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Swiss To Vote On Gold Repatriation - "Gold Is The Only Valuable Asset On The SNB's Balance Sheet"

Tyler Durden's picture


A few weeks ago, we wrote of the Swiss People's Party's efforts to gain enough signatures to force the Swiss National Bank (SNB), who 'supposedly' guarantees the price stability in Switzerland, to stop selling its gold reserves. This last week, as the FT reports, they reached the required 100,000 signature mark and on Thursday the federal chancellery confirmed Switzerland is to hold a referendum that would ban the central bank from selling its gold reserves, force it to keep at least 20% of its assets in the metal, and  repatriate gold reserves held abroad and keep them at home. Following Cyprus' forced sales and discussions of the net wealth in other European peripheral nations, proponents of the Swiss measure flatly reject the idea of sales, arguing that disposals of gold reserves at low prices between 2001 and 2006, as well as more recently, have cost Switzerland billions of Swiss francs. The "Save Our Swiss Franc" initiative proclaims, "today gold is almost the only really valuable asset left on the SNB’s balance sheet." The SNB, however, is concerned at, "the monetary policy implications of the demands in the initiative." A date for the referendum has not yet been set - but the FT notes that previous 'referenda' have taken up to several years from acceptance to actual vote.

Via The FT,

Switzerland is to hold a referendum on a popular measure that would ban the central bank from selling its gold reserves and force it to keep at least 20 per cent of its assets in the metal.


Under the terms of “Save our Swiss Gold”, which is led by members of the ultra-conservative Swiss People’s party, the Swiss National Bank would have to repatriate gold reserves held abroad and keep them at home.




Governments in the eurozone’s beleaguered southern periphery tend to hold a large part of their total foreign reserves in gold – the Italian central bank holds 2,451 tonnes, more than 70 per cent of its total reserves, while Portugal’s holding of 383 tonnes accounts for 90 per cent.




They insist that the SNB’s gold reserves, which stood at SFr49.5bn at the end of February, accounting for about 10 per cent of its balance sheet, are the best store of value available to the central bank.


..."Today gold is almost the only really valuable asset left on the SNB’s balance sheet,”...




“We have considerable concerns with regard to the monetary policy implications of the demands in the initiative,” the [SNB] said, adding that it would provide a fuller response “in due course”.


A date for the referendum has not yet been set. However, it is not uncommon for the period between an initiative being accepted for referendum and a vote being held to extend to several years.


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Sun, 04/21/2013 - 21:39 | 3482152 FieldingMellish
FieldingMellish's picture

Blessed are the cheesemakers!

Sun, 04/21/2013 - 21:42 | 3482162 I think I need ...
I think I need to buy a gun's picture

i'm really starting to panic

Sun, 04/21/2013 - 21:50 | 3482210 AllThatGlitters
AllThatGlitters's picture

Gold is trading higher tonight:

Everybody should panic and get themselves some physical.


Sun, 04/21/2013 - 21:55 | 3482228 fonzannoon
fonzannoon's picture

I can't walk away from my computer for more than an hour and these fuckers are going to vote on whether to keep their gold or not a few years down the road. I must be nuts.

Sun, 04/21/2013 - 23:21 | 3482490 Dr. Engali
Dr. Engali's picture

They know that they can vote for the return of their gold, but it not there for them to get.

Sun, 04/21/2013 - 23:25 | 3482499 tiger7905
tiger7905's picture

Jim Willie Dubai contact see's $500/oz gold premium in a few months time for physical.



Sun, 04/21/2013 - 23:42 | 3482532 Long-John-Silver
Long-John-Silver's picture

The premium on my physical gold is infinity.

Mon, 04/22/2013 - 00:00 | 3482568 Dr. Engali
Dr. Engali's picture

What are you talking about? You don't have any gold left. Remember you we're telling me how you lost it in an unfortunate boating accident.

Mon, 04/22/2013 - 01:52 | 3482719 Boris Alatovkrap
Boris Alatovkrap's picture

Better than is unfortunate botox accident.

