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Swiss To Vote On Gold Repatriation

Tyler Durden's picture





 

The Swiss National Bank (SNB), which supposedly guarantees price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons and now members of the Swiss People's Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called (after they gathered 106,000 signatures) on stopping the sale of gold reserves held by the SNB. It also wants gold bars stored in the US to be returned. As Swiss Info reports, the People's Party leader Luzi Stamm comments, "Gold reserves guarantee the stability of the Swiss franc. They ensure that that private savings, salaries, pension keep their value," warning that gold must not be the object of speculation for the SNB or for politicians and demanding the SNB keep a minimum of 20 per cent of its assets in gold, twice the current level. In addition, they want to force the government to disclose where the gold reserves are stored, since "it is only in safe hands if it is kept in Switzerland."

 

Via Swiss Info,

A rightwing group has submitted more than 106,000 signatures to the federal authorities, seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank (SNB). It also wants gold bars stored in the US to be returned.

 

The group, led by members of the Swiss People’s Party, the far-right Swiss Democrats and the Lega dei Ticinesi movement, is confident a nationwide vote will be called on the issue once the signatures are verified. A date still has to be set by the government.

 

...

 

Gold reserves guarantee the stability of the Swiss franc. They ensure that that private savings, salaries, pension keep their value,” Stamm said.

 

He warned gold must not be the object of speculation for the SNB or for politicians.

 

The initiative also seeks to enshrine in the constitution a clause obliging the central bank to keep a minimum of 20 per cent of its assets in gold, twice the current level. Promoters say higher gold reserves will boost the SNB’s credibility.

 

In addition, they want to force the government to disclose where the gold reserves are stored.

 

An important part of the reserves are kept in the United States, according to People’s Party parliamentarian Lukas Reimann. He doubts whether the heavily indebted country can be trusted with the Swiss gold.

 

It is only in safe hands if it is kept in Switzerland,” he told journalists.

 

...

 

The SNB, which has to guarantee price stability in Switzerland, currently holds about 1,040 tons of gold reserves after gradually selling off at least 1,550 tons.

...

 


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Thu, 03/21/2013 - 15:33 | Link to Comment Manthong
Manthong's picture

Is this where it starts getting real physical?

Thu, 03/21/2013 - 15:33 | Link to Comment localsavage
localsavage's picture

No.... this is where the gig is up.

Thu, 03/21/2013 - 15:34 | Link to Comment Rubicon
Rubicon's picture

Lets hope they do a better job than the Germans!

Thu, 03/21/2013 - 15:38 | Link to Comment macholatte
macholatte's picture

 

 

“Do you hear that, Mr. Anderson? That is the sound of inevitability.”

  -- Agent Smith - The Matrix

Thu, 03/21/2013 - 15:43 | Link to Comment negative rates
negative rates's picture

SWeeTTT!

Thu, 03/21/2013 - 16:04 | Link to Comment Manthong
Thu, 03/21/2013 - 16:23 | Link to Comment They_Live
They_Live's picture

Goldelayheehoo!

Thu, 03/21/2013 - 17:28 | Link to Comment Big Slick
Big Slick's picture

"You disappoint me Mr. Anderson."

"What good is all your fiat currency, if the ATM's won't let you withdraw it?"

Thu, 03/21/2013 - 20:58 | Link to Comment bigkahuna
bigkahuna's picture

You will receive your gold......in installments over 30 years.

Thu, 03/21/2013 - 17:03 | Link to Comment Buck Johnson
Buck Johnson's picture

It's just delaying the inevitable pure and simple.  Eventually we all have to take a bit of this S**t sandwich and we won't like it.

Thu, 03/21/2013 - 15:39 | Link to Comment kaiserhoff
kaiserhoff's picture

No problemo Swissies.  It will just take us seven years to...ahem,, find, rehypothecate, figure out what the hell Corzine did with your gold, or was that seventeen years?  We git back atcha.  Cheers.

Thu, 03/21/2013 - 15:49 | Link to Comment Bastiat
Bastiat's picture

Yeah, you can have it back just as soon as the miners dig it up and sell it to us under forward delivery contracts that are $500 underwater.

Thu, 03/21/2013 - 15:53 | Link to Comment kaiserhoff
kaiserhoff's picture

They didn't read the fine print about "when hell doth freeze over, and other unforeseen or unforeskinned circumstances..."

Thu, 03/21/2013 - 16:09 | Link to Comment Lore
Thu, 03/21/2013 - 18:14 | Link to Comment Don Diego
Don Diego's picture

"unforeskinned circumstances"...pure genius and how right

Thu, 03/21/2013 - 18:39 | Link to Comment Urban Redneck
Urban Redneck's picture

It's convenient that half the world's gold gets refined in Tichino or Neuchatel, otherwise we might need another Xstrata to go dig it out of the ground... Although with the huge stash of worthless EUR and USD the SNB is just sitting on the paper price of gold is somewhat irrelevant.

Fri, 03/22/2013 - 03:47 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

it's called Ticino, that's where i live ;)

Thu, 03/21/2013 - 15:45 | Link to Comment swissaustrian
swissaustrian's picture

The intiative limits the timeframe to 2 years for repatriation and 5 years for the purchase of the additional 1000 tons of gold needed to reach 20% of "assets" (sic!), ie reserves.

