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Here Comes Executive Order 6102 For The QE Generation: Dutch Central Bank Orders Pension Fund To Sell Its Gold
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 ROTTERDAMSector Bestuursrecht
VoorzieningenrechterReg.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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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.
This is fascist horseshit. A judge went along with this?
Where was the DNB when the Dutch pensions were investing in CDOs and AAA-rated Banksta "bags-o-shit"????
If the price of gold fluctuates too much to be an investment per the DNB, then why is the beta for GLD only .45 while the beta for SPY is .99??????????
The st dev for SPY is 17.49 while the st dev for GLD is 19.38. That is almost the SAME!
Fascist HORSESHIT!
SPVG, appeal this captured judge's decision. If you lose your appeal, then sell your gold and buy gold mining stocks. Bankstas, keep writing and wriggling, your desperation is becoming more and more apparent by the day...
Indeed. The best performing asset for the past 10 years, besides silver, they must divest themselves because ..... er umm ... the mania stage hasn't started yet?
Better switch over to oil, less volitile.
That's ok, because it would never happen in America </sarc>
Yes, but only because US pension funds don't own gold.
Actual bullion bars/coins no, but GLD and Gold Miners yes:
http://online.wsj.com/article/SB10001424052702304879604575582602233501196.html
Ooop! Might want to look into that again:
http://tinyurl.com/4hshhbqUniversity of Texas retirement-fund manager betting big on gold
One Pension-Fund Manager's Estimate: Gold to Hit $10000 an Ounce
Carbon Pollution Bonds 50 year and 100 year.
With a half life of one year per one year until the end.
Pays out accordingly to average yearly temperture,
the higher the tempeture the higher the payout.
If the rules permit, the pension fund should distribute the gold back to its members.
Otherwise, it should sell the gold at market price back to its members.
Maybe Eric Sprott can buy up this lot?
OH WAIT, THE CHINESE ARE COMING.
Edit: THE CHINESE ARE CUMMING.
No fly lice fer yu!
raf now u plick
Get ready, this is just the start. Central banks are in deep doodoo and they know it. Economies around the globe are sputtering or outright contracting with little flexibility in terms of monetary policy (rates at all time lows, some at zero, and inflation on the rise).
They know they're drowning in excess printed currency and debt. They've expanded both dramatically, just shifting from the old toxic variety (pre-2008) to the new yet-to-become-toxic variety. The overhang is huge.
The 'globally coordinated rescue' since 2008 was all a crap shoot that, somehow, growth and time would somehow allow a giant kick of the can to keep things going for at least one more business cycle. And now the clouds are not only on the horizon but blowing in fast: UK GDP and industrial output contracting, China tightening, other BRICs forced to tighten and economies slowing, some Asian stock markets nearing bear market corrections, inflation fears rampant and causing political unrest, global competition for resources heating up.
The International Fraternity of Banksters will shortly clamp down on commodities futures markets and will become ever more hostile to gold and PMs. They know that gold is their conscience, the gauge of their Pinocchio factor of endless money printing. They know they've had 2 years to engineer a solution, and it's looking like a failure. They fear what can happen with unemployment near or above all time highs with inflation kicking in and no meaningful 'trickle down' from the massive giveaways to the elite.
Awesome post. Thanks.
I DO want to live long enough to see all this play out. Keeping fit, educated, and out of debt are my current objectives. This is history, folks.
Well...at least they are not forced to sell at an all time low like the British Central Bank... :-(
Nevertheless I'm speechless...
perhaps just near the all time low for this century?
True, but did you know the Dutch Central Bank sold a colossal 1,100 tonnes of (your) Dutch gold reserves between 1992 and 2004? Not sure what the average price was, but it can't have been much more than $350.
Here is a very interesting article from The Independent in 1993 about the subject. The journalist speculates whether gold is doomed because of the central bank sales.
http://www.independent.co.uk/news/business/commodities--futures-dutch-gold-sale-could-mean-the-end-of-the-affair-1479318.html
they must be in process of buying up whatever gold they can find through their designated proxies... first to be scammed ... pension funds that have good managers
Maybe Mish ought to read this? Real Tin Foil Hat stuff...
