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Austrian Parliament Hears 80% Of Austrian Gold Bullion Reserves In London

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From GoldCore Gold Bullion

Austrian Parliament Hears 80% Of Austrian Gold Bullion Reserves In London

Today’s AM fix was USD 1,729.75, EUR 1,344.23, and GBP 1,084.35 per ounce. 
Yesterday’s AM fix was USD 1,726.75, EUR 1,350.71, and GBP 1,085.05 per ounce.

Silver is trading at $33.38/oz, €26.00/oz and £21.00/oz. Platinum is trading at $1,588.25/oz, palladium at $650.60/oz and rhodium at $1,060/oz.

Gold inched up $1.50 or 0.09% in New York yesterday and closed at $1,729.20. Silver surged to a high of $33.378 and finished with a gain of 0.51%. Gold is now some 1% higher for the week and silver nearly 3% higher for the week and higher weekly closes will be bullish from a technical perspective.

Cross Currency Table – (Bloomberg)

Gold priced in Japanese yen rose to a nine-month high this morning at 143,262 yen/oz and is on track for its biggest weekly rise since February, up 2.8% according to Reuters.

The yen came under heavy pressure from growing speculation that the Bank of Japan would aggressively ease monetary policy in the coming months.

Gold trading is quiet with the US markets closed for the Thanksgiving holiday today and the early close tomorrow.

Given the degree of uncertainty in the world - from the Middle East to Greece and the Eurozone debt crisis to the US fiscal cliff – most traders will be reluctant to take sizeable positions long or short and lacklustre, directionless trading may continue.

However, any of these risks could lead to a sudden spurt of safe haven buying that leads to gold eking out gains this shortened week.

The Austrian central bank keeps most of its 280 metric tons of gold reserves in the United Kingdom, Vice Governor Wolfgang Duchatczek was quoted as saying in the finance committee of the country’s parliament today, according to Bloomberg.

Answering lawmakers’ questions, Duchatczek said 80%, or 224.4 metric tons of the metal was stored in the U.K., 17% or 48.7 metric tons in Austria and 3% in Switzerland, according to a summary of a closed-door committee meeting provided by the parliament.

The reserve has been unchanged since 2007, Duchatczek was quoted as saying. The central bank has earned 300 million euros ($385 million) over the last ten years by lending the gold, he said.

Goldman Sachs is bullish on silver in 2013 and believe it will rise in price.

Silver is seeing strong investment demand due to high inflationary pressures, monetary easing and low interest rates, Goldman Sachs said in a note on silver stocks.

High silver prices in recent years have led to increased supply from mine production and old silver scrap.

Goldman noted that world silver supply grew by just 2.2% in 2012, driven by a 3% gain in mined production and a 1% increase in scrap supply.

Gold Prices/Fixes/Rates/Vols – (Bloomberg)

Gold is poised to rise above $2,000/oz next year according to Merrill Lynch Wealth Management.

They are wary of industrial metals and say that the lack of clarity on demand outlook and policies in China dim prospects for industrial metals.

(Bloomberg) -- German Household Heating Oil Stockpiles Rise to 59.5% in October
German household heating oil tanks were 59.5 percent full last month, compared with 58.4 percent in September, according to data from Ipsos Loyalty GmbH.

Commercial inventories were at 41.6 percent in October, down from 43.8 the previous month, the data showed. Germany is Europe’s largest market for heating oil.

(Bloomberg) -- Gold Futures in Shanghai Rise; Silver Futures Reach 6-Week High
June contract gains as much as 0.5% to 353.26 yuan/gram on the Shanghai Futures Exchange. Contract trades at 353.05 yuan at 9:02 a.m. Singapore time, climbing for the third time in four days. Jan-delivery silver advances as much as 1.4% to 6,938 yuan/kg, most expensive since Oct. 12. Cash bullion of 99.99% purity increases 0.4% to 347 yuan/gram on the Shanghai Gold Exchange; vols. were 3,541 kg yesterday vs. 4,227 kg on Nov. 20

(PTI) -- Reliance Money targets Rs 2 trillion gold market with new plan
Targeting an estimated Rs two lakh crore unorganised (rpt) unorganised gold market in the country, Reliance Money today launched a new daily gold accumulation plan under which customers can invest as low as Rs 1,000 per month. Under the plan, named Reliance My Gold Plan, the customer can invest a minimum of Rs 1,000 per month and the company would use the money for purchase of gold on a daily basis and the total accumulate funds can be redeemed for gold coins or jewellery at the end of the investment tenure.