Mon, 04/22/2013 - 05:54 | 3482920 Acet
Acet's picture

A frozen half-smile half-rictus of pain in one's face. We're in Joker territory now ...

Mon, 04/22/2013 - 06:20 | 3482938 GetZeeGold
GetZeeGold's picture



The Swiss and German expedition to actually find the gold is going to be epic.


They should make it a TV series. A lot more interesting than dancing with the washed up "stars". 

Mon, 04/22/2013 - 12:22 | 3484088 Boris Alatovkrap
Boris Alatovkrap's picture

Face? No, Boris is use Botox for calm temperament of household pet. You are to use Botox on face!?

Mon, 04/22/2013 - 00:19 | 3482601 RafterManFMJ
RafterManFMJ's picture

Yea well, the premium on MY gold is infinity+1.

Mon, 04/22/2013 - 01:05 | 3482661 Dead Canary
Dead Canary's picture

I'd sell my silver for a night with Scarlett Johansson.

(And $500 an ounce of course)

Mon, 04/22/2013 - 06:23 | 3482940 GetZeeGold
GetZeeGold's picture



Scarlett doesn't take silver. You'll need some gold.....and a couple more zeros.

Mon, 04/22/2013 - 17:51 | 3485594 Dead Canary
Dead Canary's picture

You misunderstand. She would pay me.

Sun, 04/21/2013 - 23:48 | 3482542 Thomas
Thomas's picture

Just extreme backwardation (which is an extreme abomination linguistically).

Mon, 04/22/2013 - 00:17 | 3482600 boogerbently
boogerbently's picture

The question is, can gold price rise dramatically before a global "distraction" is initiated to prevent everyone repatriating their gold.....which is no longer where they thought they left it ?

Mon, 04/22/2013 - 00:35 | 3482626 Cookie
Cookie's picture

Thailand, Prachuapkirikhan.

This morning at 9.30 I went to collect 20 ounces of gold that I bought last week. I wanted mint ingots this time so had to wait for delivery (no premium over non-mint). The tiny shop was packed, normally I see no other customers, and everybody was buying, not selling. The owner who I now know quite well tells me his ratio buyers to sellers is over 95%. I am 100% certain these scenes are being replicated across Thailand and the rest of Asia.

Mon, 04/22/2013 - 09:04 | 3483284 turnoffthewater
turnoffthewater's picture

Ditto for Jatim Indonesia. Travelled to the mall, where there are about 20 jewelry stores selling Au chains, bracelets, etc., over 15:1 ratio buyers to every seller. Most were sold out of Au bars. Only 2 shops had bars to sell. The only bars for sale were a couple 1 kg bars and 5-7 100 gram bars. Sorry no coins for saie on this side of the pond.

Mon, 04/22/2013 - 06:37 | 3482950 Freaking Heck
Freaking Heck's picture

ridiculous comments always get headlines.....this guy (Wylie or whatever) impresses me as a moron

Mon, 04/22/2013 - 05:26 | 3482903 johngaltfla
johngaltfla's picture

It doesn't matter how they vote on it. The problem they are going to endue is the war on alternative currencies (Bitcoin) and precious metals declared to save the Central Banksters fiat funny money. Of course the Swiss can repatriate all the paper gold their planes can load up....


The Central Banks New Currency War on Gold and Freedom

Sun, 04/21/2013 - 22:14 | 3482299 DoChenRollingBearing
DoChenRollingBearing's picture


Yes.  Evgeryone should own some gold.  Up to 10% or more of your wealth.


Switzerland!  Do the right thing!  Vote to keep your gold!


Sun, 04/21/2013 - 22:21 | 3482321 fonzannoon
fonzannoon's picture

dochen what do u do with the other 90%?

Sun, 04/21/2013 - 22:38 | 3482373 DoChenRollingBearing
DoChenRollingBearing's picture

Evening, fonz.

My other 88% or so is widely diversified.  Cash, stocks, some bonds, our company in Peru and our condo make up the bulk.

