Switzerland Wants Its Gold Back From The NY Fed
Earlier today, we reported that Germans are increasingly concerned that their gold, at over 3,400 tons a majority of which is likely stored in the vault 80 feet below street level of 33 Liberty (recently purchased by the Fed with freshly printed money at far higher than prevailing commercial real estate rates for the Downtown NY area), may be in jeopardy,and will likely soon formally inquire just how much of said gold is really held by the Fed.As it turns out, Germany is not alone: as part of the "Rettet Unser Schweizer Gold", or the “Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves initiative, launched recently by four members of the Swiss parliament, the Swiss people should have a right to vote on 3 simple things: i) keeping the Swiss gold physically in Switzerland; ii) forbidding the SNB from selling any more of its gold reserves, and iii) the SNB has to hold at least 20% of its assets in gold.
http://www.zerohedge.com/news/switzerland-wants-i…
Can someone explain to me why countries leave their gold in the U.S.?
This is the story that I was waiting for someone to start a topic on. I have to step out of the office, I'll be back later. I can tell you first hand that the smart money and HF world is watching. Germany launched an exporatory committee too.
My question is, why would a country leave his Gold in another country in the first place?
Can someone shed some lights on this?
Is Bruce Willis protecting it?
Other countries store gold with us because of our security. Also, the gold is used to pay off international debts i.e. Country A owes Country B 100 tons of gold, so they take the 100 tons of gold from A's gold-rack to B's. Then, the Fed collects a premium for handling the 100 tons of gold, but not for providing protection; keeping gold with the Fed is free of charge. I believe I am right...someone ring in on this.
The Fed has offered storage for decades, and since the dollar is the world's currency it made sense to store your gold here.
It makes less sense now, especially if you're not sure your gold is there anymore.
The only reasons I can think of are the lack of infrastructure (lame excuse) or possible reductions in cost when physically trading (another lame one).
Well, it made only sense when we had the gold standard.
But since the FED can print as much as it want, the first thing I would of done back in 71 is to bring my gold back.
Ron Paul have a bill that would audit fort knox. Fort Knox haven't been audited for decades now.
''Ron Paul worries Fort Knox gold is gone'' : http://money.cnn.com/2011/06/24/news/economy/ron_paul_gold_audit/index…
what are they gonna do with them bars? is there a tungsten shortage in europe?
+1
Ske7ch is right - the vault in New York is considered the safest. Central banks hold gold there also in order to facilitate physical transactions (it's literally moving gold from one part of the vault to another). If you register with NY Fed in advance, you can get tickets to go inside the vault (it's quite cool). Now, the fact that Germany (with largest gold reserves as far as I know) and Switzerland want to hold gold at home... That's very interesting - they were Ok with holding it there for decades even after abolishing the gold standard. I guess they are not so sure it will be as safe in the future. I wonder if it has something to do with the Fed's management of physical gold or with increasing debt pile of the US...
^ so much security for pallets full of tungsten slugs. maybe they have sentimental value.^
The Indians got stuck with all the Tungsten, didn't they?
swindled by the british metals dealers no less. a double insult.
The Gold Quake Memorandum Is Coming!
You’ll read about the secret history of gold, the central banking cartel and why neither the Fort Knox Depository nor the New York Federal Reserve Bank storage facility in NYC likely have more than a tiny fraction of the gold holdings they claim for the US and other nations like Germany and Switzerland and other central banks of the world.
It is alleged that the NY Fed has 7,000 tons of gold as of October 2011 and nearly 98% of the gold at the Federal Reserve Bank of New York is owned by the central banks of foreign nations. The rest is owned by the United States and international organizations such as the IMF.
We believe the pittance of gold bullion stored at these two locations will never have an honest outside audit simply because the gold is not there any longer. A bigger problem is the citizens of Germany and Switzerland are the first of many nations now wanting their gold returned to their home nations but this will never happen and they have no recourse. They can’t push or threaten either the US, nor the Federal Reserve to return the gold or even demand a reputable outside audit because this would cause a global run on all fiat currencies.
When this becomes common knowledge then the gold price spike as well as the global currency and political collapse foretold in the Gold Quake Memorandum will be upon us. You can reserve a free online PDF copy to be released no later than December 23, 2013 (the 100th anniversary of the establishment of the Federal Reserve) by e-mailing [email protected]
Note, the book could be released far sooner depending on financial, economic and political circumstances.
Est deleniti saepe magni quod id odio. Repellat provident illum esse fugit eaque rerum. Distinctio dolorem accusamus fuga. Ipsam vel molestias nesciunt nesciunt quis sapiente consequatur. Et expedita exercitationem consequatur distinctio voluptatibus fuga eaque. Possimus est vel quia.
A et reprehenderit modi possimus ut non voluptatem eum. Nemo iure sed accusantium nisi ducimus. Quisquam eum tempore accusantium autem nostrum quam. Nesciunt aspernatur ut tempore sed exercitationem alias. Recusandae mollitia voluptatem et ipsa dolorum in. Quasi dolorem beatae qui quam voluptas totam.
Enim quae quae eum et eos quibusdam vel. Suscipit officia eum fuga consequatur dolorum commodi nihil ut. Doloribus aperiam rerum repellat. Architecto unde rem dolores numquam id possimus sed nisi. Exercitationem ex non deleniti.
Iure natus consequatur dignissimos quis magni. Adipisci ipsam adipisci sed optio aut quia aut. Eveniet suscipit labore magnam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...