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Here Comes Executive Order 6102 For The QE Generation: Dutch Central Bank Orders Pension Fund To Sell Its Gold

Tyler Durden's picture





 

Perhaps the most stunning example of what may be in store for asset managers and pension funds (and possibly retail holders) who dare to challenge central bank monetary authority comes from the Netherlands, where we have just witnessed the 21st century equivalent of Executive Order 6102. The story in a nutshell (and as translated loosely from the primary source presented below): the glassworkers pension fund (SPVG) was ordered by De Nederlandsche Bank (DNB, or the equivalent of the Dutch central bank), that it has to sell the bulk of its gold assets. After the SPVG refused to comply with the order, the DNB went to court and the decision has come out, siding with the central bank, ordering the SPVG to sell the required gold within two months. The pension fund, which invests for 1142 employees, in late 2009 had gold bars worth 34.6 million euros, or about 1400 kilograms. The total fund assets amounted to 288 million euros at that time. The DNB argued gold is a commodity and holding 13 percent was overweight in comparison to the 2.7% average that pension funds are invested in commodities.  DNB has found that such a large proportion of gold is inconsistent with the interests of the participants. SPVG sees gold as a medium of exchange, such as euros, but DNB believes that the price of gold fluctuates too much for it to be classified as an investment. Translation of the translation: the central bank has now directly ordered a fund how to allocate its gold assets, because it explicitly disagreed with the fund's statement that gold is money, claiming instead that it is nothing but a very volatile commodity. Very soon no pension funds in the Netherlands will be allowed to hold any amount of gold more than the merely nominal. This latest gold confiscation equivalent event is most certainly coming to a banana republic near you.

Original document:

LJN: BP3625, Rechtbank Rotterdam , AWB 11/455 VBC-T2    Print uitspraak
 
Datum uitspraak:    08-02-2011
Datum publicatie:    09-02-2011
Rechtsgebied:    Bestuursrecht overig
Soort procedure:    Voorlopige voorziening
Inhoudsindicatie:    DNB heeft een pensioenfonds de aanwijzing gegeven haar beleggingsportefeuille in goud blijvend af te bouwen – afhankelijk van de uiteindelijk samen te stellen assetmix – tot een percentage gelegen tussen 1 en 3%. Hoewel het fonds kan worden nagegeven dat de motivering van het bestreden besluit summier is, is naar het voorlopig oordeel van de voorzieningenrechter ter zitting genoegzaam onderbouwd waarom DNB van oordeel is dat het fonds heeft belegd in goud in een mate die een bovenmatige afhankelijkheid als bedoeld in het vijfde lid van artikel 13 van het Besluit financieel toetsingskader pensioenfondsen oplevert. Naar de mening van DNB levert een belegging van 13% van het vermogen in de categorie grondstoffen, waarbij die belegging zich bovendien beperkt tot één grondstof, een bovenmatige afhankelijkheid op van de waardeontwikkeling van die grondstof. DNB wijst er in dit verband op dat pensioenfondsen gemiddeld 2,7% beleggen in de categorie grondstoffen. Voorts wijst zij op de volatiliteit van goud die blijkt uit de door het fonds overgelegde ALM studie. De stelling van het fonds dat goud niet zozeer als grondstof maar als een ruilmiddel moet worden gezien doet naar het oordeel van de voorzieningenrechter, gelet op de sterke volatiliteit ervan, onvoldoende af aan het betoog van DNB.
 

Uitspraak
RECHTBANK ROTTERDAM

Sector Bestuursrecht
Voorzieningenrechter

Reg.nr.: AWB 11/455 VBC-T2

Uitspraak naar aanleiding van het verzoek om voorlopige voorziening als bedoeld in artikel 8:81 van de Algemene wet bestuursrecht

in het geding tussen

Stichting Pensioenfonds Vereenigde Glasfabrieken, te Gorinchem, verzoekster (hierna: het fonds),
gemachtigde prof. dr. E. Lutjens, advocaat te Amsterdam,

en

De Nederlandsche Bank N.V., verweerster (DNB),
gemachtigde mr. C.M. Bitter, advocaat te Den Haag.

1  Ontstaan en loop van de procedure

Bij besluit van 20 januari 2011 heeft DNB het fonds de aanwijzing gegeven die ertoe strekt dat het fonds haar beleggingsportefeuille in goud blijvend afbouwt – afhankelijk van de uiteindelijk samen te stellen assetmix – tot een percentage gelegen tussen 1 en 3 %. Het fonds dient daartoe een plan van aanpak op te stellen dat binnen twee weken na bekendmaking van de aanwijzing door DNB dient te zijn ontvangen. Het fonds dient vervolgens het plan van aanpak uit te voeren volgens de planning die voorziet in een tijdpad van maximaal twee maanden na indiening bij DNB.

Tegen dit besluit (hierna: het bestreden besluit) heeft het fonds bezwaar gemaakt.

Voorts heeft zij de voorzieningenrechter verzocht een voorlopige voorziening te treffen, inhoudende schorsing van het bestreden besluit.

Het onderzoek ter zitting heeft plaatsgevonden op 3 februari 2011. Partijen hebben zich laten vertegenwoordigen door hun gemachtigde. Voorts is namens het fonds verschenen ir. D. van Ek, werkzaam bij Mercer Nederland B.V. en adviseur van het fonds. Namens het fonds zijn voorts enige leden van het bestuur verschenen. Namens DNB zijn verder drie medewerkers verschenen onder wie H. Kuik.

2  Overwegingen

2.1  Op grond van artikel 8:81, eerste lid, van de Algemene wet bestuursrecht (hierna: Awb) kan, indien tegen een besluit bij de rechtbank beroep is ingesteld dan wel, voorafgaand aan een mogelijk beroep bij de rechtbank, bezwaar is gemaakt of administratief beroep is ingesteld, de voorzieningenrechter van de rechtbank die bevoegd is of kan worden in de hoofdzaak, op verzoek een voorlopige voorziening treffen indien onverwijlde spoed, gelet op de betrokken belangen, dat vereist.

Voor zover de daartoe uit te voeren toetsing meebrengt dat de rechtmatigheid van het bestreden besluit wordt beoordeeld, heeft het oordeel van de voorzieningenrechter een voorlopig karakter en is dat oordeel niet bindend voor de beslissing op bezwaar of eventueel in de hoofdzaak.

2.2  Ingevolge artikel 171, eerste lid, van de Pensioenwet kan DNB een pensioenuitvoerder die niet voldoet aan hetgeen bij of krachtens deze wet is bepaald, door middel van het geven van een aanwijzing verplichten om binnen een door de toezichthouder gestelde redelijke termijn ten aanzien van in de aanwijzingsbeschikking aangegeven punten een bepaalde gedragslijn te volgen.

2.3  Artikel 135 van de Pensioenwet luidt:

“1. Een pensioenfonds voert een beleggingsbeleid dat in overeenstemming is met de prudent-person regel en met name gebaseerd is op de volgende uitgangspunten:
a. de waarden worden belegd in het belang van aanspraak- en pensioengerechtigden; en
b. (…);
c. de beleggingen worden gewaardeerd op basis van marktwaardering.
2. Bij of krachtens algemene maatregel van bestuur worden ter waarborging van het prudente beleggingsbeleid nadere regels gesteld.
3. De (…) regels die op grond van het tweede lid worden gesteld ten aanzien van de diversificatie van waarden zijn niet van toepassing op beleggingen in staatsobligaties.”