The plan was launched here today in association with the World Gold Council as its marketing partner.

(Bloomberg) -- Reliance Money, World Gold Council Start Gold Investment Plan 
The plan allows for a minimum investment of 1,000 rupees, says Vikrant Gugnani, chief executive of broking and distribution business at Reliance Capital Ltd.

Investors can opt for investment period of 1 to 15 yrs, Compulsory delivery of physical gold, no transaction tax.

Silver Spot $/oz, 4 Years – (Bloomberg)

For breaking news and commentary on financial markets and gold, follow us on Twitter.        


Gold Advances as Central Banks Join Investors Adding to Holdings - Bloomberg

Gold Advances for Second Time in Three Days as Central Banks Buy - Bloomberg

Gold steady ahead of possible Greek bailout deal - Reuters

Gold ends higher, stays below $1,730 – Market Watch

Gold Prices Edge Higher, Supported By Central Banks’ Buying – TV E News


How Chinese Demand Could Send Gold Soaring – Money Week

QE to Push Gold Higher - "Will Ultimately Eclipse $5,000" - CNBC

The Day the World Ended – You Tube

10 People Who Brought Us To The Edge Of The Fiscal 'Cliff' – Huffington Post


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Thu, 11/22/2012 - 09:06 | 3004245 Itch
Itch's picture

Lend me your gold, i want to show you a trick!!

Thu, 11/22/2012 - 09:07 | 3004247 GetZeeGold
GetZeeGold's picture



....and it's gone.

Thu, 11/22/2012 - 09:24 | 3004269 strannick
strannick's picture

Leasing your car out for 200 bucks a day is only a good deal if you get your car back. The Austrians havent earned 300 million euros for leasing their gold, they earned it for selling their gold. They give Austrians a bad name.

Thu, 11/22/2012 - 09:43 | 3004291 knukles
knukles's picture

Pull my ingot

Thu, 11/22/2012 - 10:21 | 3004341 BaBaBouy
BaBaBouy's picture

YES, 24K PLATED Tungsten is Quite Usefull These Dayz...

Thu, 11/22/2012 - 10:47 | 3004400 Pinto Currency
Pinto Currency's picture


The SS AUSTRIA is making big fiat bucks by leasing out its life boats.

Life boats have no yield and they cost money to store, so why not generate some fiat credits by leasing them out.

Thu, 11/22/2012 - 11:15 | 3004458 knukles
knukles's picture

von Meises is rolling around in his grave

Thu, 11/22/2012 - 14:18 | 3004914 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

imagine the wars to come when the populations find out their gold was vaporized.  

Fri, 11/23/2012 - 02:20 | 3005782 mr_T
mr_T's picture

Austrian school of econ forgot to mention...
1. It's not yours unless u hold it.
2. Gold silver are not sound money if other are contolling it for you.
3. He who withdrawls first wins... Hugo, three pointer from back court.


Thu, 11/22/2012 - 13:41 | 3004800 scatterbrains
scatterbrains's picture

In a world running out of good collateral what's wrong with borrowing against a warehouse full of shiny tungsten? specially if both parties to the re-rehypothocation are down low on the transaction ?  I mean if your going to pull the wool with efsf/esm etc why not this sort of thing ? Just don't let anyone get too close to the bars and it's all good.

Thu, 11/22/2012 - 14:13 | 3004898 TPTB_r_TBTF
TPTB_r_TBTF's picture

Some of my Gold is held in London,

and i have a document to prove it.

Thu, 11/22/2012 - 09:31 | 3004281 saveandsound
saveandsound's picture

no, no, no.... you've got to say "... _aaaand_, it's gone."

later: "Not anymore, you don't."

and afterwarts: "Then please stand aside for people who actually have money with us."



Thu, 11/22/2012 - 10:35 | 3004368 NoTTD
NoTTD's picture

Do you want to see something really scary?

Thu, 11/22/2012 - 10:50 | 3004410 Seize Mars
Seize Mars's picture

I remember that. Good one.

