The Swiss National Bank completed a program selling 1,300 tonnes of gold over several years. This required overcoming legal and political hurdles to reform Switzerland's monetary system and allow gold sales. The SNB coordinated with other central banks through agreements like the 1999 Washington Agreement to reduce market uncertainty. It employed a variety of sale methods including direct spot sales and option programs. Overall, the sales proceeded smoothly and generated profits, but political debates over using the proceeds dragged on for years without resolution. The experience underscores that the decision to sell gold reserves should be separate from debates over using the sale proceeds.
HIGHEST GOLD PRICES IN 30YEARS HIGHEST GOLD PRICES IN 30 YEARS ...pleasure16
The document summarizes Philipp Hildebrand's speech about the Swiss National Bank's (SNB) gold sales from 1999-2005. It discusses the historical context for the SNB's decision to sell half its gold reserves, including that Switzerland had an "extreme" amount of gold reserves compared to other countries. It also describes the lengthy legal and constitutional changes needed in Switzerland to allow the SNB to sell its gold. This included amendments to the Swiss Constitution and laws governing the SNB's assets. The document outlines the SNB's sale of 1,170 tonnes of gold under the 1999 Washington Agreement limiting central bank gold sales to 2,000 tonnes over 5 years.
The Visegrád Group is an intergovernmental organization consisting of four Central European states: the Czech Republic, Hungary, Poland, and Slovakia. Formed in 1991, the Group aims to advance economic and political cooperation between members. Collectively, the V4 has a population of over 64 million people and a GDP of over $1 trillion, making it an important economic bloc in Europe. The rotating presidency is currently held by the Czech Republic.
What is the likely impact of Brexit on the EU budget and how should Cohesion Policy position itself in the post-2020 Multiannual Financial Framework (MFF)?
This EPC presentation was delivered in the framework of an event organised by 'New Direction' in Riga, Latvia on 24 November 2017.
Brexit news. Relocating to Europe decisions made.Pete S
The effects of Brexit have started to show. Companies and organisations are publishing details of their post Brexit plans.
These actions represent a major decision by various types of businesses, often at considerable cost. The lost to the UK will be long lasting and substantial.
With the recent Brexit developments, there is a sense of uncertainty amongst the investment management industry. This webinar will take a deep dive into the implications of the United Kingdom’s decision to leave the European Union while also highlighting the changes and opportunities that will play out in the industry over the coming months. Gain a better understanding of how Brexit will impact you personally and what you need to do to prepare for the future.
The gold futures climbed higher towards a second weekly gain due to increased imports from China and a declining US dollar. China has increased its gold imports five-fold in the last 10 months due to inflation worries. Oil prices fell as traders took profits after prices reached a two-year high on signs of recovering fuel demand, though gains for the week remain around 5%. Copper futures declined for the first time in four days as traders trimmed positions after prices reached a three-week high, though copper remains up over 5% for the week on signs of reviving manufacturing demand.
HIGHEST GOLD PRICES IN 30YEARS HIGHEST GOLD PRICES IN 30 YEARS ...pleasure16
The document summarizes Philipp Hildebrand's speech about the Swiss National Bank's (SNB) gold sales from 1999-2005. It discusses the historical context for the SNB's decision to sell half its gold reserves, including that Switzerland had an "extreme" amount of gold reserves compared to other countries. It also describes the lengthy legal and constitutional changes needed in Switzerland to allow the SNB to sell its gold. This included amendments to the Swiss Constitution and laws governing the SNB's assets. The document outlines the SNB's sale of 1,170 tonnes of gold under the 1999 Washington Agreement limiting central bank gold sales to 2,000 tonnes over 5 years.
The Visegrád Group is an intergovernmental organization consisting of four Central European states: the Czech Republic, Hungary, Poland, and Slovakia. Formed in 1991, the Group aims to advance economic and political cooperation between members. Collectively, the V4 has a population of over 64 million people and a GDP of over $1 trillion, making it an important economic bloc in Europe. The rotating presidency is currently held by the Czech Republic.
What is the likely impact of Brexit on the EU budget and how should Cohesion Policy position itself in the post-2020 Multiannual Financial Framework (MFF)?
This EPC presentation was delivered in the framework of an event organised by 'New Direction' in Riga, Latvia on 24 November 2017.
Brexit news. Relocating to Europe decisions made.Pete S
The effects of Brexit have started to show. Companies and organisations are publishing details of their post Brexit plans.
These actions represent a major decision by various types of businesses, often at considerable cost. The lost to the UK will be long lasting and substantial.
With the recent Brexit developments, there is a sense of uncertainty amongst the investment management industry. This webinar will take a deep dive into the implications of the United Kingdom’s decision to leave the European Union while also highlighting the changes and opportunities that will play out in the industry over the coming months. Gain a better understanding of how Brexit will impact you personally and what you need to do to prepare for the future.
The gold futures climbed higher towards a second weekly gain due to increased imports from China and a declining US dollar. China has increased its gold imports five-fold in the last 10 months due to inflation worries. Oil prices fell as traders took profits after prices reached a two-year high on signs of recovering fuel demand, though gains for the week remain around 5%. Copper futures declined for the first time in four days as traders trimmed positions after prices reached a three-week high, though copper remains up over 5% for the week on signs of reviving manufacturing demand.
The document discusses a survey of cell phone recycling programs in New York City. The survey examined compliance with New York state legislation requiring cell phone take-back programs, as well as voluntary programs. Key findings include:
- Only 36% of visited stores had visible take-back signs as required by law. Verizon Wireless stores complied most consistently.
- 28% of stores visited had a visible drop-off box. Boxes were often hidden from view.
- 30% of stores listed on the voluntary RBRC program website did not have drop-off boxes as advertised.
- Employees generally lacked knowledge about their store's recycling program, except at Verizon Wireless stores.
The survey found
This paper aims to assess the impact of welfare reform on single mothers by analyzing how different features of welfare reform and other contemporaneous factors contributed to the decline in welfare participation and increase in work among single mothers since the 1990s. The paper constructs a detailed dataset of economic and policy variables for each state from 1980-2002 and uses individual-level data from the CPS to develop a model explaining trends in welfare and employment rates. The model seeks to separately estimate the effects of time limits, work requirements, economic conditions, the EITC, child care subsidies, and other factors in order to better understand their relative impacts.