Thu, 03/21/2013 - 15:54 | Link to Comment cifo
cifo's picture

I expected this to be your guest post, honestly.

Thu, 03/21/2013 - 15:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Good luck with that. As with any (central bank) conspiracy once the conspirators begin to defect the game is over. So every effort possible will be made to remind the various under-pressure-from-the-home-front central banks that they don't want to (can't in fact) jump ship.

I fully expect a new round of hot tub drownings and private airplane deaths to commence. Might even have a few full size passenger jets come down out of the blue with various recalcitrant national financial delegations aboard. 

A loud and clear message must be sent. The Ponzi puppet masters will turn to intimidation, blackmail and even assassination to keep this going another day/week/month etc. It will all be justified as "national security issues".

<Desperate men will do desperate things. Bank on it.>

Thu, 03/21/2013 - 17:08 | Link to Comment vulcanraven
vulcanraven's picture

"Might even have a few full size passenger jets come down out of the blue with various recalcitrant national financial delegations aboard."

 

The Titanic comes to mind...

Thu, 03/21/2013 - 18:08 | Link to Comment gonetogalt
gonetogalt's picture

No, not the Titanic, but the KAL 747 shootdown was over Congressman McDonald and a 'reluctant national financial delegation aboard' who never made it to Japan...The Japanese economy would be far different today but for that shootdown.

Thu, 03/21/2013 - 19:47 | Link to Comment glenlloyd
glenlloyd's picture

The TSA comes to mind....

Thu, 03/21/2013 - 17:23 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

did you have anybody in particular in mind?

The Ponzi puppet masters

aah, never mind....

Thu, 03/21/2013 - 16:08 | Link to Comment lolmao500
lolmao500's picture

2 years for repatriation? They gonna have to send the Swiss army in Fort Knox and in NYC to get all that gold so fast.

Thu, 03/21/2013 - 16:10 | Link to Comment swissaustrian
swissaustrian's picture

Part of it is supposedly in London

Thu, 03/21/2013 - 17:43 | Link to Comment AlaricBalth
AlaricBalth's picture

Ghana soon to be invaded by US and British forces to liberate the people from an alleged terrorist incursion. I would have chosen Mali but the French already claimed its gold.

Thu, 03/21/2013 - 22:36 | Link to Comment francis_sawyer
francis_sawyer's picture

They surrendered...

Thu, 03/21/2013 - 16:48 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

The thing about the Swiss, is that just about everyone is weaponized.  When these sort of demands are made in Switzerland, it's actually hazardous not to listen.

Speaking of which, our fabulous public radio here in the US did a half hour show regarding Swiss gun culture, with an obvious bent towards "why do those crazy Swiss seem to love guns so much".

Gee, I don't know, Steve Inskeep, probably has a lot to do with having any kind of power as an individual citizen.  

Thu, 03/21/2013 - 17:32 | Link to Comment KnightTakesKing
KnightTakesKing's picture

Yeah, but they (soldiers) never leave Swiss soil. So the US and UK have nothing to really worry about re: returning Swiss gold.

Fri, 03/22/2013 - 03:50 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

so do you think that after not returning gold to switzerland, anyone will ever trust in USA again?

Fri, 03/22/2013 - 12:29 | Link to Comment shovelhead
shovelhead's picture

Why would anyone trust the US anyway?

Ponzi...We're #1 and proud of it.

Thu, 03/21/2013 - 15:37 | Link to Comment Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

Bernanke's getting bitchslapped again  

Let's get physical!

http://www.youtube.com/watch?v=vWz9VN40nCA

Thu, 03/21/2013 - 16:00 | Link to Comment Croesus
Croesus's picture

The Bernank is going to bail from the Fed, probably fairly soon. He's smart enough to know that he doesn't want to be the fall guy for when SHTF.

Thu, 03/21/2013 - 16:00 | Link to Comment redpill
redpill's picture

These guys already blew their wad when it came to "guaranteeing the stability of the Swiss Franc" when they tied to the fucking Euro.  Helllooo

Thu, 03/21/2013 - 16:37 | Link to Comment akak
akak's picture

You beat me to it, redpill!

Just once, JUST FUCKING ONCE, I would love to see some nation, ANY nation, refuse to mindlessly follow the herd into monetary depreciation and the beggar-thy-neighbor insanity of fiat currency debasement.

Thu, 03/21/2013 - 16:50 | Link to Comment AetosAeros
AetosAeros's picture

"...and the buggar-thy-neighbor insanity ...."

There fixed it for you.

 

In the Army, when doing drill and ceremony, you have a prepatory command ('RIIIIGHT') and the command of execution ('FACE'). We used to call 'buddies' the prepatory command. Kind of like 'Member States', 'Member' being held the same. (pun intended)

Or out here in silly villain land I've heard the term that 'buddy' is only part of the word. Same thing.

Thu, 03/21/2013 - 16:51 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

The trick is controls on foreign direct investment.  That's the weapon used to get everyone in line.  Cut off the "hot money" flows, and you can have a relatively sane currency.  

Thu, 03/21/2013 - 15:34 | Link to Comment Croesus
Croesus's picture

There are a lot of different ways of looking at it, but I'm a simple man:

 What I will say about Gold is this: There is a "natural rhythm" to the world, that exists in people, nature, markets, weather, etc. Whenever "there is a disturbance in the force", nature seeks to restore that rhythm.

