Romania has demanded for many years that Russia return its gold.
Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England.
The German high court recently ruled that Germany must audit its gold reserves held in foreign countries such as the U.S., England and France. And German inspectors will actually travel to the New York Federal Reserve Bank’s gold depository and the Bank of England to inspect their gold.
Germany will also repatriate 150 tons of gold in order to test it for purity.
Ecuador’s government wants the nation’s banks to repatriate about one third of their foreign holdings to support national growth, the head of the country’s tax agency said.
Carlos Carrasco, director of the tax agency known as the SRI, said today that Ecuador’s lenders could repatriate about $1.7 billion and still fulfill obligations to international clients. Carrasco spoke at a congressional hearing in Quito on a government proposal to raise taxes on banks to finance cash subsidies to the South American nation’s poor.
It’s not only Germany (who’s gold is missing), it’s the United Sates, it’s all of the countries. Nobody knows what’s in Fort Knox. They won’t let anybody in. Where’s the gold in the United States? How come we can’t go in and look in Fort Knox?
***
How come the people can’t have a reading? How come we can’t look at it? How come politicians can’t get in there? How come no one can get in there? The gold does not exist. All this does is confirm what so many of us already know, “The Emperor has no gold.”
Egon von Greyerz - founder and managing partner at Matterhorn Asset Management – agrees:
There probably isn’t anywhere near the central bank gold (governments claim they possess).
If the Western central banks are indeed leasing out their physical reserves, they would not actually have to disclose the specific amounts of gold that leave their respective vaults. According to a document on the European Central Bank’s (ECB) website regarding the statistical treatment of the Eurosystem’s International Reserves, current reporting guidelines do not require central banks to differentiate between gold owned outright versus gold lent out or swapped with another party. The document states that, “reversible transactions in gold do not have any effect on the level of monetary gold regardless of the type of transaction (i.e. gold swaps, repos, deposits or loans), in line with the recommendations contained in the IMF guidelines.”6 (Emphasis theirs). Under current reporting guidelines, therefore, central banks are permitted to continue carrying the entry of physical gold on their balance sheet even if they’ve swapped it or lent it out entirely. You can see this in the way Western central banks refer to their gold reserves. The UK Government, for example, refers to its gold allocation as, “Gold (incl. gold swapped or on loan)”. That’s the verbatim phrase they use in their official statement. Same goes for the US Treasury and the ECB, which report their gold holdings as “Gold (including gold deposits and, if appropriate, gold swapped)” and “Gold (including gold deposits and gold swapped)”, respectively (see Chart B). Unfortunately, that’s as far as their description goes, as each institution does not break down what percentage of their stated gold reserves are held in physical, versus what percentage has been loaned out or swapped for something else. The fact that they do not differentiate between the two is astounding, (Ed. As is the “including gold deposits” verbiage that they use – what else is “gold” supposed to refer to?) but at the same time not at all surprising. It would not lend much credence to central bank credibility if they admitted they were leasing their gold reserves to ‘bullion bank’ intermediaries who were then turning around and selling their gold to China, for example. But the numbers strongly suggest that that is exactly what has happened. The central banks’ gold is likely gone, and the bullion banks that sold it have no realistic chance of getting it back.
CHART B
This may sound like a conspiracy theory. But the banks have already been caught raiding allocated accounts. And governments have repeatedly been caught manipulating gold prices. And financial companies have been caught pretending they have reserves which they don’t. And gold bars have been found to have been filled with cheaper metals.
And at least one central bank – albeit a tiny one- has already been caught holding fake gold.
And as Eric Sprott points out:
We’re not talking about conspiracy here however, we’re talking about stupidity. After all, Western central banks are probably under the impression that the gold they’ve swapped and/or lent out is still legally theirs, which technically it may be. But if what we are proposing turns out to be true, and those reserves are not physically theirs; not physically in their possession… then all bets are off regarding the future of our monetary system.
In other words, China is producing more gold than any other country, but isn’t exporting any of it.
As such, China is quietly becoming a gold superpower.
Note: China has a habit of being quiet for several years at a time, and then announcing big increases in gold holdings. So quoting old numbers will only mean that one is caught flat-footed as to China’s current holdings.
I'm not sure about China's requirements but from what I understand the USA requires our gold coins to be minted from gold produced within our country. Not sure how it's determined but perhaps someone with more technical expertise can chime in. I heard there are ways of determining points of origin by way of spectrum analysis, kind of like DNA, but I could be wrong.
China is quietly building up their reserves- but we sort of helped them in that decision. Their reserves held in dollars were being inflated away, so they are starting a better savings account. Just like some of us. They literally slaved away for that money, and don't intend to let the rats gnaw it all to shreds.
Can someone explain to me WTF Gold "Leasing" is about??
