SWISS, FRENCH CALL TO BRING HOME GOLD RESERVES AS DUTCH MOVE 122 TONS FROM US
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad.
The Dutch central bank – De Nederlandsche Bank – was one of the latest to make the move. The bank announced last Friday that it moved a fifth of its total 612.5-metric-ton gold reserve from New York to Amsterdam earlier in November.
It was done in an effort to redistribute the gold stock in “a more balanced way,” and to boost public confidence, the bank explained.
“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the bank said in a statement. “In addition to a more balanced division of the gold reserves…this may also contribute to a positive confidence effect with the public.”
Dutch gold reserves are now divided as follows: 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.
Meanwhile, Switzerland has organized the ‘Save Our Swiss Gold’ referendum, which is taking place on November 30. If passed, it would force the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the UK and Canada.
“The Swiss initiative is merely part of an increasing global scramble towards gold and away from the endless printing of money. Huge movements of gold are going on right now,” Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious metal dealer BullionStar, told the Guardian.
France has also recently joined in on the trend, with the leader of the far-right National Front party Marine Le Pen calling on the central bank to repatriate the country’s gold reserves.
In an open letter to the governor of the Banque de France, Christian Noyer, Le Pen also demanded an audit of 2,435 tons of physical gold inventory.
Germany tried and failed to adopt a similar path in early 2013 by announcing a plan to repatriate some of its gold reserves back from the US and France.
READ MORE: No ‘gold rush’: Germany keeps reserves in the US
The efforts fizzled out this summer, when it was announced that Germany decided to leave $635 billion worth of gold in US vaults.
Germany only keeps about a third of its gold at home. Forty-five percent is held in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.
Makes you wonder if the Countries that are getting their “Gold” back from any of the U.S. locations are having it assessed to see if it is still gold, or if maybe the purity has changed a little. 🙂
I would probably jump to the conclusion that Germany was assessing the “Gold” they were getting. Just don’t look too close and you can have all of your “Gold” back.
ottomatik
November 29, 2014 10:51 am
These totals are clearly understated, the graphs paint a decent picture though.
Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years
Submitted by Tyler Durden on 11/29/2014 11:10 -0500
A week ago, when we reported that in a stunning move, the “Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed”, and when looking at the NY Fed’s monthly reports of gold deposits by foreign entities, we observed that “we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 77.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a doozy.” Yesterday, the long anticipated October update of “earmarked gold” held on deposit at the NY Fed was released, and sure enough it did not disappoint. Declining in dollar value from $8.305 billion to $8.248 billion, this was the equivalent of 42 tonnes of gold being withdrawn, in the process reducing net gold located in the vault of JPMorgan the NY Fed to 6,076 tonnes. The 42 tonnes withdrawal was also the biggest single monthly redemption from the NY Fed since 2001.
So with the 119 tonnes of gold withdrawn so far in 2014, it is now abundantly clear that the “logistical complications” excuse used by Germany to halt its own gold repatriation program was nothing but a lie to cover up what, as Deutsche Bank explained earlier this month, was an escalation of “diplomatic difficulties” between the US and Germany, one in which Germany has folded, if only for now.
Golden Oxen
November 29, 2014 1:21 pm
INDIA SCRAPS RESTRICTIONS ON GOLD IMPORTS
India has scrapped controversial restrictions on gold imports that have triggered a spike in smuggling and crippled the country’s jewellery industry.
On Friday the Reserve Bank of India reversed rules that force agencies importing the precious metal to set aside a fifth of all shipments for re-export, reports Avantika Chilkoti in Mumbai.
The restrictions were put in place in the middle of last year as a currency crisis swept through emerging markets and the Reserve Bank of India scrambled to control the current account deficit.
The move comes despite the recent increase in gold imports.
Official data show gold imports reached 106.3 tonnes, or $4.2bn, this October, almost four times the shipments in the same period a year earlier.
INDIA OVERTOOK CHINA to regain its position as the world’s largest consumer of gold in the third quarter of this year, according to the World Gold Council, with DEMAND REACHING 225 TONS IN the three-month period.
The citizens of India own more gold than the US, Russia, China and the EU put together. They know why they store their wealth in gold, do you? Stealing the wealth of citizens is not a new concept, paper money never works out in their favor. They have the game down pat.
MantuaMom
November 29, 2014 5:36 pm
Is it finally time to buy? I’m waiting patiently for the bottom and waiting and waiting.
