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Does Bank Of England Hold €235 Million Of Irish Gold Reserves?

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From GoldCore

Does Bank Of England Hold €235 Million Of Irish Gold Reserves?

Today’s AM fix was USD 1,667.75, EUR 1,246.82 and GBP 1,034.39 per ounce.
Friday’s AM fix was USD 1,669.50, EUR 1,258.29 and GBP 1,036.25 per ounce.

Silver is trading at $30.88/oz, €23.24/oz and £19.31/oz. Platinum is trading at $1,665.00/oz, palladium at $705.00/oz and rhodium at $1,150/oz.


Cross Currency Table – (Bloomberg)

Gold fell $9.70 or 0.58% in New York on Friday and closed at $1,663.20/oz. Silver slipped to as low as $30.174 before it also rebounded, but it still finished with a loss of 0.97% Friday.

For the week, gold was up 0.42% while silver was up nearly 1%. The question is whether this brings an end to the recent period of weakness after 5 weeks of consecutive losses. Demand from Asia and China remains robust and should support and lead to a recovery in prices.  


XAU/EUR Exchange Rate, 2011-2013 – (Bloomberg)

Spot gold traded nearly flat on Monday in Asia and has edged higher as investors nervously await a string of economic data this week to examine if the grand money printing recovery plan is working for the world's top economies.

The week’s U.S. economic highlights include Retail Sales, PPI, Empire Manufacturing, and Business Inventories on Tuesday, CPI, Net Long Term TIC Flows, Industrial Production, Capacity Utilization, the NAHB Housing Market Index, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.


XAU/EUR Exchange Rate, 2008-2013 – (Bloomberg)

Today, at 2100 U.S. Federal Reserve Chairman Ben Bernanke speaks and answers audience and online questions at the University of Michigan regarding monetary policy, recovery from the global financial crisis and the many long term challenges facing the American economy.

A poll of London Bullion Market Association members said gold prices will rise between 5.1% and 14% this year, continuing the yellow metal’s bull run into the 13th year.

The euro rose to its highest against the dollar since April 2012, after ECB head Mario Draghi set a bullish tone by not giving any indication the bank would ease monetary policy. Although with ultra loose monetary policies set to continue gold looks set to continue eking out gains in the “single currency”.

As central banks globally continue to diversify into gold, the question of who owns and controls national gold reserves is beginning to get increasing scrutiny.

Central banks internationally are being petitioned to return their nation’s gold to their own countries rather than have them stored offshore in foreign jurisdictions.

People in many nations, including Germany and Switzerland, are petitioning their governments to repatriate their gold from the U.S. Federal Reserve and Bank of England. The demands come as peoples internationally slowly realise the importance of gold in preserving wealth and ensuring financial freedom.

Gold’s historic, symbolic, financial and monetary value is slowly being appreciated anew.

The Central Bank of Ireland continues to be queried about the status of the Irish gold reserves. It has been reluctant to release information and said that it is “not obliged” to release information due to certain “rules and regulations”.


Ireland International Reserves Monetary Gold - Central Bank of Ireland 

Ireland's finance minister, Michael Noonan, has also been asked about the country's gold vaulted at the Bank of England, such as whether the gold is held in allocated form with a bar list available and whether the gold is leased out into international markets. Answers are as of yet not forthcoming.

The Sunday Independent, Ireland’s best selling Sunday broadsheet covered the story yesterday in an article (see news) published yesterday which is being widely shared on the internet and commented upon:

Bankrupt Ireland owns six tonnes of gold, the bulk of which is held at the Bank of England, it has been revealed.

The Central Bank of Ireland said the value of its gold holdings was €235m last time it checked. This represents just over 1 per cent of its total investments.

A spokeswoman said the Central Bank was a party to the Washington Agreement on Gold, which recognised gold as an important element of global monetary reserves.

She said the Central Bank had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

Goldcore founder Mark O'Byrne said the Irish people had a right to know where Ireland's gold reserves were stored, how they were stored and whether they were loaned or leased out into the market.

He said the perception in Ireland that gold was in a bubble was absolute nonsense. Most people in Ireland don't even know what the price of gold is, he said.

The real debate we should be having is the risk posed by currency devaluation, said Mr O'Byrne, not just in Ireland with the euro but with sterling, the dollar and every other paper currency in the world.