In de Memorie van toelichting van het wetsvoorstel Pensioenwet is onder meer het volgende overwogen (Kamerstukken II 2005/06, 30 413, nr. 3, p. 258-259):

“De inhoud van dit artikel is gebaseerd op artikel 9ba, zoals dat is geformuleerd in het wetsvoorstel ter implementatie van richtlijn 2003/41/EG (Kamerstukken II 2004/05, 30 104, nr. 2). Het beleggingsbeleid van een pensioenfonds moet zijn gebaseerd op de prudent personregel. De prudent person-regel wordt door de richtlijn niet gedefinieerd. De richtlijn formuleert wel een aantal uitgangspunten. De regel wordt het best benaderd in het uitgangspunt dat de waarden op zodanige wijze worden belegd dat de veiligheid, de kwaliteit, de liquiditeit en het rendement van de portefeuille als geheel worden gewaarborgd. Tevens dienen de waarden uitsluitend te worden belegd in het belang van de aanspraak- en de pensioengerechtigden. (…)”

2.4  Artikel 13 van het Besluit financieel toetsingskader pensioenfondsen (hierna: Besluit FTK) luidt, voor zover hier van belang:

“1. De waarden worden op zodanige wijze belegd dat de veiligheid, de kwaliteit, de liquiditeit en het rendement van de portefeuille als geheel zijn gewaarborgd.
2. Waarden die ter dekking van de technische voorzieningen worden aangehouden, worden belegd op een wijze die strookt met de aard en de duur van de verwachte toekomstige pensioenuitkeringen.
(…)
5. De waarden worden naar behoren gediversifieerd zodat een bovenmatige afhankelijkheid van of vertrouwen in bepaalde waarden, of een bepaalde emittent van waarden of groep van ondernemingen en risicoaccumulatie in de portefeuille als geheel worden vermeden.
(…)”

2.5  Op 18 augustus 2010 heeft op uitnodiging van DNB een gesprek plaatsgevonden met een delegatie van het bestuur van het fonds. Tijdens dit gesprek heeft DNB het fonds meegedeeld dat het fonds een te groot deel van de beleggingsportefeuille belegt in slechts één “sub-assetclass”, te weten goud, en dat hierdoor sprake is van een concentratierisico. Naar de mening van DNB is deze belegging vanwege het risico niet in het belang van deelnemers van het fonds en dient deze belegging afgebouwd te worden. Het fonds heeft DNB laten weten de visie van de DNB niet te onderschrijven. Na correspondentie over en weer heeft DNB het bestreden besluit genomen.

2.6  Het fonds betoogt dat zij niet in overtreding is. Zij stelt in dit verband dat DNB moet kijken naar de portefeuille als geheel. Het fonds stelt dat het doel is om veiligheid te creëren voor de deelnemers. Omdat de AEX thans zeer onzeker is, is juist gekozen voor goud omdat dit een verstandige belegging is gebleken. Indien het fonds in 2008 niet haar aandelen had ingeruild voor goud zou het fonds in een situatie van ernstige onderdekking zijn komen te verkeren, terwijl zij mede dankzij de aankoop van goud per december 2010 een dekkingsgraad heeft van 104,7%, wat boven het minimaal vereiste vermogen ligt. Het fonds heeft een adequate monitor ingericht op de ontwikkeling van de goudprijs en recent nog een ALM studie laten doen die het beleid van het fonds ondersteunt. Het fonds meent dan ook dat DNB ten onrechte een concentratierisico aanneemt. Voorts betoogt het fonds dat sprake is van een onredelijke belangenafweging door DNB nu het fonds juist op zeer zorgvuldige wijze is overgegaan tot de aankoop van goud, zij heeft gehandeld in het belang van alle deelnemers, in welk verband zij er op wijst dat de deelnemersraad zich achter het bestuur van het fonds heeft geschaard, en DNB al aan de hand van het jaarverslag van het fonds over 2008 op de hoogte was van de belegging in goud.

2.7  Hoewel het fonds kan worden nagegeven dat de motivering van het bestreden besluit summier is, is naar het voorlopig oordeel van de voorzieningenrechter ter zitting genoegzaam onderbouwd waarom DNB van oordeel is dat het fonds heeft belegd in goud in een mate die een bovenmatige afhankelijkheid als bedoeld in het vijfde lid van artikel 13 van het Besluit FTK oplevert. Uit die bepaling in verbinding met artikel 135 van de Pensioenwet volgt dat – met uitzondering van beleggingen in staatsobligaties – diversificatie in de beleggingsportefeuille van groot belang wordt geacht bij de invulling van de prudent person-regel. Deze diversificatie is naar DNB stelt terug te voeren op het uitgangspunt dat een breed gespreide beleggingsportefeuille, over verschillende beleggingscategorieën en verschillende regio’s, een stabiliserende invloed heeft op de beleggingsresultaten, zonder dat dit ten koste gaat van het te verwachten rendement. Naar de mening van DNB levert een belegging van 13% van het vermogen in de categorie grondstoffen, waarbij die belegging zich bovendien beperkt tot één grondstof, een bovenmatige afhankelijkheid op van de waardeontwikkeling van die grondstof. DNB wijst er in dit verband op datpensioenfondsen gemiddeld 2,7% beleggen in de categorie grondstoffen. Voorts wijst zij op de volatiliteit van goud die blijkt uit de door het fonds overgelegde ALM studie. Het is volgens DNB niet te voorspellen wanneer en in welk mate een daling in zal zetten. Mocht de goudkoers imploderen dan kan de dekkingsgraad van het fonds zakken tot onder de 100%. DNB heeft er ter zitting voorts op gewezen dat het fonds waarop een lange termijnherstelplan van toepassing is met dit concentratierisico handelt in strijd met artikel 16, tweede lid, van het Besluit FTK. De stelling van het fonds dat goud niet zozeer als grondstof maar als een ruilmiddel moet worden gezien doet naar het oordeel van de voorzieningenrechter, gelet op de sterke volatiliteit ervan, onvoldoende af aan het betoog van DNB.

2.8  DNB heeft naar het oordeel van de voorzieningenrechter ter zitting de kritiek van het fonds dat zij onvoldoende oog heeft voor het gehele belegde vermogen van het fonds in voldoende mate weerlegd. DNB heeft in dit verband aangevoerd dat de omstandigheid dat een groot deel van het fonds wel in overeenstemming met de Pensioenwet is belegd, onverlet laat dat het concentratierisico dat de goudpositie een reëel risico oplevert dat het gehele vermogen daalt tot onder de verplichte dekkingsgraad.

2.9  Naar voorlopig oordeel van de voorzieningenrechter is DNB terecht tot het oordeel gekomen dat sprake is van een concentratierisico als bedoeld in het vijfde lid van artikel 13 van het Besluit FTK. Dat DNB reeds aan de jaarstukken van het fonds van 2008 had kunnen afleiden dat het fonds een te groot deel – destijds 5% – van het vermogen in goud heeft belegd maakt naar het oordeel van de voorzieningenrechter niet dat DNB thans niet tot een aanwijzing heeft mogen komen. Ten eerste heeft het fonds haar goudpositie aanzienlijk uitgebreid in 2009, zodat ingrijpen meer pregnant werd, en ten tweede berust op het fonds een eigen verantwoordelijkheid om te beleggen binnen de kaders die de Pensioenwet en het Besluit FTK bieden. Voorts heeft DNB niet onverwijld naar handhavingsinstrumenten gegrepen, maar heeft zij eerst via overleg getracht het fonds te bewegen haar goudpositie af te bouwen. Ten slotte is de voorzieningenrechter niet gebleken dat het fonds een onredelijke termijn is geboden om haar goudpositie af te bouwen.

2.10  De voorzieningenrechter zal het verzoek daarom afwijzen.

2.11  De voorzieningenrechter ziet geen aanleiding voor een proceskostenveroordeling.

3  Beslissing

De voorzieningenrechter,

recht doende:

wijst het verzoek om voorlopige voorziening af.

Aldus gedaan door mr. T. Damsteegt, voorzieningenrechter, in tegenwoordigheid van mr. drs. R. Stijnen, griffier.

De griffier:  De voorzieningenrechter:

Uitgesproken in het openbaar op: 8 februari 2011.

Tegen deze uitspraak staat geen rechtsmiddel open.