AWARENESS OF PERFORMANCE DECREMENTS DUE TO DISTRACTION IN YOUNGER ...pleasure16
This document provides 6 steps to protect yourself if you are at risk of being laid off from your job.
The steps are: 1) Establish private contact channels like a personal email and phone number. 2) Increase external networking through alumni groups and professional organizations. 3) Update your resume privately and collect recommendations. 4) Expand your online presence by registering a domain name. 5) Leave your current job before layoffs start to avoid credibility issues. 6) Take the steps before an actual layoff to prepare without tipping off your employer.
The document provides information on various student services departments at Cypress College for the Fall 2008 semester, including contact information, locations, and normal hours of operation. It summarizes admissions and records, financial aid, counseling, disabled student services, extended opportunity programs and services, the bookstore, food services, scholarships, and the library among other resources.
This document provides guidance on how to determine if a wild baby animal found outdoors needs help or can be left alone. It explains that many wildlife parents leave young unattended during the day and are watching from a distance. Signs that an animal needs help include bleeding, broken bones, being featherless or unable to regulate body temperature. If no signs of distress are present, the best action is usually to leave the baby animal undisturbed, as the parents are likely nearby and will continue caring for it. The document provides tips on when and how to intervene to help a baby animal, as well as cautions against keeping wild animals as pets.
Central banks, international organizations, and governments collectively hold over 26,000 tons of gold, making them the largest holders globally. In 2009, central banks became net buyers of gold for the first time in 20 years, purchasing 470 tons due to its use as a hedge during financial crises. Gold historically played a key role in monetary policy for many countries through gold standards and pegs, but its role in central bank reserves has declined from 60% in 1980 to around 10% currently.
The document summarizes the closure of the Homestake Gold Mine in Lead, South Dakota in 2001 after 125 years of operation. Falling gold prices in the late 1990s were the primary factor leading to closure, as production costs rose above market gold prices. Gold prices fell dramatically due to decreased demand from the Asian financial crisis and increased supply from sales of national gold reserves by Western nations. Rising production costs from deep mining, environmental regulations, and declining ore quality also contributed to Homestake's closure. Despite diversification efforts, Homestake was no longer economically viable and closed in 2001.
The document discusses the investment committee's decision to approve a 3% position in gold for Swiss Franc and Euro mandates. This decision was prompted by significant changes in the monetary environment since 2006-2009, when the committee had been close to saying "never" to gold investments. Key changes include the ECB's quantitative easing program of €60 billion per month and the SNB's removal of the Swiss Franc cap. These measures have driven interest rates below zero, eliminating gold's disadvantage of lacking interest income versus paper currencies. Additionally, gold offers security during times of political and economic turbulence as the ultimate reserve currency.
The document discusses the evolution of international monetary systems throughout history. It begins by defining money and its three main functions. It then outlines several international monetary systems: bimetallism before 1875; the classical gold standard from 1875-1914; the unstable interwar period from 1915-1944; the Bretton Woods system from 1945-1972, which pegged currencies to the US dollar; and the current flexible exchange rate regime since 1973. The Bretton Woods system collapsed in the early 1970s due to US economic policies undermining the dollar-gold peg. Overall, the document traces the progression of global exchange rate regimes over time.
This document discusses global monetary policy and the trading of currencies. It provides background on the history of currency exchange, including the gold standard and Bretton Woods systems. It describes the current system of managed floating exchange rates, where currencies float against each other but central banks sometimes intervene. The International Monetary Fund and World Bank continue to play roles in global monetary affairs by providing loans and imposing rules on recipient countries.
The document discusses gold's global trading market. It notes that while the gold market is inherently global and trades continuously, there is no single integrated market due to differences in regulations and standards across countries. The market includes a range of participants such as producers, refiners, banks, and investors. Wholesale trading facilitates price discovery and transactions between buyers and sellers. Market integrity is important to give participants confidence.
The document discusses the size and liquidity of the global gold market. It finds that:
1) The total stock of gold that has ever been mined is approximately 168,300 tonnes, which has a market value of around $2.4 trillion based on private and official sector holdings.
2) This makes the gold market larger than all individual European sovereign debt markets and only smaller than the US Treasury and Japanese government bond markets.
3) Given its size and liquidity characteristics like daily trading volumes and low bid-ask spreads, the gold market can provide significant depth and liquidity for large reserve portfolios, similar to major sovereign debt markets.
The Bank of England effectively went off the gold standard in 1914 due to heavy gold withdrawals and the need to finance World War I. Through "masterly manipulation", it suspended gold redemption at home and abroad while maintaining the illusion that the pound was still backed by gold. This established the prototype for modern central banking and fiat currency systems, where money is created through regulation and credit expansion rather than being tied to gold reserves. Britain and the U.S. struggled over the following decades to balance economic needs with political demands as they moved between gold, gold exchange, and pure fiat standards. By 1971, most major currencies had fully adopted non-redeemable fiat currencies following this pattern established by Britain in 1914.
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
The document discusses gold's performance in Q1 2013 and analyzes the recent pullback in gold prices. It makes the following key points:
- Gold prices fell 3.6% in Q1 amid gains in other assets, and dropped another 10% in mid-April. However, gold's volatility declined.
- Analysts have questioned if this signals the end of gold's bull run, but structural changes over the past decade have supported long-term price increases despite past corrections.
- Gold prices have previously fallen more than 10% seven times and over 20% three times since 2001 during its bull run, with prices rebounding after each correction. Emerging market demand has increased during past pullbacks
1. The gold standard that dominated international monetary arrangements in the late 19th century allowed for some monetary discretion by countries.
2. Monetary authorities had leeway to pursue independent monetary policies within the "gold points" price band around the fixed parity price, as long as they maintained credibility that the currency remained convertible to gold.
3. Additional flexibility came from sterilizing gold inflows, though this could only provide temporary independence and ultimately threatened the fixed exchange rate system. Overall, monetary discretion was limited but possible if authorities were committed to maintaining the gold standard.
This document provides a summary of the history of international monetary systems from ancient times to the present. It discusses the gold standard period, the collapse of the gold standard after World War I, the Bretton Woods system established in 1944, and the eventual collapse of the Bretton Woods system in the early 1970s. The document analyzes the shortcomings of each system and the economic and political factors that led to changes in the international monetary system over time.
