks are likely to run increasingly short of cash, and the acceptability of electronic forms of payments will diminish rapidly.

The Bank of Greece and Finance Ministry has a joint committee working to prioritize payments out of Greece for essential imports. There are reports, however, that suggest the logistical problems arising from these procedures are biting. Importers are facing delays in seeing their requests to make purchases processed. And Greek exporters are finding it hard to get payment in euros from those they sell to, as their customers do not want to hold any euro balances within the Greek banking system. It is difficult to get a sense of the scale of these issues at this point. But our best guess is that these issues will multiply in the days ahead.

This suggests that what we see next will be a race between two forces: political pressure to move toward an agreement despite resistance from a number of northern European parliaments, versus the increasingly unpleasant implications of a dysfunctional banking system on the other. This latter force is unpredictable: it may manifest itself in pressure on the government to stand down, or it may generate a more unified “siege mentality” within Greece. The July 20th payment of €3.5bn to the ECB as Greek bonds mature creates one possibly fixed point as we look forward, but our sense is that could be dealt with via a number of mechanisms if political talks are progressing (transfer of SMP profits, short-term ESM loan, for example).

Our base case is that the pressures coming from a dysfunctional banking system in Greece will shorten the time horizon to negotiate a deal to a handful of weeks. As that pressure builds, there is likely to be a temptation to call a referendum in Greece on euro membership, and for the state to begin issuing I-O-Us or similar and giving these some status as legal tender. To the extent that pensioners and public sector employees find themselves being paid with such instruments, it takes the banks further away from solvency (they have liabilities in euros, but will have loans to individuals being paid or receiving “i-o-u” s which will be worth a lot less). Meanwhile, we expect at least some countries in the rest of the region (not least Germany) will not hurry over the design of a new program, and will find it difficult to get parliamentary assent for any such program.

This is a path that suggests to us that there is now a high likelihood of Greek exit from the euro, and possibly under chaotic circumstances. Perhaps the rest of the region will agree to a reasonably quick deal, or the ECB will raise ELA enough to retain minimal viability in the payments system. Perhaps the pressures of dysfunctional banks will force Mr Tsipras to stand down, and a deal is subsequently made. But for now, we would view a Greek exit from the euro as more likely than not.

Sunday, July 5, 2015

Greeks defy Europe with overwhelming referendum 'No'


http://www.reuters.com/article/2015/07/05/us-eurozone-greece-idUSKBN0P40EO20150705

Markets | Sun Jul 5, 2015 4:30pm EDT Related: WORLD, GREECE
Greeks defy Europe with overwhelming referendum 'No'
ATHENS
 BY KAROLINA TAGARIS AND LEFTERIS PAPADIMAS

Greeks voted overwhelmingly on Sunday to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe.

With nearly half of the votes counted, official figures showed 61 percent of Greeks rejecting the bailout offer. An official interior ministry projection confirmed the figure as close to the expected final tally.

Tens of thousands have gathered this evening in Syntagma Square outside the Parliament in Athens, Greece to reaffirm their intent to vote OXI (no)
The astonishingly strong victory by the 'No' camp overturned opinion polls that had predicted an outcome too close to call. It leaves Greece in uncharted waters: risking financial and political isolation within the euro zone and a banking collapse if creditors refuse further aid.

But for millions of Greeks the outcome was an angry message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job. Prime Minister Alexis Tsipras has denounced the price paid for aid as "blackmail" and a national "humiliation".




Hundreds of Greeks began pouring into the central Syntagma square in front of parliament to celebrate, after a week of building desperation as banks were shut and cash withdrawals rationed to prevent a collapse of the Greek financial system.

"This is an imprint of the will of the Greek people and now it's up to Europeans to show if they respect our opinion and want to help," said Nikos Tarasis, a 23-year-old student.

Officials from the Greek government, which had argued that a 'No' vote would strengthen its hand to secure a better deal from international creditors after months of wrangling, immediately said they would try to restart talks with European partners.

"I believe there is no Greek today who is not proud, because regardless of what he voted he showed that this country above all respects democracy," Labour Minister Panos Skourletis said.

"The government now has a strong mandate, a strong negotiating card, to bring a deal which will open new ways."




But euro zone officials shot down any prospect of a quick resumption of talks. One official said there were no plans for an emergency meeting of euro zone finance ministers on Monday, adding the vote outcome meant the ministers "would not know what to discuss".

