Italians Value Gold Reserves – EU Deposits To Flow To Gold

March 26, 2013 By 15 Comments

gold vaultA survey for the World Gold Council found that just 4% of people in Italy would back plans to sell the nation’s gold reserves according to Bloomberg.
Some 52% of citizens and 61% of business people would support the use of the nation’s gold reserves to reduce debt costs, the World Gold Council said. The study by Ipsos MORI surveyed 1,009 Italian citizens aged 16-70 and 300 business leaders.

Whether to sell Italy’s national gold reserves is an interesting question. A perhaps as interesting question and more important question in the light of the Troika expropriation of bank deposits is will Italians begin to diversify some of their savings in Italian banks into gold bullion?
The answer is almost certainly yes and the recent trickle of Italian money flowing into gold bullion, including into vaults in Switzerland, is likely to become something far more substantial in the coming weeks.
Capital flows out of periphery European banks and into gold has been quite low up until now but with deposits not safe now in the European Union that is likely to change and gold is likely to be one of the beneficiaries of the huge uncertainty that the Troika has managed to create about the banks in many European countries. [Read more...]

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Texas to Repatriate Gold From NY Fed? Them’s Fightin Words!

March 25, 2013 By 20 Comments

fightin wordsBy Bill Holter:

There is a bill proposed to the Texas legislature that would allow various state pension plans to invest directly in PHYSICAL Gold.
The proposed bill would create the ability for the state to actually build its own depository where “state sovereign” Gold would be stored.  Can you imagine the response out of Washington if a bunch of redneck, backwoods Texans demanded their Gold be delivered?  Would Texas receive the same “7 year” waiting period response that Germany received when they requested their bullion be repatriated?  The bill would also allow for individuals to eventually store personal Gold in this depository.

If this bill passes, you can pretty much bet that “them’s fighin’ words” will be what we hear out of Washington.  I can already see the dust storm coming.  Were the federal government to spazz out and declare a confiscation and Texas was sitting on a “hoard” of Gold, this dust storm would be a bunch of military tanks rolling along on their way to make a “withdrawal” from the depository.  Say what you will but if you really think about it, other sovereign countries have been invaded and their Gold plundered many times for less.  What do you think happened to Saddam & Qaddafi’s gold? [Read more...]

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Jim Willie: France & US Liberating Mali Gold to Meet Bundesbank Repatriation Request!

March 15, 2013 By 41 Comments

mali goldThe Golden Jackass Jim Willie sat down with The Doc for a MUST LISTEN interview regarding the markets, gold & silver, and a coming European banking collapse.

Willie made explosive allegations regarding the banking cartel, stating that the US & France launched an invasion of Mali in order to utilize Mali’s gold production to meet the Bundesbank’s 300 ton gold repatriation request.
Wille states that there is a huge shortage of the metal, and that a massive gold rush will soon be ignited, resulting in an epic short covering rally and a 50% explosion in the price of gold.

Jim Willie’s full MUST LISTEN interview with The Doc is below:
[Read more...]

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BANK OF MEXICO BUYS PAPER “GOLD”, SELLS PHYSICAL!

March 14, 2013 By 11 Comments

goldTwo years ago Banxico bought 100 tons of gold, and in 2012, added 20 more tons. Last February, its total holdings amounted to 124.5 tons, equivalent to just 4% of Mexico’s international reserves.

However, this position has been reduced in recent months because the Mexican central bank has been consistently selling part of its gold for at least nine consecutive months (May 2012 to January 2013).
This wrong decision is compounded by the fact that the gold sold was part of the very small amount of physical bullion that Mexico had in it’s possession; bars that had been stored in Banxico’s vaults.

To be precise, the Bank of Mexico released about 36,000 ounces of gold in just a matter of months. 36,000 oz is nearly a fifth (18.5%) of the only 194,539 oz. that were in the country until April 2012, according to its own figures. 
In other words, Banxico purchased 120 tons of paper “gold”, and sold a very important part of the real metal it held! [Read more...]
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Jim Willie: Gritty Questions on the Historic Collapse

March 1, 2013 By 38 Comments

collapseBy Jim Willie, GoldenJackass.com

The typical articles over the last many years have featured a particular theme. In the last few months, the central theme in Jackass articles has been the isolation and demise of the USDollar, how it is happening, why it must happen, and its importance in the restoration of the global financial structure. But this week, a sudden urge has come to address an overwhelming list of critical gritty questions. They crop up with clients, colleagues, and friends.