The document outlines the history and evolution of international monetary systems from bimetallism before 1875 to the current flexible exchange rate regime. It describes the classical gold standard period from 1875-1914, the instability of exchange rates during the interwar period, the Bretton Woods system which pegged currencies to the US dollar and gold from 1945-1972, and the demise of Bretton Woods leading to floating exchange rates today. The different stages established rules for exchange rates and the flow of trade and capital between nations under the prevailing monetary arrangements.
The document discusses a survey of cell phone recycling programs in New York City. The survey examined compliance with New York state legislation requiring cell phone take-back programs, as well as voluntary programs. Key findings include:
- Only 36% of visited stores had visible take-back signs as required by law. Verizon Wireless stores complied most consistently.
- 28% of stores visited had a visible drop-off box. Boxes were often hidden from view.
- 30% of stores listed on the voluntary RBRC program website did not have drop-off boxes as advertised.
- Employees generally lacked knowledge about their store's recycling program, except at Verizon Wireless stores.
The survey found
This paper aims to assess the impact of welfare reform on single mothers by analyzing how different features of welfare reform and other contemporaneous factors contributed to the decline in welfare participation and increase in work among single mothers since the 1990s. The paper constructs a detailed dataset of economic and policy variables for each state from 1980-2002 and uses individual-level data from the CPS to develop a model explaining trends in welfare and employment rates. The model seeks to separately estimate the effects of time limits, work requirements, economic conditions, the EITC, child care subsidies, and other factors in order to better understand their relative impacts.
AWARENESS OF PERFORMANCE DECREMENTS DUE TO DISTRACTION IN YOUNGER ...pleasure16
This document provides 6 steps to protect yourself if you are at risk of being laid off from your job.
The steps are: 1) Establish private contact channels like a personal email and phone number. 2) Increase external networking through alumni groups and professional organizations. 3) Update your resume privately and collect recommendations. 4) Expand your online presence by registering a domain name. 5) Leave your current job before layoffs start to avoid credibility issues. 6) Take the steps before an actual layoff to prepare without tipping off your employer.
The document provides information on various student services departments at Cypress College for the Fall 2008 semester, including contact information, locations, and normal hours of operation. It summarizes admissions and records, financial aid, counseling, disabled student services, extended opportunity programs and services, the bookstore, food services, scholarships, and the library among other resources.
This document provides guidance on how to determine if a wild baby animal found outdoors needs help or can be left alone. It explains that many wildlife parents leave young unattended during the day and are watching from a distance. Signs that an animal needs help include bleeding, broken bones, being featherless or unable to regulate body temperature. If no signs of distress are present, the best action is usually to leave the baby animal undisturbed, as the parents are likely nearby and will continue caring for it. The document provides tips on when and how to intervene to help a baby animal, as well as cautions against keeping wild animals as pets.
Central banks, international organizations, and governments collectively hold over 26,000 tons of gold, making them the largest holders globally. In 2009, central banks became net buyers of gold for the first time in 20 years, purchasing 470 tons due to its use as a hedge during financial crises. Gold historically played a key role in monetary policy for many countries through gold standards and pegs, but its role in central bank reserves has declined from 60% in 1980 to around 10% currently.
The document summarizes the closure of the Homestake Gold Mine in Lead, South Dakota in 2001 after 125 years of operation. Falling gold prices in the late 1990s were the primary factor leading to closure, as production costs rose above market gold prices. Gold prices fell dramatically due to decreased demand from the Asian financial crisis and increased supply from sales of national gold reserves by Western nations. Rising production costs from deep mining, environmental regulations, and declining ore quality also contributed to Homestake's closure. Despite diversification efforts, Homestake was no longer economically viable and closed in 2001.
The document discusses the investment committee's decision to approve a 3% position in gold for Swiss Franc and Euro mandates. This decision was prompted by significant changes in the monetary environment since 2006-2009, when the committee had been close to saying "never" to gold investments. Key changes include the ECB's quantitative easing program of €60 billion per month and the SNB's removal of the Swiss Franc cap. These measures have driven interest rates below zero, eliminating gold's disadvantage of lacking interest income versus paper currencies. Additionally, gold offers security during times of political and economic turbulence as the ultimate reserve currency.
The document discusses the evolution of international monetary systems throughout history. It begins by defining money and its three main functions. It then outlines several international monetary systems: bimetallism before 1875; the classical gold standard from 1875-1914; the unstable interwar period from 1915-1944; the Bretton Woods system from 1945-1972, which pegged currencies to the US dollar; and the current flexible exchange rate regime since 1973. The Bretton Woods system collapsed in the early 1970s due to US economic policies undermining the dollar-gold peg. Overall, the document traces the progression of global exchange rate regimes over time.
This document discusses global monetary policy and the trading of currencies. It provides background on the history of currency exchange, including the gold standard and Bretton Woods systems. It describes the current system of managed floating exchange rates, where currencies float against each other but central banks sometimes intervene. The International Monetary Fund and World Bank continue to play roles in global monetary affairs by providing loans and imposing rules on recipient countries.
The document discusses gold's global trading market. It notes that while the gold market is inherently global and trades continuously, there is no single integrated market due to differences in regulations and standards across countries. The market includes a range of participants such as producers, refiners, banks, and investors. Wholesale trading facilitates price discovery and transactions between buyers and sellers. Market integrity is important to give participants confidence.
The document discusses the size and liquidity of the global gold market. It finds that:
1) The total stock of gold that has ever been mined is approximately 168,300 tonnes, which has a market value of around $2.4 trillion based on private and official sector holdings.
2) This makes the gold market larger than all individual European sovereign debt markets and only smaller than the US Treasury and Japanese government bond markets.
3) Given its size and liquidity characteristics like daily trading volumes and low bid-ask spreads, the gold market can provide significant depth and liquidity for large reserve portfolios, similar to major sovereign debt markets.
