Kreativität in der Finanzkrise : die Goldmarkanleihe der Stadt Eschwege von 1923
Sonderdr. aus: Eschweger Geschichtsblätter 25.2014, S. 47 - 66 : Ill.
Montag, 9. Juni 2014
Goldmarkanleihe der Stadt Eschwege von 1923
Klüßendorf, Niklot:
Kreativität in der Finanzkrise : die Goldmarkanleihe der Stadt Eschwege von 1923
Sonderdr. aus: Eschweger Geschichtsblätter 25.2014, S. 47 - 66 : Ill.
Kreativität in der Finanzkrise : die Goldmarkanleihe der Stadt Eschwege von 1923
Sonderdr. aus: Eschweger Geschichtsblätter 25.2014, S. 47 - 66 : Ill.
Sonntag, 18. Mai 2014
Since the beginning of history, gold has taken center stage in geopolitics. History tells us that the Roman Empire invaded Dacia (Romania today) at the start of the 2nd century B.C. to take control of the rich gold mines of the Carpathians. The Empire had depleted all of its gold mines and its expenses were growing rapidly.
Of Gold & Geopolitics
Submitted by Dan Popescu via GoldBroker.com,
“Gold is the sovereign of all sovereigns” Democritus
They say that gold is a geopolitical metal. Gold is real money with no counterparty risk and, furthermore, an excellent wealth preserver in time and space. Like fiat currencies (dollar, euro, yen, Yuan etc.), gold’s price is also influenced by political events, especially those having an international impact. Alan Greenspan, ex-chairman of the Federal Reserve, said that gold is money “in extremis”. This is why gold is part of most central banks’ reserves. It is the only reserve that is not debt and that cannot be devalued by inflation, contrary to fiat currencies.
Observe in chart #1 that central banks own 30,500 tonnes of gold, or 19% of above ground gold. However, this number is an underestimation, because several countries (e.g. China, Saudi Arabia) report only a portion or none at all of their gold holdings. In addition, if they do, they do not do it in a timely manner.
Global Gold Stock
I think that the official amount of gold held by some countries (through different institutions) is rather close to 40,000 tonnes. Even if this gold represents only 20% to 25% of the total gold stock, it can be quickly brought to market and in sufficient quantities to have an impact on the market price. The annual gold market is only 4,477 tonnes per year; it is thus easy for United States or the European Union to influence gold’s price, since they own respectively 8,333 and 10,779 tonnes of gold.
Currencies mirror the health of the countries issuing them. When a country manages its economy well and offers a good social and political environment, demand for its currency increases and, thus, it appreciates, whereas the opposite happens when the economy and politics of the country are poorly managed. The fiat currency is the image of the country and its value only depends on the trust people have in its economy. When the international monetary system is on the brink of collapse because of an exorbitant global debt, there is a flux taking place toward real assets (land, buildings, jewelry, gold, silver etc.). Gold is real money, contrary to the different countries’ currencies, which are fiat money and can be devalued by monetisation of the debt.
Since the beginning of history, gold has taken center stage in geopolitics. History tells us that the Roman Empire invaded Dacia (Romania today) at the start of the 2nd century B.C. to take control of the rich gold mines of the Carpathians. The Empire had depleted all of its gold mines and its expenses were growing rapidly. The roman economy was based on war and those wars were costing more and more gold while they would bring in less and less. By that time, the Romans had taken a liking for luxury items that they did not produce themselves, like fine silk from China, pearls from the Persian Gulf, perfumes from India, ivory from Africa, etc. Roman gold was being used for those purchases and a lot of it was needed. Later, in the 1500s, the quest for gold became the objective of the conquest of the Americas after the return of Christopher Columbus who had discovered the Aztec and Inca gold. During the Second World War, Hitler put together a team with the mission of getting hold of the gold and other treasures of the conquered nations. Nazi Germany used all of its available resources to win the war, and gold was an important weapon in Hitler’s economic arsenal (gold stolen from occupied countries’ central banks between 1939 and 1942). It is interesting to note that private ownership of gold was forbidden, by left or right leaders, totalitarian or democrats, from Lenin in Russia, Hitler in Germany, Mussolini in Italy, Mao in China to Roosevelt in the United States.