More than a crisis, it is more accurately described as a collapse of a corrupt inequitable monetary system, and a desperate defense by the major Western bankers to preserve their power over nations and their governments, alongside a vile vicious violent attempt by the United States to maintain its privilege as owner of the vast USDollar counterfeit machinery, as controller of vast banking pillars of paper columns, and as commander of a vast military.

THE UNITED STATES IS PREPARING TO FALL INTO THE THIRD WORLD.

[Read more...]

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MEXICO’S FEDERAL AUDIT DEMANDS PHYSICAL INSPECTION OF SOVEREIGN GOLD HOLDINGS HELD AT BOE!

February 27, 2013 By 15 Comments

Bank of Mexico*BREAKING
Guest Post, by Guillermo Barba

Today we have an exclusive note on this blog: the Mexican Superior Audit of the Federation (“ASF” in Spanish), in its “Report of Supreme Audit Results of the 2011 Public Account” delivered last week to the Chamber of Deputies, gave a stern “recommendation” to the Bank of Mexico (Banxico) to audit the Bank of Mexico’s gold reserves held in London at the Bank of England.

The reason is one of the most important issues we have addressed here: the gold reserves of Mexico.
As you may recall, last year we informed that after four months of legal wrangling with Banxico, it was forced to give us the information about the supposed physical location of Mexico’s sovereign gold holdings.  In the disclosure, we discovered that 95 percent of the Mexican gold reserves (about 125 tonnes) were abroad, and almost all (99%), in London, England.The ASF has determined that Mexico should “make a physical inspection with the counterparty that has the gold under its custody, in order to be able to verify and validate its physical wholeness and thecompliance with the terms and conditions of dealing with this Asset…” It was verified by the ASF that this has never been done by Banxico.

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What Germany’s Gold Repatriation Means for Global Gold Market

February 21, 2013 By 8 Comments

goldrepatriationGuest Post

Venezuela, Switzerland, Libya, Netherlands, Iran…

The announcement by the Bundesbank, the central bank of Germany, saying that it would repatriate 300 metric tons of gold held by the New York Federal Reserve raised many concerns. First, Fed attorney Scott Alvarez told Congressman Ron Paul, R-TX, during a House Subcommittee meeting in June 2011, that the Federal Reserve does not and has not held any gold bullion since 1934.  Second, it appears overall trust in the United States and the global monetary system in general is waning faster than the value of the U.S. dollar.  Germany also plans to repatriate all of its 374 metric tons of gold stored at the Banque de France in Paris. It is unclear what effect the Bundesbank’s move will have on the price of gold, but history tells us to prepare for a spike. [Read more...]

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Swiss Banks Begin Offering Allocated Gold & Silver Accounts

January 30, 2013 By 13 Comments

Swiss banks, UBS and Credit Suisse, have moved to offer allocated gold and silver accounts to their clients – including high net worth, hedge funds, other banks and institutions.  The move allows these entities to take direct ownership of their bullion in allocated accounts. According to the Financial Times, the banks say that they are making the move in order to reduce exposure and risks on balance sheets and in an effort to be more transparent.  “Under more common “unallocated” gold accounts, depositors’ bullion appears on the banks’ balance sheets, forcing them to increase their capital reserves. Like their global peers, UBS and Credit Suisse are under pressure from regulators to reduce capital-intensive activities ahead of the introduction of new Basel III global banking rules.” It is more likely that the banks made the move to allocated storage due to an increased preference from their investors who are weary of continuing systemic risk. [Read more...]

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German Gold Repatriation Is Victory For Transparency And GATA

January 29, 2013 By 4 Comments

The Financial Times has said that the Bundesbank’s move to repatriate 674 tonnes of the German gold reserves from Paris and New York to Frankfurt is a victory for openness, transparency and for those who have campaigned for transparency in the gold market for years.

The FT said that the move is important -

“not for what it says about Germany’s faith in French or American vaults; nor for the cost of shifting 674 tonnes of gold; but because it is a major victory for transparency in the gold market.” [Read more...]

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James Turk: Gold Going to $10,000/oz, Yet Underperform Silver!