Exactly why Ft Knox probably has very little, if any, gold left there unencumbered. They dumped it to drive gold to $252.
A nice plan for UST Sect Rubin (1995-1999) and Summers (1999-2001) at the time. Not so good for Li'l Timmah G now...
Fort Knox gold, if any, is coin melt 90 percent pure. LBMA and COMEX Good for Delivery bars, if any, have to be .9999 to be taken seriously
Could they just buy PHYS?
Brazen.
Ha! If I were that fund manager, they'd have to get by a wall of lead before they make me sell. Same in my own skin if it ever comes to that here.
just a finger in the dike
nice one
perfect analogy.
uh.... nevermind.
I know, sometimes it can be hard not to go there; good effort!
keep Hillary out of it.
I wonder if they would have had an issue with a similar allocation in GLD.
I buy metals in small amounts, no names, no forms, no trace.
Can't really blame the Dutch.
They want to dump their gold so they can parlay it and buy some Internet stocks....
LOL...
That segue was about as smooth as a compound fracture, and twice as painful.
lol
Or about as smooth as the guy who invented it falling off a fucking cliff.
Psst, you gonna show a chart of Whole Foods or what? The middle class gotta eat!
ta da!
http://www.cnbc.com/id/41512781
The big picture is that some bankster has an empty vault and a direct pipeline to the Dutch judicial sytem.
Now only if the Nazis had thought of that, they wouldn't have needed to invade the Lowlands back in 1940.
The Bilderberg Queen, Beatrix, will surely take delivery of all 1400kgs, no?
So they are picking on the glassworkers pension fund first. What are the members going to do - down tools and stop making glass? Wait till they go after transportation workers, or maybe dockworkers, or even better - coffeeshop owners. Then maybe we'll see some Egypt-style action. But glassworkers - take about picking on the weakest victims.
"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."
Gold is a commodity?
I guess Fort Knox has armed guards to protect the government's stash of pork bellies, OJ, and soy meal.
And tungsten.
the armed guards are protecting cans of Roubini's spam
How long ago was the case filed? Has it been going through the courts for how many months/years?
The European neo-fascists are the test cases for global acts of facism -- "OK with Europe, so why not you?"
Wal-Mart cameras are in place to spot gold users. Retail holders will be demonized as greedy hoarders.
"See gold! Report gold!" DHS commie campaign cannot be far behind.
People will be backing their wealth with gold, and backing their gold with lead.
The Netherlands have a point.
Old people can't eat gold bars, it's bad on the dentures.
But mud Pies? They can eat mude pies!
There fore they should be investing in mud pie industry.
+.30-06
18 August 2010 the DNB met with the fund and indicated it had to large a concentration in one asset subclass, gold. The DNB ordered on 20 January 2011 to reduce the gold holding for reason of a concentration of risk. The fund argued this was not the case and if hadn't is shifted from stocks to gold in 2008 it would have been underfunded (like the 5 biggest funds!). It requested a suspension order against the DNB order to reduce and even showed that the retiree representatives fully supported the move as risk mitigation measure. The DNB showed a report from ALM (whatever that is) showing the volatility of gold. It would'nt be predictable if and when gold's descent would start and then result in an underfunding of the fund(!!!!!!) Please note the annual report of the fund showed the gold holding by the end of 2008! The court argued that other than investing in Dutch governement bonds (you know in the hardest currency ever, the Euro...) a pension fund should diversify as much as possible.
I propose founding the first gold-based investment bank
That is, of course, an excellent idea... wait, is that a black helicopter hovering over your house?
I think that one has already been explored and deemed illegal. I think the closest thing to that is GoldMoney.com which was created out of a clever loophole. Personally, I have never used this before. I just bury my stuff.
Physical gold you Dutch bags, Physical !
I guess they can swap their gold bars for gold coins right? Better yet, they should get American Silver Eagle. hahaha
Yes, sell half their gold and buy silver.
if its not in English it didnt happen...
Somebody doesnt understand sarcasm apparently.
I guess they can swap their gold bars for gold coins right? Better yet, they should get American Silver Eagle. hahaha
sell it for $1.00/ounce to the 1142 pension holders.
+100
Then the employees can lease it back to the pensions.