The Bank of England effectively went off the gold standard in 1914 due to heavy gold withdrawals and the need to finance World War I. Through "masterly manipulation", it suspended gold redemption at home and abroad while maintaining the illusion that the pound was still backed by gold. This established the prototype for modern central banking and fiat currency systems, where money is created through regulation and credit expansion rather than being tied to gold reserves. Britain and the U.S. struggled over the following decades to balance economic needs with political demands as they moved between gold, gold exchange, and pure fiat standards. By 1971, most major currencies had fully adopted non-redeemable fiat currencies following this pattern established by Britain in 1914.
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
The document discusses gold's performance in Q1 2013 and analyzes the recent pullback in gold prices. It makes the following key points:
- Gold prices fell 3.6% in Q1 amid gains in other assets, and dropped another 10% in mid-April. However, gold's volatility declined.
- Analysts have questioned if this signals the end of gold's bull run, but structural changes over the past decade have supported long-term price increases despite past corrections.
- Gold prices have previously fallen more than 10% seven times and over 20% three times since 2001 during its bull run, with prices rebounding after each correction. Emerging market demand has increased during past pullbacks
1. The gold standard that dominated international monetary arrangements in the late 19th century allowed for some monetary discretion by countries.
2. Monetary authorities had leeway to pursue independent monetary policies within the "gold points" price band around the fixed parity price, as long as they maintained credibility that the currency remained convertible to gold.
3. Additional flexibility came from sterilizing gold inflows, though this could only provide temporary independence and ultimately threatened the fixed exchange rate system. Overall, monetary discretion was limited but possible if authorities were committed to maintaining the gold standard.
This document provides a summary of the history of international monetary systems from ancient times to the present. It discusses the gold standard period, the collapse of the gold standard after World War I, the Bretton Woods system established in 1944, and the eventual collapse of the Bretton Woods system in the early 1970s. The document analyzes the shortcomings of each system and the economic and political factors that led to changes in the international monetary system over time.
The document outlines the history and evolution of international monetary systems from bimetallism before 1875 to the current flexible exchange rate regime. It describes the classical gold standard period from 1875-1914, the instability of exchange rates during the interwar period, the Bretton Woods system which pegged currencies to the US dollar and gold from 1945-1972, and the demise of Bretton Woods leading to floating exchange rates today. The different stages established rules for exchange rates and the flow of trade and capital between nations under the prevailing monetary arrangements.
international monetary system are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.
The document discusses the evolution of international monetary systems over time. It begins by defining money and its functions, then outlines several stages of international monetary systems: bimetallism before 1875, the classical gold standard from 1875-1914, the interwar period from 1915-1944, the Bretton Woods system from 1945-1972, and the current flexible exchange rate regime from 1973 onward. Each system is described in terms of the prevailing rules, features, and reasons for changes or demise over time. In particular, it focuses on the shift from the Bretton Woods dollar-pegged system to the current floating rate regime in the early 1970s.
Gold has historically been seen as a hedge against currency debasement and inflation. However, the document analyzes whether gold is a good investment now. While gold prices have surged in the past due to crises, this may be a temporary increase unless sustained inflation occurs. Central bank buying has supported gold prices, but retail demand is falling as consumers reduce spending during the economic downturn. Gold makes sense as a portfolio hedge but cannot be the primary investment due to its volatility and lack of dividends.
The document discusses the evolution of international monetary systems from early systems of bimetallism up to the current flexible exchange rate regime. Key points include:
- Under bimetallism before 1875, both gold and silver were used internationally as money with Gresham's Law implying the least valuable metal would circulate.
- The classical gold standard from 1875-1914 established gold as the primary global reserve asset with currencies pegged to gold and exchange rates determined by relative gold contents.
- The interwar period saw the breakdown of the gold standard and widespread currency devaluations.
- The Bretton Woods system from 1945-1972 pegged currencies to the U.S. dollar which was peg
Similar to GOLD & SILVER STOCKS Stock Buy Sell Hold Pass Harmony (HMY) B - 13 ... (20)
The document provides information about parking at Metrorail stations, paying fares, accessibility features, and transferring between Metrorail, Metromover, Metrobus, and the South Miami-Dade Busway. Key details include: parking at stations costs $4 daily; fares are $2 with reduced fares of $1; stations have elevators, escalators and stairs for accessibility; and many transfer options exist between rail and bus services.
Recycling of Cellular Telephones in Mainepleasure16
This document is a memorandum opinion from a United States District Court regarding the government's application for an order authorizing the installation and use of a pen register and caller identification system on two telephone numbers and the production of real-time cell site information. The court initially denied the application, finding the government needed to show probable cause to obtain real-time cell site information. The government then submitted a letter arguing existing statutes allow such information upon less than probable cause. The court examines these statutes and determines they do not authorize access to real-time cell site information without a showing of probable cause.
I n t h e Picture This: Smart Cell Phone Camera Networkspleasure16
This document provides a summary of Maine's first annual report on cell phone recycling efforts in the state as required by Maine law. It finds that in 2008, approximately 54,400 cell phones were recycled in Maine, up from an estimated 1% recycling rate in 2003. This establishes a baseline for measuring the effectiveness of collection efforts going forward. Over 900 cell phone collection sites now exist statewide ensuring convenience for residents. Compliance among retailers was around 73% and most major carriers have developed recycling programs, though some small carriers require further follow up. Continued education efforts are needed to increase consumer awareness and motivation to recycle old phones.
C O N T RO L L I N G E L E C T RO N I C S V I A S M Spleasure16
1) Fort Bragg FCU is collecting school supplies from April 1 to June 30 to send to troops in Afghanistan to help build trust with local communities. Needed supplies include notebooks, pens, pencils, pencil sharpeners, small toys, and healthy treats in ziplock bags.
2) Donations can be dropped off at any FBFCU branch location. Cash donations are also accepted.
3) Interest rates are low, so now is a good time for members to purchase a home and take advantage of a new government tax credit of up to $8,000 for qualified first-time homebuyers.
This document describes a system that allows electrical devices to be remotely controlled via text messaging. It works by using an INSTEON controller connected to a computer to communicate with INSTEON switches. Twitter is used as an SMS gateway so that a phone can send commands to Twitter which are then read by a script on the computer controlling the switches. The script checks Twitter for commands and sends the appropriate signals to the switches via the INSTEON controller.
