The Phaserl


HILARIOUS: Ecuador Sends MORE THAN HALF ITS GOLD RESERVE to Goldman Sachs in Exchange For ‘Liquidity’

by Nathan Gill, Bloomberg:

Ecuador agreed to transfer more than half its gold reserves to Goldman Sachs Group Inc. for three years to give the government easier access to cash.

The central bank said it will send 466,000 ounces of gold to Goldman Sachs, worth about $580 million at current prices, and get the same amount back three years from now.
In return, Ecuador will get “instruments of high security and liquidity” and expects to earn a profit of $16 million to $20 million over the term of the accord. The central bank didn’t detail additional terms of the transactions, such as any fees or financing costs paid to Goldman Sachs.

The deal comes as the South American country’s government, which defaulted on about $3.2 billion of bonds five years ago, seeks to cover a budget deficit forecast by the Finance Ministry to swell to a record $4.94 billion this year.

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hat tip: Bix Weir & Rich

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3 comments to HILARIOUS: Ecuador Sends MORE THAN HALF ITS GOLD RESERVE to Goldman Sachs in Exchange For ‘Liquidity’

  • johns

    So these same FOOLS who got caught in the derivatives scam on their countries banana production, are RISKING 466,000 ounces of gold to get a “return of 16-20 million” over 3 years?


    Only a FOOL does the same thing again, expecting a different outcome.

    Have you not learned anything?

  • The Truth

    That actually is the definition of insanity Johns..LOL!

  • Wes Harper

    Ecuador demanded repatriation of their sovereign gold held at the NYFed two years ago. The Fed said no. Ecuador knows their gold is gone. This is a default by the Fed, a Force Majeure, a cash settlement.

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