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Author: notehound Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 461683  
Subject: Re: Draft deal reached to rescue Cyprus, shut a Date: 3/24/2013 8:44 PM
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Expect a big ramp-up in the markets tomorrow. To the moon, Alice!

By the way...

Here's the ZH eternal pessimist's take on what we know so far.

...The terms, unsurprisingly what zee Germans wanted, are:

i) Laiki to be wound down;

ii) Bank of Cyprus to survive but with deposit haircuts, and

iii) deal would see secured deposits in Laiki moved to Bank of Cyprus.

In other words, a deal far worse then the original on proposed by the Eurogroup last week - when the banks still existed. The key appears to be the 'saving' of the insured depositors (crucial to avoid a pan-European bank run) and the crushing of the 'whale' depositors.

S&P 500 futures and EUR are surging, Gold is dropping modestly.

We await final confirmation of the final terms of the final deal once the Cypriot people wake up (and don't forget the ECB 'standard of living' rules).

The Cypriot Parliament still has to vote for this - and not one of them voted for it last week.
[Emphasis added.]

http://www.zerohedge.com/news/2013-03-24/rampapalooza-cyprus...

One might wonder exactly what "whale" depositors in other peripheral countries are going to think. Inquiring minds want to know.

Oh, and by the way, rumors are circulating that Holland's ABN Amro Bank sent its customers a letter received this weekend informing them that gold certificates held at ABN Amro will no longer entitle the gold owner to obtain physical delivery (I only thought Sprott and CEF had physical delivery options).

...Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients’ gold holdings effective April 1st!

No worries however, Amro ensures its clients that there is no need to panic or do anything rash (such as remove your phyzz prior to April 1st:
We ensure that we have your investments in precious metals now the new way to handle and administer...


http://beforeitsnews.com/gold-and-precious-metals/2013/03/go...

In other words: "All your gold R belong to us."

;-)
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