Thu, 11/22/2012 - 14:30 | 3004937 defender
defender's picture

Just because I haven't seen anyone else do the math on this, if my calculations are correct they got an average of 4.15 euros per ounce per year off of leasing out their gold.  I think that that works out to less than 1% return per year.  Sounds a little low to me, but I don't do any futures trading, so I don't have any reference point.  Somebody is getting a good deal out of this, but I don't think it is the Austrians.

Thu, 11/22/2012 - 09:09 | 3004248 D-Man
D-Man's picture

They left their gold in london like I left my virginity in london. Don't think either of us are going to get it back!

Thu, 11/22/2012 - 10:23 | 3004343 BaBaBouy
BaBaBouy's picture

Well at least you got LAID, Austria is getting just plain Fucked...

Thu, 11/22/2012 - 12:45 | 3004674 Captain Benny
Captain Benny's picture

Silly Americans, Bangers and Mash isn't something you do with a Penis.

Thu, 11/22/2012 - 09:09 | 3004249 orez65
orez65's picture

Are these Austrian bankers morons?

"The central bank has earned 300 million euros ($385 million) over the last ten years by lending the gold, he said."

That means that it has been sold, by whoever borrowed it, then re-hypothicated over and over again.

In other words their gold is "... hasta la vista baby ..."

What a bunch of shit heads!!

Thu, 11/22/2012 - 09:10 | 3004253 GetZeeGold
GetZeeGold's picture



Are these Austrian bankers morons?


Not sure why they'd be different from any other bankers.

Thu, 11/22/2012 - 10:30 | 3004353 mick_richfield
mick_richfield's picture

Of course they are not morons.

They are undeclared agents of a foreign power.


Thu, 11/22/2012 - 12:06 | 3004561 anarchitect
anarchitect's picture

This Wolfgang Duchatczek guy MUST be a moron.  He actually bothered to answer in what appears to have been a truthful manner.  Something's wrong with him, that he didn't claim the information was a state secret or whatever.  Since when do central bankers demonstrate a shred of transparency with respect to their gold activities?

Thu, 11/22/2012 - 09:12 | 3004251 fleur de lis
fleur de lis's picture

Austrian gold reserves in London? And just who is watching the vault? Remember--London is Rothschild tinsel town and they have made it a habit of collecting everybody else's gold for safekeeping. Permanently.

And what makes anyone think that Austria will ever see that gold again without a military entry and seizure of said gold? Austria had better either get used to working around the remaining 20% (assuming they haven't also entrusted that to another Rothschild bank) or plan some way of recovering the remainder by force.

Thu, 11/22/2012 - 10:41 | 3004384 Non Passaran
Non Passaran's picture

Doh! Rothschild Schmotschild. 

Who gives a rat's ass who is the counterparty.

If you store it elsewhere soon it may be gone.

I can prove it to you if you want (store your gold with me). 

Take your conspiracy claptrap elsewhere.

Thu, 11/22/2012 - 11:12 | 3004451 fleur de lis
fleur de lis's picture

Those who lose their gold to the counterparty. How much did the central bankers pay you to write that?

Thu, 11/22/2012 - 12:14 | 3004578 LeisureSmith
LeisureSmith's picture

One ring to rule them all, one ring to find them,
One ring to bring them all and in the darkness bind them.

Ehm... The ring of steel, City of London.

All those innocent ingots... Oh the humanity.

Thu, 11/22/2012 - 09:12 | 3004256 WALLST8MY8BALL
WALLST8MY8BALL's picture

The Austrian central bank keeps most of its 280 metric tons of  Titanium reserves in the United Kingdom

Thu, 11/22/2012 - 10:06 | 3004263 fleur de lis
fleur de lis's picture

Well they'll have to choose between the gold and the titanium, because their armed forces won't be able to manage two wars.  Is there no one in Austria who can design vaults to preseve their own reserves? Do they really have to go to the Rothschilds? Are they so stupid to think that the Rothschilds are capable of returning an ounce of gold without a fee amounting to its worth? 

Thu, 11/22/2012 - 10:01 | 3004322 slackrabbit
slackrabbit's picture

you mean tungsten

Thu, 11/22/2012 - 10:29 | 3004351 knukles
knukles's picture

Hey, at least he's on the right track.... s'not gold

(get it, "snot" as in boogers, huh huh hu hu hu)

Thu, 11/22/2012 - 09:14 | 3004260 youngman
youngman's picture

This is interesting....cutting costs or jumping ship.........