January 28, 2013 By 39 Comments

rocketChris Martenson has released an excellent interview with GoldMoney’s James Turk regarding the gold and silver markets after 2 years of consolidation.
Turk states he expects 2013 and 2014 to be big years for both metals, and that we are approaching the point where the cartel loses its ability to control the gold and silver markets to the upside as confidence in the fiat system is lost.
Turk states that he expects gold to achieve $8,000/$10,000/oz during the 3rd phase of it’s bull market when the public becomes involved and a mania develops, yet states that gold’s gains will be modest on a percentage basis compared to what’s in store for silver.

Chris Martenson’s full MUST WATCH interview with James Turk is below: [Read more...]

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Gold Bank Run Accelerating…Now the Swiss Want Their Gold Back- All 1040 Tons of It!

January 25, 2013 By 61 Comments

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. 

The initiative asserts that the Swiss people should have a right to vote on 3 things, none of which will please the banking cartel: [Read more...]

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The Doc & T. Ferguson: Gold Bank Run Coming?

January 23, 2013 By 24 Comments

gold bank runThe Doc and Turd Ferguson from TFMetalsReport sat down with AltInvestors last night for another round table interview focusing on the implications of the Bundesbank’s recent gold repatriation request. 
Doc and TF discussed the beginnings of a gold bank run and how other nations such as the Netherlands could step in line in front of the Germans by demanding delivery of their gold immediately, how CNBC’s recent discussion of Germany’s gold repatriation inadvertently admitted in the MSM everything that GATA has alleged about Central Bank gold leasing for over a decade, and how a full blown currency war is developing as we speak. 

Full interview is below: [Read more...]

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Repatriation Avalanche Gaining Momentum: Azerbaijan to Withdraw All Gold From JP Morgan Vaults

January 21, 2013 By 33 Comments

gold repatriationThe State Oil Fund of Azerbaijan has withdrawn the first ton of its physical gold from JP Morgan vaults, and placed it in their own Central Bank vaults in Baku.
The Fund has announced it will withdraw all of its physical gold assets from JP Morgan warehouses in London.

The game of musical chairs known as bullion banking allocated (rehypothecated) gold storage appears to be rapidly coming to an end.

[Read more...]

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Deepcaster: EXPOSÉS REDUX

January 19, 2013 By 19 Comments

gold tungstenSubmitted by Deepcaster:

“Knowing Key Truths, especially those hidden by Officialdom for their own Economic or Political Benefit, is a Necessary, but not Sufficient, Condition for Successful Investing. Therefore, Periodic Exposés of Hidden Truths is Essential.”

One Key Truth relating to Gold, and thus to the Soundness or lack thereof of our Fiat Currencies and Financial System, is that there is a Serious Question regarding whether Major Western Banks and Governments actually have all the Gold they say they do. In this regard, Germany has decided to repatriate their 3,400 Tons of Gold allegedly stored at The Fed in New York.   Why?

“I guess it all depends on how you look at it. … Either this is a purely political show or it isn’t. Either the gold is really there to be repatriated or it isn’t. …   “Just three months ago, The Bundesbank labeled as “lunacy” the idea that German gold needed to be brought home. They announce today that they’re doing it anyway, but in sizes nowhere near what had been speculated. Is this just a political trick to mollify the German hoi polloi? Probably. It certainly doesn’t upset the status quo or shake the global banking system in the manner we’d all hoped.

“However, you could also choose to look at it this way: [Read more...]

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Jim Willie: The Petro-Dollar Sunset

January 18, 2013 By 28 Comments

jim willieWith this week’s 600+ ton gold repatriation announcement by the Bundesbank, Germany certainly appears to be taking Jim Willie’s advice to heart that those who exit the USdollar system first will be the leading nations in the next global economic chapter.

By Jim Willie,  GoldenJackass.com

The day is nigh where the Saudis accept non-US$ payments for crude oil. They might first accept Chinese Yuan, then Japanese Yen, then Korean won, then Gold itself through big Turkish bazaars.
The Petro-Dollar is being isolated for sunset, and what will be a key event is the removal of the USDollar as center for global trade settlement.

Those nations that depart from the entire USDollar system early will be the leading nations in the next chapter, with stronger foundations, richer solvency, emerging economies, healthier financial markets, efficient credit engines, growing wealth, stronger political helm activity, and better functioning systems generally.

Those nations that stick with the crumbling USDollar system stubbornly will find a horrible fate with devastating effects, rampant economic damage, broken financial markets, sputtering credit engines, tremendous loss of wealth, wrecked supply lines, poverty spreading like wildfire, ruined political structures, social disorder, isolation from the rest of the world, and a fast ticket to the Third World.

[Read more...]

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