What we have today, is complete chaos all across the board, implying that "nature's reaction" is coming. The farther our actions take us, the more violent the reaction will be, when the pendulum swings the other way.

Forgetting fundamentals, forgetting what "so and so said", and what we think we know, there is a simple truth to Gold that no other asset can boast, and that is its history as an "item of value" that spans all cultures and time itself. 

This natural affinity people have for Gold, is what guarantees its stability, and value.

This affinity has outlasted governments, and civilizations; it predates religions, and it will outlast the ravages of central banking too.

Thu, 03/21/2013 - 15:40 | Link to Comment Dr Benway
Dr Benway's picture

If you want a simple way of looking at it:

Of every currency, stock, bond and financial instrument created in history, most are now worthless, whereas every ounce of gold mined has always had value.

Thu, 03/21/2013 - 16:08 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Correct, just remember the important bit; when fraud becomes the status quo, possession is the law.

Thu, 03/21/2013 - 16:46 | Link to Comment Go Tribe
Go Tribe's picture

It's also the only substance on Earth that the aliens want.

http://www.youtube.com/watch?v=9IzZsjED07A

 

 

Thu, 03/21/2013 - 17:05 | Link to Comment BullionTweet
BullionTweet's picture

Affinity requires affinity to perceive. Thank goodness you guys are out there. Gives me hope.

Thu, 03/21/2013 - 17:22 | Link to Comment Miss Expectations
Miss Expectations's picture

Nicely handled Croesus. 

Here's a short video of the Hidden Treasures from Afghanistan (Gold):

http://www.youtube.com/watch?v=aHx3k9NhIEM

Thu, 03/21/2013 - 19:16 | Link to Comment Croesus
Croesus's picture

Thank you! :) Cool video! Did you ever see any of the Scythian gold?

https://www.youtube.com/watch?v=tfzAqhUlrFw

 

@ Bullion Tweet: Hang in there, buddy! The numbers are growing by the day; in fact, I have a hard time running into people who don't agree with me, these days......

Thu, 03/21/2013 - 15:36 | Link to Comment McMolotov
McMolotov's picture

Bwahahahahahaha! This shit's going sideways in a hurry. I'm lovin' it!

Thu, 03/21/2013 - 16:29 | Link to Comment Pairadimes
Pairadimes's picture

"Sunnuvabitch! Totally did not see that coming!" - Bernanke

Thu, 03/21/2013 - 16:13 | Link to Comment CheapBastard
CheapBastard's picture

At least the Swiss People's Party has heard about Corzine evidently.

Thu, 03/21/2013 - 16:20 | Link to Comment swissaustrian
swissaustrian's picture

The initiators were influenced by Ferdinand Lips' book "gold wars".

Besides that they're similar to neocons in the US minus the foreign policy aspects.

Thu, 03/21/2013 - 21:14 | Link to Comment bigkahuna
bigkahuna's picture

How do you stoke up the military without making up some villian out of some mid-eastern/asian country and sending your soldiers over? Our neocons are actually military industrial statists. A real bunch of assholes. 

Our neolibs (also statists) are beginning to show a propensity to want to do something to their own countrypeople though. Do they fit this category?  

Thu, 03/21/2013 - 18:37 | Link to Comment Freddie
Freddie's picture

"Far right group" requesting Swiss gold.  Oh people who do not want the citizens robbed are "far right."  F The Newsmedia, TV and Hollywood.

Fri, 03/22/2013 - 03:53 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

yes. they are really far right. inform yourself a bit more before speaking.

Fri, 03/22/2013 - 05:24 | Link to Comment Gavrikon
Gavrikon's picture

And what, may I ask is WRONG with being "far-right?"  

- Antifas, the OTHER other white meat.

Thu, 03/21/2013 - 15:32 | Link to Comment Spider
Spider's picture

Unfortunately, this wont be voted on for a good long time.  Its too bad b/c this measure adds +$150 to the gold price

Thu, 03/21/2013 - 15:35 | Link to Comment CommunityStandard
CommunityStandard's picture

More time to stack my friend

Thu, 03/21/2013 - 16:41 | Link to Comment icanhasbailout
icanhasbailout's picture

Go long tungsten

Thu, 03/21/2013 - 15:33 | Link to Comment Stoploss
Stoploss's picture

BOOM...

Better get real smart about currencies real fast.

 

Or just stay on this site.

Fri, 03/22/2013 - 01:48 | Link to Comment Punch Bag
Punch Bag's picture

I have some gold in my retirement fund. But I only currently hold a certificate.

Sounds like time I took the gold out and bought a safety deposit box somewhere.

Fri, 03/22/2013 - 01:49 | Link to Comment Punch Bag
Punch Bag's picture

sorry for multiple comments

Fri, 03/22/2013 - 01:47 | Link to Comment Punch Bag
Punch Bag's picture

I have some gold in my retirement fund. But I only currently hold a certificate.

Sounds like time I took the gold out and bought a safety deposit box somewhere.

Fri, 03/22/2013 - 01:47 | Link to Comment Punch Bag
Punch Bag's picture

I have some gold in my retirement fund. But I only currently hold a certificate.

Sounds like time I took the gold out and bought a safety deposit box somewhere.

Fri, 03/22/2013 - 01:47 | Link to Comment Punch Bag
Punch Bag's picture

I have some gold in my retirement fund. But I only currently hold a certificate.