Afschrift verzonden op:


 


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Thu, 02/10/2011 - 12:42 | Link to Comment nope-1004
nope-1004's picture

......................./´./)
....................,/¯../
.................../..../
............./´¯/'...'/´¯¯`¸
........../'/.../..../....../¨¯\
........('(...´...´.... ¯~/'...')
.........\.................'...../
...........\.............. _.·´
............\..............(
..............\.............\
...............\..............\
................\..............\
.................\...............\

 

Fuck you, banksters.

Your ship is sinking.

 

 

Thu, 02/10/2011 - 12:44 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

nice...ur skills r extraordinary...

yes, fuck all bankers.....

Thu, 02/10/2011 - 12:57 | Link to Comment Popo
Popo's picture

Ctrl-C, Ctrl-V?

Thu, 02/10/2011 - 13:20 | Link to Comment Don Birnam
Don Birnam's picture

As a quick aside, this story is really quite humorous. 

What if they gave an iPhone 4 party, and no one came ?

http://finance.yahoo.com/news/Verizon-iPhone-Off-to-a-Slow-tsmf-28057190...

Thu, 02/10/2011 - 13:35 | Link to Comment barkster
barkster's picture

They should sell the gold directly to Eric Sprott in exchange for PHYS shares.

Thu, 02/10/2011 - 13:42 | Link to Comment barkster
barkster's picture

or maybe sell it directly to their members...

Thu, 02/10/2011 - 13:48 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Ten bucks says it will be sold through a hidden intermediary to the central bank that is ordering it to sell it. Or under orders of the central banks central banker (www.BIS.org) to whomever (meaning nation) wants Gold in exchange for continuing to buy CB paper or whomever just needs to be placated.

Thu, 02/10/2011 - 14:00 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

I wager ten bucks that you're right.

Thu, 02/10/2011 - 14:07 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Buy the fuckin' guacamole!

You know, the dip.

Thu, 02/10/2011 - 14:27 | Link to Comment BigJim
BigJim's picture

Yes, but when they bought the gold, it probably only amounted to 6% of their assets.

Fri, 02/11/2011 - 00:00 | Link to Comment Lord Koos
Lord Koos's picture

Yep, and just as it's beginning to go to the moon in fiat terms, they want them to divest.  Sickening, and I'm surprised the judge sided with these pricks... but then he was probably bought and paid for.  I wonder if this is making much news in the Netherlands.

Thu, 02/10/2011 - 14:42 | Link to Comment tmosley
tmosley's picture

Why buy the guacamole when the whackamole by the Fed is free?

Thu, 02/10/2011 - 14:48 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Very nice.

Rest assured I shall steal that. :>)

Thu, 02/10/2011 - 16:59 | Link to Comment RockyRacoon
RockyRacoon's picture

My sides are hurting.   Good thing we have a bit o' humor in these trying times.

Thu, 02/10/2011 - 17:17 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Hey Racoon , I ordered that Maple and a few fractionals........ but physical cash is a nice insurance against a CB mind fuck reversal play.

Thu, 02/10/2011 - 22:27 | Link to Comment RockyRacoon
RockyRacoon's picture

Good!  Always nice to heft a little silver or gold in the furry paw.

Cash (fiat lettuce) is necessary, of course.   Those lucky enough to be employed or have a mortgage should have a couple of months operating expenses in the currency du jour.

Thu, 02/10/2011 - 15:56 | Link to Comment Husk-Erzulie
Husk-Erzulie's picture

So fookin' right.

Thu, 02/10/2011 - 14:06 | Link to Comment MachoMan
MachoMan's picture

I hope the former, but fear the latter (not that either are peachy).  Practically speaking, I see no other viable explanation.

If gold is far too volatile, then what is less volatile, capable of reasonable investment?  If only volatility is to be reviewed, why is risk to be omitted?  Have we not been slapped in the face time and time again with the fact that we literally have no ability to guage risk in the present environment?  Do our markets, their regulators, and their rating agencies have unyielding success in their predictions?  If not, why not?  If so, how can we be surprised by so many financial events?

Wallstreet 2 got the sub-title incorrect...  it should read Wallstreet 2: "moral hazard never sleeps, stops, or even slows down to catch its breath."

Thu, 02/10/2011 - 16:09 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Right.

Thu, 02/10/2011 - 14:36 | Link to Comment geminiRX
geminiRX's picture

Sell it and become overweight in rice futures instead...

Thu, 02/10/2011 - 16:01 | Link to Comment ThreeTrees
ThreeTrees's picture

Definitely cut and paste.  I've had that exact middle txt finger saved for nigh on a decade now.  I bet it's as old as the internet.

Fri, 02/11/2011 - 01:05 | Link to Comment connda
connda's picture

I think I'll use that for my avatar.

Thu, 02/10/2011 - 13:00 | Link to Comment gwar5
gwar5's picture

Oh that's Brilliant!

Thu, 02/10/2011 - 17:13 | Link to Comment bankrupt JPM bu...
bankrupt JPM buy silver's picture

Part 4 out tomorrow the bears silver manipulation, should explain why they are liquidating the good gold, or whats left of it on Earth.

Thu, 02/10/2011 - 13:02 | Link to Comment kentfinance
kentfinance's picture

$1,363 bid. $1,365 on the follow. For all of it.

Thu, 02/10/2011 - 13:23 | Link to Comment MarketTruth
MarketTruth's picture

Agreed... and if GOLD is so volatile (BS imho) then why is it ALL MAJOR CENTRAL BANKS hold many tons of physical gold as reserves? Me thinks their central bank is a bit short physical gold, though the amount discussed in the above article is chump change yet does set a precedence of possible things to come.

Thu, 02/10/2011 - 13:37 | Link to Comment XitSam
XitSam's picture

+1.

And if the other pension funds had an average of 13% in gold, they seem to say then it would be ok.

Thu, 02/10/2011 - 14:36 | Link to Comment blindfaith
blindfaith's picture

"does set a precedence of possible things to come."

Boy o Boy that is the question. But we all know the crack in the wall becomes the break in the dam.

Thu, 02/10/2011 - 16:02 | Link to Comment the rookie cynic
the rookie cynic's picture

All central bankers a closet gold bugs. If they were true believers in fiat, why wouldn't they sell in all their gold for fiat paper? Hmmm...  http://therookiecynic.wordpress.com/

Thu, 02/10/2011 - 15:41 | Link to Comment waylon153
waylon153's picture

The lightbulb just went on.  This is a very visible, major checkpoint I've been waiting for in identifying the speed and pace of this whole collapsing house of cards.  Yes, there's been tons of problems, scams, bad policy, fraud, etc. but this incident has sped it all up, in my mind at least. 

 

Someday we're going to look back on this day and clearly see this is the precise moment Skynet first became self-aware.....

Thu, 02/10/2011 - 13:06 | Link to Comment jus_lite_reading
jus_lite_reading's picture

AMEN!

Thu, 02/10/2011 - 13:07 | Link to Comment jus_lite_reading
jus_lite_reading's picture

AMEN! STICK IT TO 'EM!

Thu, 02/10/2011 - 13:16 | Link to Comment downrodeo
downrodeo's picture

WIN! That is *king awesome!*

 

they are terrified of another incident like Egypt. they dodged that bullet, but they might not be so lucky the next time.

 

Thu, 02/10/2011 - 13:34 | Link to Comment caconhma
caconhma's picture

This is all you can do: just show your finger to banksters? It will change nothing.

The only thing that will making the difference is to kill Central Banks. It must be outlawed, at least in America.

Consequently, at the next election, vote every single bastard out of the Congress and outlaw the FED!

Thu, 02/10/2011 - 13:45 | Link to Comment unky
unky's picture

you stupid - you think voting will change anything? only riots and buying pms will change anything if at all

Thu, 02/10/2011 - 13:52 | Link to Comment CH1
CH1's picture

C'mon, unky, insulting people doesn't help. And the gentleman is not stupid, he is just looking at different information than you are. The productive solution is to give him better information.