Barclays Plc (BARC) withdrew today from floor trading on the London Metal Exchange, the world’s biggest metals bourse, as the bank reviews its businesses to cut costs.

The London-based bank became a Category 2 member of the exchange with immediate effect, meaning it will continue to trade electronically and by telephone, the LME said in a notice to members today. Barclays remains “deeply committed” to the metals market, it said in a statement today. from Bloomberg

Thu, 11/22/2012 - 09:19 | 3004267 GetZeeGold
GetZeeGold's picture



Barclays remains “deeply committed” to the metals market


Yeah they are....but don't look for them to be delivering anything anytime soon.

Thu, 11/22/2012 - 10:23 | 3004344 reload
reload's picture

Barclays Metals are significant players. My Take: remove volume from open outcry in the hope others follow suit - REASON -electronic platforms are much easier to frontrun and manipulate.

Thu, 11/22/2012 - 09:14 | 3004261 Fuh Querada
Fuh Querada's picture

The Australian parliament would be more interesting. Fair dinkum cobber.

Thu, 11/22/2012 - 09:15 | 3004262 Diplodicus Rex
Diplodicus Rex's picture

"The central bank has earned 300 million euros ($385 million) over the last ten years by lending the gold, he said."

In the context of Billions of dollars worth of fraud that is an absolutely trivial amount. Why put your gold reserves at risk at all for such a derisory amount? Unless, of course, you know it has already gone. Admitting that would lose you £385m, so I suppose continuing to pretend is a no-brainer.


Thu, 11/22/2012 - 10:09 | 3004266 fleur de lis
fleur de lis's picture

He's another one on spiked kool-aid. He's doing business on fraudulent terms. He will never know how much the central bank earned because the owners cook the books. For all he knows the whole country is in hock.

Thu, 11/22/2012 - 09:18 | 3004265 yabyum
yabyum's picture

I would sure like to see that gold, WAIT maybe I should worry about our gold in Fort Knox.

Thu, 11/22/2012 - 09:20 | 3004268 fleur de lis
fleur de lis's picture

Fort Knox hasn't seen our gold in decades.

Thu, 11/22/2012 - 09:23 | 3004272 Zgangsta
Zgangsta's picture

Wow...even the Japanese are starting to lose it!

How in the world did this happen in Japan before Greece??

Thu, 11/22/2012 - 09:23 | 3004273 Never One Roach
Never One Roach's picture

"Don't worry Wolfgang, your gold is in a segregated account."

Thu, 11/22/2012 - 09:25 | 3004275 GetZeeGold
GetZeeGold's picture



Thanks Jon......we knew we could trust you.

Thu, 11/22/2012 - 09:24 | 3004274 youngman
youngman's picture

Here is the conundrum...if everyone keeps quiet and cool....all is well...they can say they have your gold..and you can say you have gold....its a problem when someone in the game asks for their marbles back...then I think they will say we can´t deliver that right now....then TSHTF in my opinion....

Thu, 11/22/2012 - 09:50 | 3004305 Peterus
Peterus's picture

Sending warships to fetch it is one last option. There is probably SOME of it left in this vault, so first to come in a manner that can't be circumvented (without declaring a war) will be able to get it back.

Thu, 11/22/2012 - 09:56 | 3004315 A Humble Man
A Humble Man's picture

I would love to see the Austrian aircraft carriers cruising up the English Channel.

Thu, 11/22/2012 - 10:42 | 3004328 GetZeeGold
GetZeeGold's picture



The English thought the Vikings were tough....then came the Aussies....I just assumed you meant those guys.


The Vikings plundered Canterbury and seized all those in holy orders, including the archbishop ?lfhere. The following year they martyred him:

1012. Then on the Saturday the host became greatly incensed against the bishop, because he was not willing to offer them any money, and forbade any ransom to be given for him. Moreover they were very drunk, for wine had been brought to them from the south. Then they took the bishop, and led him to their tribunal, on Saturday evening, within the octave of Easter [19 April], and pelted him to death with bones and the heads of cattle; and one of them smote him on the skull with the iron [head] of an axe, so that with the blow he sank down and his holy blood fell upon the earth, and his holy soul was sent forth to God's kingdom. (Garmonsway, 142)

It seemed to the English that the world was coming to an end.



Word is it's Gordon Brown's head that will be on the chopping block this time.

