Draghi Says Sovereign European Nations Must Seek ECB Approval To Manage Gold Reserves

ECB Central Bank Head Mario Draghi says Euro zone countries need ECB approval for any operation in foreign reserves, including gold…

Nope.

No gold for you!

No choice for you either.

And that is on multiple fronts.

From not just individual governments.

It’s coming from un-elected central bankers too.

Let’s review –

 

The United States has been strong arming weaker nations by stealing their gold, most recently somebody’s gold (ISIS?) in Syria, and also by selling weaker nation’s US-confiscated gold, most recently the sale of Venezuelan gold though Citigroup.

And the new –

The European Central Bank is jumping on the strong-arming of the gold market bandwagon.

From Reuters:

FRANKFURT, March 28 (Reuters) – The European Central Bank needs to approve any operation in the foreign reserves of euro zone countries, including gold and large foreign currency holdings, the ECB’s President Mario Draghi said on Thursday.

“The ECB shall approve both the operations in foreign reserve assets remaining with the national central banks … and member states’ transactions with their foreign exchange working balances above a certain threshold,” Draghi told two Italian members of the European Parliament.

“The purpose of this competence is to ensure consistency with the exchange rate and monetary policy of the Union.”

Like that famous saying, “if you don’t hold it, you don’t own it”, the ECB has just amended the saying for Euro zone nations to, “even if you own it, we control you, so we will tell you what you can and can’t do with your gold”.

What is causing such top-down lashing-out in sheer desperation against gold?

Could it be that physical gold supplies are tightening up globally?

And people who hold the gold now, are unwilling to sell it?

Because, in the end, there is indeed plenty of gold.

It all comes down to a question of price.

And it sure is staring to seem like.

The price of gold is just too low.

Governments are panicking.

The central banks are too.

Within an arm’s reach.

Safe and secure.

It is one thing.

That we all.

Must.

Do.

Stack accordingly…

– Half Dollar


 

About the Author

U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.

Paul’s free book Gold & Silver 2.0: Tales from the Crypto can be found in the usual places like Amazon, Apple iBooks & Google Play, or online at PaulEberhart.com. Paul’s Twitter is @Paul_Eberhart.

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