Golden Oxen
November 29, 2014 6:34 pm
The citizens of India own more gold than the US, Russia, China and the EU put together. They know why they store their wealth in gold, do you? Stealing the wealth of citizens is not a new concept, paper money never works out in their favor. They have the game down pat.
Hi Bea, Silver as well.
Administrator
Author
November 29, 2014 7:41 pm
Fed Earmarked Gold Holdings Continued to Decline In October
Nemo debet esse judex in propria causa.
Earmarked gold at the Federal Reserve dropped 42 tonnes for the month of October as foreign countries repatriate their gold.
Despite these declines the Fed’s earmarked holdings are quite substantial to say the least.
One has to wonder why the German people are not able to get back their gold for seven years.
Why would the US raise such a fuss about returning it, if they still have over 6,000 tonnes of other people’s gold in their accounts?
Are they ‘managing’ this gold held in custody? Are they receiving and sharing returns from it? Or is it just idly sitting their in storage?
Is it all still physically there, and unemcumbered by multiple claims?
Something does not quite add up. Let’s check the latest audit. The Fed does not allow itself to be subject to independent audits. They demand our trust.
“Justice must not only be done, but must be seen to be done.”
They are independent of the law, and beyond good and evil.
Jesse
Administrator
Author
November 30, 2014 11:35 am
The Switzerland Kleptos have won
Their gold referendum is done
The Powers That Be
Control what we see
Reform may require a gun
Limerick King
Golden Oxen
November 30, 2014 11:47 am
The Switzerland Kleptos have won
Just amazed at the size of the opposition 78%
What a crying shame, they want immigration as well overwhelmingly.
Thought the Swiss would know better, but on reflection should have known.
These ass hole’s went from the World’s strongest Gold backed currency to a lockstep peg with the EURO
HOW FUCKED UP IS THAT?
Bea Lever
November 30, 2014 12:11 pm
ADMIN
RE: Why it will take the Germans 7 years to get back their gold.
Most believe the answer is because it would take 7 years to mine that amount. It is not there.
Golden Oxen
November 30, 2014 12:28 pm
RE: Why it will take the Germans 7 years to get back their Gold.
They were only kidding.
The Germans will get their gold back from the US as soon as Madoff’s trusting clients get theirs.
SWISS, FRENCH CALL TO BRING HOME GOLD RESERVES AS DUTCH MOVE 122 TONS FROM US
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad.
The Dutch central bank – De Nederlandsche Bank – was one of the latest to make the move. The bank announced last Friday that it moved a fifth of its total 612.5-metric-ton gold reserve from New York to Amsterdam earlier in November.
It was done in an effort to redistribute the gold stock in “a more balanced way,” and to boost public confidence, the bank explained.
“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the bank said in a statement. “In addition to a more balanced division of the gold reserves…this may also contribute to a positive confidence effect with the public.”
Dutch gold reserves are now divided as follows: 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.
Meanwhile, Switzerland has organized the ‘Save Our Swiss Gold’ referendum, which is taking place on November 30. If passed, it would force the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the UK and Canada.
“The Swiss initiative is merely part of an increasing global scramble towards gold and away from the endless printing of money. Huge movements of gold are going on right now,” Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious metal dealer BullionStar, told the Guardian.
France has also recently joined in on the trend, with the leader of the far-right National Front party Marine Le Pen calling on the central bank to repatriate the country’s gold reserves.
In an open letter to the governor of the Banque de France, Christian Noyer, Le Pen also demanded an audit of 2,435 tons of physical gold inventory.
Germany tried and failed to adopt a similar path in early 2013 by announcing a plan to repatriate some of its gold reserves back from the US and France.
READ MORE: No ‘gold rush’: Germany keeps reserves in the US
The efforts fizzled out this summer, when it was announced that Germany decided to leave $635 billion worth of gold in US vaults.
Germany only keeps about a third of its gold at home. Forty-five percent is held in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.
rt.com/business/209591-gold-europe-gold-repatriation/
Makes you wonder if the Countries that are getting their “Gold” back from any of the U.S. locations are having it assessed to see if it is still gold, or if maybe the purity has changed a little. 🙂
I would probably jump to the conclusion that Germany was assessing the “Gold” they were getting. Just don’t look too close and you can have all of your “Gold” back.
These totals are clearly understated, the graphs paint a decent picture though.