Sounds like time I took the gold out and bought a safety deposit box somewhere.

Fri, 03/22/2013 - 01:48 | Link to Comment Punch Bag
Punch Bag's picture

I have some gold in my retirement fund. But I only currently hold a certificate.

Sounds like time I took the gold out and bought a safety deposit box somewhere.

Thu, 03/21/2013 - 15:34 | Link to Comment Meat Hammer
Meat Hammer's picture

Idiots.  Simon Black told me to send mine to Singapore.

Thu, 03/21/2013 - 15:40 | Link to Comment Croesus
Croesus's picture

Yes, I want to deposit my money in a bank in Singapore, while I live in Chile. Nothing could possibly happen that would make travel impossible, and there's no way a bank couldn't be robbed (by robbers in masks, or by other bankers).

Where do I sign up for such a deal?

Thu, 03/21/2013 - 15:49 | Link to Comment Meat Hammer
Meat Hammer's picture

Send me $49 (in Bitcoin...today only) and I'll give you the exclusive report.

Thu, 03/21/2013 - 15:54 | Link to Comment Croesus
Croesus's picture

I lost all my Bitcoin in an unfortunate boating accident. Could I wire you some Euros from my bank in Cyprus?

Thu, 03/21/2013 - 16:05 | Link to Comment ziggy59
ziggy59's picture

I thought bitcoin was waterproof

Fri, 03/22/2013 - 02:31 | Link to Comment mkhs
mkhs's picture

He meant an unfortunate power outage.

Fri, 03/22/2013 - 06:57 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

I will gladly pay you Thursday (in Bitcoin) for at bar of Gold today

Thu, 03/21/2013 - 15:36 | Link to Comment swissaustrian
swissaustrian's picture

Collecting these signatures was a mess, because the comittee counted 15000 signatures twice which nearly caused us to miss the deadline yesterday.

-----

Most political parties will not support our cause, but the Swiss people have proven that they're voting against their politicains.
The icing on the cake is that - if passed - the initiative could cost us our IMF membership, because it effectively means instituting a partial gold standard (20% of the SNB assests in gold, all the time) which is prohibited for IMF members.

Official text of the initiative,

Quote :

Federal popular initiative 'Save our Swiss Gold (gold initiative)'
I

The Federal Constitution is amended as follows:

Article 99 (new) Gold reserves of the Swiss National Bank

1 The gold reserves of the Swiss National Bank are not for sale.

2 The gold reserves of the Swiss National Bank must be stored in Switzerland.

3 The Swiss National Bank has to keep their assets to a large extent in gold. The gold content shall be not less than twenty percent.

Thu, 03/21/2013 - 15:39 | Link to Comment McMolotov
McMolotov's picture

Y'all sound like terrrrists to me.

Thu, 03/21/2013 - 15:41 | Link to Comment swissaustrian
swissaustrian's picture

I'm confident that I'm already on a list just for posting here on ZH.

Thu, 03/21/2013 - 15:55 | Link to Comment knukles
knukles's picture

Don't get too carried away... That's your ego getting hold of you. You nor I are that important...

Thu, 03/21/2013 - 16:21 | Link to Comment Rubicon
Rubicon's picture

Dear Sirs:

I am writing regarding Article 4, Section 2b of the International Monetary Fund (IMF)'s Articles of Agreement. As you may be aware, this language prohibits countries who are members of the IMF from linking their currency to gold. Thus, the IMF is forbidding countries suffering from an erratic monetary policy from adopting the most effective means of stabilizing their currency. This policy could delay a country's recovery from an economic crisis and retard economic growth, thus furthering economic and political instability.

I would greatly appreciate an explanation from both the Treasury and the Federal Reserve of the reasons the United States has continued to acquiesce in this misguided policy. Please contact Mr. Norman Singleton, my legislative director, if you require any further information regarding this request. Thank you for your cooperation in this matter.

Ron Paul

U.S. House of Representatives

Thu, 03/21/2013 - 16:25 | Link to Comment Rubicon
Rubicon's picture

Section 2.  General exchange arrangements

  • (a) Each member shall notify the Fund, within thirty days after the date of the second amendment of this Agreement, of the exchange arrangements it intends to apply in fulfillment of its obligations under Section 1 of this Article, and shall notify the Fund promptly of any changes in its exchange arrangements.
  • (b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member’s choice.
  • (c) To accord with the development of the international monetary system, the Fund, by an eighty-five percent majority of the total voting power, may make provision for general exchange arrangements without limiting the right of members to have exchange arrangements of their choice consistent with the purposes of the Fund and the obligations under Section 1 of this Article.

Thu, 03/21/2013 - 17:22 | Link to Comment BullionTweet
BullionTweet's picture

I think we all believe this has been set up for a while now. No sense in getting the guys who are setting it up to even acknowledge the rightness of your comments. This is futile as this control group has now become obvious in its intention (think Cyprus). Too late to gain political clout in any type of movement (unless your name is Pepe), and within the law, that will allow for objectivity from the "placed" decision makers, oh yes, on all four pillars. Bottom line is get some precious metals and don't even worry about the price. In less than 4 years from now you will be very, very  happy you did. Don't try changing the system at this point. Protect yourself from it.

