Bank of Guyana gold reserves plummet

first_img2018 Assets and Liabilities statement…go from $25B in 2014 to $1.9B in 2018By Jarryl BryanThe Bank of Guyana’s latest Statement of Assets and Liabilities are out and it shows the bank’s total assets are on a slide, with several indices ranging from the bank’s gold holdings to its market securities showing reductions when compared to previous years. The statement was only recently released.The Bank of Guyana statement showing its financial standing as of last monthAccording to the bank document, its total assets as of March 28, 2018, were $206.4 billion. This includes $1.9 billion in gold reserves, $82.1 billion in capital market securities and $5.6 billion in money market securities.This is a reduction from the gold reserves the bank recorded in June 2017. According to the bank’s Half Year Report last year, it had $4.8 billion worth of gold in its foreign holdings as assets.Indeed, the gold reserves have steadily been declining with each passing year. At the end of 2016, the bank had $7.4 billion in gold, while at the end of 2015 the gold reserves stood at $14.2 billion. At the end of 2014 the bank of Guyana had $25 billion in gold as assets.In the case of total assets, that has also seen a marked decrease. At the end of 2014, total assets were $207.9 billion. It reduced in 2015, being recorded at $188.7 billion in December of that year, before recovering by 2016 year end and being recorded at $220 billion. At June 2017, total assets were $221.8 billion, before the drop recorded in this year’s figures.Gold priceThe practise of countries selling the gold it held in reserves is not an uncommon one. Many countries hold billions of dollars in gold as a “back up” in time of inflation or economic downturn. It is usually in these cases that the gold is then sold.At present, gold prices are approximately US$1350 per ounce. It has fluctuated over the years, at one point hovering around the US$1000 per ounce mark in 2016. In Guyana’s case, observers are likely to worry whether the State received the best price the world market could offer.Other considerations would see links being established between the steady selling off of gold and Guyana’s regressing economic standing. Only a few days ago, Finance Minister Winston Jordan confirmed that Guyana recorded a growth rate of just 2.1 per cent for the 2017 fiscal year. He had linked the dismal figures to sectors including sugar.“The economy did not perform as robust as we expected during last year. Even at the half year we were predicting that the economy would not, given what we knew about sugar. At the end of the day, it was even worse than we predicted. So even though there was positive growth last year, the growth rate ended up being 2.1 per cent.”“Sugar, we had budgeted at 208,000 tonnes, came in at only 137,307 tonnes. Bauxite again did not do quite well. We had budgeted 1.7 million tonnes. Bauxite came in at 1.4 million. Gold (was a) major disappointment. We budgeted at 694,000 ounces. It came in at 653,674 ounces.”Rice, it seems, was one of the few bright spots, with the Minister reporting that from a target of 600,000 tonnes, rice came in at 630,104. Having budgeted for 318,000 cubic metres, forestry recorded 349,900 cubic metres. Jordan noted that this is better than previous years. According to Jordan, the overall state of the economy is nothing new.“I think I’ve been quite open with you about this economy, in the sense that this economy has not changed much in over 50 years, depending on one or two products, which depends on what prices are. One day you’re up when gold is up, one day you’re down when bauxite is down.”“Our critical sectors have always depended on some grandfather, that grandfather being some protectionist market. In the case of sugar, that grandfather being the ACP markets. In the case of rice, rice has always had some kind of grandfather market,” Jordan explained.Previously, Jordan had said the economy was expected to grow by 2.9 per cent, failing to meet the revised growth projection of 3.1 per cent for 2017. The initial projected growth of the economy was 3.8 per cent. This was, however, revised by midyear to 3.1 per cent after the economy only grew by 2.2 per cent by July.last_img read more

