Tuesday, January 25, 2011

Egypt Proactively Preparing For Tunisian-Style Rioting: Airport Intercepts 59 Outbound Gold Shipments Worth Tens Of Millions

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After a week ago we learned that the central bank of Tunisia had parted with 23% of its gold stash courtesy of now deposed president who fled the country with a 1.5 ton shipment of gold, it appears that Egypt is preparing for a comparable spike in revolutionary activity. Only unlike the now former Tunisian president whose gold sequestering actions were retroactive and thus, quite lucky to succeed, Egypt has taken proactive measures. According to Egypt News, the country's airport has intercepted 59 shipments of gold directed for the Netherlands "worth tens of millions." The gold, as well as an indeterminate amount of foreign currencies, was hidden in pillow cases: uh, cotton may not show up on X-Rays, but gold sure does. We eagerly await to learn how big the decline in the country's official holdings 75.6 tonnes of gold will be after this most recent episode confirming that gold is precisely money. And all this happening despite gold's complete and thorough inedibility.

From News Egypt, google translated from the Arabic:


Authority announced today the state of emergency to re-examine the expulsion of 59 gold and foreign currencies was on its way out of Egypt on the path of smuggling after the discovery of tearing some pillow cases before they are shipped to the Netherlands.


The workers were shipping on the plane heading to Amsterdam, the Netherlands were surprised to tear bags under the 59 parcels containing large quantities of gold and foreign currencies worth tens of millions were reported to officials.


Committee was formed headed by one official of the Egyptian banks have been re-examine the packages and parcels to make sure that shortages and supervise the shipment on the plane.
In other news we urge readers to listen to Jim Rickards most recent interview with King World News discussing everything from gold, silver, Greenspan, the Fed, QE the US Dollar and much more (link).

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