Thu, 03/21/2013 - 16:22 | Link to Comment auric1234
auric1234's picture

Thanks to the improvements in drone technology, the cost of smoothly terminating a political combatant has been reduced by several orders of magnitude. Now you don't have to be so important. Just don't be, don't, engaged in combat.

 

Fri, 03/22/2013 - 05:26 | Link to Comment Gavrikon
Gavrikon's picture

Sure hope you're right about that.

Thu, 03/21/2013 - 15:42 | Link to Comment RacerX
RacerX's picture

"if passed - the initiative could cost us our IMF membership"

That sounds horrible. Whatever will the poor Swiss do without the great IMF?

Thu, 03/21/2013 - 15:54 | Link to Comment ziggy59
ziggy59's picture

I think they read it as MILF

Thu, 03/21/2013 - 15:57 | Link to Comment knukles
knukles's picture

Hold the boat and stop the presses!

Thu, 03/21/2013 - 16:47 | Link to Comment Rustysilver
Rustysilver's picture

Then do it immediately, Swiss will be better without IMF.

Thu, 03/21/2013 - 15:56 | Link to Comment holgerdanske
holgerdanske's picture

I wish the Swiss would wake up and stand for sound money and banking. They have bent further and further to appease the Germans and the French. Switzerland of 40 years ago is no longer. Their government is remote controlled by the EU.

Only the people and their voting rights (direct democracy in action) has prevented a complete surrender.

I can only hope you can turn the ship around before it hits the shits.

Thu, 03/21/2013 - 16:18 | Link to Comment swissaustrian
swissaustrian's picture

Pictet and Lombard Odier, two of the largest remaing private banks, have decided to morph from partnerships (UNlimited liabilities of the partners) to corporations (limited liabilities). That's symptomatic for the shape of the Swiss banking industry.

Thu, 03/21/2013 - 18:54 | Link to Comment Urban Redneck
Urban Redneck's picture

Greed or Fear?

In the case of the Goldman IPO the motivation of greed was clear.  But while the soon-to-be no-longer-private bankers love talking up the possibility of easier capital raising (esp after Madoff) they don't seem very keen do discuss the increasing possibility of an even larger liability...

Thu, 03/21/2013 - 15:56 | Link to Comment Z'
Z&#039;'s picture

I wish you luck on the initiative, sincerely. 

An important part of the reserves are kept in the United States, according to People’s Party parliamentarian Lukas Reimann. He doubts whether the heavily indebted country can be trusted with the Swiss gold.

Lukas Reimann has a very good point... given the US position when Germany wanted their gold, I wouldn't trust the US not to try the same with Switzerland.  I do wish you the very best in this initiative, maybe it will put a choke on the ridiculous conceits of the financial world powers.  Every battle is important in upstaging the financial sociopaths of the world, so thank you for initiating a front.

Thu, 03/21/2013 - 16:15 | Link to Comment swissaustrian
swissaustrian's picture

Nobody outside the SNB really knows where the gold is (and maybe those inside don't really know either due to leasing and swap agreements...). It's all heresay.

In 2003, then Swiss Finance Minister Kaspar Villiger famously told parliament he couldn't reveal where the gold is stored because "I don't know either, don't have to know, and don't want to know.

 

Thu, 03/21/2013 - 16:24 | Link to Comment auric1234
auric1234's picture

You know what, I think some of it might be in my stack.

 

Fri, 03/22/2013 - 02:35 | Link to Comment mkhs
mkhs's picture

Are they stamped SNB?

Fri, 03/22/2013 - 20:11 | Link to Comment auric1234
auric1234's picture

Not in this life. But who knows how many times this same gold has been minted.

 

Thu, 03/21/2013 - 16:39 | Link to Comment Z'
Z&#039;'s picture

I don't know how it is possible to type that without feeling ill, because I must say reading it made me nauseated.  Ugh, is there nothing that hasn't been undermined in these world financial games?  Rehypothecation, indeed.

[edit] This was in reply to Swissaustrian post #3359005.

Thu, 03/21/2013 - 16:03 | Link to Comment debtor of last ...
debtor of last resort's picture

Direct democracy, referenda, the stick in the wheel of the fascists. Succes!

Thu, 03/21/2013 - 15:35 | Link to Comment gdogus erectus
gdogus erectus's picture

Their gold is with everyone else's! Just find the vault the Rothschilds use!

Thu, 03/21/2013 - 19:20 | Link to Comment DosZap
DosZap's picture

If GOLD is not money, why do all these Soverigns and CB's want all they can get?.

Answer;They know GOLD is money,6000yrs of history trumps Keynes,and all his whores.

Fri, 03/22/2013 - 02:21 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

You don't know tradition when you see it?

Thu, 03/21/2013 - 15:36 | Link to Comment JawsMusic
JawsMusic's picture

Gold Bitchez

Thu, 03/21/2013 - 15:36 | Link to Comment fonzannoon
fonzannoon's picture

once we finish Germany's 20% of their 100% request in 2020 we will take a look at your request

- NY Fed

Thu, 03/21/2013 - 15:41 | Link to Comment McMolotov
McMolotov's picture

We're gonna have to find another gold-producing African nation we can defend against the ravages of terrorism.

Thu, 03/21/2013 - 15:58 | Link to Comment knukles
knukles's picture

Psssst. Now there's a rumor Syria has piles of gold....

