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Which Country's Gold Will Be Sold Next?
The first time the Status Quo/Troika tried to force a (not so) stealthy gold confiscation on an insolvent European country was back in early 2012, when as part of the most recent Greek bailout MOU, it was disclosed that "Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal." However, the public outcry was so loud that the Troika had no choice but to shelve its plans and proceed with a full scale bondholder restructuring instead. Fast forward to last week, when Europe's appetite for physical gold came back with a bang, this time as part of the Cyprus "Debt Sustainability Analysis", and subsequent comments from Mario Draghi, demanding that tiny Cyprus, whose opposition, already weakened by the confiscation of uninsured deposits would be far less vocal than Greece's, sell off €400MM, or virtually all of its sovereign gold, over 10 of its 13.9 total tons, to cover the excess costs of its ever ballooning sovereign bailout.
So who's next? It remains to be seen, although we are certain there will be a very clear correlation between the next country to see its gold "purchased" by the status quo, likely some time in the next 1-3 months, and the amount of total non-performing loans on said country's bank balance sheets. The usual suspects are presented below.
And, in the parlance of Goldman Sachs, these countries better scramble to sell, sell, sell now before gold hits 0, or maybe even goes negative.
Source: World Gold Council
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There is no way Italy would ever, EVER sell their gold. They will leave the Euro first. The sooner the better.
If the US is on the verge of an economic recovery and gold has no intrinsic value then the U.S should be unloading all their supposed inventory now. It's borderline criminal that they sit there and hold all that barbaric relic.
Gotta admit, it would be pretty awesome to watch Italy blow up during options expiration week. Someone might make a lot of money on successfully "predicting" that.
I agree with fonzannon - further Italy is currently on "auto-pilot", and it has a steady course. the kind of course that the ECB is willing to defend if necessary, with "whatever it takes"
no, Italy will be more at risk as soon as it has a working government, not before. another reason why the Italian "elites" have no hurry...
meanwhile, fonz, taking Italy out of the eurozone would require a lot of... political capital (LOL) and nobody that is currently talking about it is really willing to do so and take whatever blame and fallout that can arise from it
but go on and convince Uncle Sam to unload it's gold, if you can... ;-)
That's the question right Ghordius? When is that moment in time where Italy and the ECB have to see who flinches first? Looks like it's on it's way,
We should put Fort Knox up on Ebay......kinda like bidding on storage space. Not sure what you're going to get until you look inside.
Go. To. The. Coin. Shop. What? You're saving the cash for something else? Overpriced College tuition, no way dude, that's a scam. A diamond ring for your mediocre entitled Western girlfriend? Please, I beg you, don't. A new flatscreen TV or iPhone 5, a new car, some overpriced drinks to hit on so-so chicks? This is not the right time for that. Buy gold. Buy silver. Buy some peace of mind.
Gold has no counter party risk. You can't print it. It has secrecy, in an age of Big Brother monitoring all other financial transaction. And, there's a huge paper market of it that is crashing and the dealers are still selling the physical version for the same basic price.
This is a once in a lifetime opportunity, in my opinion. Buying gold right now is like stepping out from in front of an onrushing bus with two seconds to spare. Waiting till later (for those without any yet) is like trying to stop and pick up a coin in the street first.
http://www.singledudetravel.com/2013/04/back-up-the-truck/
Well.....I was think about joining a cult.
It's wicked expensive....but they've assured me it's well worth it.
People are making plans as if this year is going to be like last year. It is almost hilarious.
Just like it was a once in a lifetime when it "dipped" to $1750, or when it "dipped" to $1650, or when it "dipped" to $1500?
go buy some aapl Hank.
It's a good deal at 1650 and even better at 1400.
AAPL at $430 a better buy than gold at $1410.
Market's been open about an hour, gold is at 1393 and APPL is at 424.
Bet you a round that GLD closes this week better than that other paper instrument, Apple.
AFAIK, Silver is the best bargain around at $22.90 - but we will see when this panic period closes.
