Post by jeffolie on Mar 22, 2011 15:02:28 GMT -6
Gaddafi's $6.5 gold for foreign, cheap African mercenaries = long Libyan war
'....$6.5 billion at current prices...As it has turned out, the 'long war' threat from Gadhafi may not be as emply as some might think. Financial Times on March 21 cited data from the International Monetary Fund (IMF) that the Libya holds 143.8 tonnes of gold (see table), but some say the actual amount could be several tonnes higher.
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"...There are widespread reports that Muammar Gaddafi has unleashed numerous foreign mercenaries on his people, in a desperate gamble to crush dissent and quell the current uprising.
Their origins vary according to speculation: Chad, the Democratic Republic of Congo, Niger, Mali, Sudan and possibly even Asia and eastern Europe.The claims are hard to pin down but persistent. Ali al-Essawi, the Libyan ambassador to India, who resigned in the wake of the crackdown, told Reuters on Tuesday: "They are from Africa, and speak French and other languages."
www.guardian.co.uk/world/2011/fe ... orce-libya
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Qaddafi And The Hidden Pot Of Gold In Libya
Speaking through a telephone call to state television, Libyan leader Moammar Gadhafi delivered quite a defiant tirade on Sunday, March 20 vowing a 'long war to victory' and pledged retaliation against the international military action descended upon Libya. Many military experts have suggested that the number of troops loyal to Gadhafi could be fewer than 10,000, and argued that Gadhafi will not last long at all.
Moreover, US and European governments have imposed sanctions and frozen Libyan assets worth billions of dollars, including the central bank, sovereign wealth fund and state oil company cutting off funding for further support activities....unless Gadhafi has a hidden pot of gold or two somewhere
As it has turned out, the 'long war' threat from Gadhafi may not be as emply as some might think. Financial Times on March 21 cited data from the International Monetary Fund (IMF) that the Libya holds 143.8 tonnes of gold (see table), but some say the actual amount could be several tonnes higher.
Instead of vaults in London, York or Switzerland, Libyan bullion is in the country held by its central bank, which is under Gaddafi’s control. However, Financial Times noted some believe that the gold reserves may have been moved from the central bank in the capital, Tripoli, to another location such as the southern city of Sebha, close to the borders with Chad and Niger.
According to FT.com. international banks or trading houses are unlikely to transact anything with Libya at this moment, let along gold, but there still could be other interested counterparties for a swap of arms, or cash. So, Gadhafi could conceivably transport the gold to Chad or Niger, where the gold could be swapped.
Libya's gold reserves, ranked No. 23 in the world, ahead of Saudi Arabia, as of December 2009 (see table above), are worth around $6.5 billion at current prices, enough to finance Gadhafi's defense against opposition and international forces for quite a while, to say the least. Furthermore, Gadhafi may have some other assets stashed in 'untraceable' places.
Gold prices has been rising and hit a record of $1445.70 on March 7 primarily driven by safe haven demand in the midst of continuing chaos in the Middle East, the crisis in Japan, weak dollar and rising inflation. If Gadhafi somehow finds his way to cash in on this pot of gold and make good on his 'long war' threat, it would only further gold and oil’s upward cause. And by the way, Goldman Sachs just put in a fresh gold price target of $1,480 within three months.
Read more: www.businessinsider.com/qaddafi- ... z1HMbsc6bX
'....$6.5 billion at current prices...As it has turned out, the 'long war' threat from Gadhafi may not be as emply as some might think. Financial Times on March 21 cited data from the International Monetary Fund (IMF) that the Libya holds 143.8 tonnes of gold (see table), but some say the actual amount could be several tonnes higher.
========================================
"...There are widespread reports that Muammar Gaddafi has unleashed numerous foreign mercenaries on his people, in a desperate gamble to crush dissent and quell the current uprising.
Their origins vary according to speculation: Chad, the Democratic Republic of Congo, Niger, Mali, Sudan and possibly even Asia and eastern Europe.The claims are hard to pin down but persistent. Ali al-Essawi, the Libyan ambassador to India, who resigned in the wake of the crackdown, told Reuters on Tuesday: "They are from Africa, and speak French and other languages."
www.guardian.co.uk/world/2011/fe ... orce-libya
======================================
Qaddafi And The Hidden Pot Of Gold In Libya
Speaking through a telephone call to state television, Libyan leader Moammar Gadhafi delivered quite a defiant tirade on Sunday, March 20 vowing a 'long war to victory' and pledged retaliation against the international military action descended upon Libya. Many military experts have suggested that the number of troops loyal to Gadhafi could be fewer than 10,000, and argued that Gadhafi will not last long at all.
Moreover, US and European governments have imposed sanctions and frozen Libyan assets worth billions of dollars, including the central bank, sovereign wealth fund and state oil company cutting off funding for further support activities....unless Gadhafi has a hidden pot of gold or two somewhere
As it has turned out, the 'long war' threat from Gadhafi may not be as emply as some might think. Financial Times on March 21 cited data from the International Monetary Fund (IMF) that the Libya holds 143.8 tonnes of gold (see table), but some say the actual amount could be several tonnes higher.
Instead of vaults in London, York or Switzerland, Libyan bullion is in the country held by its central bank, which is under Gaddafi’s control. However, Financial Times noted some believe that the gold reserves may have been moved from the central bank in the capital, Tripoli, to another location such as the southern city of Sebha, close to the borders with Chad and Niger.
According to FT.com. international banks or trading houses are unlikely to transact anything with Libya at this moment, let along gold, but there still could be other interested counterparties for a swap of arms, or cash. So, Gadhafi could conceivably transport the gold to Chad or Niger, where the gold could be swapped.
Libya's gold reserves, ranked No. 23 in the world, ahead of Saudi Arabia, as of December 2009 (see table above), are worth around $6.5 billion at current prices, enough to finance Gadhafi's defense against opposition and international forces for quite a while, to say the least. Furthermore, Gadhafi may have some other assets stashed in 'untraceable' places.
Gold prices has been rising and hit a record of $1445.70 on March 7 primarily driven by safe haven demand in the midst of continuing chaos in the Middle East, the crisis in Japan, weak dollar and rising inflation. If Gadhafi somehow finds his way to cash in on this pot of gold and make good on his 'long war' threat, it would only further gold and oil’s upward cause. And by the way, Goldman Sachs just put in a fresh gold price target of $1,480 within three months.
Read more: www.businessinsider.com/qaddafi- ... z1HMbsc6bX