Federal Reserve Confirms Biggest Foreign Gold Withdrawal In Over Ten Years
Submitted by Tyler Durden on 11/29/2014 11:10 -0500
A week ago, when we reported that in a stunning move, the “Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed”, and when looking at the NY Fed’s monthly reports of gold deposits by foreign entities, we observed that “we can see that while the 5 tons outflow in 2013 was most likely Germany, the recent surge in gold repatriation from Liberty 33 was the Netherlands. That said, only 77.5 tons of NY deposits gold has been officially repatriated through September, which means the October update, when it comes out, will be a doozy.” Yesterday, the long anticipated October update of “earmarked gold” held on deposit at the NY Fed was released, and sure enough it did not disappoint. Declining in dollar value from $8.305 billion to $8.248 billion, this was the equivalent of 42 tonnes of gold being withdrawn, in the process reducing net gold located in the vault of JPMorgan the NY Fed to 6,076 tonnes. The 42 tonnes withdrawal was also the biggest single monthly redemption from the NY Fed since 2001.
So with the 119 tonnes of gold withdrawn so far in 2014, it is now abundantly clear that the “logistical complications” excuse used by Germany to halt its own gold repatriation program was nothing but a lie to cover up what, as Deutsche Bank explained earlier this month, was an escalation of “diplomatic difficulties” between the US and Germany, one in which Germany has folded, if only for now.
INDIA SCRAPS RESTRICTIONS ON GOLD IMPORTS
India has scrapped controversial restrictions on gold imports that have triggered a spike in smuggling and crippled the country’s jewellery industry.
On Friday the Reserve Bank of India reversed rules that force agencies importing the precious metal to set aside a fifth of all shipments for re-export, reports Avantika Chilkoti in Mumbai.
The restrictions were put in place in the middle of last year as a currency crisis swept through emerging markets and the Reserve Bank of India scrambled to control the current account deficit.
The move comes despite the recent increase in gold imports.
Official data show gold imports reached 106.3 tonnes, or $4.2bn, this October, almost four times the shipments in the same period a year earlier.
INDIA OVERTOOK CHINA to regain its position as the world’s largest consumer of gold in the third quarter of this year, according to the World Gold Council, with DEMAND REACHING 225 TONS IN the three-month period.
http://www.ft.com/fastft/243352/post-243352
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The citizens of India own more gold than the US, Russia, China and the EU put together. They know why they store their wealth in gold, do you? Stealing the wealth of citizens is not a new concept, paper money never works out in their favor. They have the game down pat.
Is it finally time to buy? I’m waiting patiently for the bottom and waiting and waiting.
The citizens of India own more gold than the US, Russia, China and the EU put together. They know why they store their wealth in gold, do you? Stealing the wealth of citizens is not a new concept, paper money never works out in their favor. They have the game down pat.
Hi Bea, Silver as well.
Fed Earmarked Gold Holdings Continued to Decline In October
Nemo debet esse judex in propria causa.
Earmarked gold at the Federal Reserve dropped 42 tonnes for the month of October as foreign countries repatriate their gold.
Despite these declines the Fed’s earmarked holdings are quite substantial to say the least.
One has to wonder why the German people are not able to get back their gold for seven years.
Why would the US raise such a fuss about returning it, if they still have over 6,000 tonnes of other people’s gold in their accounts?
Are they ‘managing’ this gold held in custody? Are they receiving and sharing returns from it? Or is it just idly sitting their in storage?
Is it all still physically there, and unemcumbered by multiple claims?
Something does not quite add up. Let’s check the latest audit. The Fed does not allow itself to be subject to independent audits. They demand our trust.
“Justice must not only be done, but must be seen to be done.”
They are independent of the law, and beyond good and evil.
Jesse
The Switzerland Kleptos have won
Their gold referendum is done
The Powers That Be
Control what we see
Reform may require a gun
Limerick King
The Switzerland Kleptos have won
Just amazed at the size of the opposition 78%
What a crying shame, they want immigration as well overwhelmingly.
Thought the Swiss would know better, but on reflection should have known.
These ass hole’s went from the World’s strongest Gold backed currency to a lockstep peg with the EURO
HOW FUCKED UP IS THAT?
ADMIN
RE: Why it will take the Germans 7 years to get back their gold.
Most believe the answer is because it would take 7 years to mine that amount. It is not there.
RE: Why it will take the Germans 7 years to get back their Gold.
They were only kidding.
The Germans will get their gold back from the US as soon as Madoff’s trusting clients get theirs.