BTFD
Don't waste your breath........if they haven't figured the game out by now its hopeless......hehehehe
The gold of the club med will not be sold, it will be transferred to Germany in exchange for backing up these fucked up club med countries!
A straightforward exit from the U-OWE ZONE is looming for Italy and the rest of the Club Med contingent...who, on their own are easy prey for the Squid and Co...but in an alliance of a resusitated Latin Monetary Union type, and the right mix of nationalistic leadership, will form a trading bloc of sizeable girth, and have the freedom to manage currency policy without undue interference from the centralizers.
This sounds tricky(probably because it is!)but since the alternatives are a)financial collapse b)complete toadying to the cartel banks and their central planning political puppets(eg. loss of all pretence of sovereignity, the will will be found to make the case and complete the deal. China and Russia are willing to help(undercover)and ZATO's 'soft underbelly' has never been softer since 1948. The stakes are huge...but there's only one last shot before the House takes all!
France cannot and will not be invited. All of the so-called PIGS are in...Ireland not. Romania, Bulgaria, the Serbs and Cypriots are all desperately awaiting this move, which really needs the Swiss aboard, as in the original Union, to make a fast break...but they are unlikely to throw in their chips -yet. Austria is the key invite...with Slovenia and Hungary waiting to come aboard if invited. Bringing in the Turks would be the masterstroke, but the political waves make that a stretch...for now! Round Two, it's a lock...once the professional agitators of the CIA type have been banished from the zone. Between them these countries hold more gold(as in hold in possession!) than the (supposedly solvent)northern neighbors...but as this article is keen to point out...that situation is surely transient...unless they move fast...and together!
Intriguing and indeed desirable. Your sources ?
Patchwork of interlocking connections which of necessity remain below radar as the concept runs directly counter to the intention of the sionist banking cartel to parcel up it's "united" Europa into convenient neo-fiefdoms...(eg. non nation state satrapies)...those 'conspiring' to make this project are very aware of the "Jorg Haider" type of fate which awaits the person who overtly tampers with the "Iron Curtain"...and that sionist operatives infect every level of policy making structure in the MOSSAD-MAFIYA policed Eurozone...
think "the Revenge of Gladio"...after some 70 years and three generations of serfdom to the sionist imperium...patriots all over Europa have woken up, and are on the move...quietly. Your sionist controlled MSM and 'alternative press' dare not shine a light upon this awakening...but in cities such as Barcelona, the heroes of the next strike against sio-nazi communo-fascism are ready to take new Durruti Columns into this new millenium.
We won't be fooled again.
In other words...you just pulled that out of your butt.
Right?
Have it yur way compadre...I've nothin to sell, and what I trade in, you couldn't afford.
If your premise is based on the CIA leaving the southern Euro-zone by the will of others (and soon), then I don't see that happening too quickly. My guess is that the CIA, NSA types, have their own set of strategic objectives and they are playing at serious levels.
The "Deep State" politics which has played off countries and nationalities against each other has been enormously successful for it's originators. So much so that it is, indeed, difficult to imagine an end to their reign of terror...particularly at a time when they're shadow seems to be extending ever further.
That's what makes the current moment of time so intriguing. The fall of the sionist "Iron Curtain" will be astonishingly quick and definite...it's already only held up by smoke and mirrors. Virtually all that we read enforces that shaky structure...but life still exists beyond the printed page and it's new replacements in the 'information age'. We shall see soon enough.
US has no gold.
niether do i
damn canoe
In 7 years I hear Germany might have some.
I am thinking some big announcement is coming. Maybe instead of tapering off QE they are going to add to it. Or they will just pull a Cypress on everyone around the world. A global "bail in".
Or is their a chance that they have more gold then we think?
.
I agree its unlikey they have whats reported - but that leaves two other positions - less or more?
.
I know we are right - thats not the question.
Its just we are dealing with a highly intelligent group of people...with endless tricks, smoke and magic...So far, they've completely hoodwinked 99% of the world...