I hold 12% in gold and other PMs (mostly gold) because our kid will not...

Sun, 04/21/2013 - 22:41 | 3482377 DoChenRollingBearing
DoChenRollingBearing's picture

RAN SQUAWK has a news item about South Korea's bank buying more gold!  They my homies (honorary anyway, as they make most of the bearings we but for Peru)!  

Back up the truck, Korea!

Sun, 04/21/2013 - 22:39 | 3482380 macholatte
macholatte's picture


dochen what do u do with the other 90%?


Like every smart man, he gives it to his wife and goes back to work.


A successful man is one who makes more money than his wife can spend. A successful woman is one who can find such a man.

Lana Turner




Sun, 04/21/2013 - 22:42 | 3482387 DoChenRollingBearing
DoChenRollingBearing's picture


My wife disapproves of buying gold.  Bummer!

Sun, 04/21/2013 - 22:55 | 3482423 ebworthen
ebworthen's picture

How about jewelry for her?

Not great as far as price per ounce but Gold:

Sun, 04/21/2013 - 23:53 | 3482557 DoChenRollingBearing
DoChenRollingBearing's picture

She doesn't want jewelry either.   ~~~

Mon, 04/22/2013 - 00:29 | 3482616 ebworthen
ebworthen's picture

Dang, sorry to hear that :-(

Make the Wife happy; better than Gold if you are happy, and cheaper than a divorce.

Mon, 04/22/2013 - 00:01 | 3482572 Overfed
Overfed's picture

Mine approves of my silver buying, and even contributes an ounce here and there.

As far as gold jewelry goes, I have a contact that I can buy it from at spot. I've given my wife a nice collection at about 30% of retail cost. Retail markup on jewelry is insane.

Mon, 04/22/2013 - 03:18 | 3482823 CHX
CHX's picture

No probelm, buy some silver instead! My wife LOVES silver :-)

Sun, 04/21/2013 - 23:20 | 3482482 Dr. Engali
Dr. Engali's picture

Fonz did you end up buying your silver Eagles yesterday ?

Sun, 04/21/2013 - 23:22 | 3482488 Clever Name
Clever Name's picture

Thats easy! BTC of course!


Mon, 04/22/2013 - 06:58 | 3482967 GetZeeGold
GetZeeGold's picture



System error : division by zero. Do you wish to continue?

Sun, 04/21/2013 - 21:52 | 3482211 FieldingMellish
FieldingMellish's picture

Buy PMs, take your money out of the bank, hold your stocks in certificate form and then sit back and watch the show!

Sun, 04/21/2013 - 22:09 | 3482275 sampo
Sun, 04/21/2013 - 21:42 | 3482167 Peter Pan
Peter Pan's picture

As well as those that are cheesed off about their loss of gold.

Sun, 04/21/2013 - 21:46 | 3482180 akak
akak's picture


Blessed are the cheesemakers!

For they know the whey.

Sun, 04/21/2013 - 21:47 | 3482184 FieldingMellish
FieldingMellish's picture

Speak it, Brother, speak it!

Sun, 04/21/2013 - 21:46 | 3482186 akak
akak's picture

Blessed are the cheesemakers, for they maintain the health of the culture.

Sun, 04/21/2013 - 21:51 | 3482207 toys for tits
toys for tits's picture


Blessed are the cheese cutters.



Damn strikethrough doesn't work for me.

Sun, 04/21/2013 - 21:51 | 3482219 WmMcK
WmMcK's picture

They will lead the churn-around.

Sun, 04/21/2013 - 21:54 | 3482222 Harbanger
Harbanger's picture

Blessed are the Swiss cheesemakers, for they make holey cheese.

Sun, 04/21/2013 - 22:59 | 3482432 Shell Game
Shell Game's picture

And they know their metal, must have read The Casein For Gold.

Sun, 04/21/2013 - 23:18 | 3482476 Dr. Engali
Dr. Engali's picture

+ 3 (to cover for the junks) Who in the hell junks that?

