Viet Nam Banksters SOLD their depositer's physical Gold and (now) have 60 days to replace 20 Tons!Submitted by goldenequity on Fri, 10/26/2012 - 16:31
20 metric tons = 643,015 troy ounces @ $1700 = 1 Billion$$
From the article:
"Local banks received gold deposits from the public in previous years and sold the gold in the local market for cash. Now they will have to buy gold to pay back their depositors at a time when global gold prices have been rising sharply. The central bank wants to prevent banks from this kind of risky operation, so it plans to ban banks soon from being involved in gold trading operations."
Germans: Take note :)
From this article:
"The public deposits their gold when prices are low; and now that prices have soared, depositors will enjoy profits, while the situation is reversed for banks,” he explained.
Banks have bought around 60 tons of gold so far this year, and they still need an additional 20 tons to be able to repay depositors by November 25, when gold mobilization is scheduled to be stopped, according to the Foreign Exchange Management Agency.
Although 20 tons is not a large quantity, the central bank is still considering delaying the deadline for the gold mobilization suspension, said Hung. (if it's no big deal... why delay..Hmm-m-m??)
“It’s to avoid putting pressure on some banks in the system as they may face liquidity difficulties in the last months of the year,” he explained."
Their Central Bank is now mulling imputing a Consumption tax :)
(from the same article)
"Gold is likely to be subject to the same special consumption tax as automobiles and alcohol in the near future, Deputy Governor of the State Bank of Vietnam Le Minh Hung said at a media meeting Thursday.
“The taxation is necessary for our long-term vision, but the possible tax rate must be carefully considered,” the official said.
Special consumption taxes are intended to limit the consumption of certain commodities and services, such as cigarettes, alcoholic drinks, under 24-seat vehicles, massage and karaoke parlors, and golf courses."