Many of Athens' partners have warned over the past week that a 'No' vote would mean cutting bridges with Europe and driving Greece's crippled financial system into outright bankruptcy, dramatically worsening the country's economic depression.

The result also delivers a hammer blow to the European Union's grand single currency project. Intended to be permanent and unbreakable when it was created 15 years ago, the euro zone could now be on the point of losing its first member with the risk of further unraveling to come.

"I believe such a result can be used as a strong negotiating tool so that Europeans can understand that we are not a colony," said Nefeli Dimou, a 23-year-old student in Athens.

Greek banks, which have been closed all week and rationing withdrawals from cash machines, are expected to run out of money within days unless the European Central Bank provides an emergency lifeline. Finance Minister Yanis Varoufakis is due to meet top Greek bankers later on Sunday and State Minister Nikos Pappas, one of Prime Minister Alexis Tsipras's closest aides, said it was "absolutely necessary" to restore liquidity to the banking system now that the vote is over.

However the European Central Bank, which holds a conference call on Monday morning, may be reluctant to increase emergency lending to Greek banks after voters rejected the spending cuts and economic reforms which creditors consider essential to make Greek public finances viable, central bankers said.

First indications were that any joint European political response may take a couple of days. German Chancellor Angela Merkel and French President Francois Hollande will meet in Paris on Monday afternoon. The European Commission, the EU executive, meets in Strasbourg on Tuesday and will report to the European Parliament on the situation.

"EU leaders must get together immediately, even on Monday. The situation is too serious to leave to finance ministers," said Axel Schaefer, a deputy head of the Social Democrat (SPD) group in the German parliament.

"You have to have confidence in the ability of the ECB to act. We must use all the possibilities in the EU budget to help Greece, which is still a member of the euro and the EU."

UNCHARTED

A 'No' vote puts Greece and the euro zone in uncharted waters. Unable to borrow money on capital markets, Greece has one of the world's highest levels of public debt. The International Monetary Fund warned last week that it would need massive debt relief and 50 billion euros in fresh funds.

Greek officials see the IMF report as a vital support for their argument that the bailout terms as they stood would merely have driven Greece further into depression.

Tsipras called the referendum eight days ago after rejecting the tough terms offered by international creditors as the price for releasing billions of euros in bailout funds.

He denounced the bailout terms as an "ultimatum" and his argument that a 'No' vote would allow the government to get a better deal appears to have convinced many Greeks, particularly among younger voters who have been ravaged by unemployment levels of nearly 50 percent.

"I have been jobless for nearly four years and was telling myself to be patient," said 43-year-old Eleni Deligainni, who said she voted 'No'. "But we've had enough deprivation and unemployment."

Opinion polls over the months have shown a large majority of Greeks want to remain in the euro.

But, exhausted and angry after five years of cuts, falling living standards and rising taxes imposed under successive bailout programs, many appear to have shrugged off the warnings of disaster, trusting that a deal can still be reached.

For a  GREECE DEBT graphic: here

(Additional reporting by Noah Barkin and Madeline Chambers in Berlin, Isla Binnie in Rome, Paul Taylor in Brussels, Renee Maltezou, Lefteris Papadimas, Karolina Tagaris; Writing by James Mackenzie, Editing by Alessandra Galloni; Editing by Peter Graff)

Saturday, July 4, 2015

FBI WANTS PIRATE BAY LOGS TO EXPOSE COPYRIGHT TROLLS




"The most frightening words in the English language, We're from the government and we want to help you!" - Ronald Reagan"  -AK  


FBI WANTS PIRATE BAY LOGS TO EXPOSE COPYRIGHT TROLLS
BY ERNESTO
ON JULY 3, 2015

BREAKING

Over the past months two Pirate Bay co-founders have been questioned by Swedish police, acting on behalf of the FBI. The officers were looking for information on Pirate Bay backups and logs as part of an investigation into the honeypot scheme of the notorious Prenda copyright trolls.

Over the past few years copyright troll law firm Prenda crossed the line on several occasions.

Most controversial was the clear evidence that Prenda uploaded their own torrents to The Pirate Bay, creating a honeypot for the people they later sued over pirated downloads.

The crucial evidence to back up this allegation came from The Pirate Bay, who shared upload logs with TorrentFreak that tied a user account and uploads to Prenda and its boss John Steele.