Thu, 02/10/2011 - 13:52 | Link to Comment caconhma
caconhma's picture

unky, you are fking stupid idiot. People do NOT riot as long as they have a hope!

Thu, 02/10/2011 - 14:19 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

"People do NOT riot as long as they have a hope!"

 

i feel an election slogan comming on.

Thu, 02/10/2011 - 15:41 | Link to Comment faustian bargain
faustian bargain's picture

You're criticizing flipping the bird to banksters, yet your only proposal is to vote for 'change'? Who's the idiot again?

Let me revise your second sentence: There is no hope for people as long as they refuse to riot.

Thu, 02/10/2011 - 16:13 | Link to Comment Crime of the Century
Crime of the Century's picture

Your avatar reminds me of a Dutch glass worker...

Thu, 02/10/2011 - 16:14 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

What if we vote for pre-1965 change? And that's an invitation to "junk" me (pun intended).

Thu, 02/10/2011 - 17:01 | Link to Comment RockyRacoon
RockyRacoon's picture

Hi-yo, silver!

Thu, 02/10/2011 - 13:56 | Link to Comment CH1
CH1's picture

Sorry to say, but that won't work. They need millions to get elected, and the few who are not corrupted in that process are corrupted soon afterward.

The State is ITSELF corruption. That includes EVERY state, even the US in 1789. (Though that one was among the least bad.)

The Banksters took over the states of the West, and the politicians are addicted to their vaulted positions. These are people who live for popularity contests, after all.

The States will NOT reform themselves.

America, as is nobly thought of, existed until about 1790 (Hamilton and his bank were the death note). It was all downhill from there. It's over.

All we can hope for is a massive fall and de-centralization, then a non-bankster restart.

Thu, 02/10/2011 - 13:58 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The battle has been fought from day one of the republic. Tree of liberty, blood of tyrants and such.

Thu, 02/10/2011 - 16:19 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

The State is ITSELF corruption. That includes EVERY state, even the US in 1789.

Nothing but corruption can be expected from those who wield power and wealth obtained not through labor or trade but rather through theft and violence. Only the individual is sovereign.

Thu, 02/10/2011 - 16:27 | Link to Comment downrodeo
downrodeo's picture

These are people who live for popularity contests, after all.

 

It is funny how we choose these types to 'lead' us. 99.998% of them couldn't lead Rush Limbaugh to a pharmacy. They are insecure little children in most respects. It really is no wonder how we got to this point.

As cliche as it sounds, we have to take the power back from them. We've delegated too much of our power to them, and for too long. We need to regain a little bit of our sovereignty. I am stating the obvious, and I can't think of anything more obvious to state than that. Humans: be your own leader. Viva Egypt; don't let the CIA install another puppet. Eyes on the prize, yo!

Thu, 02/10/2011 - 18:23 | Link to Comment 11b40
11b40's picture

Unfortunately, they are a reflection of us. 

Trot on over to your local WalMart about 11:00 Friday night and take a look at "us".

Or, for a real laugh, read about the latest escapades by one of the Bozos from Congress.  Where do we find these amazing "leaders"?

http://www.huffingtonpost.com/2011/02/10/chris-lee-shirtless-congr_n_821396.html

 

Thu, 02/10/2011 - 17:07 | Link to Comment Zedge Hero
Zedge Hero's picture

CH1 I think old Andrew Jackson would disagree as his last words were "I KILLED THE BANK"

Hickory where art thou?

Thu, 02/10/2011 - 19:59 | Link to Comment Fiat Money
Fiat Money's picture

yeah - blame Alexander Hamilton, "He sided with the London/European (multi-national) banksters."    That's way too easy. 

 First of all, Hamilton risked his life in the American Revolution (he led one of the charges on the several beseiged British redoubts at Yorktown - definitely hazardous work,  to close with some scared and desperate Redcoats, and try to bayonet 'em out of their redoubt) so he was far more anti-British than many fat-cat Loyalists (from NY to South Carolina) who managed to maintain their property during & after the war. 

 #2., and more importantly, Hamilton was decidedly ANTI-SLAVERY.    MOST of the critics (Jefferson, Madison, Monroe, Patrick Henry, etc.)  who criticized Hamilton for "IN BED with Euro bankers who want to place America in debt slavery!"  were SLAVE OWNERS -  who were every bit as  ruthless (in supporting the awful slave trade) as the British imperialists (who also supported the slave trade in late 1700s) were.

  Get over it:  IF you want to DEFEND a nation with a large coastline, you MUST build ships - EXPENSIVE ships.  To build, man, & supply a competent navy, you simply MUST have some BIG FINANCE.  As in all things, it is question of BALANCE:    WHO is OVERSEEING the Big Banks, and in WHOSE BENEFIT do they operate.    Hamilton was decidedly PRO-INDUSTRY, his "Report on Manufacturers" Dec. 1791 effectively laid the cornerstone for the ENTIRE Yankee & American industrial economy we have been so proud of for 200+ years (and which the treasonous Neo-Cons are so busy DISMANTLING today.)  http://en.wikipedia.org/wiki/Report_on_Manufactures

     AS IF the above weren't enough of a DEFENSE of Hamilton,  it was Hamilton SECURING the US national debt, and establishing the Treasury,  which made his most powerful opponent - Thomas Jefferson -  look like a genius, and gave Jefferson THE crowning glory of his presidency; namely, the Lousiana Purchase 1803.  Hamilton may have "distrusted the ability of common citizens to govern themselves," and Jefferson may have had "faith" in small farmers and a predominantly agricultural economy,  but it was HAMILTON's AMASSING of cold, hard cash (and probably gold) that ALLOWED  Jefferson to PAY FOR the Louisiana purchase, America's GREAT BLOODLESS VICTORY which DOUBLED our nation, in 1803. 

(And, in context of global, imperial wars,  even that was a close thing:  Had General Andrew Jackson not been #1. such an Anglo-phobe (English hater; his 2 older POW brothers,  and mother who volunteered as a nurse, had died of diseases caught on deadly, concentration-camp style British prison ships); and #2. such an experienced India wars fighter, the British probably would have won the Battle of New Orleans, 1814, and THEY would have COMMANDED the mouth of the Mississippi!)

    it's EASY to say that Hamilton "SIDED WITH THE BRITISH BANKERS" -  but he FOUGHT THE REDCOATS, IN PERSON,  he ESTABLISHED the MANUFACTURING, trade, and FINANCIAL FOOTING, that would allow America to win the war of 1812, and his FUNDING of the early American government provided for at least 2 of Jefferson's biggest triumphs, the defeat of the Barbary Coast pirates by US Navy (expensive ships)  and Marines; and the Lousiana Purchase. 

Fri, 02/11/2011 - 12:03 | Link to Comment Attitude_Check
Attitude_Check's picture

++++++  You realize of course this level of actual history knowledge, and the application of that knowledge to make informed logical conclusions doesn't play to well on a "bitchzing" site like ZH sadly.  Way to many opinions, way too little knowledge.

 

Sad, because it wasn't that way before.  There was a lot of crap, but also alot pf well reasoned thought -- like yours.  Now I tend to read it for some news and humor.

Thu, 02/10/2011 - 19:58 | Link to Comment Cathartes Aura
Cathartes Aura's picture

keep hammering home the message.

"voting" is a false panacea sold to "citizens" that effectively STOPS all efforts towards change. . .

"oh man, I hate this govt! Imma vote 'em out in 2/4 years!!11!"

meantime. . .

Thu, 02/10/2011 - 13:45 | Link to Comment Hammer Time
Hammer Time's picture

Dutch central bank knows everything about gold like:

- selling it for $ 300

- storing most of it's "own" at the FRBNY instead of in The Netherlands

- leasing it out.

And DNB didn't have any problem with pension funds investing in Greek bonds.