In 1944, at the Bretton Woods Conference, the United States took advantage of the great weakness of world after the Second War and imposed a monetary system based on the dollar, but backed by gold. Following a crisis opposing the United States and Europe, but mainly France, gold backing of the dollar was abandoned in 1971. Deficits and debts brought about by less productivity and some costly wars (Korea, Vietnam) started to weigh heavily on the dollar. The US dollar has become, since 1971, the international monetary standard, without any gold backing. However, gold has remained the “de facto” standard lurking in the shadows, should a major monetary crisis occur, watching for the first mistake to regain its center role. Many countries, like Canada, sold all their gold in the 90’s but, in general, the official holdings, as can be seen in chart #1, have barely diminished.
A new era started in the 90’s with the end of the Cold War and, thus, the beginning of a world disarmament. An era of peace and prosperity seemed to have started under the almost absolute dominance of the United States. During this optimistic period, gold fell from $850 to $250 an ounce. This period was short lived, because the September 11 terrorist attack in New York, the war in Afghanistan, the invasion of Iraq, the 2008 financial crisis and, recently, the annexation of Crimea by Russia have changed all that.
During the 2008 crisis - that almost succeeded in bringing down the current international monetary system - gold made a stunning comeback into the system. During the crisis, gold became the only accepted guarantee in order to get liquidity. What was significant was that after having been ignored for decades, gold was coming back into the international monetary system via settlements of the Bank for International Settlements (BIS). These transactions themselves confirm that gold was coming back into the system. They revealed the poor state of the financial system before the crisis and showed how gold has indirectly been mobilized to support the commercial banks. Gold’s old emergency usefulness has resurfaced, albeit behind closed doors at BIS in Basel, Switzerland.
Starting in 2008, we can also observe that western central banks stopped selling gold and that emerging countries’ central banks accelerated their gold buying. The extreme indebtedness of Western countries coupled with a rebirth of the emerging markets economies have destabilized even more an international monetary system based on an already much weakened US dollar.
Global Gold Reserves vs Global Gold Production
A confidence crisis has also reappeared between countries, especially between emerging countries and the United States. We are in a transition period in geopolitics and we are witnessing an economic shift and transfer of wealth from West to East. The new wealth owners are also asking for accrued political power internationally, in all the institutions where the European Union and the United States have a dominant position.
In order to protect the actual monetary system based on the dollar and that gives it exorbitant privileges, the United States manipulates the gold price, the only possible alternative if the dollar were to be replaced (or a SDR baked by gold). The United States is also trying to discourage countries and individuals to sell the dollar by way of negative public statements, but also by selling short on futures’ markets. Let us not forget that 40% to 60% of the US dollars circulate outside the United States. For the same reason, emerging countries are worried, and rightly so, that their reserves, mainly in dollars, will be confiscated by way of devaluation of the dollar. It is also possible that their gold reserves stored in the U.S. will be confiscated for so-called “force majeure” political reasons, in the interest of the “nation”.
Gold is money “in extremis”, and this is why it should not be stored out of the country. Only exception being an exceptional situation like a war, and only for a short time. I think that the only motivation countries had to store their gold in New York was greed through the possibility to speculate on gold at the risk of losing this “in extremis” reserve. Actually, this is what happened to Portugal; during the 2008 crisis and the Lehman Brothers’ default, the country lost its gold it had lent out. In times of crises or wars, it is very important not only to have legal ownership but also physical possession of the gold. Geopolitical alliances may change at any time and access to this “in extremis” money could be restrained or even refused.