If your canoe comment is a cryptic joke about Canada beating Cyprus to the basement decades ago, I don't quite get it but would chime in. We (Canada) got GordonBrowned with selling all our Au a while back. I think it was back when the removed all banks requirements for deposits (Canadian banks can lend an unlimited amount with zero deposits - Top that stupidity Bernank!).
Bingo~
you're wrong, Maria & Bob & Cramer told me they did !!
Well there is that, and there is
Timmah!
Agreed, they should sell everything the NY FED holds. Ooops, did I hear a rumor that some of it is missing?
wonder what ever happened to the gold that was in the vaults below the twin towers
I think the jet fuel melted it all. Along with 20 years of SEC and IRS documents.
The terrorists hate us for our accountability.
Usualy, I can add something pithy, if not intelligent. But you sir just defined the causus belle that will be one of the few things remembered about this period in time. (1990-2020)
+1 history book
Who is Cyprus selling their gold to?
The Squid.
hai completamente ragione, ci mancherebbe altro, figuriamoci!
Italy's gold is worth what percentage of China's FX reserves exactly? 2 per cent???? They may cut a deal with them directly the way India did with the IMF a few years ago.
Italy's gold is largely in Italy, where the Central Scammers have to do a bit more than just swap names on title documents (and storage lockers) to take delivery of it. The weak hands will be fleeced first.
Another way to look at it, is that Italy clearly has a lot of gold.... so whats a couple of hundred tonnes between 'friends'. Anything for a quiet life...
Banksters taking away the incentive to sell gold now. Fuck you!
The thought crossed my mind that they're trying to put as many coin dealers out of business as possible &/or do a Lehman type takedown whereby smaller operations are forced out of business & the large ones get controlled by you know who... Au & Ag, like ammo, might be hard to get your hands on pretty soon... [Which is to say, despite all the yakking on ZH, it's not hard at all to get ammo for anyone who wants it... But finding it at the prices you used to pay for it, at a retailer, is impossible]...
B. T. F. D.
Hit Nail on Head ...
Pawn shop operators and those folks who vacuumed up the gold and silver from the community at large are suddenly at a loss. Typically a pawn shop would purchase precious at spot less 25% to cover perceived volatility.
This perception has been radically altered.
In many cases this sudden swoon can result in bankruptcy.
Full-page ad in local newspaper last weekend offered to purchase at 10% under spot for junk bullion and broken jewelry. Silver and Gold. All inventory purchased this year is now at a substantial loss.
You forgot the "at a discount" part. This fake takedown on paper PM's is hilarious. Oil is sure bouncing back off the lows from a couple of hours ago.
Am buying today silver at production cost. Central banks buying too. Who, exactly is selling? Oh yeah, bird flu you Bernanke.
I disagree with this simplistic "the Status Quo/Troika tried to force a (not so) stealthy gold confiscation"
the IMF is generally/historically on the anti-gold side, yes, but have a better look how this gold fight in Cyprus is developing
on one side two ECB governors - Mario and Panicos - and on the other side the Cypriot Prez
guess who wants to sell? The Prez. guess who wants to keep the gold in the eurosystem? the other two
further, look who said that 17bn would be enough: the Cypriot Prez. and who is looking around for further funds? the Cypriot Prez
meanwhile the other eurozoners have the funny position of having to pay 10bn and be the "bad guys" in this drama in the English-speaking financial press
and again: precedent is not an important thing for continental europeans - it's a Common Law practice
Point 29 of the EUROPEAN COMMISSION's (not the Cyprus President's) Debt Sustainability Analysis:
Quite simplistic indeed.
this is dated April 2013, Tyler. a provisional draft dated April 9th, 2013. after months of lies and prevarications and many other delays that made it more and more costly to bail them out
look back and see if gold was on the tab, before. of course eventually the cupboard is bare and anything else has to go. what do you expect?
