Great Panther Silver Ltd (GPR)

[NYBob]

Mexico ramps up gold reserves at dollar's expense
May 4, 2011 3:30 PM EDT




Mexico ramps up gold reserves at dollar's expense

Mexico massively ramped up its gold reserves in the first quarter
of this year, buying over $4 billion of bullion as emerging
economies move away from the ailing U.S. dollar,
which has dipped to 2-1/2-year lows.

The third biggest one-off purchase of gold by any country over
the past decade took Mexico's reserves to 100.15 tonnes --
or 3.22 million ounces --
by the end of March from just 6.84 tonnes at the end of January,
according to the International Monetary Fund and
Mexico's central bank.

Gold has gained 11 percent this year, driven by concern over
euro zone debt and the violence in the Arab world, as well as
by the U.S. dollar's 7.6 percent decline against a basket
of currencies.

Sergio Martin, chief economist for HSBC in Mexico, said the
government probably saw gold as a highly liquid asset that
would reduce exposure to the falling greenback.

"They're probably thinking that getting out of dollars
and into gold makes sense because we know that the dollar
has some trend to depreciate in the near future at least,"
said Martin. "I don't think they're going to lose money
with this."

Mexico's foreign currency and asset reserves hit a record $128
billion in April, making the gold purchased mostly in February
and March worth nearly 4 percent of that total.
Mexican central bank data on gold holdings only exists
through March.

The central bank did not respond to a request for comment.

According to the International Monetary Fund, Latin America's
No. 2 economy now owns $4.93 billion worth of gold, which hit
a record $1,575.79 an ounce on Monday.

Other emerging economies such as China, Russia and India have
also beefed up bullion reserves over the past few years.

SILVER LINING?

Credit Suisse precious metals analyst Tom Kendall said it was
worthy of note that Mexico, whose economy is very closely
tied to the United States, had taken this step.

"The size (of the purchase) is certainly pretty chunky to have
been accomplished in that space of time.
So it certainly gives another sizable layer of support to gold's
position in the international reserves system," he added.

George Milling-Stanley, managing director of government affairs
at the World Gold Council industry group, said Mexico was
following a recent trend among central banks to restore a
"prior balance between gold and currency reserves."

"This is further supported by the fact that the May IMF numbers
show continued buying by Russia and Thailand of 18.8 tonnes
and 9.3 tonnes respectively," he added.

Mexico's reserves rank it 33rd among the top official holders
of gold.
The United States is the largest official holder of gold,
with 8,133 tonnes, which account for 73.8 percent of its
total international reserves.

China is the sixth largest holder of gold, with 1,054.1 tonnes,
or just 1.6 percent of total reserves, while eighth-ranked
Russia now has some 811 tonnes of gold, up from 788.78 in
January, according to the IMF data.

Silver, which hit a record price earlier this year, may also
have been on Mexico's buying list, said Martin at HSBC.

"I think Mexico has moved from second to first place in the list
of global silver producers, so they may have been buying silver
to help the price," he added.

http://m.ibtimes.com/mexico-ramps-up-gold-reserves-at-dollar-s-expense-141334.html

Adam vs The man interviews Gerald Celent

http://geraldcelente-blog.blogspot.com/

The 0-administ. through their contacts on Wall Street have them
calling big commodity houses and telling them to get rid of
their silver positions so that Morgan can cover and that's what
this is all about right now, great opportunity to buy..." says
Bob Chapman of The International Forecaster

http://bobchapman.blogspot.com/2011/05/bob-chapman-great-opportunity-to-buy.html

Of course, we knew that, but Bob's comments implicate the
0-administ. (well-known that we have been taken over by
Wall Street - revolving door).

Silver = Kesef = Money =
well, Silver also means Money in my Hebrew
well, the REAL MONEY since 1000s of years -

= the more manipulation = the higher Ag will FLY =





history of LT bankster Ag=Kesef=Money manipulations =
for banksters to take Kesef from the People -
give nickel/copper to the slave to keep them slaves -

= well, old timers said fiat$1000 in our Ag=Kesef Money =
= well, be Safety LT for our Family

http://maxkeiser.com/

= well, told you since the turn around $2,55 =
= well, the LT Ag-Keseftrain GOING UP =
= well, get OFF the fence =
= well, join GPR / GPL the Jer-USA-lem Ag Kesefride =
= well, the faster the better LT FOS



God Bless