Job-Hunt FREE 15-Minute Guide to Layoff Self-Defensepleasure16
This document summarizes the results of a survey conducted by the Wisconsin Department of Transportation (WDOT) on cell phone use and motor vehicle crashes from May to October 2002. The survey found that cell phone use by drivers was reported in 1.5% of crashes surveyed. It provides background on bills proposed in the Wisconsin legislature regarding cell phone use and limitations. The report is intended to help legislators and safety officials better understand the issue but notes the limited scope of the study.
This study examined how well calibrated younger and older drivers were to performance decrements caused by distraction from cell phone use. Forty drivers completed driving tasks on a closed test track while performing a mental math task on a handheld or hands-free phone. Drivers' estimates of performance changes due to distraction were compared to actual changes measured across multiple driving performance measures. The results showed that drivers generally were not well calibrated to the magnitude of distraction effects, with some estimates even showing performance changes in the opposite direction of reality. Younger male drivers in particular tended to underestimate distraction impacts. The findings suggest that lack of awareness of distraction effects could influence drivers' decisions to engage in distracting activities.
Address Book IntegrAtIon wIth Jd edwArds enterprIseone And Jd ...pleasure16
The document provides instructions for installing, configuring, and using Guardian mobile security software. It allows users to enable invisible SMS notifications if an unauthorized SIM is inserted, protect access to apps and data with a password, and purchase upgraded editions for additional features like remote tracking and wiping of a lost phone. Configuration involves setting the notification recipient, secret code, and selecting which apps to password protect. The software comes in Free, Gold, and Platinum editions that can be upgraded by purchasing a registration code.
Cell Phone–Based System Could Improve HIV/AIDS Drug Trackingpleasure16
Address book integration with JD Edwards and other systems can seem simple but is actually quite complex due to various data formats, proliferation of contact information types, and inconsistencies. Magic Software's iBolt is a code-free integration tool that can model the necessary business rules and processes through visual design to facilitate real-time or batch address book integration and information sharing between systems.
2008 DEER HUNTING INFORMATION AND ON-LINE/TOLL FREE TELEPHONE ...pleasure16
1) Researchers at NYU are developing a cell phone-based system called SmartTrack to improve HIV/AIDS drug distribution and patient treatment in Africa.
2) SmartTrack will use cell phone technology to more easily track drug shipments and monitor patient medication adherence and health outcomes.
3) The system aims to address key issues with drug supply chains in Africa like theft and counterfeiting, and help ensure patients follow drug regimens correctly.
This document provides information on deer hunting regulations in Illinois for 2008, including seasons, licenses required, legal firearms, tagging and reporting requirements, and other rules. Key details include:
- Deer hunting seasons include archery, youth firearm, two firearm seasons, muzzleloader, and late-winter antlerless.
- Hunters must report deer harvested within 10 hours via the online or phone check-in system and attach the confirmation number to the tag.
- Legal firearms are shotguns, muzzleloaders, and handguns .30 caliber or larger. Only expanding bullets may be used.
- Hunters must have the proper licenses, permits, and FOID card and follow regulations on tagging, transporting,
The document provides information about recognizing and reporting telephone fraud. It advises consumers to be wary of telemarketing calls and asks questions to determine if a call is legitimate or a scam. Consumers can report fraudulent calls to the FTC and state attorneys general to help law enforcement investigate scams and stop telemarketers. The national Do Not Call registry allows consumers to limit unwanted telemarketing calls by registering their phone numbers.
phone records could track rapist, expert sayspleasure16
Pre-paid phone cards allow users to pay for calling time in advance. However, some cards do not deliver the advertised number of minutes due to hidden fees or charges. Consumers should carefully check rates, expiration dates, and terms and conditions for any additional charges to ensure they get full value for the card. The FTC advises consumers to report any issues with non-working cards.
Bus left you waiting in the cold? Use your cell phone to track it downpleasure16
This article summarizes an expert's opinion that cell phone records could help identify the Northwest Serial Rapist in Columbus, Ohio. The expert, Ben Levitan, believes that by analyzing the cell phone towers that picked up signals from the victims' phones during each attack, police could generate a list of phone numbers near each crime scene and likely identify one phone number common to all the lists, pointing to the rapist. The Columbus police are skeptical but say they will consider any potential leads. They continue to encourage women to take safety precautions.
The Talk-N-Trace is a point-to-point communication and tracing set that allows up to 4 units to communicate hands-free over wired connections. It has a built-in ringer, volume control, and low battery indicator. To use it, the user connects one Talk-N-Trace to each end of the wire pair and presses the on button to power it on and allow conversation or signal the other end by holding the button to ring the other unit.
This report summarizes a comparative accident study between years when a limousine company did and did not allow cell phone use. Survey results from drivers found most believed cell phone use increased distraction and accidents. Accident rates in categories like rear-end collisions and sideswipes decreased from 1998 to 1999 after the company introduced cell phones. However, the decreases were smaller than projections from studies finding 34-400% higher accident risks with cell phone use. The report examines literature on impacts of cell phone use on driving and identifies best practices to reduce risks.
PRLog.Org - Free Web Service Lets You Locate, Track, Sync, Protect ...pleasure16
This free audio tour provides an overview and descriptions of modern outdoor sculptures located at the Getty Center. It includes commentary from sculptors and curators about 27 sculptures by artists such as Henry Moore, Isamu Noguchi, Joan Miró, and others. Visitors can dial a phone number and enter stop codes to listen to details about individual sculptures or get an overall description of the Sculpture Garden.
TechStone Soft announces the release of MobiWee, a cloud-based service that allows users to remotely access, backup, sync and secure their mobile devices. MobiWee offers features like contact and file management, SMS messaging from a computer, email setup, call forwarding, locating lost devices, and locking or wiping devices from a web browser on any computer. The service works across different phones, operating systems, and computers using 3G or WiFi connections. TechStone Soft created MobiWee to give users control over their information by storing it in the cloud rather than on the device manufacturer's servers.
Report telemarketers and annoying callers. Trace any phone number.pleasure16
This document provides a guide to cell phone usage and service plans in New York City. It begins by discussing factors to consider when choosing a provider such as reception quality, which can vary significantly depending on location. It then offers tips on optimizing contracts, including negotiating deals when renewing, and choosing contract types such as individual plans, family plans, or prepaid options. The guide also covers topics like minimum contract lengths, early termination fees, phone replacement options, and laws regarding cell phone use in NYC. Overall, the document aims to help New Yorkers better understand their cell phone service options and get the most value from their plans.