Another day, another outrage.
Show some mercy and take the time to convince those you know to immediately liquidate their 401k's, take the tax loss, and re-invest in PM's. I've already got through to 3.
A sincere and unflippant conversation regarding FRN devaluation occurring within the past year+ seems to do the trick. You will see the lights go on as they realize the comparison of real/nominal units of account and what used to appear as unbearable tax loss.
1 yr after liquidation =/~ the balance of real purchase power preservation against any loss due to paying Caesar.
been there, done that. I'm up 60% ... in 7 months against a 1% charge against my loan against the 401k. I'll pay off the loan with a small fraction of the proceeds from my physical sales sometime after the mania stage starts.
So rigged stock markets never go down. They aren't volatile.
Gold goes down during brief innefective smashes. It's volatile!!!
If they were being told to sell the gold in a bankruptcy proceeding, that is one thing. This is beyond my ability to understand how these players can come together and agree on this definition of the situation. Why even offer the services of a hedge fund or any kind of money management services at all if THE GOVERNMENT IS GOING TO TELL YOU HOW TO MANAGE IT ALL ANY WAY.
FUUUUUUK ME!
No, I got that wrong.
Fuck them. Fuck them all. Hard. Without lube. With special jagged glass studded condoms coated in chili pepper sauce. Now that's what I call protection since, apparently, they are not going to let a glass workers pension protect themselves with gold, the money of old.
the banksters are doing the screwing, we're just howling at the moon on zerohedge.
Butt...but it is a "bankruptsy proceeding."
The countries of Western Europe and the US (UNITED STATES CORPORATION) have been in recievership since 1930-31.
All the laws, treaties since 1933 have been created solely to administer and service this perpetual bankruptcy.
We the People of the united States of America need to start asking hard questions and looking for the answers.
You may find the following links useful in your search for the truth:
http://barefootsworld.net
http://republicoftheunitedstates.org
http://global-settlement.org
Also look elsewhere.
"A well-informed person is a free person"
now that we're hot as hell, let's be cold as Iceland
Um... ouch! That's just nasty....
Still, if I was a glassworker and the government was messing with my pension fund, I might well agree with you.
I go for shock sometimes and do go over the top here and there. I was also trying to incorporate the "protection" concept in there. The government claims to be protecting them, they are trying to protect with gold and are not permitted, this is the image that came up for a glass workers revenge. No protection, only hurt. And, well, I'm just mad.
.
Ongelofelijk. Laten ze de directeur van dit pensioenfonds op de plek van Nout W. zetten. (unbelievable, let they put the CEO of this fund in the seat of Nout W., our crimainal DNB chairman).
Does the Dutch Central Bank insure that pension fund?
Meanwhile, on the other side of the Atlantic....
"Venezuela’s central bank increased its gold reserves 12 percent in the second half of 2010 while its reserves in foreign banks fell 37 percent in the period, according to the bank’s year-end financial report published in today’s Ultimas Noticias.
The bank’s gold reserves increased to 42.4 billion bolivars ($9.86 billion) at the end of 2010 from 37.3 billion bolivars at the end of June, the bank report said. The central bank’s reserves held in foreign banks fell to 7.32 billion bolivars by year-end from 10 billion bolivars in June." (Bloomberg)
IMHO they only increased their gold reserves if they increased their ounces.
Obey them dump some gold buy some silver and platinum.
The Dutch people are much more aware and educated than the average American. The Government and the Central Bank in the Netherlands will be held accountable by the people: e.g. They will not allow a balout of the PIIGS. They are paying attention...
Don't put your hopes up. It is said that during the 80 years war with Spain (1568-1648) the Dutch merchant men sold cannons to the Spanish which fired on their own countrymen. During the second world war the highest percentage of jewish citizens of any occupied area where deported and killed, thanks to the active cooperation of the Dutch police force, the law abiding citizen reporting their neighbours in hiding and a really great register of it's citizenry stating religion. Since the Berlin Wall fell, we no longer have to fake to be an actual democracy with human rights so we now have to have an ID with fingerprint available at all times and also other incursions on privacy in every aspect of our lives are beyond belief. Since giving up the colonies (while holding all oil concessions etc.) the populace within the borders are now being farmed and harvested...