 

Please sign the petition to disclose our gold reserves:

http://openheidovergoudvoorraad.petities.nl/


 

Thu, 02/10/2011 - 17:11 | Link to Comment TaLoN.NL
TaLoN.NL's picture

I tried to sign it, turns out I already signed it three months ago. ^_^

Thu, 02/10/2011 - 20:08 | Link to Comment Fiat Money
Fiat Money's picture

Hate to break it to you, but ever since the Spanish expulsion of the Moors and Jews  under Ferdinand & Isabella in 1492,  the Netherlands has welcomed the (how do I put this politely?)  "multi-national zionist bankers" who fled Spain... just as England would welcome the German based multi-national zionist bankers (rothschilds) immediately preceeding the Napoleonic wars. 

   IF there is a congruence between DUTCH  "ENSLAVE THE DEBT PEONS" and BRITISH (Irish, Scots, Canadian, etc.) and AMERICAN (jp morgan/gs/lehman/bear-stearns, etc.) "Enslave the Debt Peons"  PRIVATE central banking cartel strategies and propaganda, there is, sadly, a common denominator.  

Thu, 02/10/2011 - 14:07 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

That's a keeper!  :)

Thu, 02/10/2011 - 14:11 | Link to Comment In Fed We Trust
In Fed We Trust's picture

Ver es une fukin trans lator ven un needez  one?

Thu, 02/10/2011 - 16:21 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Ve haf vays to make you talk but ve don't know vhat you're saying.

Thu, 02/10/2011 - 14:24 | Link to Comment El Hosel
El Hosel's picture

    Yeah right ," Gold price fluctuates too much"!

 Better stay with a "steady investment " like  the SPX  as it does the round trip.

  1300 down to 666 and back to 1300 in few quarters.

Thu, 02/10/2011 - 14:54 | Link to Comment scaleindependent
scaleindependent's picture

The fund should sell the gold and buy silver.

Thu, 02/10/2011 - 14:54 | Link to Comment DocLogo
DocLogo's picture

What happened to the price of silver after Executive Order 6102?

Thu, 02/10/2011 - 15:06 | Link to Comment Stuart
Stuart's picture

Ya, but the Chinese are clicking their heels in joy.  Stupid, stupid move.  

Thu, 02/10/2011 - 15:16 | Link to Comment Cpl Hicks
Cpl Hicks's picture

Very cool!

I recall doing something like this in a fortran class in the early 70's.

Thu, 02/10/2011 - 16:06 | Link to Comment pcrs
pcrs's picture

damn, we seem to be on the forefront of the global descent into facism.

I also don't trust goldman accepting gold as collateral for stock purchases. I think they sell it righ from under you.

Thu, 02/10/2011 - 17:50 | Link to Comment Brutlstrudl
Brutlstrudl's picture

hey, send the gold to James Turk over at Goldmoney. set up accounts for each of the members. Now thats a finger.

Thu, 02/10/2011 - 12:39 | Link to Comment UninterestedObserver
UninterestedObserver's picture

BTFD - how the hell is the Nasdaq up today?

Thu, 02/10/2011 - 13:09 | Link to Comment jus_lite_reading
jus_lite_reading's picture

All the good news pouring out today... 

or not.

You know that everything must go up forever.

Thu, 02/10/2011 - 13:16 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

It's a Thursday, and that means there is an extra 25 Bn to throw around

Thu, 02/10/2011 - 13:19 | Link to Comment traderjoe
traderjoe's picture

That would apply to any day that ends with a "y"... ;)

Thu, 02/10/2011 - 13:45 | Link to Comment I Am The Unknow...
I Am The Unknown Comic's picture

I'm referring to the SFP.  Reference this previous ZH article:

http://www.zerohedge.com/article/here-it-comes-us-suspends-new-issuance-under-supplementary-financing-program-200-billion-liq

in short, and to quote Tyler "each Thursday beginning February 3 we will now see an incremental $25 billion in extra liquidity as the maturing 56-Day CMB is not rolled."

Thu, 02/10/2011 - 13:49 | Link to Comment UninterestedObserver
UninterestedObserver's picture

Yeah remember the good old days when names like CSCO and AKAM would get pummeled and teh fucking market would go down? This is seriously fucked up that the Nasdaq woudl be green when CSCO is down 13% - I mean I KNOW everything is manipulated but come on this is an insult 

Thu, 02/10/2011 - 14:31 | Link to Comment LeBalance
LeBalance's picture

UO - They have you watching things you see through, but as yet have not renounced.  Next step time?

Thu, 02/10/2011 - 14:42 | Link to Comment UninterestedObserver
UninterestedObserver's picture

No I am prepared - just shorted some of those Chinese scam companiess so a few down days would really help before options expiration :)

Thu, 02/10/2011 - 12:40 | Link to Comment e_u_r_o
e_u_r_o's picture

China will happily buy

Thu, 02/10/2011 - 13:11 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I believe this is yet another slap in the face of the common man. And NOW is the time for the common man to act, and buy up all the gold /silver he can get his hands on.

Thu, 02/10/2011 - 17:06 | Link to Comment RockyRacoon
RockyRacoon's picture

What if the pension fund simply refused to sell their gold?   Do they send in troops to take it?   Now that would be news.

Is this coming to a State near you?

University of Texas retirement-fund manager betting big on gold

 

One Pension-Fund Manager's Estimate: Gold to Hit $10000 an Ounce
Thu, 02/10/2011 - 12:41 | Link to Comment Thunder Dome
Thunder Dome's picture

Clever move bankster.

Thu, 02/10/2011 - 13:19 | Link to Comment snowball777
snowball777's picture

If they're shaking down pensions and picking it up in private?

Could be more clever than you think.

Thu, 02/10/2011 - 14:06 | Link to Comment BigJim
BigJim's picture

Yup, forbid the large pension funds to hold large amounts of gold, thus pushing up the supply when the funds sell, as well as pushing down the demand from other funds who were buying. But no, there is 'no manipulation in the gold price'.

Maybe the pension funds will invest in something with a little less volatility... like Portuguese bonds.

Cunning bastards, these central bankers... how long will the sheep put up with them?

Thu, 02/10/2011 - 14:33 | Link to Comment LeBalance
LeBalance's picture

They shook down the country of Ireland for its pensions why not Nederlands?

Thu, 02/10/2011 - 12:40 | Link to Comment tmosley
tmosley's picture

Wow.

Good for those of us who want more physical though.  Extremely bad for those holding paper.

Paper to zero, physical to the moon.  That is a statement.  No exclamation mark needed.

Thu, 02/10/2011 - 12:46 | Link to Comment SWRichmond
SWRichmond's picture

Yeah, more for me. 

There are two paths to become wealthy: make more than everyone else, or lose less than everyone else.

Thu, 02/10/2011 - 12:50 | Link to Comment RichardP
RichardP's picture

Third path: conquer and plunder.

Thu, 02/10/2011 - 13:24 | Link to Comment snowball777
snowball777's picture

Have Lloyd and Jamie been fattened up enough yet?

What's my bag limit on these fucks?

Thu, 02/10/2011 - 13:38 | Link to Comment barkster
barkster's picture

banking species is overpopulated so no limits.

Thu, 02/10/2011 - 14:31 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 7.62 x 39 all above posters!

Thu, 02/10/2011 - 16:27 | Link to Comment WhiskeyTangoFoxtrot
WhiskeyTangoFoxtrot's picture

Right there with you DCRB!

Thu, 02/10/2011 - 21:23 | Link to Comment goldsaver
goldsaver's picture

Yeah, been looking at the PTR-32. I'm more of an AK man but the AK has been cast as an "evil gun". The PTR-32 is an HK chambered for 7.62 x 39. Very western look to it.

Thu, 02/10/2011 - 14:32 | Link to Comment snowball777
snowball777's picture

Gonna look bitchin' mounted in my study.