and yet the fight between Panicos and the Prez is real, and Draghi did side on the part saying that this gold might not be sold without the permission of the Cypriot NCB
after all those fights inside the Troika, with the Commission thinking that the IMF team was a bunch of arrogant pricks - the result is that the IMF was broadly right, and that their solution - if implemented say November 2012 - would have been the best one
but the Cypriot election calendar was in the way - and the Cypriot team was still convinced that the horse would eventually sing
it pains me to say this, but the IMF was right, from the beginning. let's see what happens when the Asians put up their own IMF, perhaps this will give us a new appreciation of this great vulture
meanwhile 400m is peanuts - it's a shame that it's now on the tab at all. and yet Cypriots have not only the others to blame, imho
The IMF is a bunch of arrogant pricks. Simply a different three letter abbreviation for the same ultimate goal of control and confiscation. Lagarde is a socialist crook no different than the other ECB socialist crooks...
There is no "right" solution to a problem that is at its core a non-performing loan problem, which gets worse with every passing day as more and more consumers just say no to paying either the interest or the principal of their debt. This is the problem for Europe: excess debt. Everything else is a sideshow.
i took ghodius to mean 'right' as in 'best for the situation' for cyprus. not for resolving the 'world wide debt is the problem mantra'. oops, sorry, you were limiting your comment to europe.
:)
as for the 'gets worse with every passing day as more and more....etc', i disagree. it shows its getting bettor. it was getting worse when these loans were being originated.
also, the tyler quote does not show that it wasn't the cypriots' idea. just that they 'committed'.
cyprus has made some poor choices that have contributed to their future. after all, they once held the hammer. (i.e., leave their banks open while chanting leave the euro.)
i do think, however, 'vulture' is too kind a word for the imf.
"Excess"? It is hard to imagine one has excess gold.
well... WO1 started because of the frauded latin currency swaps
WO2 started because of the european gold frauds
and nothing has changed ever since...
You mean world war 2 right?
Treaty of Versailles:The German people were very unhappy about the treaty and thought that it was too harsh. Germany could not afford to pay the money and during the 1920s the people in Germany were very poor. There were not many jobs and the price of food and basic goods was high. People were dissatisfied with the government and voted to power a man who promised to rip up the Treaty of Versailles. His name was Adolf Hitler.
Somehow this seems familar.
Some voices around the city were voicing concerns about war last year (referring to Iran/Korea) but I actually assumed they meant within Europe. Although the younger generations are growing more together, there are serious cultural divides between southern and northern Europe... there are also in most countries:
- escalating food and basic goods prices
- growing levels of unemployment
- distrust and disatisfaction with governments
In some ways, thank god for the improved communications we have that share knowledge about this kind of stuff and help people to understand each others predicament (even if the medicine is the same) because if this was siloed away in individual countries you could easily see how tensions could become unstoppable.
In fact, at the moment Cyprus is ideally positioned for euro exit. The money flow is fully under control (at least as regards the ordinary people money flow). They can switch to domestic currency without stress. They can even afford public discussion on the topic in the parliament and arrange the switch in a fully legitimate way.
After all, there are no sustainable prospects for Cyprus inside the Eurozone as long as they want to keep at least some remnants of national independence anyway. The Cypriot parliament should not waste time by infertile discussions with Troika but instead take the exceptional chance.
What "excess" gold reserves? Located where? Sell to whom? Fairy tales.
Grabbing for physical before the storm.....
mmmmmm....
what storm ?! VIX=12.3 !! ;>)
The strategy seems pretty clear to me. Get the countries so indebted that they are on the verge of default then take the gold as partial payment so that there is no possible way for the countries to set off on their own. Countries that sell their gold can never go back to being a soveriegn nation. They will always be dependent upon their money rulers in Brussels.
This would mean the return of a gold standard is being anticipated by those in control of the fiat spigots. Better front them while it's possible here. I'll be stacking physical so long as the price is artificially low, and once it begins to rise (which could be any moment, actually) I'll shift to stacking shares of junior miners.
I wonder if ebay bullion sellers have dried up and closed shop until the storm is over?