Thu, 11/22/2012 - 10:05 | 3004327 BinAround
BinAround's picture

Sending a warship might be a problem for land-locked Austria. 

Thu, 11/22/2012 - 15:28 | 3005038 StychoKiller
StychoKiller's picture

Mount some howitzers on one of these...

Thu, 11/22/2012 - 21:57 | 3005501 RockyRacoon
RockyRacoon's picture

...and obey the NO SMOKING signs.

Thu, 11/22/2012 - 09:26 | 3004278 Quinvarius
Quinvarius's picture

If any of this gold existed, the bankers would do a full public audit and end the questions.  They are bankers.  This is their job.  But all they do is cover up, delay, and demand we trust them.  There is no reason for them to behave this way unless there is a massive problem.  I don't need a full confession like the rest of the sheep.  They don't have it.

Thu, 11/22/2012 - 10:01 | 3004323 fleur de lis
fleur de lis's picture

Agree except for one thing--they are not just bankers, they are central bankers. There is a difference between professional bankers, who do their best to operate within guidelines and grow money, and central bankers who can't add or subtract, and only know how to steal. The problem is that the central bankers, who are ignorant and uneducated racketeers, make the rules.

The ordinary bankers you see who basically do their jobs and take care of their families are really nothing more than aphids in the scheme. The Corzines, Bernankes, Rothschilds, etc., of the world show up for extortion money and own the power structures to back up their threats. 

Notice how the racketeers are covered no matter how grand the theft, whereas some nobody who says or does the wrong thing is utterly destroyed. It's just the central bankers/racketeers protecting the loot from anyone outside the gang.

Thu, 11/22/2012 - 09:28 | 3004280 BinAround
BinAround's picture

What are the implications of gold storage in London?  Does this mean the gold can be counted multiple times?  Fractional reserve gold holdings at the central bank level?  Does it enable the reported central bank gold holdings of Austria to be also reported as that for India and Germany?  Is this the primary problem with storage outside of the country?  Is so, is there no audit of the storage facilities that reconcile the holdings with the claimants?  Seems incredible if true?  If there is a ZeroHedge reader who is close to this activity, it would be great to hear from him on this topic.

Thu, 11/22/2012 - 09:48 | 3004303 Whoa Dammit
Whoa Dammit's picture

I have a question I would like to add to yours. Since no country is on the gold standard, why would any country or large financial institution need to "borrow" gold?

Thu, 11/22/2012 - 10:00 | 3004321 Terminus C
Terminus C's picture


Thu, 11/22/2012 - 10:09 | 3004334 GetZeeGold
GetZeeGold's picture in time to cover.

Thu, 11/22/2012 - 09:36 | 3004285 Debugas
Debugas's picture

the central banks and governments preparing for new monetary system and they will use gold as an ancor from which to span the new system out (start printing new money using gold as reserve backing it up)

Thu, 11/22/2012 - 09:37 | 3004286 orangegeek
orangegeek's picture

We need a new word to replace PIIGS that includes France and now Austria.

Any thoughts?

Thu, 11/22/2012 - 09:48 | 3004302 nickt1y
nickt1y's picture



F rance

A ustria

G reece

S pain


Thu, 11/22/2012 - 09:54 | 3004313 knukles
knukles's picture

You are destined to become a partner at the Squid... possibly the first one ever to be fed to the wolves for all of Goldman's criminal activity, but a useful tool, nonetheless

Thu, 11/22/2012 - 11:48 | 3004521 Seasmoke
Seasmoke's picture

FAGPIIS......Fag Piss is the worst kind of pee

Thu, 11/22/2012 - 09:38 | 3004287 THE DORK OF CORK
THE DORK OF CORK's picture

Austria does not own the gold.

The central bank owns the gold

Austrian central bankers do not exist.

There is only central bankers which is why they hold the gold in London.

 National goverments remain in debt to the banks.

Gold is a bankers currency.

National goverments can produce taxable paper independent of the banking cabal if they so wish but will probally be exposed to violence when or if they do so.

Thu, 11/22/2012 - 10:36 | 3004373 Non Passaran
Non Passaran's picture

I'm quite sure, but I may be wrong, above should read "The European central bank owns the gold as long as the deadbeats are part of eurozone".

Thu, 11/22/2012 - 11:13 | 3004454 THE DORK OF CORK
THE DORK OF CORK's picture

Well the irish exchequer is the junior partner to the Irish central bank...........