Thu, 02/10/2011 - 14:40 | Link to Comment RafterManFMJ
RafterManFMJ's picture

They've mounted you long enough, now it's your tur n.

Thu, 02/10/2011 - 12:52 | Link to Comment EscapeKey
EscapeKey's picture

3) Lose everyone else's money, and claim bonus payments on bailouts.

Thu, 02/10/2011 - 12:56 | Link to Comment SWRichmond
SWRichmond's picture

you guys gotta cut me some slack here...I meant "honest" paths...

Thu, 02/10/2011 - 12:58 | Link to Comment EscapeKey
EscapeKey's picture

If that isn't as honest as a banker, I don't know what is!

Thu, 02/10/2011 - 13:39 | Link to Comment caconhma
caconhma's picture

Babe, they did not lose any money. They just transferred the public money into their own private accounts.

This is the truth. This is why they deserved their bonuses from their real bosses.

Thu, 02/10/2011 - 13:53 | Link to Comment Dicite justitiam
Dicite justitiam's picture

Nah, paper to new paper, physical to the prison.

Thu, 02/10/2011 - 12:41 | Link to Comment The Rogue Trader
The Rogue Trader's picture

Trust me...this is a test case.....soon to go worldwide....

Thu, 02/10/2011 - 12:45 | Link to Comment cbaba
cbaba's picture

+1

Thu, 02/10/2011 - 12:49 | Link to Comment Mesquite
Mesquite's picture

Ominous..!!

Thu, 02/10/2011 - 13:28 | Link to Comment In Fed We Trust
In Fed We Trust's picture

This is NOT a test of the emergency broad cast system!

This is an actual emergency. Pesident Obama, states all most sell/relinquish their gold to the Tresuary in order to keep Social Security up and running.

It's your grandparents well being or your gold, whats it gonna be?

Thu, 02/10/2011 - 13:32 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Grandparents are dead along with one of my parents.  I'll keep my gold, thanks.

Thu, 02/10/2011 - 12:41 | Link to Comment dark pools of soros
dark pools of soros's picture

Buy The Fuckin Dump

Thu, 02/10/2011 - 12:42 | Link to Comment Pladizow
Pladizow's picture

"A choice must be made between the natural stability of gold and the honesty and intelligence of the members of government..... I advise you...... vote for Gold".

- George Bernard Shaw.

Thu, 02/10/2011 - 13:13 | Link to Comment dracos_ghost
dracos_ghost's picture

Before you quote GBS, you might want to see this:

http://www.youtube.com/watch?v=hQvsf2MUKRQ

 

He was a POS. I'd rather not take advice from a Eugenic Fabian Socialist thank you. If you didn't meet his standards, you would be gassed in his view.

 

Thu, 02/10/2011 - 13:18 | Link to Comment downrodeo
downrodeo's picture

just because someone is a douche doesn't mean you can't learn anything from them. Even Stalin made the occasional true statement.

Thu, 02/10/2011 - 13:45 | Link to Comment snowball777
snowball777's picture

With those crit thinking skills, I can see why you'd be worried.

Thu, 02/10/2011 - 12:43 | Link to Comment BrianOFlanagan
BrianOFlanagan's picture

check out the vol of gold versus euros, or australian dollars.  Gold is actually one of the most stable currencies on the planet.  Freaking dopes.

Thu, 02/10/2011 - 12:44 | Link to Comment AldoHux_IV
AldoHux_IV's picture

End central banks

Thu, 02/10/2011 - 12:44 | Link to Comment sabra1
sabra1's picture

damn! my universal alien translator is malfunctioning!

Thu, 02/10/2011 - 12:44 | Link to Comment Zero Debt
Zero Debt's picture

WOW

Thu, 02/10/2011 - 12:45 | Link to Comment packman
packman's picture

Well - I wonder if the gold "hoarders" will have to wait 45 years to get payback on their investment, like they did last time.

 

Thu, 02/10/2011 - 13:02 | Link to Comment tmosley
tmosley's picture

They didn't have to wait 45 years.

http://en.wikipedia.org/wiki/Black_market

Thu, 02/10/2011 - 17:55 | Link to Comment CynicLaureate
CynicLaureate's picture

You've got it backwards...

The gold hoarders still have value 45 years later.  That's long term thinking.

Gold isn't for the revolution; it's for after the revolution.

Thu, 02/10/2011 - 12:45 | Link to Comment nontaxpayer
nontaxpayer's picture

CB's understand very well the true nature of gold (ie money etc). They must be scared.

Thu, 02/10/2011 - 12:45 | Link to Comment Fortunes Favor
Fortunes Favor's picture

This type of action is consistant with the second phase of the gold bull market unfolding now. 


Precious Metals Outlook: Newmont(NEM) Takeover of Fronteer(FRG) Evidence of Phase II @ http://rosenthalcapital.com/blog/

Thu, 02/10/2011 - 12:46 | Link to Comment Ayn Rand
Ayn Rand's picture

Damn government intervention.   Please don't tell Ben or Obama about this.

Thu, 02/10/2011 - 12:47 | Link to Comment Nevermore
Nevermore's picture

Amazing!  Not sure what else to say...

Thu, 02/10/2011 - 12:47 | Link to Comment DonnieD
DonnieD's picture

Perhaps there is a bank in the Netherlands heavily short gold and in desperate need of physical (and a little help from the central bank).

Thu, 02/10/2011 - 13:16 | Link to Comment OpenEyes
OpenEyes's picture

Exactly what I was thinking.  Who is going to be on the buying end of this?  Is there another agenda on that side of the trade?

Thu, 02/10/2011 - 13:00 | Link to Comment Zero Govt
Zero Govt's picture

Dutch Marxists... the EU is rammed with these bastards meddling in every facet of life and commerce.

Someone should ask this Dutch Judge to measure currency, stocks and any other investible asset in Gold then work out which is the most "stable" investment before he made this bloody stupid decision.

Down with Govt ....oh lookey there, going bankrupt all by themselves (smart eh?)

Thu, 02/10/2011 - 13:46 | Link to Comment caconhma
caconhma's picture

This judge was paid for and elected by these fking banksters.

Really, what does one freaking lawyer/judge know about investments? Nothing. But he knows very well where all bribes are coming from!

Thu, 02/10/2011 - 12:52 | Link to Comment ebworthen
ebworthen's picture

 

"Resistance is futile.  You must kneel to the fiat curency."

Just wait until central banks start confiscating individual retirement accounts, pensions, savings, and any investment accounts as collateral for social programs.

Indentured servitude is the goal - with only the trappings of self-determination.

 

Thu, 02/10/2011 - 13:43 | Link to Comment bronzie
bronzie's picture

"wait until central banks start confiscating individual retirement accounts, pensions, savings, and any investment accounts as collateral for social programs"

even the sheeple would be upset by an outright confiscation

the retirement money will be replaced with US Treasury bonds which will be the same thing as confiscation since the bonds will be worthless

Fri, 02/11/2011 - 11:17 | Link to Comment ebworthen
ebworthen's picture

Agreed, It would be a change of value - "We'll give you a guaranteed annuity in exchange for your IRA" or "A guranteed spot in FED Arms Retirement Home" or something of low quality or that could be reduced or taken away gradually after the confiscation they will call "reapportionment".

Thu, 02/10/2011 - 12:49 | Link to Comment Anonymouse
Anonymouse's picture

Not precise, but here are the results after running through Google Translate

 

LJN: BP3625, Rotterdam Court, AWB 11/455 VBC-T2 Print statement
     
    
Date of decision: 02.08.2011
    
Publication date: 09/02/2011
    
Jurisdiction: Administrative Other
    
Type of procedure: Provisional
    
Inhoudsindicatie: DNB pension fund an indication its assets in gold continued to build - depending on the final asset mix to put together - to a rate between 1 and 3%. Although the Fund may be nagegeven that the reasoning of the contested decision brief, is the provisional opinion of the judge in court adequately substantiated why DNB considers that the fund has invested in gold to an extent that an excessive reliance under The fifth paragraph of Article 13 of the Financial Assessment Framework Decision pension yields. In the opinion of DNB provides an investment of 13% of assets in the category of commodities, which that investment is also limited to a commodity, an excessive dependence on the development value of that commodity. DNB notes in this context that pension funds invest on average 2.7% in the category of resources. It also points to the volatility of gold it appears from the plan submitted by the ALM study. The proposition of the Fund rather than gold as a raw material but as a bargaining chip should be seen doing in the opinion of the judge, given the strong volatility of insufficient alter the argument of DNB.
     

