Swiss to Vote on Central Bank Gold Reserves

gold vaultA rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government. The collection of the necessary 100,000 signatures over 18 months was hard going but a last-minute effort ensured they reached the goal in time, activists said on Wednesday. People’s Party parliamentarian Luzi Stamm criticised the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard.

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level.
[Read more...]

A Look Inside the Secret Tunnel Connecting JPM’s Gold Vault to NY Fed

Bernanke-Dimon-Fed-TunnelSaturday, ZH broke the story that JPMorgan’s secret Manhattan gold vault (the largest vault in the world) was directly across the street, and connected via underground tunnels to the NY Fed, which supposedly houses over 25% of the world’s central bank gold reserves.

Today via our friend Pining from TFMetals, we offer readers a rare glimpse inside the secret (until now) tunnel between the NYFed & JPM’s gold vaults. [Read more...]

ZH Discovers JPM’s Largest Gold Vault in the World is Across the Street, & Connected by Tunnel, to NY Fed!

JPM ChaseAfter uncovering JPMorgan’s secret gold vault in London last week, the Tylers at ZeroHedge have discovered via several documents buried at the CFTC’s website revealing that JPMorgan’s secret gold vault in Manhattan is across directly the street from none other than the NY Fed.

The vault, according to one of the original architects, is the largest gold vault in the world at over a football field in length, was built on the Manhattan Island bedrock 5 stories below street level to withstand a direct nuclear blast, and is literally connected by underground tunnel to the NY Fed’s gold vault.  

Can you say gold rehypothecation?

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Inside America’s Money Vault: A Trip into the NY Fed’s Gold Vault

NY Fed goldNational Geographic has released an intruiging documentary inside some of the world’s largest and most secure vaults- including the NY Fed’s gold vault:
For over 80 years, armoured cars have navigated Manhattan’s narrow streets carrying millions and sometimes billions in gold deposits- in and out of the one bank trusted enough to guard almost one-quarter of the entire world’s gold supply.  You heard it right.  Nearly 25% lives here at 33 Liberty St.  

The cameras roll following a $55 million gold delivery into the NYFed, and 5 floors below street level onto the Manhattan Island bedrock itself.

Between the Treasury Dept’s recent release of their internal gold audit of Treasury gold held at the NY Fed and the following propaganda video tour, The cartel doth protest too much methinks.

National Geographic’s full documentary on the NY Federal Reserve Gold Vault is below: [Read more...]

Deepcaster: Fed Minutes Propaganda Achieve Goal, Drive Gold & Silver Down Through Major Resistance

gold bear market cnbcSubmitted by Deepcaster:

All Investment Cognoscenti know that The Fed’s “Communication Policy” is aimed at Financial and Market Ends, not at Truth. (Here, should we rely on The Fed’s earlier expressed “Guidance,” or this week’s “Scaling Back” Hint? They can not both be True.)  Indeed that Policy could well be paraphrased “Tell whatever Lie you need to, to achieve your Goals.”

Those recently released Minutes, for example, achieved a Primary Fed Goal of blowing the Gold and Silver Prices down through Major Resistance, and a Secondary one of cooling somewhat inflated Equities and Commodities Prices.   As leader of The Cartel (Note 1) a Cornerstone of The Fed’s Policy is, and has long been, to suppress Gold and Silver Prices, lest they further devalue their Fiat Currencies and Treasury Securities, and so they will not alarm the Hoi Polloi about the intensifying Price Inflation (e.g., 9.24% in the U.S. – Note 2) which their Ongoing Monetary Inflation is increasingly producing. [Read more...]

Eric Sprott: Real 2012 US Deficit $6.9 Trillion- Not Reported Anywhere By The Public Press!

sprottIn the midst of the latest epic cartel paper gold and silver raid this week, legendary precious metals expert Eric Sprott sat down with The Doc for an exclusive, MUST LISTEN interview. 
In one of his best and most shocking interviews ever, Eric discusses the latest gold and silver raid, his take on the platinum & palladium markets, the Bundesbank’s recent gold repatriation request and the correlation with massive physical gold buying in Asia, and his view on how the endgame of the Western financial/ debt crisis will play out.

Sprott stated that the Treasury Department’s 2012 GAAP budget deficit report was an astonishing $6.9 Trillion, and this has not been reported in 1 single major news outlet!  He also stated that the US government may be exporting German gold from the NY Fed to China, and that despite their recent apparent success, he expects that one day soon the cartel will be brought to their knees simply by traders standing for delivery of physical metal.

Eric Sprott’s full MUST LISTEN audio interview with The Doc is below: [Read more...]

What Germany’s Gold Repatriation Means for Global Gold Market

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...]

Fed Minutes MOPE: Fed Threatens to End QE; Gold & Silver Vertical Smash in Progress

As expected here at SD, the latest Fed minutes are pure propaganda claiming the Fed may end QE soon as the economy is recovering more quickly than expected. This is as even Walmart’s sales are crashing.

Cue the anticipated smash in gold and silver.

and….Gold & silver dropping vertically as expected.  Unbelievable.

Full Fed Minutes release is below: [Read more...]