The 5 tons or whatever of shiny stuff shows up in the CBs books , not the exchequer.

Have said that the Irish state owns the equity of the CB

But I think that is a Necessary nonsense.


The core function of a functional CB should be to balance foregin trade - preventing inter state wars but I don't think that has ever happened.

A functional treasuary should just print the fucking money to pay the debt the banks created.

If they don't do this then there will be little medium of exchange to continue internal commerce.

Thu, 11/22/2012 - 09:42 | 3004290 Whoa Dammit
Whoa Dammit's picture

From the post: "Under the plan, named Reliance My Gold Plan, the customer can invest a minimum of Rs 1,000 per month and the company would use the money for purchase of gold on a daily basis and the total accumulate funds can be redeemed for gold coins or jewellery at the end of the investment tenure."

Wow, talk about a Ponzi scheme!

Thu, 11/22/2012 - 09:46 | 3004298 moriarty
moriarty's picture

Said it before & will say it again why o why would you store any of your gold outside your own national boarders? BTW can anyone enlighten me as to the last time Oz was invaded by a foreign power?

Thu, 11/22/2012 - 10:03 | 3004325 Terminus C
Terminus C's picture



Which Oz are you talking about?

Thu, 11/22/2012 - 10:12 | 3004336 Onehunglo
Onehunglo's picture

The poms sent a few criminals a while back ... does that count? Or are they now running the banking system over there as well?

Thu, 11/22/2012 - 09:46 | 3004300 GS-DickinDaMuppets
GS-DickinDaMuppets's picture

Oh what to do, what to do. Do I buy gold or Twinkies, or silver or Ding Dongs,,,,decisions, decisions, decisions....

...doin' Gods work...GS-DickinDaMuppets

Thu, 11/22/2012 - 09:52 | 3004311 knukles
knukles's picture

I'm gonna tell all the girls my Ding Dong is as good as gold....

Thu, 11/22/2012 - 10:36 | 3004372 mick_richfield
mick_richfield's picture


  1. It's vastly smaller than you say it is.

  2. The last time you let anyone even get a glimpse of it was in the early Fifties.

  3. You loaned it out to some of your 'friends' and never got it back.




Thu, 11/22/2012 - 11:17 | 3004460 knukles
knukles's picture


(in public, really loud)

I needed that, thx :)

Thu, 11/22/2012 - 09:50 | 3004306 knukles
knukles's picture

I mean really.
Everybody just so happens to keep their gold in London.
At the BoE.
Located in the City of London (Not suitable for tourist part of London)
Where the BoE so called oversees the LBMA
Which is a "loose" confederation of Opaque gold manipulations
Who every day "FIX" the price (Hint Hint)
And everybody whose got their golf there now says they make a fucking ton of money "loaning it out"
To which nobody ever asks the everybody to whom and for what the fucking purpose of these loans is for because that's a lotta gold being lent for something or other by the everybodys to the somebodys for some reason or other....

And no, you cannot see it count it touch it smell it eat it visit it....

That's worse than religion!
Have faith dear grasshopper, you'll not be covered in chocolate and eaten... yet.


Fuck this I'm going golfing...

(and I am gonna get the first tee time for December 22...)

Thu, 11/22/2012 - 09:51 | 3004308 PaperBear
PaperBear's picture

More like gold receivables.

Thu, 11/22/2012 - 10:05 | 3004326 jmcadg
jmcadg's picture

Oh lordie. The naivety of these Central Bankers is laughable.

However you can smile knowing that every ounce that fell from your boat becomes more valuable the more they open their mouths.

Thu, 11/22/2012 - 10:07 | 3004330 LoneStarHog
LoneStarHog's picture

Gold is like virginity...You either keep it...or...when you give it away it is gone forever...Happy I have kept both. ;)

Thu, 11/22/2012 - 10:11 | 3004335 Fix It Again Timmy
Fix It Again Timmy's picture

It seems to me, if I remember correctly, it was goldsmiths who discovered that they could "print" more gold receipts than they had physical gold.  So with that in mind, these bankers ship their physical gold to be looked after by essentially a powerful goldsmith who is always thinking, "Now if I did this..."  LOL.............

Thu, 11/22/2012 - 10:25 | 3004348 tawse57
tawse57's picture

Makes sense for the Austrians to keep their gold in London - for 50 years during the Cold War there was a real threat of Soviet Bloc invasion.