‘Someone check on Courtois’ – Chelsea keeper mocked after Pickford’s heroics

first_img“Pickford is too short”– Thibaut Courtois— Match Photography (@MatchPhotos) July 3, 2018 Pickford made up for Jordan Henderson missing his spot-kick by saving Carlos Bacca’s effort, stretching his left hand high to push the strike clear of his goal. Moments later, Eric Dier stepped up and converted the winning penalty to send England through to a clash against Sweden, which will be LIVE on talkSPORT on Saturday afternoon.Pickford’s brilliant showing came just a few days after the Everton keeper was criticised by Belgium glovesman Thibaut Courtois for being too short.“The goalkeeper is 10cm smaller than me,” Courtois said, after Belgium’s 1-0 defeat of England last week.“I would have caught it [Adnan Januzaj’s shot, which was the winning goal]. He was too busy throwing his legs in the air.”Unfortunately for Courtois, the joke has turned on the Chelsea man, with him roundly mocked on Twitter after Pickford’s brilliant showing last night.You can see some of the best comments below… Pickford helped England to the historic feat of winning a penalty shootout at the World Cup Still can’t get over that save from Jordan Pickford, just before Mina scored for Colombia. I wonder what Thibaut Courtois thought about it!?Save of the tournament #ENGCOL #ThreeLions— Ben Westgate (@benwest55) July 4, 2018 Jordan Pickford made a great save after 90 minutes from a 30-yard effort and also saved a penalty to put England through to the quarter-final.Unconfirmed whether Courtois was ‘too busy throwing his legs in the air’ against Japan on Monday.— Ibrahim Banks 💎 (@itsIBRAHIMBANKS) July 3, 2018 Pickford you legendddd. Buzzzzzingggg #itscomimghome #threelions #england #worldcup #football #pickford #eng #COLvENG— Claire Rafferty (@clrafferty1) July 3, 2018 🙌🏼 | Jordan Pickford is a very good goalkeeper and is very good at saving penalties.This is not new information.@JPickford1 #WorldCup reaction 👉🏼— Everton (@Everton) July 4, 2018 Let’s just put this idea that Jordan Pickford is too short to bed shall we?Really doesn’t matter how tall you are when you clearly have a Go Go Gadget Arm.Just look at that reach and marvel…..#eng— Jambo (@sweetbyname) July 3, 2018 Someone check on Courtois. What a pen save Pickford! #TSworldcup— talkSPORTDrive (@talkSPORTDrive) July 3, 2018center_img 1 Wonder what Courtois has to say about Pickford’s saves— mv (@Maarvi_) July 4, 2018 In the space of one night, Jordan Pickford has become England’s latest national hero.The Everton goalkeeper helped the Three Lions defeat Colombia on penalties to book their place in the World Cup quarter-finals for the first time in 12 years. Remember when Courtois criticised Pickford, but then Pickford was the keeper who won our first ever shootout in a world cup? I do, it was like 4 days ago.No matter what, we did a goal!— Joe Stead (@Joe_Stead) July 3, 2018 Pickford’s save at the end of 90 mins was pure genius. From a keeper’s perspective he sees the flight of the ball, knows his height is an issue and takes small short steps back to give himself more time to see/save it and allow the ball to dip. Amazing. Save of the tourno. #Eng— Hari Sri (@harisrih) July 3, 2018 Let’s be honest the script have been written for Pickford v Courtois in the final hasn’t it?— I doth beleiveth it cometh home (@Im_sprouticus) July 4, 2018 Pickford’s save before Colombia’s goal really is one of the best saves of all time. It’s actually fucking unbelievable how he got that. Stick that in ya pipe and smoke it Courtois. He weren’t too short there was he.— Sam Michael Bunce (@Bunce1709) July 3, 2018last_img read more

Man United defender admits Red Devils must improve at the back

first_img REVEALED Smalling admits United need to defend better 2 impact How the Premier League table could change after the Boxing Day fixtures At the same stage last season United had three clean sheets and just two goals against on their way to finishing second, with clean sheets in half their league matches.“Last season we picked up a lot of clean sheets and this year we’ve conceded early goals,” Smalling told MUTV. smart causal 2 RANKED Manchester United defender Chris Smalling admits clean sheets are the key to turning around their stuttering start to the season.Jose Mourinho’s side conceded seven goals in their opening three matches before registering their first shut-out in the 2-0 win at Burnley at the weekend. Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade LATEST FOOTBALL NEWS Every Championship club’s best signing of the decade, including Taarabt and Dack center_img Every current Premier League club’s best kit from the past decade Best clips, calls and talkSPORT moments of 2019, feat Hearn, McCoist and more possible standings silverware England’s most successful clubs of the past decade, according to trophies won Top nine Premier League free transfers of the decade “We need to get back what we’ve done in the last few seasons when we’ve conceded very few goals, like on Sunday.“It was down to us players to stand up tall and get a result, and we’re very happy with the win.“With us not having a game in the week, we’d been able to work on a lot of patterns of play and you could see them coming out and finishing with the goals, so we were happy with that.” MONEY highlights United conceded six goals in two games against Brighton and Tottenham Which teams do the best on Boxing Day in the Premier League era?last_img read more

