FIRST VENEZUELA, THEN GERMANY, AND NOW THE NETHERLANDS WANT THEIR GOLD BACK. (OCT. 2012)
NETHERLANDS’ CITIZENS GROUP DEMANDS CENTRAL BANK REVEAL LOCATION OF COUNTRY’S GOLD RESERVES
In the wake of this week’s ruling by the German Federal Accountability Office that Germany must repatriate and audit 150 tons of its gold reserves from the NY Fed over the next 3 years, a Netherlands citizens committee has filed a petition demanding the Central Bank release information ”on the quantity and storage location of the Netherlands’ physical gold, and on the extent and nature of the gold claims.”
In the words of one of the petitioners Tom Lassing: “The last years have seen a loss of trust in the financial system and we have been fooled a lot. So I say: Just let the central banks like DNB show the gold is really there.
Should the citizens committee be successful, we are confident they will discover the vast majority of the country’s gold reserves- 10th largest in the world at 612,000 kilograms, are held in the basement of the NY Fed.
As we stated several days ago, the jig is now up. The German accountability office will trigger an avalanche of gold audit, delivery, and repatriation requests around the Western world. We wish the Fed luck staying ahead of the cascading avalanche of requests to convert unallocated (rehypothecated) gold into solid physical metal. They’re going to need it.
As we stated several days ago, the jig is now up. The German accountability office will trigger an avalanche of gold audit, delivery, and repatriation requests around the Western world. We wish the Fed luck staying ahead of the cascading avalanche of requests to convert unallocated (rehypothecated) gold into solid physical metal. They’re going to need it.
From Nederlands Dageblad
Almost 300 “concerned Netherlands citizens” have joined the German initiative for insight about the gold reserves….
THE GERMANS WANT THEIR GOLD RESERVES BACK IN GERMANY (JAN. 2013)
The startling news that Germany is repatriating its gold reserves from the United States and France has got precious metals speculators worried that this is the first major sign that trust between central banks across the globe could be deteriorating.
After all there is much anxiety in financial capitols about the future of the Euro as well as the feeling that the almost constant printing of new dollars to keep America running portends a terrible crisis down the road. And that crisis in the value of paper money makes physical possession of gold a no brainer. Gold, after all, has moved up every year for the last 5 years, from $900 an ounce to $1800 an ounce before slipping under $1700 an ounce. Germany has also reversed its 2011 policy of keeping gold abroad to ease the raising of foreign currency. Nativism and the uncertainty of Europe’s monetary stability warranted getting the gold back.
THE NETHERLANDS, AND NOW SWITZERLAND WANT THEIR GOLD BACK CURRENCY WAR?
But Pimco co-CEO El Erian says:
In the first instance, it could translate into pressures on other countries to also repatriate part of their gold holdings. After all, if you can safely store your gold at home — a big if for some countries — no government would wish to be seen as one of the last to outsource all of this activity to foreign central banks.
As we noted last November:
Romania has demanded for many years that Russia return its gold.
Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England.
***
As Zero Hedge notes (quoting Bloomberg):
Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.
Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.
Four members of the Swiss Parliament want Switzerland to reclaim its gold.
Some people in the Netherlands want their gold back as well.…
CURRENCY WAR?
The gold repatriation is – without doubt- related to currency.
As Forbes notes:
Officials at the Bundesbank … acknowledged the move is “preemptive” in case a “currency crisis” hits the European Monetary Union.
***
“No, we have no intention to sell gold,” a Bundesbank spokesman said on the phone Wednesday, “[the relocation] is in case of a currency crisis.”
Reggie Middleton thinks that Germany’s demand for its gold is part of a currency war.
Rutt Row !! Now the Swiss want their Gold back ….Here we go folks !! GOLDGATE !
This is gonna be epic !!
Where are the 1,040 tonnes of gold the Swiss National Bank? There’s an initiative in Switzerland demanding to know where the Swiss Gold is.
GOLD BANK RUN ACCELERATING…NOW THE SWISS WANT THEIR GOLD BACK- ALL 1040 TONS OF IT!
With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed.
It appears that Switzerland may be next to the game, much to the dismay of the SNB. The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters.
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum.
It appears that Switzerland may be next to the game, much to the dismay of the SNB. The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters.
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum.
The initiative asserts that the Swiss people should have a right to vote on 3 things, none of which will please the banking cartel:
1. To keep Swiss gold physically in Switzerland (ie repatriate Switzerland’s gold)
2. Preventing/forbidding the SNB from selling any more of its gold reserves
3. Requiring the SNB to hold a minimum of 20% of its assets in physical gold, held within Switzerland.
Not surprisingly, the Swiss National Bank doesn’t wish to disclose where it’s physical gold is held, but it may soon be forced to once the initiative achieves 100,000 supporters.
2. Preventing/forbidding the SNB from selling any more of its gold reserves
3. Requiring the SNB to hold a minimum of 20% of its assets in physical gold, held within Switzerland.
Not surprisingly, the Swiss National Bank doesn’t wish to disclose where it’s physical gold is held, but it may soon be forced to once the initiative achieves 100,000 supporters.
674 tons repatriated here, 1040 tons repatriated there, pretty soon we’re talking real money!
IT BEGINS: ECUADOR DEMANDS REPATRIATION OF ONE THIRD OF ITS GOLD HOLDINGS (OCT. 2012)
One week ago, when we reported the news that the Bundesbank had secretly pulled two thirds of its gold from London years ago, we said the following:
We are confident that little if anything will be made of the Buba’s action, because dwelling on it too much may expose just who the first country will be (or already has been) when the tide finally breaks, and when it will be every sovereign for themselves. Because at that point, which will come eventually, not only Buba, but every other bank, corporation, and individual will scramble to recover their own gold located in some vault in London, New York, or Paris, or at your friendly bank vault down the street, and instead will merely find a recently emptied storage room with humorously written I.O.U. letters in the place of 1 kilo gold bricks.
It appears that the story, which has refused to go away, was not covered sufficiently fast, and precisely the worst case scenario – at least for the “asset-lite” status quo – is slowly but surely starting to materialize. From Bloomberg:
Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.
Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.
So yesterday: Germany… today: Ecuador… tomorrow: the World?
WORLD CENTRAL BANKS WANT THEIR GOLD AT HOME — SHOULD INVESTORS? (GLD, GDX)
In an effort to meet their rising debt obligations, central banks around the globe have been printing money at a frantic pace. This phenomena is also leading to a global battle in which countries purposely weaken their currencies in an effort to increase their exports. Japan yesterday raised its inflation target from 1% to 2% and will be buying 13 trillion in yen-based assets per month starting in January 2014. The most interesting part of this global race to reinflate economies and weaken currency? Central banks are bringing most of their gold back to within their borders….
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