Treasury Releases Results of NY Fed Gold Audit, Inadvertantly Reveals US Gold Stores at NY Fed Are Only 466 Tons!

imagesThe Treasury Department has released the results of a gold audit on the Treasury’s gold holdings stored at the NY Fed which began in 2010. Not surprisingly, the Treasury report claims that the audit found no issues with the quality of the gold held at the NY Fed, or in any policies or procedures by the NY Fed.

The audit reportedly claims that in 3 of 367 tests of the gold’s purity, the gold was more pure than Treasury records had previously indicated, and as a result has increased the book value of the US’ gold holdings by 27 ounces.

The most newsworthy revelation in the report however was that the US (which is supposed to hold the vast majority of its gold reserves at the NY Fed) holds a total of 32,021 good delivery bars on deposit at the NY Fed:
As part of the audit, the Treasury tested a sample of the government’s 34,021 gold bars
in the New York Fed’s vault five stories below Manhattan’s financial district.

Why is this so significant?  As anyone with a simple calculator can discover, the Treasury department has just inadvertently admitted that rather than the official 8,133.5 tons the Treasury reports as the US’ official gold reserves, the Treasury’s actual physical gold stores at the NY Fed are a measly 466.57 tons!   While the Treasury does reportedly also hold gold at Fort Knox, several reports have claimed that up to half of the US Gold is held at the NY Fed!
No wonder it will take the Bundesbank 7 years to repatriate 300 tons!

[Read more...]

Tim Geithner Rewarded for Financial Crimes: Will Join CFR As a Distinguished Fellow

Thank YouOnly in America can one submit false tax returns, hold meetings at the NY Fed with the agenda of manipulating LIBOR rates, and leak FOMC interest rate policy announcements prior to their release to your bankster buddies, be caught in all 3 above crimes, and be made a distinguished fellow of the Council on Foreign Relations rather than a resident of a NY penitentiary

Perhaps the CFR should consider looking up the dictionary definition of distinguished:
1. Successful, authoritative, and commanding great respect.
2. Dignified in conduct or appearance.

Exactly what comes to mind when one thinks of Mr. Turbo-Tax Geithner. [Read more...]

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

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...]

Jim Willie: The Petro-Dollar Sunset

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 WillieGoldenJackass.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...]

Jim Sinclair: German Gold Repatriation a Reaction to Geithner’s Take-Down of Gold at $1800 Via the ESF

imagesLegendary gold trader Jim Sinclair has sent an email alert to subscribers today stating that the Bundesbank’s announcement that they will repatriate 300 tons of gold from the NY Fed and 374 tons from the Bank of Paris is in direct response to outgoing Treasury Secretary Timothy Geithner’s take-down of gold at $1800 in October via the ESF

Sinclair states that a Central Bank would not insult another major central bank unless it is an act of financial war, and that a full blown financial gold war is coming as soon as 2015-2017.

Sinclair also states that Geithner’s parting shot to break gold’s back by the Exchange Stabilization Fund was considered a direct attack on the Euro strategy for what the end game recovery will look like. The Free Gold thesis requires significantly higher gold prices to work and to elevate the euro back in reserve by choice category.

Have we seen the initial shot in a full blown global currency war?

Sinclair’s full alert is below: [Read more...]

Bundesbank Makes Official Announcement, Will Repatriate 1/2 of Germany’s Gold Reserves

big resetIt’s official.  The Bundesbank has just invoked pure holy terror among the bullion banking cartel.  The Bundesbank will officially begin repatriating 1/2 of Germany’s gold reserves.  The real question is why now? What has changed over the past 3 months?  Is Germany preparing to leave the Euro and introduce a gold-backed Deutsche Mark?

By 2020, the Bundesbank intends to store half of Germany’s gold reserves in its own vaults in Germany. The other half will remain in storage at its partner central banks in New York and London. With this new storage plan, the Bundesbank is focusing on the two primary functions of the gold reserves: to build trust and confidence domestically, and the ability to exchange gold for foreign currencies at gold trading centres abroad within a short space of time. The withdrawal of the reserves from the storage location in Paris reflects the change in the framework conditions since the introduction of the euro. Given that France, like Germany, also has the euro as its national currency, the Bundesbank is no longer dependent on Paris as a financial centre in which to exchange gold for an international reserve currency should the need arise. As capacity has now become available in the Bundesbank’s own vaults in Germany, the gold stocks can now be relocated from Paris to Frankfurt.

[Read more...]

Jim Sinclair: German Gold Repatriation is the Most Significant Gold Event in 50 Years, Beginning of the End of the US Dollar As Reserve Currency

Legendary gold trader Jim Sinclair has sent an email alert to subscribers today regarding last night’s news that Germany will begin repatriating it’s gold held on deposit at the NY Fed back to the Bundesbank, as well as all 374 tons held at the Bank of France.
Sinclair states that history will look back on this salvo fired across US war financing as being the beginning of the end of the US dollar as the reserve currency of choice, and that under normal circumstances, no major central bank would insult another major central bank in the way that the Bundesbank just has.

Sinclair states that the Bundesbank repatriating its gold reserves is the most significant event in the gold market since Charles De Gaulle called the US hand that it would stand by convertibility, and that gold is headed to $2111 in the near future in the wake of the Bundesbank’s actions.

Sinclair’s full MUST READ alert below: [Read more...]