Procrastination is a common challenge that many individuals face when it comes to completing tasks and achieving goals. It can hinder productivity and lead to feelings of stress and frustration.
However, with the right strategies and mindset, it is possible to overcome procrastination and increase productivity.
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GOLD & SILVER STOCKS Stock Buy Sell Hold Pass Harmony (HMY) B - 13 ...
1. SNB Gold Sales – Lessons and Experiences
Philipp M. Hildebrand
Member of the Governing Board
Swiss National Bank
Institute for International Economics
5 May, 2005
Washington, D.C.
2. I. Introduction
I am pleased to be in Washington today and would like to thank Fred Bergsten and his
colleagues at the Institute for International Economics for providing me with this
opportunity to talk about the recently completed gold sales of the Swiss National Bank
(SNB).
In June 1999, the Governing Board of the SNB decided that half of its then gold reserves
of 2590 tonnes were no longer required for monetary purposes and that it would inform the
market and the public accordingly. This decision contributed to the process that eventually
led to the first central bank agreement on gold sales. This so called Washington
Agreement provided the framework for the subsequent gold sales of the Swiss National
Bank, the ECB and thirteen European national central banks. Under this agreement, the
SNB’s realized sales of 1170 tonnes which represented the bulk of the total sales of 2000
tonnes for all participating central banks. The SNB completed its gold selling program on
March 30, 2005 after selling a residual 130 tonnes under the second central bank
agreement on gold sales. After completion of the gold sales and the distribution of the
proceeds from the sales to the Swiss government and the 26 cantons, the SNB’s balance
sheet will consist of approximately CHF 90bn. With the remaining 1290 tonnes of gold
reserves, the SNB retains roughly 20 percent of its assets in gold. By international
comparison, the SNB continues to hold a very significant stock of gold.
During the remainder of my talk, I would like to address what strike me as the most
relevant issues that came up in connection with these gold sales. I will begin by outlining
the historical context of the SNB’s Governing Board’s decision to declare 50% of its then
gold reserves as no longer necessary for monetary purposes. As you will see, a number of
constitutional and legislative changes were necessary for that policy decision to result in
actual gold sales. I will then outline how the SNB designed, revised and implemented its
selling strategy. Finally, I will attempt to draw some tentative lessons from these gold
sales, some of which might be of interest to those central banks or international institutions
that are considering gold sales or have recently begun to sell gold.
II. Historical Context
In 1999, the SNB held 2590 tonnes of gold on its balance sheet. At that time, the SNB’s
gold stock represented 30% of U.S. gold reserves. In relative terms, Switzerland’s position
was extreme among the G10 countries. As you can see in Figures 1 and 2, Switzerland
3. held more than five times the amount of gold on a per capita basis than the second-ranked
Netherlands. Similarly, its gold holdings as a proportion to imports also far exceeded those
of any other G10 country. In light of this extreme position, it is legitimate to ask why the
issue of gold sales did not arise much earlier in Switzerland.
For one thing, public opinion in Switzerland generally held gold in high esteem as a symbol
of monetary stability. More importantly, however, a reduction in the gold stock required a
fundamental reform of the legal framework of the Swiss monetary system. The process
leading up to this reform was lengthy and complex. As you know, Switzerland is proud of
its political system of direct democracy and consensual government. On the whole, these
traditions have served the country well. Comprehensive legal reforms, however, often
require substantially more time than in other democratic traditions.
Despite the fact that Switzerland had been under a flexible exchange rate regime since the
breakdown of Bretton Woods, the Swiss franc remained legally linked to gold. For practical
reasons, this legal link of the Swiss franc to gold had lost its monetary policy relevance.
Nonetheless, it prevented the Swiss National Bank from buying or selling gold at any other
price than the official parity of CHF 4’595 per kg. In the late 1990s, this parity was three
times lower than the price of gold in the open market. The official parity also determined
the valuation of the gold stock on the SNB’s balance sheet. In order to eliminate these
residual relics of the gold standard and enable a change in the SNB’s gold policy, the
Swiss Constitution as well as the Coinage Act needed to be amended first.
Whereas during the 1980s and the early 1990s, the political climate did not permit such
constitutional and legal amendments, the situation finally evolved in the late 1990s. The
deterioration of Switzerland’s public finances led to a growing awareness of the
opportunity costs of maintaining the existing structure of the SNB’s assets. The vast gold
holdings increasingly gave rise to concern in the context of bearish market sentiments and
of gold sales by other central banks. In November 1997, a partial revision of the Swiss
National Bank Law increased the flexibility of the SNB’s reserve management activities.
However, further legislative reforms were required to enable gold sales.
In February 1997, a first decision regarding the demonetisation of gold was taken by the
Committee for Economic Affairs and Taxation of the National Council, the lower chamber
of the Swiss Parliament. Two months later, against the backdrop of mounting international
criticism about Switzerland’s role in WWII, the President of the Confederation proposed to
allocate some of the gains in the likely event of a gold revaluation to fund a Swiss
Foundation for Solidarity which would provide assistance to persons in needs in
4. Switzerland and abroad. According to this proposal, the initial contribution to the
foundation would be in the form of a 500-tonne gold donation by the SNB.1
In 1997, the SNB was not only a special case with respect to the size of its gold holdings
but also with respect to the amount of its capital reserves. The extreme level of capital
reserves was the result of the restrictive profit distribution of the previous decades. In April
1997, the Swiss government commissioned a group of experts to draft a proposal for a
new monetary constitution and to estimate, among others things, the excess capital
reserves of the bank. The report, which was presented to the public in October 1997,
came to the conclusion that capital reserves equivalent to 1300 tonnes of gold were no
longer necessary for monetary purposes and could therefore be withdrawn from the SNB’s
balance sheet and used for other purposes. In May 1998, this proposal was incorporated
in the government’s message concerning the new monetary article of the federal
constitution.
Two further legislative steps were required for actual gold sales to begin. First, the Swiss
people had to ratify the reform of the constitution. This occurred in April 1999. Second, the
Swiss Parliament needed to adopt the new federal law on currency and payment
instruments which replaced the old Coinage Act. The new law came into force in May
2000. Hence, it was only 27 years after the collapse of Bretton Woods that the SNB was
legally in a position to start selling gold. The first gold sales by the SNB were promptly
executed the day after the new law came into force.