Cruz Azul vs Monterrey: TV, live stream & preview

first_imgTwo of the top four teams in Liga MX meet this weekend, with Monterrey traveling to face leader Cruz Azul.Neither has mathematically qualified for the eight-team Liguilla, but with Cruz Azul sitting atop the table and Rayados in fourth, it seems to be a when, not if, proposition for both.Yet, each aspire to more, looking to end title droughts. A win on Saturday would get them three points closer to home-field advantage and help convince fans that this year could be the one in which everything changes. Article continues below Editors’ Picks Man Utd ready to spend big on Sancho and Haaland in January Who is Marcus Thuram? Lilian’s son who is top of the Bundesliga with Borussia Monchengladbach Brazil, beware! Messi and Argentina out for revenge after Copa controversy Best player in MLS? Zlatan wasn’t even the best player in LA! Game Cruz Azul vs Monterrey Date Saturday, October 6 Time 6 p.m. ET TV Channel, Live Stream & How To Watch In the United States, the game can be watched live and on-demand with fuboTV (7-day free trial). New users can sign up for a free seven-day trial of the live sports streaming service, which can be accessed via iOS, Android, Chromecast, Amazon Fire TV, Roku and Apple TV as well as on a web browser. US TV channel Online stream Univision Deportes Network fubo TV (7-day free trial) Squads & Team News Position Cruz Azul players Goalkeepers Corona, Allison, Pelaez Defenders Aguilar, Dominguez, Lichnovsky, Flores, Aldrete, Sanchez, Maduena, Silva Midfielders Salas, Montoya, Hernandez, Mendez, Dominguez, Mena, Baca, Marcona, Alvarado Forwards Cauteruccio, Caraglio, Renteria, Zuniga Suspensions for Jose Maduena and Milton Caraglio after both were sent off in last week’s 3-1 loss to Pachuca leave Pedro Caixinha with decisions to make – mainly at the back. With Gerry Flores still out with an injury, he’ll decide if he wants to break up the Pablo Aguilar-Julio Dominguez center-back partnership to put one of them at right back or toss in Igor Lichnovsky, also typically a center back, on the right side.Up front, he could go with one forward up top, perhaps Martin Cauteruccio, with Edgar Menez, Roberto Alvarado and Elias Hernandez behind him, or he could stick with a 4-4-2 and use Cauteruccio alongside a player who typically plays deeper like Andres Renteria or Walter Montoya.Potential Cruz Azul XI: Corona; Lichnovsky, Aguilar, Dominguez, Aldrete; Hernandez, Marcone, Baca, Alvarado; Cauteruccio, Renteria Position Monterrey players Goalkeepers Barovero, Carrizo, Resendez Defenders Montes, Sanchez, Gutierrez, Vangioni, Basanta, Vasquez, Medina Midfielders A. Gonzalez, Ortiz, Gallardo, Molina, J. Gonzalez, Rodriguez Forwards Funes Mori, Pabon, Urretaviscaya, Hurtado, Madrigal, Pizarro After a big win over Xolos, Diego Alonso may not make any changes to the squad he utilized last weekend. The Rayados boss went with a 5-3-2- alignment with Dorlan Pabon and Rogelio Funes Mori up top as Aviles Hurtado continues to work back to full fitness. The Colombian forward could make the trip to the capital as a potential substitute.Potential Monterrey XI: Barovero; Medina, Molina, Sanchez, Montes, Vangioni; J. Gonzalez, Ortiz, Gallardo; Pabon, Funes MoriMatch Preview Aviles Hurtado MonterreyCruz Azul is atop the Liga MX table heading into the weekend, but it has been riding its luck and may not have any good fortune against Monterrey.Two players who have become typical starters, Jose Maduena and Milton Caraglio, will miss the match against Monterrey because of red cards they were issued last week against Pachuca. The 3-1 loss suffered against Tuzos can be dismissed since it came with La Maquina down to 10 men, but the team’s first defeat of the season against Necaxa and a few draws have shown cracks in the new-look Cruz Azul.Those adverse results, however, all were suffered on the road. In the Estadio Azteca, Cruz Azul has won all six of the matches played, scoring 14 goals and allowing just one. With defensive modifications required this week thanks to Maduena’s suspension, it will be a challenge to keep up that pace.Rayados came back strong from a disappointing draw in the Clascio Regio, thrashing Tijuana 3-0 last week on a water-logged pitch in Monterrey. Despite star scorer Aviles Hurtado remaining out with an injury, they’ve found a way to score goals, and consecutive clean sheets using a three center backs have Rayados showing signs of the balanced team they were during the Antonio Mohamed era.The last four matches between these clubs have ended in a draw, and there may not be much between them this time around either. It should be an enjoyable contest and could even end up being a playoff preview.last_img read more