Thanks for the local color. The people I know from the Netherlands paint a picture of a Country that broadly hates the idea of bailing out the PIIGS so they can retire earlier than they can; just like the Germans. Maybe my sample is bad.
Turk - Silver Backwardation for Years, Possible Hyperinflation
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/2/10_Tu...
Central banks don't like competition.
My question is....WILL THE EMPLOYEES STRIKE? Do they not have the right to direct what their investments are?
Is it just me, or did Tyler start drinking after that first part?
no comprende
To the point: Is anyone here surprised by this move? I would say a similar action will be attempted here with the possibility of required % of treasuries held in those same accounts. We must pay-go. Be patriotic.
National Security issue.
The world will end unless, unless you buy these bonds that NO one wants.
Rates go up. Bond prices go down? I think remember that right.
Fed will be happy to dump their bonds unto pension holders, as rates go to the sky and bond prices to the floor?
Just thinking hypothical's
Gunter gleben glauten globen...
If pension funds start buying gold (they should) it will kill the CBs. Surprised more funds aren't buuying more to protect themselves. CBs are declaring open war on the little people again to save themselves.
In 1933, all the Banks had to do was raise the fixed price of gold to cover the float, but didn't. They used the opportunity to steal and exert more control. They are so evil it boggles the mind.
BIS stench all over this with a side of WTO.
indeed. The politicians who are working for the bankers are having meetings to discuss how they will frame their propaganda to convince their sheeple to give up their PMs for the "nation's good" ...
The 1.3 Billion Chinese...or 1.2 Billion Indians will gladly take that gold off their hands::))
+1 for Physical. I don't need physical my pension is heavily invested in gold....riiiiiiiiiiiight
Monetarism is a bitch (as well as corrupted officials overseeing said corrupt system)
Glass-Steagall isn't, except for the monetarists.
Of course Beatrix is on board with the monetary system. She's the 'other' queen.
Pension funds get the dutch door action.
But it's A OK to hold a ton of the insolvent bank stocks and worthless CDS....lol.
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And this is news how exactly?
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This has been mentioned as possible (likely) since something like 2 years ago all over the place.
Gold declared not legal tender in the US would affect it's acquisition power exactly how, remind me?
i have an old dutch, gold coin. it has the queen on it.
shalom(God bless you) to everyone,let me tell you a truth about Dutch Banking system,advocate buro and democracy at all,however before,regardless of the complete discharging the God from the picture i would advise to see new version of the Zeitgeist movie:http://www.movie2k.to/movie-480036-Zeitgeist-Moving-Forward-film.html
there good things too and bad,but its very usefully made,i picked their advice long before they did it-took cash from the bank,banks using your cash as collateral,so,its better to have in brokerage firm your cash,rather in bank and you are not trading-keep it home,in short term it could be good thing,in long buy gold on deeps(700-800-900).
So,i had fight with ABN AMRO bank in 2006,they made allmost the same,my protfolio was made by pyramid using allowed margins,however as soon as bank could not track my strategy and copy trading on the parallel account(yes,after bank see you perform nice by 50-90% year over year in 4years they start copy your trades,sometime asking about your strategies to understand your trading,they open parallel account in your name and trading on it,they can close it when they deside like it never was,remeber,all thoose recordings of your conversations-is just for bank benefits only).
So,on phone the head of the branches of the Bank in all Rotterdam mr,Jong ordered to reballance my portfolio where the NCSS Healthcare had almos 40% from 13......,00 poertfolio mixed with FX,he insured me on mobile phone call i would have two weeks time.The story started as my account manager was allways paniced and advise to me to sell my main healthcare holding which each time he advised to sell-was going up,so,i rejected his advise multiple times.Deep in the night being in Moscow i checked my mail and had find:You have to reballance your portfolio within 24hours,we found that most stocks you were aloud to go on margin is not marginable stocks(after 5years holding thoose stock and playing with-my note).In case we do not hear from you within this time,bank leaving the right to sell it on own bafalf at market prices.Please contact you account adviser.Sincerely,mr.Jong
I was in shock,however,my intuition some 2months ago thanks God said to me something was coocking,i allready was discussing in different dutch law firms which i found was just ....6,from which only 3was available to deal with me and one of it was hold on for aroung 2months before to get in.