If the price rises, I'll stack put options on the paper. There's a limit to how high they will let the paper go before another bear trend.
Bingo.
The model of banking is to become a cancer so widespread and integrated within healthy business transactions that all attempts at surgery result in the death of the patient(nation state).
They collect all the gold, put it on a rocket, "shoot it into the sun" and say "gold no longer exists. Get over it".
It looks like equity holders are content to hide under Benny's super hero cape... for now.
Good luck with that in the face of coming Asian/Euro area dislocations.
How many more Trillons of dollars have entered the market since Silver and Gold was at these prices. I have to laugh, just sit back. The show is about to start.
I think they were hoping no one was going to notice.
Italy was cornered into using its gold as collateral for a Bundesbank loan in 1974, likewise Portugal's gold was used as collateral for a Fed loan around the same time. So, similar arrangements may occur in the near future.
I never knew traditions and trinkets were accepted as collateral.
Would you some fiat for that?
It's just paper.....but it has pretty colors on it.
and traces of cocaine!
Makes me think, cocaine is pretty expensive. This would make a good argument for the pro-FIAT crowd. It's not worthless paper anymore.
pinch yourself and look again - 1400 frn's! plus 5% coinage fee-1475 aprox.
let me see if 2000 yr end is safe prediction...
33 percenter on the table!
Can't see that now. A lot a damage has been done to gold in this rout and it will take some time to repair. If this is a cyclical bear market and the secular bull market in gold is still in tact, it will probably take 2 or 3 years before we get back to the highs around $1921.
I take it you don't read Zerohedge.
None of that matters. The only thing that matters is that low prices lead to physical shortage, and physical shortage leads to a short squeeze.
It's just a matter of time.
Can the commodity markets absorb this much tungsten?
Silver to be free by end of the year????
I think it is cheaper to take delivery from the COMEX to mine at the moment.
Yeah, we will probably see chunks of Silver lying on the sides of the road. People picking up soda cans but throwing the Silver back in the woods. Sarc on
Nowhere is safe. You have nowhere to hide, you understand that, you pukes? Nothing you can do or buy can save you from these muggers. Bow down.
In addition, the one thing that can be of salvation is aggressively being moved against, and I am not talking about gold. Even many repubs see the wrtiting on the wall and want the masses toothless and defenseless once the great caper is underway in earnest. Prepare to be pacified, robbed, and killed.
I kind of get the feeling that no one in the West has any gold anymore. And anyone who holds any is a threat. So they are trying to degold everyone. You know...because it worked out so well for Nixon and all.
Its not all about gold guys! You can be sure there is no gold-backed currency being prepared by "TPTB". And no "TPTB" is stacking physical to the moon. Doing so wouldnt make any sense whatsoever. Financialisation is done, thats all. The (real) economy has been shrinking for quite a while and now even the virtual economy has reached its limit and started to shrink. CBs didnt allow it to shrink so far, but they cant stop it forever as unemployment is rising rapidly.
The spot price of gold is no indicator for anything (anymore). There is too much paper gold around and markets are not real markets anymore.
If you think gold is cheap now, then buy it! If the big crash happens there will be no spot-price anymore. You, and only YOU will have to tell others how much your gold is worth. Prepare for that instead of hoping for a spot price > 10000$.
I find it absurd that the central banks can create fiat money out of thin air and trade it for gold.... and all they really have to do to make it happen is insert one of their criminal cronies in a position of power or corrupt one that is already there. It is infiltration by an enemy of the country and its people, pure and simple.
Each of these countries the OP is talking about are trade deficit countries ... in a gold standard word they wouldn't even fucking have gold. The Euro is the only reason these countries could accumulate foreign reserves while running a trade deficit for as long as they did ...
Now their governments have the choice, keep the trade deficit party going a little longer while trying to transition and paying part of the cost out of their foreign reserves ... or crashing living standards overnight. Consider how much gold we are talking about, it covers maybe a month of their trade deficit. The amount of bail out money going into Cyprus to fund their trade deficit dwarves their reserves.