Thu, 03/21/2013 - 15:59 | Link to Comment Citxmech
Citxmech's picture

Pretty soon these clowns are going to enact mechanisms to confiscate physical.

Thu, 03/21/2013 - 15:48 | Link to Comment Dr Benway
Dr Benway's picture

And who knows how many more repatriation requests are coming afterward from other countries. Funny how these things works, precedents and contagion. 

Thu, 03/21/2013 - 15:37 | Link to Comment Mark123
Mark123's picture

Crazy swiss....bunch on nuts.  They know nothing about money.

 

I trust ben-bucks.  I mean who wouldn't? 

Thu, 03/21/2013 - 15:37 | Link to Comment Z'
Z&#039;'s picture

Barbarians!

/sarc

 

Germany's repatriation is a 7-year timeframe.  Surely Switzerland will receive the same 'beneficial' terms?

Thu, 03/21/2013 - 15:40 | Link to Comment swissaustrian
swissaustrian's picture

No the intiative limits it to 2 years for repatriation and 5 years for the purchase of the additional 1000 tons of gold needed to reach 20% of "assets" (sic!), ie reserves.

Thu, 03/21/2013 - 17:20 | Link to Comment Blano
Blano's picture

With all due respect, your initiative isn't going to mean shit here in the US.

Fri, 03/22/2013 - 04:01 | Link to Comment Ar-Pharazôn
Ar-Pharazôn's picture

oh yes my dear friend.

 

you probably already sold that gold. so now go in that fucking hole and dig :)

Fri, 03/22/2013 - 13:06 | Link to Comment shovelhead
shovelhead's picture

The US Banksters ain't gonna let that happen.

A gold backed Swiss Franc would almost immediately become the worlds reserve currency and the most expensive on Earth. Everyone would have to follow and devalue their currency to fit their gold reserves. World govts can't let everyone see how broke they are.

The only unforgivable sin is real money.

Thu, 03/21/2013 - 15:40 | Link to Comment magpie
magpie's picture

Keeping with domestic policies, a guns-for-gold program might be necessary

Thu, 03/21/2013 - 15:38 | Link to Comment swissaustrian
swissaustrian's picture

For anyone interested in the history behind this initiative, read:

Ferdinand Lips - Gold Wars

Thu, 03/21/2013 - 15:38 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Get in line behind Germany and can you spare 10 years?

Thu, 03/21/2013 - 15:40 | Link to Comment SheepDog-One
SheepDog-One's picture

I keep getting this mental image of the 10 minute Mexican standoff gunfight at the end of The Good, the Bad, and the Ugly.

Thu, 03/21/2013 - 15:41 | Link to Comment butchee
butchee's picture

I wonder if the gold will cover their FX exposure?

Thu, 03/21/2013 - 15:44 | Link to Comment swissaustrian
swissaustrian's picture

10% of fx is currently in gold, 60% in EUR, the rest in USD, GPB, JPY, NOK, SEK etc (ordered by size).

the goal is to have at least 20% in gold.

Thu, 03/21/2013 - 15:41 | Link to Comment negative rates
negative rates's picture

Returned? Gees, if that aint a wake up call!

Thu, 03/21/2013 - 15:41 | Link to Comment frenchie
frenchie's picture

ooops ?

Thu, 03/21/2013 - 15:42 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

How about a Texas gold depository? It's Rickards, but it is interesting

 

http://ph.news.yahoo.com/video/why-texas-may-start-hoard-171030599.html

Thu, 03/21/2013 - 15:42 | Link to Comment Golden_Rule
Golden_Rule's picture

I guess they could probably use a way to reduce their money supply from the Euro peg anyways...

Buy the top, central banker bitchez.

Thu, 03/21/2013 - 15:43 | Link to Comment Banksters
Banksters's picture

But but I invested in a gold etf... lol

 

 

Thu, 03/21/2013 - 15:43 | Link to Comment buzzsaw99
buzzsaw99's picture

Switzerland keeps their gold in the usa? NOW THAT'S FUNNY! THOSE FOOLS!

Thu, 03/21/2013 - 15:44 | Link to Comment ziggy59
ziggy59's picture

They keep their chocolate here too.. I know, i buy it

Thu, 03/21/2013 - 15:59 | Link to Comment knukles
knukles's picture

They both come in them little mesh baggies, right?

Thu, 03/21/2013 - 15:59 | Link to Comment youngman
youngman's picture

So they have been "told"....its probably not there...just told that it is...wink wink

Thu, 03/21/2013 - 15:43 | Link to Comment ziggy59
ziggy59's picture

They aint getting any of the small credit suiss bars i had back...
Frig that!

Hey Lew, you sweating yet? You may soon be regretting saying " I do " for tiny tims job..

Thu, 03/21/2013 - 16:06 | Link to Comment sitenine
sitenine's picture

We are quite fortunate to have Lew, because we're likely going to need all those extra zeros on our money soon. Jack Lew's signature: www.buzzfeed.com/jtes/14-things-that-look-like-jack-lews-signature

Thu, 03/21/2013 - 15:46 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Guys, I caught the Jim Sinclair Q&A at the Hilton yesterday.  Great stuff.  If you ever have a chance to see him, do it.  I'm no hero worshipper, just saying.

BTW I was probably one of the 10 youngest people (37) in a packed house.  Half of HNW white men over 50 from Connecticut showed up.  It was like a meeting of Roman senators.  And, me in my Doc Martens with notepad in hand.