I took flight on the morning from Russians(their concept was-flight before few minutes should be more expensive that ordered before few days ticket)-i took flight at normalised price-400$ instead 650$.
Exactly on arrivel i contacted the oe of thoose firms,the young lawyer picked my case and we started to fight,because on my arrivel mr.Jong was not avalable,that is a tactic-you get 24hours notice to sell securities over few millions,then you no one able to pick your order because restriction from head manager who is "not available".However all banking officers was in shock from such my arrivel.None of them expected such an action,later in evening mr.Jong head of the ABN AMRO NL Rotterdam branches was found and "agreed" under the lawyer artciles "calling" his behavier unlawfull to be presented to receive me for meeting,however,like in the Sea,suddenly appeared two lawyers from the other firm i had been in contact and like sharks took my case from the hands of this young lawyer,i was in shock,but it was importent to take action by any price.So,in the meeting of the 3 we agreed that mr.Jong must to grant to me the 2weeks time leaving same margin conditions as previously was.
I found after to pay 7000Euro for 1 meeting with banks authoriuties and 2mails and one meeting with me that Dutch law firms have instollment from every bank,so,there is always some lawyer on double play-one for the firm and one for the bank,that mean,that from all 7dutch firms dealing with securities fraud all was corrupted with banking lawyer in,there is comission in Dutch wich calls funny DSN(if i do not mistake) ,they also same corrupted,as explaned to me-then push time on and after prolongation you get you case into the Dutch court with too late to apply,yes,its restrictions on time.I catch the bank on stilling one of my FX trades on amount 350k$,but thoose money never would covered as bank canceled trade of the wednsday by monday,like it never was exist realising proifit.I claim one thing,that Dutch has no democracy,some other case my dutch friends gave me to support my leaving the court idea:one rich trader went into court for 10mln claim loss from dutch bank,same ABN AMRO,after 5years he got winning case recovered of 5mln only,i got then and was happy i loosed only fraction,while due thoose two weeks made over half to close marginal request,then transfered assets to Zurich,another stiller,but much more artificial.Take you cash out of banks!Good Dutch bank is a dead bank,dismantle banks!Not all people was made equal!
I've had simular experiences, allbeit on a smaller scale, with dutch courts, and banks acting outside of the law (and getting away with it).
The dutch system is a plutocracy in disguise of a state of law. (there's two sets of law)
Please note that they will not force pension funds to divest themselves from SLV or GLD ETFs for 'being overweight' in those 'assets'.
dont sell it, distribute it to the pension holders !!!!!!!
Quote :
In October 2009, its board decided to double its gold allocation to more than 13%, while disinvesting its 17% equity holdings.
Rob Daamen, board member of the scheme, said: "The decision to raise the allocation was made in the expectation that the markets' rise would not be sustainable and a considerable downward correction was likely to follow."
He indicated that the initial investment in gold in 2008 followed the assumption that the gold price was going to increase for at least five years, on the back of rising demand from India and China.
The Stichting Pensioenfonds Vereenigde Glasfabrieken must now submit a plan showing how it will disinvest its surplus gold holding within two months.
According to Daamen, the scheme is considering a procedure on the merits of the case.
"If we win our appeal against the instruction of the DNB, we can claim compensation for any loss we might incur," he said.
Daamen stressed that the scheme's gold purchase – as a way to "secure the pension fund's assets value" – had worked out well, as the gold price had almost doubled since 2008.
/quote.
http://www.ipe.com/news/dutch-regulator-orders-pension-scheme-to-dump-go...
it's not over 'til it's over.
Gold is not safe. Buy these muni bonds from the united states instead.
As I have said numerous times before gold and silver is for bribing prison guards. It looks like that is going ot be more relevant than you thought.
Nothing a fucking UZI on my deck pointed at the driveay won't fix.
C'mon MTF's - brang it on Mustafa!
Further, I am stunned that no one here is deciphering the stock exchange mergers.
HOLY FUCK BATMAN! THE ARABS ARE GONNA RUN IT ALL! ALQUEDA JUST BOUGHT OUT THE NYSE, TSE, GERMAN BOURSE, LSE all in one swoop and no one notices
All the more reason to stock up.