This serious allegation together with other violations piqued the interest of the FBI. For a long time there have been suspicions that the authorities are investigating the Prenda operation and today we can confirm that this is indeed the case.

Troika Approved: Soylent Greeks

While the World Watches Greece THIS is Happening





While the World Watches Greece THIS is Happening

Submitted by Capitalist Exploits on 07/03/2015 17:17 -0400


By Chris at www.CapitalistExploits.at

Watching the ongoing Greek saga unfold is enough to make a blind man grimace. Capital controls which could be seen coming down the track like a freight train are but one more notch on the disaster stick called European Monetary Union.

Why talk of Greek debt negotiations is even taking place at all is the height of absurdity. It's akin to discussing how large an area of the desert should be dedicated to growing lettuces. The answer which no Eurocrat is prepared to acknowledge is, "Who cares? Nobody should be so daft as to grow lettuces in the desert".

Let's all be honest, shall we. What we're talking about here is foreign aid. It's not about debt repayments. Nobody is getting repaid. Anyone still clinging to that hope is simultaneously still waiting for Santa to come down the chimney, the Easter bunny to show up and for "liberating" forces to find weapons of mass destruction in Iraq.

Let's just table debt talks, call them what they are, which is foreign aid, and move this thing along. The problem with acknowledging the ugly truth is that German banks would then have to write down those "assets" on their balance sheets: "Jeez, it'd just be so much easier if we could keep them at par value and ensure we pick up that bonus at year end. And so we must endure more saga and carry on this game of pretense".

While I could spend time on Greece, what I'm more interested in is what few are paying attention to while this Greek saga unfolds.

That is what is going on with the Chinese yuan.

We've recently made the argument for a weakening yuan. My friend Brad and I both went up against the yuan late last year and Brad detailed his thinking in October of last year, then again in December, where he delved into the Chinese banking system, and once again in March of this year.

That, ladies and gentlemen, is our current bias. We're currently short. It's important to establish one's bias early on in order to attempt to understand any argument, so now you have ours. Often fund managers are selling a product which leads them into making decisions which have more to do with an agenda than with sufficient critical thought.

Let me say therefore that we have an opinion right now. But since we are not selling any product, hopefully we can keep our minds open.

Let's see where we get to and then I'm going to show you why we have a decent crack at making money without having an opinion either way.

By many accounts the yuan is one of (if not THE) most overvalued currencies in the world right now. But there are just as many well thought arguments arguing the opposite saying that it is indeed undervalued.

Gold Bullion Dealer Unexpectedly
"Suspends Operations"
Due To "Significant Transactional Delays"




Word around the water cooler is there is a massive underground repository of gold in Xianjiang provence that serves as a remote "physical ownership complex" of gold, where gold is moved from one "owner" to another "owner" within this huge complex without the requirement of actually flying it around the world in airplanes (which risks theft of the gold).  The rumor is the earthquake affected this repository and therefore the "transfer" of physical gold within it.  This blog is attempting to verify that rumor.  But like the Zerohedge article below says.... whether its paper gold markets, ETFs, or a repository in China that acts as a remote physical proxy custodian of gold, Zerohedge's advice applies "...our advice to buyers of physical precious metals is the same as always: if you purchased it and you can't hold it in your hand, it isn't yours." The earthquake could explain why Bullion Direct shut down operations. AK



Gold Bullion Dealer Unexpectedly "Suspends Operations" Due To "Significant Transactional Delays"

Submitted by Tyler Durden on 07/03/2015 17:40 -0400

What makes the current sovereign default episode different from previous ones is the uncanny stability and lack of buying of "fiat remote" assets such as gold and silver, and to a lesser extent, digital currency such as bitcoin. Indeed, all throughout the Greek pre-default escalation and ultimately, sovereign bankruptcy to the IMF, it seemed as if there was an absolute aversion to the peak of Exter's inverted pyramid.

What is even more surprising about the lack of any gold price upside is that it is not due to lack of demand. Quite the contrary, because as Bloomberg wrote last week, "European investors are increasing purchases of gold as Greece’s turmoil boosts the appeal for an alternative to the euro."

Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement. CoinInvest.com, an online retailer, said sales on Saturday and Sunday were the highest since Cyprus limited cash withdrawals in 2013, driven by a jump in German, French and Greek buyers.

