A breaking Reuters report has revealed that to what should come as no surprise to SD readers, buried in the Troika’s bailout of Cyprus, is a stipulation that Cyprus hand over 10 tons (€400 million)  in gold reserves to the ECB/IMF pirates bureaucrats.

Like every other engineered crisis over the past 10 years, it was all about the gold.


As Reuters reports, the ECB/IMF bailout was conditional upon Cyprus’ sale of gold reserves, as well as depositor haircuts:

Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.


As Cyprus is the official template per DieselBOOM, the ECB/IMF thus has their sites set on a combined 5,550 tons of physical gold reserves via Italy, France, Portugal, and Spain alone:

1  United States 8,133.5 76%
2  Germany 3,391.3 73%
3 International Monetary Fund logo.svg International Monetary Fund 2,814.0 N.A.
4  Italy 2,451.8 72%
5  France 2,435.4 71%
6  China 1,054.1 2%
7  Switzerland 1,040.1 11%
8  Russia 957.8 9%
9  Japan 765.2 3%
10  Netherlands 612.5 60%
11  India 557.7 10%
12 Logo European Central Bank.svg European Central Bank 502.1 33%
13  Taiwan 423.6 6%
14  Portugal 382.5 90%
15  Venezuela 365.8 75%
16  Turkey 359.6 16%
17  Saudi Arabia 322.9 3%
18  United Kingdom 310.3 16%
19  Lebanon 286.8 29%
20  Spain 281.6 30%
    • I would say they are ALL insolvent.  The share insurance fund for NCUA-regulator for US CU’s-is 1% of outstanding shares in all covered CU’s.  1%-One large CU could sink the whole fund.  CU’s are definitely a better alternative than a bank in regards to service but they are exposed to the same perils of any other institution.  Some are privately insured but ASI cannot handle much in the way of failures either.  All CU’s hold their members’ deposits basically outside of the physical CU.  Most park their funds with a corporate CU who in turn hold their funds with the JPM’s of the world.  It’s all connected and your CU will be as helpless as you and me when the wheels are set in motion to rob you of everything.  It would be great if some would hold metals as at least a part of their reserves but this is laughable when mentioned to regulators etc.  I am the President of a small CU and I am here to tell you that you are just as exposed in a CU as in any other institution.  CU’s are being merged everyday and the large players eating it all up are just banks with CU charters.  The new game is for the $500mil CU to send one of their executives to become President of the $100mil CU where their planted exec sets up a sweet employment contract that is cashed in when the $500mil swallows the $100mil CU-they’re stealing the members’ equity but nothing is said.  I know this is common in other businesses but CU’s are supposed to operate under a different set of values.  The big push from our govt friends is emergency liquidity plans-BIG PUSH-they know it’s coming but just play dumb.  Look out!

  1. Net R  thank you for link.  This key means to check your bank’s solvency and ratios is critical to determining if you bank will survive this year or is particularly vulnerable to systemic risks.   As DieselBoom said, if you have deposits in your bank you should check to see if your bank is heathy or not. This statement was in response to the bail-in in Cyprus.  WeaselBoom made it clear that bail-ins were the new template for bank bail-outs.
    In Cyprus the gold is being marshalled for a second bail-in. Due to the runs and utter failure of these banks that has not yet come to light, the next step with be nationalization of the private pension plans not trimmed in the first bail-in

Leave a Reply