Meanwhile, the market environment was far from optimal for the SNB’s gold sales. While
the SNB had merely announced its intention to sell gold, the central banks of Argentina,
Austria, Australia, Belgium, Canada, Luxembourg, the Czech Republic and India had all
initiated actual sales. Against this backdrop, the gold market had been under pressure
since 1996. Here in Washington, intense discussion revolved around the question of
whether the IMF should sell gold. Moreover, the gold policy of the future European
monetary area had been subject to intense speculations. The market feared that once the
European Monetary Union came into force, the participating central banks or governments
would lose their inhibition about selling off parts of their 12’000 tonnes of total reserves. In
May 1999, the announcement by the UK Treasury that it planned to sell 415 tonnes set a
new wave of producers hedging activity and front running speculation. The gold price
dropped by 10% to 252 USD/oz, a 20 year record low (see Figure 3).
1
The idea of a Swiss Foundation of Solidarity was suggested to the President of the Swiss Confederation by
the then President of the Governing Board of the SNB.
5. It is against this background of heightened speculation about wide-ranging central bank
gold sales and corresponding market anxiety that the joint statement on gold was signed
at the IMF meeting in Washington on September 26, 1999. The participating central banks
undertook to sell a total amount of no more than 2,000 tonnes of gold in the next five
years, with annual sales limited to approximately 400 tonnes. The fifteen central banks
furthermore agreed not to expand their gold lending and gold forward transactions during
this period. While the U.S. and Japan were not part of the joint statement, they declared
that they had no intention of changing their “passive” gold policy. Furthermore, the IMF
announced that it would abandon its plan to sell some of its gold reserves in the market.
These declarations had a big impact on the market for two reasons: First, they removed
the uncertainty about the behaviour of the holders of 85% of the world’s official gold
reserves. Second, the planned annual total sales (400 tonnes) compared favourably with
the sales and increases of gold lending activity of the previous years (700 tonnes).
The Washington joint statement on gold was a coordinated effort aiming at clarifying the
intentions of the participants in a market prone to rumours and secrecy. Of the 1,300
tonnes of gold which the Swiss National Bank intended to sell, 1170 tonnes were included
in the 2000-tonne total sales quota of the Washington Agreement. In other words, the SNB
ended up being the main beneficiary of the agreement. Formally, the initiative for the
Washington Agreement did not come from the SNB. Nonetheless, the SNB’s unilateral
announcement in June 1999 of its intention to sell 1300 tonnes of its gold reserves
certainly contributed to setting in motion the process that led to the September 1999 joint
statement issued by the fifteen European central banks.
III. Selling Strategy
The Washington Agreement now set the parameters for the SNB’s selling program. The
practical details were negotiated in the months following the signature of the agreement.
Annual quotas were assigned for each period going from October to the following
September. As you can see in Figure 4, the SNB was allowed to sell 120 tonnes of gold
between October 1999 and September 2000, 200 tonnes for the next 12 months, 283
tonnes between October 2001 and September 2002, 283 tonnes again between October
2002 and September 2003, 284 tonnes between October 2003 and September 2004 and
130 tonnes after September 2004. The participating central banks agreed to eliminate the
possibility of hedging the gold price risk for the entire five year period. However, flexibility
was maintained in hedging the gold price risk for the selling quota within each current 12-
6. month sub-period. In other words, forward sales or option programs were possible for the
annual allocations only. On the other hand, there were no limitations on hedging currency
risk. The SNB was therefore free to hedge the expected USD proceeds from the sales
against the Swiss franc.
At the outset, the SNB decided to use the BIS as its selling agent. Between May 2000 and
March 2001, the BIS sold 220 tonnes on behalf of the SNB. For the first 120 tonnes, the
SNB paid the BIS a fixed commission while the performance risk resided with the SNB.
For the next 100 tonnes, the BIS agreed to pay the average price of the AM and PM
London gold fixing plus a small fixed premium.
In April 2001, the Governing Board decided that there was no reason to continue to sell
through the BIS. The SNB now had the necessary professionals, know-how, trading
resources and contacts to the international gold market to trade directly. Two types of
selling operations were subsequently pursued: spot sales in the market and sales
programs with price caps.
Over the next three and a half years, 730 tonnes were sold directly in the spot market. For
these sales, the SNB used 25 counterparties in four different continents. In an effort to
receive consistently competitive pricing, the Governing Board allowed the SNB traders to
become two-way participants in the market. In other words, traders were allowed to buy
gold on an intra-day basis up to two thirds of the daily allocated sales volume. Overall, the
sales had to be conducted within a clearly defined corridor which was structured around
daily sales volumes of approximately one tonne (Figure 5). Typically, the Bank of England
was used for the physical settlement of these operations.
Apart from spot operations, 350 tonnes were sold through option programs. In a typical
program, the buyer committed to buy 50 tonnes of gold spread evenly over several months
and to pay the daily average AM and PM London Fixing plus a premium. In order to
increase this premium, the SNB accepted to fix a cap to the maximum selling price. In
other words, the programs were based on the idea of selling gold on a spot basis and
writing out-of-the-money call options. In an effort to obtain competitive premiums, each
program was allotted in an auction between three major dealers. Considering the high
variance of the bids we received, this auction procedure proved suitable. The realized
premium varied between USD 1.4 and USD 3.5 per ounce. These modest premiums
reflected the SNB’s prudence in choosing the caps. At the time of the relevant auctions,
these were far above the market price. This explains why, despite an overall bullish
market, the strike levels were only attained on two occasions, namely in February 2003.
7. While the possibility of hedging the gold price risk was limited by the Washington
agreement, the SNB was allowed to hedge the USD/CHF risk associated with the
expected proceeds of the gold sales. Originally, the Governing Board decided to hedge
20% of the expected proceeds in USD. In December 2000, it increased this hedging
proportion to 35% and maintained it throughout the entire sales program.
Overall, the gold sales proceeds amounted to CHF 21.1bn, or CHF 16,241 per Kg.