Mon, 04/22/2013 - 01:15 | 3482668 Shell Game
Shell Game's picture

I was wondering the same thing, Doc.  Some serious corn-cobbed Cornholios, of that there is no doubt...

Mon, 04/22/2013 - 04:47 | 3482882 StychoKiller
StychoKiller's picture

"He said some Greek is going to inherit the Earth!"

Sun, 04/21/2013 - 21:46 | 3482185 toys for tits
toys for tits's picture

Some of the monetary policy implications are that if this passes then the Swiss will be back on the gold standard since they have to keep 20% in gold of every franc created.

This is a violation of IMF policy, so how this plays out is going to be interesting.

Sun, 04/21/2013 - 21:49 | 3482208 FieldingMellish
FieldingMellish's picture

Better to violate the IMF policy and survive than abide by it and be consumed.

Sun, 04/21/2013 - 21:51 | 3482215 toys for tits
toys for tits's picture


Sun, 04/21/2013 - 22:12 | 3482293 CURWAR2012
CURWAR2012's picture

IMF policy is trash not fit to wipe the ass

Mon, 04/22/2013 - 00:16 | 3482597 Meat Hammer
Meat Hammer's picture

IMF - Ingots Mother Fucker

Mon, 04/22/2013 - 06:39 | 3482952 GetZeeGold
GetZeeGold's picture



IMF - where crooked banksters go to die.

Mon, 04/22/2013 - 03:13 | 3482817 Ratscam
Ratscam's picture

Direct democracy does not fit well with the uber-world institutional scams such as the IMF, UNO, BIS and on and on ....
When will the people learn? Not until the bankers stole everything from them.

Sun, 04/21/2013 - 21:49 | 3482199 WmMcK
WmMcK's picture

All manufacturers of dairy products are equally blessed.

Mon, 04/22/2013 - 01:54 | 3482725 Svendblaaskaeg
Svendblaaskaeg's picture

+ 1 for Life of Brian quote

Sun, 04/21/2013 - 21:42 | 3482157 meghaljani
meghaljani's picture

Well, swiss people can vote for the repatriation of gold; not for the delivery.

Sun, 04/21/2013 - 23:23 | 3482495 Clever Name
Clever Name's picture

10 years for the Swiss, to begin as soon as Germany gets theirs back.

Mon, 04/22/2013 - 02:54 | 3482805 Urban Redneck
Urban Redneck's picture

The Swiss will get their gold before Germany does, since someone has to mine the gold and ship it to Switzerland to be refined into GD bars before it can be shipped to Germany (ergo Germany will never get its gold).  But the referendum will take a couple years (esp. if  you factor in the time for the final regulations to be drafted and implemented after the vote succeeds).

The problem is the creation of the inverse of the Gordon's Brown-Ass (bottom) problem, and the driving price higher than it otherwise needs to be because of declared demand.  The Chinese method is far more efficient (both economically and politically).  But the clowns at the SNB parroted Bernanke's barbarous relic bullshit - so they need to have their wings clipped. 

In the meantime, it is a handy reminder for both stackers and the other central bankers (who a putting Swiss discretion to shame right now) that the unsustainable won't be sustained indefinitely.

Mon, 04/22/2013 - 05:27 | 3482905 cynicalskeptic
cynicalskeptic's picture

The Swiss found out that having a STRONG currency is a liability in this BIZZARROWORLD.  Even after they sold off their gold and had an UNBACKED Swiss Franc, it was a 'safe haven' currency - driving up the cost of Swiass Exports and hurting their economy. So the Swiss linked their currency to the Euro in a DELIBERATE effort to weaken it.


Mon, 04/22/2013 - 06:40 | 3482956 GetZeeGold
GetZeeGold's picture



You're in the gold time warp now.


Sure you just don't want some paper?

Mon, 04/22/2013 - 05:54 | 3482919 Ar-Pharazôn
Ar-Pharazôn's picture

and who else will trade with usa when they are stealing other propreties?


i dont really think usa want this kind of loss of credibility

Sun, 04/21/2013 - 21:41 | 3482158 Yen Cross
Yen Cross's picture

 I got lucky/  aud/usd short covering.