He said a slew of people who had warned about the Irish property market were completely ignored and those warning about currency devaluation now were being ignored again.


Currency Ranked Returns in Euros – (Bloomberg)

While Ireland's gold reserves aren't much only six tonnes, the principle is important.

People in democracies have a right to know where their gold reserves are stored, how they are stored and whether they are loaned or leased out into the market.

Especially as gold reserves may help protect nation states from systemic and monetary crises and help maintain faith in increasingly debased paper and electronic currencies.

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

NEWS

UK bank sits on a pot of €235m in Irish gold – The Independent

Gold to lack glitter in 2013, says survey - FT

Gold Seen Advancing as Much as 14% This Year in LBMA Survey - Bloomberg

Gold futures move higher as dollar slips – Market Watch

Gold inches up on stronger euro, physical buying - Reuters

Treasury, Fed kill idea of $1 trillion platinum coins to avert debt crisis - Reuters

Latest debt ceiling fix-it: IOUs - CNN

Platinum Set to Hit Parity With Gold, But Comeback May Be a Blip - CNBC

COMMENTARY

Will Gold Go To $10K/oz to $13K/oz? - CNBC

Treasury, Fed Kill Trollin' Dollar Coin – Zero Hedge

Public U.S. gold audit petition hits White House website - Mineweb

America's Money Vault - 55 Million Dollar Gold Deposit – National Geographic

At last, question time for the money printers – The Telegraph

 


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Mon, 01/14/2013 - 09:33 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

We'll just hold it for you.

Mon, 01/14/2013 - 09:44 | Link to Comment CH1
CH1's picture

Damn, the Lords of Britain screw the Irish yet again!

Mon, 01/14/2013 - 09:46 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Everyone knows those drunken Irish bums are not responsible enough to hold their own gold.

Mon, 01/14/2013 - 11:08 | Link to Comment trav777
trav777's picture

Ireland has 10x that much gold held by leprechauns

Mon, 01/14/2013 - 11:22 | Link to Comment Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

FREE CORZINE!!!

Mon, 01/14/2013 - 13:57 | Link to Comment Strider52
Strider52's picture

I met a Leprechaun in Galway, we visit him every time we go. He can't drink anymore, doctor's orders, but he says the Leprechauns have been hiding gold for 1000's of years. Yes, I was drinking at the time...

Mon, 01/14/2013 - 10:37 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Stealing your gold? NO! It just becomes ours.

http://www.hark.com/clips/tdhfbdndkc-how-is-that-not-stealing

Mon, 01/14/2013 - 09:35 | Link to Comment Inthemix96
Inthemix96's picture

Does it fuck

Mon, 01/14/2013 - 10:11 | Link to Comment knukles
knukles's picture

Then it's there, laddie!
Aye, proofs in the pussen...

Just another central bank won't even say shit as if they relly even know shit about whoosiefutz where's the fuckin' gold, boy-o?

If there one fucking more central bank says they don't know, then I'll be fully convinced the Nephelim and Annanaukis did come here and steal all the shit an sayin anything's penalty is bein' eatin' fer dinner.

What's fer dinner, Yorg?
We be wokin' Ben and Timmah tonight....

Mon, 01/14/2013 - 09:39 | Link to Comment Antifederalist
Antifederalist's picture

And poof........it's gone

Mon, 01/14/2013 - 09:41 | Link to Comment apberusdisvet
apberusdisvet's picture

WOW:  the Irish got double-fucked.  First their pensions subordinated to bankster debt and now the corzining of their gold?

Mon, 01/14/2013 - 09:42 | Link to Comment Temporalist
Temporalist's picture

I should have posted this here...

Irish Farmer continues to defy Eviction Notice

Seamus Sherlock on day 150 of his stand against a notice of execution from The Bank of Scotland to evict him from his farm

http://www.demotix.com/news/1724755/irish-farmer-continues-defy-eviction...

Mon, 01/14/2013 - 09:51 | Link to Comment squexx
squexx's picture

Some of those Satanic Tribe leprechans got to it?!?

Mon, 01/14/2013 - 09:51 | Link to Comment BrigstockBoy
BrigstockBoy's picture

Sure and they have the leprechaun as well...