Apparently with Gold, Party "A" can lease it's 5 tons of Physical Gold to Party "B", while still being able to report said Gold as an assett on their balance sheet, and then lever the cash received, 10X in the Banker's "Fractional Reserve System".
Party "B" then seems able to sell the "leased" Gold into the market, and then cover said sale with a derivative contract "guaranteeing" Party "B" the right to purchase sold Gold back at a lower price (Short) or a higer price (Long) contract. Apparently, Party "B" seems to be able to report the 5 tons of Gold as an asset on it's balance sheet (and then lever the cash received, 10X in the Banker's "Fractional Reserve System").
Party "C" buys the leased Gold, puts the Physical Gold in it's vault, and states on it's Balance Sheet, that it possesses 5 tons of Physical Gold............
Question: How much Physical Gold is there AFTER these transactions?
Answer:
1. 5 Tons - "it is what it is"
2. 10 Tons - "it's all good"
3. 50 Tons - "the economy is strengthening, and the unemployment figures couldn't look better!"
All of that treasury and central bank gold is as genuine and real as the replacement un-layered PDF graphics file birth certificate document on whitehouse.gov.
If you can’t have confidence in the official representations of the U.S. government and the Federal Reserve Bank, what can you have confidence in?
Pah. It's all safe and sound. In Israel. Stored up close to the several nuclear weapons stockpiles. Rubin, Summers, Greenspan, Bernanke....and Rothschild saw to it.
German inspectors will actually travel to the New York Federal Reserve Bank’s gold depository... to inspect their gold.
Wasn't this the plot of a Bruce Willis movie?
What about the Chinese Gold Panda's? Where does the gold used to make those come from?
I'm not sure about China's requirements but from what I understand the USA requires our gold coins to be minted from gold produced within our country. Not sure how it's determined but perhaps someone with more technical expertise can chime in. I heard there are ways of determining points of origin by way of spectrum analysis, kind of like DNA, but I could be wrong.
China Tungsten Online
Or their imports from/to Hong Kong...
Expelled gold panda butt plugs
China is quietly building up their reserves- but we sort of helped them in that decision. Their reserves held in dollars were being inflated away, so they are starting a better savings account. Just like some of us. They literally slaved away for that money, and don't intend to let the rats gnaw it all to shreds.
Did I hear Martha said Gold is worth about a Thousand an ounce. lol I'll buy all the gold Martha has for that price. $1677 area last I looked.
Can someone explain to me WTF Gold "Leasing" is about??
Apparently with Gold, Party "A" can lease it's 5 tons of Physical Gold to Party "B", while still being able to report said Gold as an assett on their balance sheet, and then lever the cash received, 10X in the Banker's "Fractional Reserve System".
Party "B" then seems able to sell the "leased" Gold into the market, and then cover said sale with a derivative contract "guaranteeing" Party "B" the right to purchase sold Gold back at a lower price (Short) or a higer price (Long) contract. Apparently, Party "B" seems to be able to report the 5 tons of Gold as an asset on it's balance sheet (and then lever the cash received, 10X in the Banker's "Fractional Reserve System").
Party "C" buys the leased Gold, puts the Physical Gold in it's vault, and states on it's Balance Sheet, that it possesses 5 tons of Physical Gold............
Question: How much Physical Gold is there AFTER these transactions?
Answer:
1. 5 Tons - "it is what it is"
2. 10 Tons - "it's all good"
3. 50 Tons - "the economy is strengthening, and the unemployment figures couldn't look better!"
Hmmm................ Nevermind!!!
Can someone explain to me WTF Gold "Leasing" is about??...
Sounds to me like you understand it completely. In fact, you sound like a plant from the fed. Is that you Ben?
One too many reds under the bed, Merlot?
I know John Carney from my days at Binghamton when he was in charge of the Binghamton Review. He is smarter than this tripe he is putting out.
He must be writing what his job at CNBC requires him to write. Is that what you meant because that is the way I see it.
what is the empty vault in the picture at the top?
an actual gold vault?
in a bank?
amazing photo. would like to know the story behind it.
Photo is from Detroit.
See other post (sorry thought it would go here).
Z
All of that treasury and central bank gold is as genuine and real as the replacement un-layered PDF graphics file birth certificate document on whitehouse.gov.
If you can’t have confidence in the official representations of the U.S. government and the Federal Reserve Bank, what can you have confidence in?
It's rather a let down for Mr. and Mrs. Flag Waving Ostrich to learn Uncle Sam is, not just a war profiteer, but a lying cheat as well.
Pah. It's all safe and sound. In Israel. Stored up close to the several nuclear weapons stockpiles. Rubin, Summers, Greenspan, Bernanke....and Rothschild saw to it.