    Ruling
    
LONDON COURT

    Administrative Sector
    
Relief Judge

    Reg.nr.: AWB 11/455 VBC-T2

    Ruling in response to the request for provisional relief under Article 8:81 of the General Administrative Law

    In the case of

    Pension Fund United Glassworks, in Gorinchem, the applicant (the Fund)
    
Agent Prof. E. Lutjens, Amsterdam Bar,

    and

    De Nederlandsche Bank SA, the defendant (DNB)
    
Agent Mr. C.M. Bitter, a lawyer in The Hague.

    1 Origin and course of the proceedings

    By decision of 20 January 2011 DNB indication that the Fund seeks to fund its investment in gold continued phasing out - depending on the final asset mix to put together - to a rate between 1 and 3%. The fund shall submit a plan to draw within two weeks after publication of the designation must be received by DNB. The fund should then plan to be implemented according to the schedule provides a timeline of up to two months after submission to DNB.

    Against this decision (hereinafter the contested decision), the fund has any objection.

    It has also asked the judge to take a provisional, which includes suspension of the contested decision.

    The court hearing took place on February 3, 2011. Parties to be represented by their agent. Furthermore, on behalf of the fund appeared ir D. Ek, who works at Mercer Netherlands BV and adviser to the fund. On behalf of the fund are also some members of the board appeared. DNB on behalf of three employees who appeared under H. Chick.

    2 Considerations

    2.1 Pursuant to Article 8:81, the first member of the General Administrative Law Act (the AWB) if the court against a decision to appeal or prior to a possible appeal to the court, objection was made or administrative proceedings, the judge of the court having jurisdiction or may be in the main, to request a provisional arrangement where urgency, given the interests involved, is required.

    Where the purpose to carry out scrutiny requires that the lawfulness of the contested decision is assessed, has the discretion of the judge is a provisional and not binding on considers that the appeal decision or possibly in the main.

    2.2 Article 171, first paragraph, of the Pension Act, DNB a pension that does not comply with by or under this Law, by giving a clue oblige within one by the supervisor reasonable period with respect to in the designation order points out a certain course of action.

    2.3 Article 135 of the Pension Act reads:

    "1. A pension fund carries an investment policy consistent with the prudent-person rule and in particular based on the following principles:
    
a. The values are invested in the interest of entitlement and pension beneficiaries, and
    
b. (...);
    
c. The investments are valued based on market valuation.
    
2. By or pursuant to a Board shall be to ensure the prudent investment policy further rules.
    
3. The (...) rules under the second paragraph are made regarding the diversification of values do not apply to investment in bonds. "

    In the explanatory memorandum of the Pensions Bill includes the following observations (Papers II 2005/06, 30 413, No. 3, p. 258-259):

    "The content of this article is based on Article 9BA, as recognized in the Bill to implement Directive 2003/41/EC (II 2004/05, 30 104, No. 2). The investment policy of a pension should be based on the prudent person rule. The prudent person rule is not defined by the Directive. The directive sets out a number of assumptions. The line is best approached on the idea that the values are invested in such a way that the safety, quality, liquidity and profitability of the portfolio as a whole. Also, the values to be invested solely in the interest of the claim and the beneficiaries. (...) "

    2.4 Article 13 of the Financial Assessment Framework Decision pension funds (hereinafter: Decision FTK) reads, so far as relevant:

    "1. The values are invested in such a way that the safety, quality, liquidity and profitability of the portfolio as a whole are ensured.
    
2. Values that cover the technical provisions are held to be invested in a manner consistent with the nature and duration of the expected future retirement benefits.
    
(...)
    
5. The values are properly diversified so that an excessive reliance on or faith in certain values, or values of a particular issuer or group of undertakings and accumulations of risk in the portfolio as a whole.
    
(...) "

    2.5 On 18 August 2010 at the invitation of DNB a conversation held with a delegation from the board of the fund. During this conversation, DNB has informed the Fund that the fund is too much of the investment portfolio invests in only a "sub-asset class, namely gold, and that therefore there is a concentration risk. In the opinion of DNB, this investment because the risk is not in the interests of participants of the investment fund and should be phased out. The fund has announced the vision of DNB DNB not to endorse. After correspondence back and forth, DNB has the contested decision.

    2.6 The fund argues that it is not in violation. It states in this regard that DNB should look at the portfolio as a whole. The fund argues that the goal is to create security for the participants. Because AEX currently very uncertain, it is precisely in favor of gold because it has proved a wise investment. If the fund in 2008 its shares had traded fund for gold would be in a situation of serious underfunding are making conditions, while thanks to the purchase of gold by December 2010 a coverage ratio of 104.7%, higher than the minimum required power. The fund is adequately equipped to monitor the development of the gold price and recently a study done by the ALM policy of the fund supports. The Fund believes that DNB wrongly assumes a concentration risk. Furthermore, argues the fund that there is an unreasonable interests by DNB now fund just very carefully proceeded to the purchase of gold, she has acted in the interest of all participants, in what context they suggesting that participants council behind the management of the fund has ranged, and DNB already using the fund's annual report for 2008 was aware of the investment in gold.

    2.7 Although the Fund may be nagegeven that the reasoning of the contested decision brief, is the provisional opinion of the judge in court adequately substantiated why DNB considers that the fund has invested in gold to an extent that an excessive reliance meaning In the fifth paragraph of Article 13 of the Framework Decision yields. From that provision in conjunction with Article 135 of the Pensions follows that - except for investments in government bonds - in the investment portfolio diversification is considered important in the interpretation of the prudent person rule. This diversification is to DNB traced back to the premise that a diversified investment portfolio across different asset classes and different regions, a stabilizing influence on the investment performance, without sacrificing the expected return. In the opinion of DNB provides an investment of 13% of assets in the category of commodities, which that investment is also limited to a commodity, an excessive dependence on the development value of that commodity. DNB notes in this regard datpensioenfondsen average of 2.7% investment in the commodity category. It also points to the volatility of gold it appears from the plan submitted by the ALM study. According to the DNB does not predict when and to what extent a decline will continue. If the gold price implode then the ratio of the fund drop to below 100%. DNB has also stated in court that the fund in which a long-term recovery plan is applicable to this concentration risk acting in breach of Article 16, second paragraph of the Framework Decision. The proposition of the Fund rather than gold as a raw material but as a bargaining chip should be seen doing in the opinion of the judge, given the strong volatility of insufficient alter the argument of DNB.

    2.8 DNB's opinion, the judge hearing the criticism of the fund it has insufficient attention to the entire assets of the fund invested sufficiently refuted. DNB has argued in this respect that the fact that a large proportion of the fund or in accordance with the Pension invested does not affect the concentration risk that the gold position poses a real risk that the entire capital falls below the required coverage.

    2.9 In preliminary opinion of the judge, DNB rightly come to the conclusion that there is a concentration risk under the fifth paragraph of Article 13 of the Framework Decision. The DNB has the financial statements of the fund in 2008 could infer that the fund is too much - then 5% - of the wealth in gold has invested is the opinion of the judge not that DNB is not currently a designation may come. First, the Fund substantially expanded its gold position in 2009, so that more action was pregnant, and secondly, the fund is based on a responsibility to invest within the frameworks of the Pensions Act and the Decree FTK offer. In addition, DNB has not taken immediately to enforcement tools, but it first through consultation sought to move the fund to build its gold position. Finally, the judge found that the fund is not an unreasonable period is needed for its gold position to build.