By placing their gold in London the Austrian Government had a safety net to keep operating if their country was ever invaded or over-run by the Soviets.

Thu, 11/22/2012 - 10:34 | 3004364 Non Passaran
Non Passaran's picture

At least with the Soviets they would have had a chance to defend it. :-)

Thu, 11/22/2012 - 10:39 | 3004380 TrulyStupid
TrulyStupid's picture

The cold war has been over since the Soviet collapse 20 odd years ago. The Austrian gold would have been better off in Switzerland for safety.. ergo safe keeping is not the reason the gold is in the UK.

Thu, 11/22/2012 - 11:03 | 3004437 tawse57
tawse57's picture

I doubt the Communist Soviet Bloc would have stopped at Capitalist Switzerland's border in any invasion of Europe.

Thu, 11/22/2012 - 11:29 | 3004485 TrulyStupid
TrulyStupid's picture

They did in fact respect Switzerland's neutrality in 1945, as did all the combatants.

Thu, 11/22/2012 - 12:52 | 3004687 Captain Benny
Captain Benny's picture

Thats because all combatants needed a working banking system to fund both sides.

Thu, 11/22/2012 - 11:01 | 3004434 tonyw
tonyw's picture

"if their country was ever invaded or over-run by the Soviets" then the banksters would still be able to have their high standards regardless of the remainder of the people.


After WW2 being "invaded or over-run by the Soviets" was a useful tool to keep the sheeple terrified and look to big government for support, and of course the military industrial complex having lots more new toys. The Soviets lost millions of people in WW2 with huge destruction and were not interested in "invading or over-running" other countries as they knew what would happen. Look at the number of governments the US has overthrown, countries invaded, people imprisoned ....

Thu, 11/22/2012 - 11:05 | 3004440 tawse57
tawse57's picture

Actually, the Soviets were actively planning an invasion in the 1980s. Historic fact.

Thu, 11/22/2012 - 11:25 | 3004475 TrulyStupid
TrulyStupid's picture

Both sides in the Cold War pantomine had plans to invade the other as well as every other country on earth.... that doesn't mean that the invasions were imminent... just mental masturbation for the geopolitical paranoic crowd.

Thu, 11/22/2012 - 12:37 | 3004653 Lebensphilosoph
Lebensphilosoph's picture

What do you call 50 years of occupation of Eastern Europe then? Peaceful voluntary servitude?

Thu, 11/22/2012 - 16:44 | 3005147 fleur de lis
fleur de lis's picture

The Soviet system was planned, implemented, and managed by the Rothschilds, Rockefellers, et al and funded by the Fed and other Central Banks.. The whole thing was a ruse to keep us in the dark by keeping the stress levels high while they pulled all the strings.  In fact the whole 20th century was destroyed by central bankers. 

Thu, 11/22/2012 - 10:32 | 3004356 Non Passaran
Non Passaran's picture

"And it's leased!" - sounds even better than "and it's gone!"


Austrian central bankers aren't better than Zimbabwean.

Their governor was implicated in that money printing scandal, ZH wrote about it on 2-3 ocasions

Thu, 11/22/2012 - 10:36 | 3004369 Bicycle Repairman
Bicycle Repairman's picture

Big picture on Europe.  70 or so years ago Europe was invaded and occupied.  After the war foreign troops were left behind on the continent's soil and the continent's gold was removed.  The reason was the threat of the USSR.  The USSR disappeared 20 years ago, but foreign troops remain and the gold remains missing.

What can we say about Europe?

Thu, 11/22/2012 - 10:38 | 3004378 woggie
woggie's picture

the beast is on the gobble and all that matters is we're all headed for it's belly

Thu, 11/22/2012 - 10:39 | 3004382 NoTTD
NoTTD's picture

Somebody with a calculator bigger calculator than mine do the math.  That does not sound like a very good return in gross terms ovr ten years. 

Thu, 11/22/2012 - 10:41 | 3004386 NoTTD
NoTTD's picture

"Ve still haf ze geld! It sez zo right here on zis pfaper."

Thu, 11/22/2012 - 10:41 | 3004389 tony bonn
tony bonn's picture

"....has earned 300 million euros ($385 million) over the last ten years by lending the gold...."


"oh honey, i promise i will pull out just before i cum" austria has close to 0 gold and 0 hedge....the asswipe just announced to the world that he has no gold...