A little perspective, people. Regardless of how we feel about gold and the bullish case for its long-term fundamentals, precious metals may be fairly categorized as volatile, high-risk investments. Add to this the fact that unlike fixed income securities they generate no cash flow so capital appreciation amounts for everything. Triple-A rated sovereign and corporate debt usually acount for the bulk of pension plan portfolios because they are required under 'prudent man' standards (also codified in the CFA Institute's guidelines) to limit high-risk investments to no more that pre-established percentages of the overall portfolio. As such, the CB is well within their rights to say that a 13% position in physical gold is inappropriate for a pension fund bound by an agency function to invest conservatively on behalf of their beneficiaries. Checks and balances exist for a reason. Would it be better for them to keep the gold? In the long run, yes. But the risk limits on pension funds for private equity, alternative investment and commodity exposure is designed to protect the pensioners from fiduciary excess.
Yes - that's right. The gold is not confiscated. The geniuses in government are telling the pensioners how to save. Better to invest in AAA-rated mortgage-backed securities. It is wrong and foul-smelling, but not the same as taking their gold.
Perhaps the central bank went out of it's way to investigate the pension funds accumulating PM's because those guys are voting themselves out of the central bank's party with their feet. I don't know that, but I suspect it.
"Regardless of how we feel about gold and the bullish case for its long-term fundamentals, precious metals may be fairly categorized as volatile, high-risk investments. Add to this the fact that unlike fixed income securities they generate no cash flow so capital appreciation amounts for everything. Triple-A rated sovereign and corporate debt usually acount for the bulk of pension plan portfolios because they are required under 'prudent man' standards..." blah blah blah, obsequious leer, toady, fawn, etc.
HOCUS POCUS, it's Triple A rated, yep yep yep!
Sorry, but what you've written merely illustrates the high level of collusion between the law-makers and their overlord banks. Which means that, "as such" NO, the CB is NOT "well within their rights to say that a 13% position in physical gold is inappropriate for a pension fund bound by an agency function to invest conservatively" as they are only operating within the letter of an unjust, corrupt, legal system constructed solely to further empower a handful of plutocrats; which is the exact opposite of protecting the pension investors from the same. You'd have to be pretty stupid not to see the irony here, IMO.
Sorta sounds like you are subscribing to Eric Blair's "Ignorance is Strength" routine.
"Checks and balances" may once have existed for valid, egalitarian reasons, but (for many contemporary nations) they were co-opted long ago in favour of destroying the middle class for the benefit of the already wealthiest, tiniest minority.
Regards
i agree completely. CFA curriculum = designed by the Anglo-American banking cartel to serve the Anglo-American banking cartel. Just like debt-based money and central economic planning, both of which are collapsing. Hence, the flight into gold.
Risky Assets!?!?!?!? I wonder if this pension fund owned MBS's ?!?!?! We are from the Government and we are here to help.....................if you are a TBTF institution that is , if not give us your Gold and buy some less risky paper assets backed by the TBTF institutions that are drowning in a sea of the stuff.
Ehhh, no worries, Dutch government will be confiscating the entire pension fund before long, it just won't have any gold in it.
... and yes, it's gonna happen here in "the land of the free".
Knowing when to sell is as important as knowing when to buy, unless you dont mind another 20 year bear market in your future. You can cling to your gold and your religion. But someday there might be a better asset class to own.
I agree with you top call,
so...please do your thing and call the top in gold.
Standing by...
....if the dutch are so intent to move away from their gold holdings, then they can simply transfer it to JPMorgan as collateral for which they will in turn receive good ole fiat yankee bucks!
....but, of course, within 3 months they will be lamenting about an Egypt-style revolution that will be asking for their heads....while ole jamie will be laughing all the way to his bank....lolllll
So today I am reading about this idea of "Singlelarity" and man will be immortal in 2045 according to the Drudge.
What if today, there was a way for the members of ZH, all the traders and lawyers to merge their knowlege, and money, along with Max Weber, along with Alex Jones, V, to along with groups like Anonamous come togther in a "Singular" fashion to buy this gold from the pension fund in Netherlands?