In the current geopolitical framework that Ian Bremmer has so well called G0 (no country dominates; each one has advantage but also disadvantages), an international power struggle is occurring between the United States, the European Union, Russia and China. In this new Cold War, albeit in a G0 environment rather than in a G2 (United States and Soviet Union), where the European Union is not really allied with the United States and where China is not really allied with Russia, uncertainty prevails. In addition, other actors may influence this new Cold War that just got started since the annexation of Crimea by Russia. In a previous article on the gold wars, I mentioned the role of accelerator, agitator or troublemaker that third parties like Russia or Saudi Arabia could play. That is what happened with Russia, in Crimea, one month later. There is a war on the price of gold led by western countries, but there is also a war for gold ownership between all the countries; eastern countries being the ones that wish to exchange their dollar reserves for gold and as fast as possible.
In this new Cold War, which also includes a currency war, the role of gold has become central in the international political strategies of all countries involved. During this period of major risks and uncertainty, and until the return of a new geopolitical, economic and monetary order, gold will shine. Gold is money “in extremis” and is the only real money without any counterparty risk. This is why gold is considered, and rightly so, a geopolitical metal.
Mittwoch, 14. Mai 2014
London Silver Market: 1600-2000
http://de.scribd.com/doc/224105036/London-Silver-Market-Timeline
London Silver Market Timeline
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Veröffentlicht vonzerohedge
London Silver Market: 1600-2000
Silver price: £0.27 per t.oz.16001601First voyage of the East India Companytakes 80,000 t.oz/2.48 m.t from London toIndia.1602United Dutch East India Company founded in Amsterdam, then London's rival for shipments to India.1618East India Company authorised to ship400,000 t.oz/12.44 m.t annually.1660Official silver imports into Spain from the Americas since 1600 had totalled 303.7million t.oz/9,446 m.t. Spanish
rials
or piecesof eight were preferred coins in Amsterdamand London markets.1661East India Company got exclusive tradingrights in the east, making it the largestsilver buyer in London for the next twocenturies.1671Moses Mocatta set up in London, foundingthe firm that later became Mocatta &Goldsmid, the oldest members of the market.Nine generations of the family worked in themarket. He shipped silver and gold to Indiato pay for diamonds.1694Bank of England founded.1696/7The Great Re-coinage in England duringwhich the Royal Mint issued 15 milliont.oz/466.56 m.t of silver coin, much of whichwas remelted and shipped to India.1700Silver price: £0.29 per t.oz.1703East India Company shipped 3.9 milliont.oz/121 m.t.1707Mocatta opened silver account at Bank of England and soon became the Bank'sexclusive silver broker until 1840.1717Failed attempt to corner the silver market byunknown speculator wrongly anticipating theofficial price of gold to be reduced. Left withposition of 1.1 million t.oz/34.21 m.t in Bankof England's vault, which Mocatta unwoundover seven months.1721Mocatta confirmed exclusive silver broker to Bank of England and, in 1732, to EastIndia Company.1732Bank of England opened its BullionWarehouse (later Bullion Office) whichbecame crossroads of precious metal for over a century.1733Mexican silver output rising fast to 9 milliont.oz/280 m.t annually, later to over 15million t.oz/466.56 m.t.1779 Abraham Mocatta took Asher Goldsmid aspartner. Lowndes London Directory recorded:Mocatta & Goldsmid (Brokers), Grigsby'sCoffee House.1785Bank of England's Warehouse changed itsname to the Bullion Office.1789Bank of England opened special account for silver crowns brought by French fleeing theRevolution. Mocatta & Goldsmid bought£33,000 in crowns for the Bank.
Montag, 12. Mai 2014
Abschn. 4.8.3.Umsatzsteuer-Anwendungserlass
Grundlage der Umsatzbesteuerung ist:
Abschn. 4.8.3.Umsatzsteuer-Anwendungserlass
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(1) 1 Von der Steuerfreiheit für die Umsätze von gesetzlichen Zahlungsmitteln (kursgültige Münzen und Banknoten) und für die Vermittlung dieser Umsätze sind solche Zahlungsmittel ausgenommen, die wegen ihres Metallgehalts oder ihres Sammlerwerts umgesetzt werden. 2 Hierdurch sollen gesetzliche Zahlungsmittel, die als Waren gehandelt werden, auch umsatzsteuerrechtlich als Waren behandelt werden.