Thu, 11/22/2012 - 12:16 | 3004399 GetZeeGold
GetZeeGold's picture



the asswipe just announced to the world that he has no gold


He's not just your ordinary run of the mill asswipe.

Thu, 11/22/2012 - 10:46 | 3004397 Manipulism
Manipulism's picture

Most people forget Austria is also a WWII loser,like Germany.

Therefore their Gold is in possession of the allies.

So they HAVE to lend it, even if they dont want it.

Adolf Hitler was an Austrian.

Thu, 11/22/2012 - 12:59 | 3004703 goat
goat's picture

I dont think thats true.  At the end of WW2 Austria was declared a non-belligerent.

Thu, 11/22/2012 - 10:48 | 3004403 mick_richfield
mick_richfield's picture

It's like a scene from a medieval version of Ocean's 11.


"You should think bigger, Mayer.  Imagine if we could steal a great part of the gold of an entire nation."

"You are mad!  But -- merely to satisfy my curiosity -- which nation would we thus plunder?"

"All of them, Mayer.  All of them."


Thu, 11/22/2012 - 10:51 | 3004412 Manipulism
Manipulism's picture

Maybe it was the same game with Adolf as with Sadam:

1.bring the Bastard in power and let him loot the East/kuweit.

2.kill the Bastard and loot his loot and all the rest like sientists/oil etc.

Where is Iraks Gold?

Thu, 11/22/2012 - 10:53 | 3004418 tmosley
tmosley's picture

I think it is safe to say that the rush for the exits is on, and everyone now openly knows that fraud has been carried out, and they want their gold NOW before they run out.

I wonder if NY and London will try to buy gold off the open market to meet the demand?  If so, we are in for a de facto return to a gold standard, and a gigantic increase in the purchasin power of gold.  Hopefully silver will follow...

Thu, 11/22/2012 - 11:09 | 3004447 mick_richfield
mick_richfield's picture

Silver will lead.

Thu, 11/22/2012 - 11:19 | 3004467 Inthemix96
Inthemix96's picture

Trust me on this folks.

I am from the north of England and I would not trust those smarmy fucking shitbags in London with watching my television, let alone fucking gold bars belonging to another country.  Those smooth talking cunts in suits down there are fucking thieves, plain and simple, same as our 'Hounerable Gentlemen' MP's, all on the take, and each and every last one of them, out for themselves.

If it was up to me, I would send them dirty shithawks straight to the clink with 30 years hard labour, and bread and water.  We aint all the same in these old lands, as some pigs are more deserving than the rest of us.  Fuckers, and on that note, to any of our Austrian friends on ZH.  You have as much chance of getting you're gold back, as getting a blow job off the Queen.

It is as simple as that folks.

Thu, 11/22/2012 - 11:41 | 3004504 f16hoser
f16hoser's picture

Stored in London? Blah, Haaa, Hooo, Yeah Baby!


Ask Gordon Brown where it is.

Thu, 11/22/2012 - 13:37 | 3004787 Urban Redneck
Urban Redneck's picture

Did Austria receive a bar inventory?

Perhaps they should check with Bob Pisani,

Or the GLD's bar "list"

Since Deloitte is doing such a wonderful auditing job...

Thu, 11/22/2012 - 12:05 | 3004560 ljag
ljag's picture

In the mix.....

Don't hold back...tell us what you really think! LOL!!!!!

Thu, 11/22/2012 - 12:14 | 3004576 Bansters-in-my-...
Bansters-in-my- feces's picture

$300 MILLION IN profits from lending gold out...????

Did Gordon Brown know they could do that...?


Ps...fuck Yous bankers.


Thu, 11/22/2012 - 13:22 | 3004755 robertocarlos
robertocarlos's picture

Queen Bitch is having a good laugh this morning.

Edit: Damn, I always get Austria and Australia mixed up.

Thu, 11/22/2012 - 14:59 | 3004992 DiggerUK
DiggerUK's picture

What is all the drama queening about, the Austrian CB generates an income from it's barbarous relics.......and zerobrainers throw hissy fits?

My stash generates no income, no matter how much it's price rises.

What exactly is the story here.


Fri, 11/23/2012 - 05:51 | 3005868 giggler123
giggler123's picture

It would be so funny to see them all pull their yellow stuff from London.

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