My summary:

gold, bitchez!

Thu, 03/21/2013 - 16:37 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

That transcript got some things wrong, btw.  Just sayin ... I love my silver doctor brethren, but, not 100% accurate.

edit:

The picture, for one, was not from there.

Also, the "orgasmic" bit was tempered by the finish, "Instant gratification is hilarious."  His point was, don't strangle the golden goose.  It made me feel like the first run to $1900 was run by one party but stunted by another so as not to blow the big load prematurely. Just an impression. 

$500 silver DEFINITELY won't happen, "it's a myth" said Jim.  He said silver would touch triple digits but can't sustain it.  IMHO he may be bullshitting, he struck me as a supremely talented IRISH GRANDFATHER -grade bullshitter. 

The Fed doesn't have the gold "revaluation" "tool".  Gold is revalued in the markets daily and no government can revalue it.  He said the same about currencies.  The hedge funds are more impactful on the currencies than even governments according to JS.  The Fed's only tool is QE, which will go to infinity despite the Fed's non-belief or apparent non-belief that it will NOT be necessary.

Also, he made damn sure he said nothing that could later be quoted / construed as illegal should he be implicated in some manipulation sting.  He went out of his way to stipulate every comment. 

Totally well spoken, totally in control of his language.  The real deal on so many levels. 

 

 

 

Thu, 03/21/2013 - 16:30 | Link to Comment gwar5
gwar5's picture

Nice!  Thank you.

 

Thu, 03/21/2013 - 16:01 | Link to Comment Irene
Irene's picture

We must've been sitting at opposite ends of the room! I was surrounded by nothing but young guys and foreigners. 

It certainly was great stuff. ;)

Thu, 03/21/2013 - 16:20 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Irene, I was center right standing in the middle door which was open (I get claustrophobic, plus, the audio on either flank seemed subpar). 

I will be a gentleman and not ask directly what you would consider "young". 

I really only noted 2 or 3 younger women, and if you were the brunette in the black stockings, you were the hottest one there.

Again, being a gentleman here.

 

</s>

Thu, 03/21/2013 - 16:29 | Link to Comment gwar5
gwar5's picture

Awesome!! Good for you!  Wished I could have been there but am far, far away. 

 

What up? Care to share some juicy bits? Did he go over anything not said on his website? 

He's been pounding the table on the recent gold take down as just another gasp by the buillon/central banks. He's always suggested he's got top inside contacts (Paul Volcker?) so I wonder ed what insight he had on banker stress levels and how much more duct tape remains in their arsenal?

He has also hinted he thinks Cyprus may have accelerated the rate at which things will deteriorate?

Thanks!

Thu, 03/21/2013 - 16:35 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

He said a lot of what he's said and his site jives with him in person.  There was only one instant where he denied something that DID indeed appear on the website, it was the "Bankers hate silver more than gold" comment.  He denied saying it, but I clearly remember reading it and so did his questioner.  Perhaps one of his editors got a little fervent.

A big-ass street brotha got up, shucking and jiving and using language above his education, but he was brave, and he basically delivered the intent of the WJB's "Cross of Gold" movement from the 1900s, that "why not silver as money, for the po' people" and JS was very clear with him - silver will go up, and silver owned by individuals in poorer nabes can very well drive some degree of prosperity into those places (implying, if they choose to keep it there).

You gotta see him, it was like JS Mineset compressed.

Thu, 03/21/2013 - 16:39 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

He was of the mind that Russia "will defend gold" after Cyprus, he seemed energized by that.  He also had some good stuff on China, "They plan centuries in advance, we don't know what we're doing tomorrow."  He was very impressed and very wary of the fact that they popped up two subs in the middle of a naval exercise.  "You gotta have balls and a helluva sense of humor to do that."

Thu, 03/21/2013 - 16:49 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

He had an anecdote on Paul Volcker, after seeing him years later:

"Mr. Volcker, do you remember me?"

"No."

Checking my notes...

On China:

"They execute their bankers that deal in derivatives." ... they do amazing thing, but there is another side to it.  It's slavery, It's prisoners working, etc.  They do not want the yuan to be OFFICIALLY MADE a reserve currency, they may want reserve status on a choice, ad hoc, de facto basis ....

On Armstrong:

"If an intelligent guy called me a fool, I'd feel bad.  Nothing personal."  Says he invented the OTC derivative and now works to impress his masters.

"Two ways to get rid of the criminals: screw the business, or screw them."

Stock of above-ground gold is unknowable. 

"Cyprus was the dumbest thing the IMF did in its history."

"Finance is a criminal enterprise." "Remonatization of silver is unlikely." 

Bitcoin: "Intriguing, but not practical."

"Learn to sell."

 

 

Thu, 03/21/2013 - 17:14 | Link to Comment gwar5
gwar5's picture

Sounds like it was a really good time. I like the Volcker anecdote. And everybody recognizes Volcker, he's about 6' 9".

 

Sounds like JS is not a big silver guy, but really no surprise there. Triple digit silver is OK by me, I view it useful for local economy trading. He sure didn't sound he thought silver was going down. 

Thanks.

 

 

Thu, 03/21/2013 - 17:04 | Link to Comment gwar5
gwar5's picture

I was a little amazed when I saw that happened. Indicative of the Superpower changing of guards.