Mon, 01/14/2013 - 09:56 | Link to Comment Shizzmoney
Shizzmoney's picture

If by hold you mean, "rehypthoecate the Irish gold to China and pretend it's still in the vault"......then, yes.

Mon, 01/14/2013 - 10:00 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Well crap.....the cat's out of the bag now.

Mon, 01/14/2013 - 10:16 | Link to Comment knukles
knukles's picture

Kiss me blarney
Pull me finger
Were's the gold
We must not linger
Neath the rainbow
Twas should be
Till the British
Took from me

 

(small children in native potato costumes dancing about maypole festooned with arms and ammo, singing the praises of murdering their fellow heathens and Brits alike... aye tut tut tut such bein a lovely day for a killin' in Kileen, laddie)

Mon, 01/14/2013 - 10:19 | Link to Comment Son of Loki
Son of Loki's picture

Corzine's in charge of your gold...No worries...have another pint of Guinness....

Mon, 01/14/2013 - 10:25 | Link to Comment Calculated_Risk
Calculated_Risk's picture

"which recognised gold as an important element of global monetary reserves."

"TRADITION"

Seems like a pretty important tradition if you ask me, eh bernanke?!

 

p.s. fuck you bernanke!

Mon, 01/14/2013 - 10:33 | Link to Comment Crabshack
Crabshack's picture

Sounds like the rainbow ends at the BoE.

Mon, 01/14/2013 - 10:39 | Link to Comment caimen garou
caimen garou's picture

we think nessie got your irish gold,but we will get johnny english on it asap!

Mon, 01/14/2013 - 11:37 | Link to Comment AgAu_man
AgAu_man's picture

Nothing to worry about, me lads... U2 and Bono will do a benefit concert in Wembley (get it?), to save Ireland from the English. ;-/

Mon, 01/14/2013 - 11:12 | Link to Comment Vegetius
Vegetius's picture

Got to love the Irish elite, Irish banks bankrupt, a totally inept Central bank losing the gold (even though they only have a little bit to watch) we then have all the developers who went bankrupt, now many of them in receipt of taxpayers cash moving to the UK and hiding their assets. Finally you have the Irish leader so high on Hopium that he can see only good times ahead

 

“There is no 'Plan B' to fudge the huge bill if an EU deal does not emerge, and in four separate statements of ascending emphasis he said there will be a deal for Ireland.

 

 

"I'm confident we will get a deal on the promissory notes by the end of March,"

-          Taoiseach Enda Kenny

 

"For in reason, all government without the consent of the governed is the very definition of slavery".

Jonathan Swift

 

 

 

 

Mon, 01/14/2013 - 11:18 | Link to Comment Dark_Horse
Dark_Horse's picture

Even the owner of the gold cannot get transparency on their property, when it's in the hands of the central bank.

Money is fungible, and Bernanke says that gold is not money, towing the company line.

Without standard accounting and transparency, there's no telling how many times the Irish gold is currently leased out. If the central bank cannot tell the owner the location and serial number of the gold bars, then it's likely in a gold pool that is leased out, fungible. Only the central bank knows how many times any specific bar is leased out at the same time, and they ain't tellin' .

Bottom line is, Trust No One With Your Gold. (Get physical)

 

Mon, 01/14/2013 - 11:36 | Link to Comment MsCreant
MsCreant's picture

This is kind of like musical chairs, just with gold. When will the music stop? 

Mon, 01/14/2013 - 12:09 | Link to Comment Iam Yue2
Iam Yue2's picture

I have heard that there are plans to repatriate all of the Gold, so that it can be melted down into an ornamental shamrock, that will then be auctioned off in a global raffle on St Patricks day.

It is hope that the proceeds might go some way towards closing the bank debt funding gap.

The measure is thought necessaary as concerns grow that Ireland's export led recovery, driven in the main by sales of kerrygold butter and botox, is in danger of faltering, as austerity whipped consumers switch to margarine
and diy botox kits from homebase.

Mon, 01/14/2013 - 12:29 | Link to Comment spentCartridge
spentCartridge's picture

Two hundred and thirty five million euros is a big deal then?

Okay.

Mon, 01/14/2013 - 12:59 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

The Irish state remains in debt to the banks............

Gold is the banks money.

Ireland never really had it in the first place.

Its a accounting entry used to manage debt and not money.

 

 

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