And it the future act as an single investment entity combatting the central banks.
They can sell that gold to Beijing and they can turn around and grab some of them there Lehman Mini-Bonds that may still be floating around. I hear they sell at a discount now.
Meanwhile, Blythe stamps her feet until her toenails turn black and fall off as silver closes 45 cents above the low, and yes, over $30.
First response should be to threaten to move the fund's domicile elsewhere, regardless of legality, feasibility, or logic. After all that's what the banksters do when threatened.
Also, 'Dutch disease' just got a new meaning.
Bigger predators eat smaller ones. Nothing new there. Percentages of change to maintain the Fiat inner circles. The guy that whipped the money changers was crucified. Again it is a cult of personality
Sell it to the Central Gold Trust. Buy GTU in its place.
Apple undergoing a huge beating right now. Apple flash crash? The stock plummeted in minutes. I saw a tick jump from $351 to $348.70. That was some heavy selling.
Noooo, let's say it's perfectly normal and get back to work.
/sarc off
Let me guess, the Dutch central bank gets first right to purchase the gold as well...
According to press coverage in the Dutch financial media it relates bars stored in Australia, I assume Perth Mint. Mercer is the advisor of the fund! Not an unimportant advisor on pension issues!
tulips.. for gods sake.. bring more tulips.. buy tulips buy tulips..
They should have given the CIO of this pension fund a big bonus.. he is a very clever man
Head of the Dutch Central Bank is mr. Nout Wellink, member of the trilateral commission.
Interesting times we live in..
Who is currently being flagged as succesor of Trichet... Who is now chairman of the Basel Committee... Who's DNB gave a banking permit to the DSB bank - which crashed spectaculary - despite an internal recommendation not to give a banking permit in view of dubious practices of it's owner and faulty governance.
For one kilogram of that Au, the pension fund could have that judge taken out permanently. I wonder how long it will be until that kind of calculation starts going mainstream.
Can this happen here in the US? Most of my retirement funds are in gold, doh! Don't think I can get that paper wealth off-shore even if I wanted.
Let them eat potatoes:
Dutch Politicians Plundered ABP State Pension Fund To Pay For Their Promises.http://troyounce.blogspot.com/2010/12/dutch-politicians-plundered-abp-st...
My brother is CEO of a Canadian Brokerage Firm
Not sure how its done elsewhere, but Canadian Brokerages must maintain a capital requirement in case of losses. Any paper (paper gold) is included in that capital incl. paper gold but not physical gold
It is mind boggling when you think that physical is less volatile than many stocks. Physical has never had a flash crash, but our dumbass regulators think that physical is worse than some stock that can go to zero in an hour.
I think there are two things going on, one of them may be sinister the other one is that most of these losers working for regulators just try to get through the day with as least work as possible. They have zero self respect for being paid to watch porn all day.Then they go home and drink, beat their spouse and shit on their kids. This is the problem with people like this who lead dishonest lives, it doesnt lead anywhere good.
Ever actually talk to a regulator. "Well if its not in my handy little manual we dont consider it".
And the Queen of England wonders why non of her 'advisors' saw the crash coming?
Reply
Last week I went to Chase to cash a large check. I didn't have an account there, so I went into the lobby and signed in.
On the sign-in sheet, there were about 20 signatures, with a "Reason for Visit" column next to the signatures. 12 of the 20 Reasons for Visits were "Close Account."
Distrust for the banks and government is no longer reserved for the tin-foil hat wearing PM hoarders.
Veblen might say that we are paying a cost in a scarcity of other resources by mining gold. That (speaking of mining gold) "this waste commonly exceeds the total value of the product". Value in the case of the Evolutionary Economist, that is not necessarily determined by price theory.
Retired Dutch glass workers would be chasing windmills with gold dividends. Let the bankers have the tulips.
Raise the price of groceries by $3 (with hidden tax of money printing). Give back $1 in 'benefits' to stave off revolt. Pocket the difference. Small businesses and Middle Class are destroyed. Simple.
Central Banks of every ilk know that gold challenges their theiving from the poor.
End the private fEderal rEserve bAnk CORPORATION and restore competing asset-backed money and this theiving goes away quickly. corps would NEVER have this power without central money planning and fiat (paper) money.