They can cry me a fucking river.
Indeed. One has to wonder what will happen when those living standards (many of which have already crashed) all crash and everyone works for Chinese wages, then what? I often wonder, if the world became as efficient as China or Germany, who would the earth be selling all those products to? What would they be provide us in exchange for all our resources and energy?
Please, humanity isn't just another ponzi, it's the ponzi.
That is an entirely different issue, one for which the gold standard doesn't provide an answer either.
Debt is the ponzi ... land taxes based redistribution the best solution. Germany's 5 wise men actually have that right, even though the anarcho-capitalists here don't want to hear it ... for them rent seeking doesn't exist, and homesteading is a natural right ... for white people who lived centuries ago.
Whatever, this is the only issue that matters. Desperate people and desperate nations will do whatever it takes to survive, period. All the planning and laws by human does not matter. The laws of Nature and Physics trump it all. Just saying, hedge accordingly.
Wow did I panic....as I started the process of selling all my gold and silver, my boat started to list due to a crack in the floor of my row boat...it tipped over and now I am out of gold and silver, and my buyer wont pay me in cash....what a bad day for me....
My condolences. The water musta been pretty deep there, I take it?
Can loan you my dog if you need to find it ...
What's with this boat accident meme? Can someone explain?
Savers vs Takers: The New Fault Lines and Social Unrest
An upcoming struggle is emerging in civil society. It will be between those who have money but lack the political and financial power to defend it, and those who have the political clout to take it.
In other words, the savers vs the takers. There are multiple ways in which the “takers” will get their money. Some are direct, such as the Cyprus and Australian models. Other are more indirect such as the Spanish model. Then there are the models being used in the US, UK and Canada in which depositors money and the deposit guarantees are circumvented for bank bail outs and bail ins. See more at: http://tinyurl.com/dxsqjbe
Definitely not our country as those fucktards sold almost all of our gold at a discount price few years back.
Gotta hand it to the Status Quo/Troika. They figured out a way to mine gold without getting their hands dirty.
Sinister !
Better wake up to Stockz n Sharez bitchez!
iShit UP 0.01% intraday!
"Investor" Jimmy Rogers says gold hasn't fallen enough for him to buy
Translation: Soros' partner in crime is buying hnd over fist, so should you
It's not allowed in EU constitution to sell gold reserves to pay off debts so watch this drag on for a week or two then some Cypriot lawyer will stall the sale by quoting EU rules.
Just like it was impossible for a Grexit.
Yawn.
Next "scare" please.
Plunging gold is a sure sign the U.S. dollar is strengthening and the economy is booming. It must be true because the MSM is reporting it.
http://abcnews.go.com/blogs/business/2013/04/gold-investors-exit-amid-pr...
Me? I think it is a sure sign the Fed banksters control everything and there will never be an honest market ever again. Libor eat your heart out.
Where's Libya's gold?
We traded them F-16s and tanks for it.
What could possibly go wrong?
You need to ask the "rebel" central bank formed in the early days of the overthrow.
'Someone' sold 125 tons of gold on Friday. http://www.emirates247.com/markets/gold/bullion-bloodbath-gold-price-sinks-2013-04-14-1.502385?utm_medium=twitter&utm_source=dlvr.it
A top gold dealer here in Dubai mentioned to me today that Greece sold 125 tons through Merrill Lynch on Friday and further pressure was caused by Cyprus's willingness to sell. Perhaps, GS knew of the order?!
Can anyone confirm this for me about Greece/ML?
Greece has 111.9 tons according to WGC data on this page, wonder how 125 tons came through?
India's 24 percent decline of total imports announced this morning did not help when the margin calls were still on and continued throughout Fri and Monday. http://in.news.yahoo.com/jan-march-gold-imports-down-nearly-24-percent-093615746--business.html
" Worlds Official Gold Holdings " ...Lol.
It's written on a scrap piece of toilet paper...