Für die Einordnung als Ware wird darauf abgestellt, ob mehr als der Nominalbetrag gezahlt werden muss-
Dienstag, 29. April 2014
Donnerstag, 24. April 2014
In Russland pressen sie riesige Putin-Kilo-Silbermünzen zur Feier der Annexion der Krim. „The Mint Refers To The New Coin As ’1 KG Of Nobility’“. Party like its 1888!
1kg Silver Putin-Coins
In Russland pressen sie riesige Putin-Kilo-Silbermünzen zur Feier der Annexion der Krim. „The Mint Refers To The New Coin As ’1 KG Of Nobility’“. Party like its 1888!
Silver coins with the face of Russian President Vladimir Putin are being minted in Russia. The coins weigh one kilogram (1kg – 2.2lb) and are being launched by the Art Grani foundry to mark Crimea’s reincorporation into Russia.The private mint that produces the coins said it is planning to present some of them to the Russian leadership. The coins are commemorative in nature and are a limited edition of 500 silver coins initially. The factory states that some of the coins may be sold, but they won’t be used as currency.
Dienstag, 15. April 2014
Samstag, 29. März 2014
Donnerstag, 27. März 2014
in Gold geronnene Geschichte....rolfjkoch@web.de
| Liebe Kundin, lieber Kunde, die aktuelle Finanzkrise brachte unerwartete Reste eines über fünf Jahrzehnte verschollenen Goldschatzes zutage: Die Reichsgoldreserven des deutschen Kaiserreichs wurden aufgrund eines Gesetzes von 1871 in „gemünztem Gold“ im Juliusturm der Festung Spandau gelagert. Es handelte sich dabei überwiegend um 10 Goldmark mit dem Portrait des ersten Deutschen Kaisers Wilhelm I. aus den ersten Jahrgängen 1872 und 1873, die in der Münze Berlin geprägt worden sind (Prägezeichen A). Diese Münzen wurden unmittelbar nach der Prägung eingelagert und waren deshalb nie im Umlauf. Die Münzen wurden nach der Niederlage des ersten Weltkriegs im Jahre 1918 in Kisten mit je 100.000 Goldmark an Frankreich als Reparationszahlung verwendet. Im Jahre 1940 wurden sie allerdings mit dem Einmarsch der Deutschen Truppen in Frankreich von der Deutschen Armee beschlagnahmt und in die Berliner Reichsbank gebracht. Dort wurde ein Großteil dieser Goldmünzen zur Kriegsfinanzierung eingeschmolzen. Aus Protokollen der Roten Armee unter General Schukow wurde entnommen, dass im Jahr 1945 Kisten mit Goldmünzen beschlagnahmt wurden und nach Russland gebracht wurden sind. Es sind in der Zwischenzeit immer einmal wieder 10 Goldmark Wilhelm I. in prägefrischer Qualität aus dem Juliusturm auf dem Markt aufgetaucht. Katalognotierungen wie der renomierte Dietzel Katalog gehen von einer Bewertung von € 950 für den ersten Jahrgang 1872A und € 900 für den zweiten Jahrgang 1873A aus. Auf Aktionen haben diese Münzen als Paar schon über 2.000 Euro gebracht. Wir haben letzte Woche 25 Münzen 1872A und 1873A Wilhelm I. prägefrisch aus dem Juliusturm angeboten. Diese Münzen waren innerhalb weniger Stunden ausverkauft. Wir konnten jetzt aus der gleichen Quelle noch einmal 25 Paare bekommen und bieten Ihnen diese prägefrische Münzen für € 995,- an. Die Auslieferung erfolgt mit Zertifikat und Holzkassette. Ich bin mir sicher, dass diese prägefrischen 10 Mark Goldmünzen Wilhelm I. aus dem Juliusturm der Festung Spandau eine sehr gute Geldanlage sind, denn prägefrische Kaiserreich Goldmünzen sind sehr selten, diese 10 Goldmark Wilhelm I. aus 1872 und 1873 geprägt in Berlin sind eine absolute Rarität. Ich wünsche Ihnen einen schönen Abend. Herzliche Grüße Ihr  |
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