...everything else is just a bandaid.
*my* Holland never had a soul...but hey we *did* VOC!
They can get my gold when they pry it out of my cold, hard, stiff ass. May they find my dead body underneath a pile of cabal drones who did manage to wrest my lead reserves from me.
Simple rule of law would never allow this to happen in the USofA, nevermind...
Next they will be telling the Fund who they must sell their gold to. Surprize, it's JPM.
LOL! Gold is a joke! Goldbugs constantly have me laughing my arse off. Sell that shitty metal, what are you going to do in a collapse? Trade it for food? Trade it for what? How will you measure it? How will you test it? Give me a F-ing break. Unless the world totally ceases to use paper money all gold will be sold to buy paper money so goods and service can be purchased. Gold is another sham like the 2 year rally we're having. LOL, really all I do now is laugh and buy everytime the market dips. LOLOLOL.
exactly.
The banker isn't laughing. Wait, maybe he is laughing.
what if there is no collapse, and everything remains the same for 30 years or longer regarding usa deficit spending, money printing, pomo's, empire and high unemployment. wonder what the end result of paper money would be? now paper money may go up in value. i don't know. but my hunch is that gold & silver investments stand fairly good odds of appreciating in an environment like that.
We need cheap energy and technology to save us all. Then we need the political will to make it happen. Can it happen under socialism?
Sell that shitty metal, what are you going to do in a collapse? Trade it for food? Trade it for what?
Any farmer with a brain will trade about 1/2 to one cow for a piece of that shitty metal.
Dutch Gov't and DCB have been working diligently toward a cashless digital monetary system since the BeNeLux was founded in 1955 a precurser of NWO's global financial control. I would not under estimate this "move", more to come. DONT let this liberal pot smoking country fool you, Dutch banking officials and law firms work both sides simultaneously, they are very sharp and NOT to be trusted.
That Dutch Central banker is also known as Fout (wrong) Wellink instead of Nout Wellink. He is rumoured in some Dutch circles to stand a chance to be the new head of the ECB now Weber withdrew. Fout Wellink has been chairman of the BIS, member of the Trilateral comission no underestimating him. Otherwise it might become Mario Draghi from Italy (an ex vice chairman of Goldman Sachs Group Inc.). Others have more insights about whom else has a chance to take over from Tricky Trichet?
Edit, forgot to mention Fout Wellink is also a member of Builderberg together with the queen of holland(Beatrix).
resulting from trading confetti for real money the digits in the checking account at the lieutenant john chard house are smaller today, but the ounces of gold and silver on the balance sheet are larger.
maybe a few on the board did the same.
Not me, I'd rather fight than switch. I'm going down with the ship.
what if the ship doesn't capsize? what if it stays afloat, dead in the water for a long time?
That's when it gets dicey. I don't want to starve to death.
Buying and holding gold is as ludicrous as paying interest for the privilege of holding clay and lead poker chips, i.e. frns.
Precious metals value is in the trade. On the continuum of commodity vs. asset, their best use is as coin. Change for the best will occur when we finally get our first sovereign government to step up and open their mint for the production of intrinsically valuable coinage for circulation and not for "sale" as "collectibles".
The difference will be when they're able to circulate treasury notes redeemable in the coin of their realm.
Personally, being a citizen of the US, I'd like to see it happen here, but I'm not holding my breath. The first country that breaks ranks with the BIS will find themselves at the top of global reserve currency status with all the rights and privileges afforded thereto.
Frankly, this is more threatening to the perceived security of the US than a renegade nuke, because without the "reserved" status we enjoy, clay and lead tokens will actually have more value than our "good faith and credit".
For those countries able to keep their constituencies in i-phones, wheat, dirt and / or ignorant, perpetual dependency, debt and depression will continue. imo.
for the us treasury/fed/gov't to return to sound money would require an end to empire and all the associated programs of deficit spending. now it may happen. i don't know. but i doubt it. in the meantime i will have to resign myself to the ludicrous proposition of holding junk silver coins, fine gold and american eagles of various stripes. worse case scenario short of them dropping to zero value, as might the dollar, is handing them off to heirs.