I have some 3 ply that's worth it's weight in gold.
This is hilarious. ABC's News saying the Gold crash is because of the ongoing improvements in the economy and the high stock market. Funny, I thought with a improving economy oil & copper would be kicking butt. Hmmmmmm....
http://abcnews.go.com/blogs/business/2013/04/gold-investors-exit-amid-price-collapse/
What a sell-out joke the MSM is.............
If you want to continue receiving invitations to White House RAP parties or the Correspondents Dinner you MUST tow the line as instructed.
Think you ment "toe" like at the end of the foot, not a line.
One could paint a dog turd yellow and ABC would think it was pure gold.
S&P +152 vs gold.
It is the paper vs the real metal fight now...and Asia will win...I think in two months we will see who bought all this gold..and shipped it home...posession is the new world order....the Asians know it...the western world just knows fees and commissions....short term wealth where Asians think generational wealth...for the ages...Indians too...the east wins...the West loses...
Until paper is flushed out the true value of heavy shiny stuff will never be known
Yes, Flush the Fiat !!
A phrase for our time.
No rush to buy. If it is totally manipulated then it will remain low and manipulated for weeks. I'll buy when the premiums drop a bit.
1225 might be worth the risk. Maybe I'll buy one ounce.
BTW, U forgot the <sarc off>.
LOL
if you're not buying at these prices you're not buying at all.
The talk on ZH for the last 15 hours reminds me of this oldie, but goodie:
An old bull and a young bull were standing at the top of a hill admiring a herd of beautiful heifers in the valley below. The young bull excitedly says to the old bull, "Let's run down there and fuck one of them!"
The old bull turns to the young bull and says, "Why don't we just walk down there and fuck 'em all?"
WINNING
You can't be sure it'll hold for weeks. Physical is drying up, it might completely disappear from the market.
Either that, or price goes up again. And when it does, it's usually very quick. In 5 weeks it could reach new all-time highs.
The Germans requested their gold back, so it has value, right?
Or
Merkel got tired of being hassled by goldbugs. So the answer to goldbugs?
"I requested our gold back. Now come back in seven years and we'll discuss it. Buh, bye."
You know Americans are a productive people. It only takes them 2 555 days to load up some crates with gold on a ship and go across the Atlantic Ocean.
/sarc/
The first questions that come to mind: sold to whom, at what price and how is that price to be determined?
Apparently there's nothing of value left in the world. What's next? Cornflakes?
There are several kinds of value, best expressed in catagories such as Food, Trade Value, and Utilitarian Value.
Gold and Silver are difficult to use as food, but have unparalleled value as Trade Facilitators and Raw Material for thousands of valuable material items with hundreds of uses. In the case of silver, there are no substitutes as an essential raw material in many manufactured items.
BTFD, looks like a mid-term low may be in at US$ 22.95 from this morning's sunrise massacre.
You better hope someone with balls in the military steps in, or you'll just be an occupant of one of those plastic coffins FEMA bought.
You can't vote em out.
Like I said before once PAPER gold and silver are flushed out and hung out to dry we'll never know what either is truly worth. When this does happen parobolic will be an understatement of where it goes. My question is how the hell do you carve off $10 off an ounce of gold that may be worth $5K to buy a loaf of bread? Silver seems like the way to go and another group is saying copper might be a good go to as well. Too bad there isn't anything metal wise that fits between the price of gold and silver and between silver and copper.
Azerbaidjan got a ton of gold ? that could fit easily in uncle benny's pick up, let's go for it !
I'm half expecting Obama to yell "Gold Control" and then putting Biden to lead a commission to confiscate all gold, outlaw it and bury it on the bottom of the Atlantic - to save America from the evil speculators.
More curious for me is-where is Canada's gold.They got only 3 tons?
Greece
Egypt
It's going to be in the same geopolitical proximity. I voted Egypt. It's amazing they've been able to retain ANY of their hard commodity as derelict as their macroecon is.
@Tyler:
you forgot to highlight Slovakia