Thu, 03/21/2013 - 18:35 | Link to Comment Bazza McKenzie
Bazza McKenzie's picture

I know nothing about this guy Sinclair.  But when I read statements like China "They plan centuries in advance", I am not impressed.

That's exactly what people said about Japan in the 80s (though the time horizon was more modest, 50 years).  So the idea that the Japanese "planned" to have the last couple of decades of a sick economy, a population that has topped out and gone into decline when they have become the most indebted country ever, and that they would first make themselves dependent on nuclear power and then pull it all out in a rush is all part of one big plan is a bit difficult to believe.

Likewise the idea that China (who we are told "plan centuries in advance") planned to be the plaything of European powers in the 18th and 19th centuries, planned to live in poverty most of that time, planned to be butchered by the Japanese in the early 19th century, planned to have the "Great Leap Forward" that starved 20 million+ of their people is also a bit difficult to believe.

The simple fact is the Chinese, like the Japanese, like the Europeans, like the US and pretty well everywhere else are governed by stupid, self seeking psychopaths.  Occasionally the politicians in one country are a little less incompetent or a little less self seeking than in others, or their self interest temporarily coincides with that of the broader population.

In the last few decades it has been in the self interest of most of China to rip off the IP developed in the West, to take a huge amount of investment from the West and to apply it in jobs that paid a lot more than most Chinese were previously making.  So China has boomed.  But the limitations in its own force fed, mercantilist policy are now catching up to it.  The notion that this is all to do with some wise country that plans centuries ahead is risible.

Thu, 03/21/2013 - 19:24 | Link to Comment DosZap
DosZap's picture

I know nothing about this guy Sinclair

Then you need to learn more about him,he has more experience in the GOLD mkts than anyone else alive.

Read his site daily.

www.jsmineset.com

Fri, 03/22/2013 - 02:06 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Japan: there's more than 1 set of planners. Also: they LOST WWII. That means modern Japan is a vassal of the USA military.

They'll build the best robots but otherwise they'll do what the fuck they're told to do.

1945 was a long time ago yet there's NO power to remove US military bases from there. NONE.

Fri, 03/22/2013 - 02:13 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

"In the last few decades it has been in the self interest of most of China to rip off the IP developed in the West"

IP does not even exist in reality. The entire concept is a sham. Public information that must act as if it is unseeable, uncopyable. Utter nonsense. Anti-freemarket. Anti-reality for that matter. More communist than communist China or Russia ever were.

"So China has boomed.  But the limitations in its own force fed, mercantilist policy are now catching up to it.  The notion that this is all to do with some wise country that plans centuries ahead is risible."

NO, you simply have never learned to see. The internal dynamics are as stable as one can expect for an entire 1/3rd of global population in ONE jurisdiction. What you will soon find is that damage will be transported BACK to the other economies as it has been transported IN for inflation. They DO watch & understand how this game works.

That doesn't mean they will win but it does mean they will be on top of their game. America is NOT on top of their game. Americans have become fat & lazy, dumb & secure. They know only one game: shoot it & take stuff. That game is now failing. Too many lures, too dumb to strategize into victories of finance, instead wars of expenditure for little nothings of influence.

The leverage from each war was too little, resources too few, costs too high & most of all, the art of setting nations at war with each other on YOUR OWN behalf seems to have been lost. Must have been a wave of retirements at the CIA. Not that I support it but the mess of multiple wars has cost too many lives in too messy a fashion, been to blatant a set of lies & will cost the American empire its very existence.

Only a fool at this point could think China will fall before America.

Thu, 03/21/2013 - 17:02 | Link to Comment gwar5
gwar5's picture

Nice.

Thu, 03/21/2013 - 15:46 | Link to Comment Undecided
Undecided's picture

http://www.theglobeandmail.com/try-it-now/?articleId=10073392

 

Alberta man selling $400,000 house for bitcoin...

Thu, 03/21/2013 - 16:16 | Link to Comment Undecided
Undecided's picture

lol dam look at the down votes, we will see what happenes to your money if an EMP ever goes off lol, hold your gold and silver tightly or loose it in a boating accident :p

Fri, 03/22/2013 - 02:00 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

He's sure gonna be sorry when he finds out the #1 buyer of bitcoins is the #1 printer of dollars. If Bitcoin only existed on barter networks maybe he'd be fine but he's not. They're fucked.

And that's before the power goes out.

Once that grid is off bitcoin holders will realize a currency that takes near zero-space to store will leave them with the biggest bag to hold.

By the end of that you'll wish you had zimbabwe-dollars.

Thu, 03/21/2013 - 15:49 | Link to Comment Bruce Krasting
Bruce Krasting's picture

As a non resident Swiss, I think I will be able to cast a ballot on this. I'll make an effort to do that, just for the satisfaction of it.

I don't think my vote would matter at all. I would expect 90+% of the Swiss would like to see their gold in their own vault. This vote's a lay-up.

Gold loans, someplace or another, will get called as a result. Not to worry, all that metal is really there, right?

Thu, 03/21/2013 - 15:52 | Link to Comment swissaustrian
swissaustrian's picture

Getting this to pass against all the propaganda from the establishment is gonna be a pain in the a.. .

The guys who are running the comittee aren't the brightest either, to say the least.

The campaign will be one hell of a fight for sure.

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