Investors are searching for a safe haven after Greece imposed capital controls, closed banks and stopped selling gold coins to the public until at least July 6. Chancellor Angela Merkel on Monday said Germany is still open to negotiations if Greece wants.

“Most of our common gold coins are sold out,” Daniel Marburger, a director of Frankfurt-based CoinInvest.com, said by phone. “When people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold.”

The bullion dealers themselves are enjoying a jump in sales to retail customers:

GoldCore Ltd., which buys and sells bullion, reported coin and bar demand rose “significantly” on Monday. Sales to U.K. and Ireland today are about three times the average for the past three Mondays, the Dublin-based firm said in an e-mailed statement.

The U.S. Mint has sold 61,500 ounces of American Eagle gold coins this month, the most since January.

BullionVault, which says it operates the largest online physical gold trading platform, reported a jump in sales during the first half of this year, a sign of a broader increase.

However, it is the "paper" gold market where things were most perplexing in recent months. Recall that, as Zero Hedge broke and first reported, in the first quarter of the year, or the same time the Syriza government took power, something very dramatic took place in the US derivatives market, where first JPM saw an absolute explosion of its commodity derivative holdings (a broad umbrella which is not broken down further):




... coupled wih Citi's surge in "precious metals" derivatives which soared from $3.9 billion to $42 billion.



But what is most confusing is how even as physical metal demand clearly rose across Europe in the past few months and the price of paper gold actually declined, perhaps facilitated by some "hedged" derivative positions on the short side of precious metals, some bullion dealers have actually found it impossible to survive, and in the last few days at least one major gold bullion dealer, Bullion Direct, greeted customers with the following notice on its website:
Bullion Direct has experienced significant transactional delays. To avoid further inconvenience or other adverse consequences to our customers, Bullion Direct is suspending its operations as it attempts to resolve those issues. We intend to keep you informed at this website. Thank you for your patience.




Just what are "significant transactional delays" and how bad is the physical gold supply-chain if it can put at least one dealer out of business? Another question: is this a solitary failure by gold vendor due to a one-off problem with working capital, or is something more systemic about to be revealed in the gold bullion sales industry?

We look forward to finding out, but in the meantime our advice to buyers of physical precious metals is the same as always: if you purchased it and you can't hold it in your hand, it isn't yours.

Matt Damon Speech on the Elites and Control by Obedience to Them....

Matt Damon and Emily Blunt in The Adjustment Bureau



Found at: http://goo.gl/LErDmh which originated here:  https://goo.gl/pV0eo6

Gaia Portal: Enrapturings are finished



Enrapturings are finished
by √ČirePort

Enrapturings are finished.

Essentials are incorporated into all Energetic up-levelings as their absence precludes existence.

Last messages have been heard.

First messagings of the New Era are recognized by the seekers.

Finalities are no more.

The moment is now.

√ČirePort | July 4, 2015 at 09:37 | Categories: Uncategorized | URL: http://wp.me/p2sFUY-v7

China sets up largest gold sector fund for nations along ancient Silk Road


http://currentaffairs.gktoday.in/china-sets-largest-gold-sector-fund-nations-ancient-silk-road-05201523033.html

China sets up largest gold sector fund for nations along ancient Silk Road

May 25, 2015

China has set up a gold sector fund involving 65 countries along the ancient Silk Road. It has been set up in China’s northwest Xi’an city during ongoing forum on investment and trade.

The fund will be led by Shanghai Gold Exchange (SGE) and is expected to raise 16.1 billion dollars in three phases. It should be noted that it is the largest fund set up by China in the gold sector.

Around 60 countries which fall along the routes of 21st-Century Maritime Silk Road (MSR) and Silk Road Economic Belt have invested in the fund.

This fund will facilitate gold purchase for the central banks of member states to increase their holdings of the precious metal. It will be also invested in gold mining in countries along the Silk Road and also to increase exploration in countries such as Afghanistan and Kazakhstan

At present, China is the world’s largest gold producer and also a major importer and consumer of gold. But its share in international gold trade is very small and does not have a big say in gold pricing.

By setting up this fund China is seeking to increase the influence of its domestic currency Renminbi (RMB) in the international gold pricing by opening the domestic gold market to international investors.

Happy 4th of July!

For Jilly! 

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