Expressed in USD, the average selling price was USD 351,40 per ounce, which was 17.2
USD higher than the average London fixing price between Mai 2000 and March 2005
(334,2 USD). The bulk of this excess performance (13.4 USD) resulted from the currency
hedge of the expected USD proceeds (CHF 829mio). In the context of increasing gold
prices, the profile of the yearly quotas, with their overweight at the end of period,
contributed with 3.1 USD to the excess performance. The residual performance (0.7 USD)
was related to the combined effects of the option programs, the spot sales and the sales
through the BIS. SNB spot sales were realized at a price corresponding to the fixing plus
22 cents, whereas the average premium over the fixing for the cap sales was USD 1.9.
IV. Lessons and Conclusions
Last week, the SNB’s General Assembly approved the 2004 accounts of the SNB, thereby
formalizing the disbursement of the CHF 21.1bn proceeds of the 1300 tonnes of gold. One
third of that amount will go to the federal government and two thirds to the 26 cantons.
Beginning on May 12, the SNB will disburse the money in ten weekly tranches. The
disbursements will have no impact on the Swiss yield curve or the exchange rate as the
necessary portfolio adjustments were made in the run up to the pay out. With the final
tranche on July 14, the disbursement of the proceeds from the gold sales will have been
completed, representing the largest financial transaction in the history of the Swiss
National Bank.
In my view, the most important lesson to be drawn from the SNB’s gold sales is that the
decision to sell official gold holdings should be made separately from any consideration on
how to use the proceeds. The history of the SNB sales shows that notwithstanding the
constitutional and legal complexities I referred to earlier, the time between the expert
opinion about the SNB’s excess reserve capital and the first sales was two and a half
years. Switzerland’s politicians, on the other hand, failed to reach a consensus on what to
do with the proceeds. After eight years of relentless debates and a squarely rejected
referendum on the Swiss Foundation for Solidarity in 2002, the funds will be disbursed
8. according to the constitutional distribution key for the SNB’s regular profits. I don’t want to
burden you with the intricacies of the Swiss political debate around the gold proceeds. Let
me simply say that it was not for lack of creative ideas that a consensus failed to emerge.
This lesson strikes me as relevant with regard to potential renewed discussions about IMF
gold sales. Such discussions should exclusively be conducted on the basis of a thorough
examination of the solidity of the IMF’s financial position and not become entangled with
proposals on how to allocate any expected proceeds.
Finally, let me offer a couple of specific lessons from the SNB’s gold sales that underline
the benefits of transparency. Total official gold holdings by central banks and governments
today account for approximately ten times the annual worldwide production of gold.
Prospects of official gold sales therefore have an inherent ability to destabilize the gold
market. The initial Washington Agreement and the follow up agreement have
demonstrated that official sales are best conducted in the context of a clear and
transparent overall framework. While the terms of the agreement were not rigid in their
nature, they provided sufficient guidance to the gold market to prevent excessive market
volatility. In the event that official gold sales continue to be meaningful beyond the current
central bank agreement, a new set of parameters will have to be established upon its
expiry. Moreover, should the IMF or any other official institution decide to sell substantial
gold reserves during the next couple of years, it strikes me as essential that such
additional sales get incorporated into the existing framework.
Even within a broad international framework, national sales are best conducted on the
basis of a clear and transparent sales strategy. In the case of the SNB, the specific sales
programs evolved over time but the principles of regularity and transparency were
maintained throughout. Market participants knew at all times what the SNB was doing with
regard to its gold sales. Moreover, the market knew how the sales were conducted.
Finally, while there were a number of adjustments over the five and a half year period, the
SNB never departed from the principle of regular and transparent sales. As a result,
market rumors and price volatility associated with SNB’s sales practices were virtually non-
existent.
In a similar light, the SNB’s experience as a gold seller suggests that it is best to consider
ex-ante to what extent performance considerations should play a role in how the sales are
conducted. In the case of the SNB, the Governing Board made a number of key
performance related decisions at the outset: to limit the foreign exchange risk associated
with the dollar proceeds of the sales, to allow clearly defined active trading around the
9. daily sales quotas, to use a conservative option strategy to achieve a modest
outperformance and to assure competitive pricing from the dealer community. Once these
parameters were set, little room was left for discretion by the Governing Board or the
SNB’s trading desk. Human nature being what it is, we all know that too much discretion
can quickly turn into room for judgmental error, particularly at times of heightened market
pressure. A central bank in particular has every incentive to minimize such room for error
in all its activities as its all important reputation is ultimately indivisible.
Contrary to initial expectations, the SNB was able to conduct its gold sales in a relatively
favorable market environment. A former FED governor once said that the recipe for
successful monetary policy is one part skill, one part art and one part luck. Presumably,
there was nothing artistic about the SNB gold sales. Good fortune, on the other hand,
appears to have played a role. As to the skill part, I will let you be the judge.
10. Figure 1
Gold per Capita as of December 1998 in Grams
30.5
United States
45.1
Germany
France 54.3
Italy 45.0
Switzerland 365.5
Netherlands 68.9
Japan 6.0
United Kingdom 12.3
Belgium 29.1
Sweden 16.6
Canada 2.6
Source: IWF, OECD
Figure 2
Gold Holdings in Percent of Annual Imports as of 1998
6.5%
United States
6.3%
Germany
France 9.0%
Italy 8.9%
Switzerland 25.4%
Netherlands 5.2%
Japan 1.8%
United Kingdom 1.6%
Belgium 1.7%
Sweden 1.6%
Canada 0.3%
Source: IWF, OECD
11. Figure 3
Gold Price since 1996
500
450
Announcement
of Swiss Foundation
for Solidarity
400
Experts propose
Parliament vote
the sale of 1300 t gold
new federal law on
USD/oz
Government's approval currency
350 End of the sales
to experts plan
Beginn of the
sales
300
Swiss approve
revision of
250 federal constitution
Washington Agreement
UK sales
announced
200
01 96 01 97 01 98 01 99 01 00 01 01 01 02 01 03 01 04 01 05
Graph4
SNB’s Quotas under the Washington Agreement in Tonnes
284
283 283
200
130
120
1999-2000 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005
12. Graph5
SNB’s Cumulative Gold Sales
1400
1200
1000
800
in Tonnes
Direct Sales
600
400
200
Sales through BIS
0
May-00 May-01 May-02 May-03 May-04