    2.10 The judge will therefore reject the request.

    2.11 The judge sees no reason for a court conviction.

    3 Decision

    The judge,

    hereby:

    reject the application for a preliminary injunction off.

    Thus done by Mr. T. Damsteegt, judge, in the presence of drs R. Stijnen, Registrar.

    The Registrar: The judge:

    Spoken in public on: February 8, 2011.

    Against this ruling is not subject to appeal.

    Copy sent to:

Thu, 02/10/2011 - 13:48 | Link to Comment johnQpublic
johnQpublic's picture

made more sense untranslated....of course i cant read that language

sorry...

-1

Thu, 02/10/2011 - 15:07 | Link to Comment Anonymouse
Anonymouse's picture

You make me sad.

Besides, it's legalese.  It's not supposed to make sense

Thu, 02/10/2011 - 13:49 | Link to Comment johnQpublic
johnQpublic's picture

made more sense untranslated....of course i cant read that language

sorry...

-1

Thu, 02/10/2011 - 12:50 | Link to Comment papaswamp
papaswamp's picture

Thought all the European banks were required to have a certain amount of gold holdings themselves? Central Bank Gold Agreement (CBGA3). 

http://www.gold.org/government_affairs/reserve_asset_management/central_...

Seems a bit strange the banks have to have a certain amount on hand, but others can't.

Thu, 02/10/2011 - 14:10 | Link to Comment BigJim
BigJim's picture

Ah, well, you see, when a central bank holds gold, that's stability.

When individuals own gold, that's anarchy.

Sat, 02/12/2011 - 02:52 | Link to Comment GoinFawr
GoinFawr's picture

Win++

Thu, 02/10/2011 - 18:46 | Link to Comment Reptil
Reptil's picture

That was the first thought that crossed my mind: Something stinks here.

I'd like to read that report that the court based it's verdict on, the key is in there.

Thu, 02/10/2011 - 12:50 | Link to Comment tahoebumsmith
tahoebumsmith's picture

Because it explicitly disagreed with the fund's statement that gold is money??? And what do they suggest to replace the gold with? Casino chips or Treasury fiat toliet paper? NWO inchworm is rapidily becoming a full blown caterpillar...

Thu, 02/10/2011 - 12:50 | Link to Comment EscapeKey
EscapeKey's picture

How DARE they protect themselves against runaway inflation.

Thu, 02/10/2011 - 12:53 | Link to Comment Zero Debt
Zero Debt's picture

Exactly! Central banks hate competition!

Thu, 02/10/2011 - 12:54 | Link to Comment britinbe
britinbe's picture

they should step in line and await their haircut!

Thu, 02/10/2011 - 12:50 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

This story is amazing but I guess I should not be surprised.

Confiscation bitches.

Thu, 02/10/2011 - 13:14 | Link to Comment jus_lite_reading
jus_lite_reading's picture

This is yet another sign of the coming collapse. When they feel they have lost control, they begin to make gold and silver illegal to own. This is no laughing matter. Time to buy all the gold and silver you can and store it in safe keeping.

Thu, 02/10/2011 - 12:51 | Link to Comment umop episdn
umop episdn's picture

I don't know how you find all this stuff, Tyler, but please keep on sharing it. Even if it does just ensure that I will never, ever be cynical enough to work in banking or goobermint.

Thu, 02/10/2011 - 13:04 | Link to Comment uno
uno's picture

I agree, the MSM would never cover this.  Very sickening, you know the Central bankers and Supremes have gold in their overseas accounts.

Thu, 02/10/2011 - 13:47 | Link to Comment MolotovCockhead
MolotovCockhead's picture

Fully agree on the point about MSM. That's why when I see Julian Assange is celebrated like a superstar in every available media, I have to judge him as a fake!! Sorry I digress, just want to wake some people up!

Thu, 02/10/2011 - 16:31 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Sorry I digress, just want to wake some people up!

 

That's ironic considering the fact that you're the one who's dreaming.

Thu, 02/10/2011 - 12:51 | Link to Comment lsbumblebee
lsbumblebee's picture

The pension fund should sell it directly to the employees.

Thu, 02/10/2011 - 13:00 | Link to Comment Quinvarius
Quinvarius's picture

But they will probably end up selling it to the Chinese and not even know it.

Thu, 02/10/2011 - 13:07 | Link to Comment Miss Expectations
Miss Expectations's picture

Yup...close the fund, distribute the proceeds.  Very quietly package up the gold and dispursement checks, arrange for messenger delivery to all the fund participants. 

Thu, 02/10/2011 - 12:52 | Link to Comment wcvarones
wcvarones's picture

What was their allocation to gold and would the central bank object to having a similar allocation in European bank stocks?

Thu, 02/10/2011 - 12:53 | Link to Comment Shameful
Shameful's picture

Good to know central banks are more then willing to dictate investment decisions of others publicly.  It's a wonder they didn't charge SPVG for the privilege of receiving the word of God directly from the central bankers.

I'm waiting for the US to dictate that 401ks be invested in either the US 10 year or US 30 year, for variety and choices.  And because nothing is as safe as a long term US bond after all, and the Fed Reserve and Fed Gov really care about our financial safety.

Thu, 02/10/2011 - 13:14 | Link to Comment bronzie
bronzie's picture

"I'm waiting for the US to dictate that 401ks be invested in either the US 10 year or US 30 year"

"Treasury Entertains 100 Year and GDP-Linked Bonds"

http://www.zerohedge.com/article/geithner-gone-wild-treasury-entertains-...

when I saw the '100 year bond' article last week I thought, "now that would be the perfect vehicle to stuff into 401K and retirements funds"

401Ks, retirement plans, pension funds, etc are the last big pots of money that have yet to be plundered by the banksters

IMO the banksters WILL find a way to take this money and requiring the funds to 'invest' in US Treasury bonds is a likely method for them to do so - once they manage to abscond with all of the retirement money they can move onto the end-game

the end-game IMO will be a gold-backed (but not convertible) fiat currency with gold valued at some high value ($5000/oz?  $55K/oz?)

the banksters don't really care how high gold is valued as long as they can continue to play their fiat currency games

Thu, 02/10/2011 - 13:19 | Link to Comment uno
uno's picture

you know the US would claim their gold holdings as 8133.5 tonnes.

Thu, 02/10/2011 - 17:08 | Link to Comment bronzie
bronzie's picture

"the US would claim their gold holdings as 8133.5 tonnes"

if I did the math correctly the US gold (assuming it still exists) is worth $1.3 trillion at $5000/oz and $14.5 trillion at $55K/oz

the acknowledged US debt is $14 trillion

Fannie and Freddie are another 5 to 6 trillion (this debt is readily visible but isn't counted as US debt)

then we can talk about the unfunded liabilities like social security, medicare, prescription drug benefit, unemployment benefits (2 yrs, 3 yrs, 5 yrs?, 10 yrs?) - analysts total the unfunded liabilities in the $70 trillion to $200 trillion range

so the US has 8133 tons of gold to backstop somewhere between $90 and $220 trillion dollars worth of debt and liabilities - what's your point?

Thu, 02/10/2011 - 13:19 | Link to Comment trendybull459
trendybull459's picture

do not wait,the law allready came due only one month in 2007 on the pick of the markets by Bush suckers,the law claim the 10% of the 401k must be invested in the stock market,funny,how no one even talking about how bush and Co recketed all americans just before markets collapse,think,they had all info updated from all trading dealing rooms-what is the wonder to get out of markets while to put all americans in??/

Thu, 02/10/2011 - 12:54 | Link to Comment Agent P
Agent P's picture

"There are only two things I can't stand in this world. People who are intolerant of other people's cultures... and the Dutch."

Appropriately from Goldmember.

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