Sun, 04/21/2013 - 21:43 | 3482161 Peter Pan
Peter Pan's picture

I am sure they can get their gold back on a seven year plan like the Germans.


Sun, 04/21/2013 - 22:09 | 3482277 Scro
Scro's picture

Depends which country is invaded to get the gold.

Sun, 04/21/2013 - 22:44 | 3482388 W74
W74's picture


Sun, 04/21/2013 - 21:42 | 3482163 Lost Wages
Lost Wages's picture

I vote they sell it all to China. Or give it all to me.

Sun, 04/21/2013 - 21:43 | 3482164 Divine Wind
Divine Wind's picture



I like it, I like it.

Bury it in a mountain.

Sun, 04/21/2013 - 21:49 | 3482203 Jim in MN
Jim in MN's picture

Yes, with Hitler's brain, the Ark of the Covenant, and all that other weird shit the Swiss have stolen over the years....oh and the giant piles of teeth.

Sun, 04/21/2013 - 21:53 | 3482223 otto skorzeny
otto skorzeny's picture

piles of teeth? weird.

Sun, 04/21/2013 - 22:06 | 3482264 Jim in MN
Jim in MN's picture

Just kkidding....nice Swiss....I mean....what's not to like about this....super camouflaged cannon emplacement?

"Camouflaged cannon at the Lucendro dam in the Gotthard region. It has a 105 mm calibre and fires up to range of 17 km"

Mon, 04/22/2013 - 03:16 | 3482820 Ratscam
Ratscam's picture

I wonder what happens to the canon when the enemy bunker busts the dam behind....just saying

Mon, 04/22/2013 - 04:26 | 3482874 Urban Redneck
Urban Redneck's picture

+1, but your English is more nuanced than that... just saying 

Mon, 04/22/2013 - 06:32 | 3482948 Ratscam
Ratscam's picture

as in sexyleuten ;)
it was amazing weather

Mon, 04/22/2013 - 07:13 | 3482986 Urban Redneck
Urban Redneck's picture

The Frogs and the Calzones get all the good weather, but I wouldn't sacrifice my practical and strategic location for a beautiful view.  However, it would be nice if whoever was responsible for scheduling our 3 day per month allowance of beautiful weather over here did a more proficient job of it...  

Mon, 04/22/2013 - 09:12 | 3483306 AwkwardReader
AwkwardReader's picture

I own in Company of Heroes Blitzkrieg edition with the Panzerturm. Pew pew mfer's.

Sun, 04/21/2013 - 22:16 | 3482309 Jim in MN
Jim in MN's picture


But, look up 'Melmer gold' sometime if you are interested. 

Sun, 04/21/2013 - 22:31 | 3482336 otto skorzeny
otto skorzeny's picture

I'm familiar with all of the horseshit shakedown techniques of the jews and israel. did you know that every ounce of gold and silver and valuable piece of artwork and jewelry in the world was stolen from the hebes in WWII?

Sun, 04/21/2013 - 22:35 | 3482364 Jim in MN
Jim in MN's picture


Did you know that the Treaty of Versailles specified that German war reparation payments were to be in gold, or if in goods, valued in gold by a special commission?  Funny thing, that relic.

Sun, 04/21/2013 - 23:35 | 3482418 ChanceIs
ChanceIs's picture

"gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold - they invest in productive businesses."

Charlie Munger

May 4, 2012

Mon, 04/22/2013 - 02:45 | 3482798 RaceToTheBottom
RaceToTheBottom's picture

Both Charlie M and the buffett make one asumption that is not mentioned.  Thet the options are ethical.  That is a foolish option...

Mon, 04/22/2013 - 03:16 | 3482819 Urban Redneck
Urban Redneck's picture

Actually gold was a pretty dumb thing to try and sew into your garments in Vienna in 1939, but what do a couple of anti-Semites like Bunghole and the Orifice know...

The Anschluss happened in the spring of 1938, the smart or the lucky ones were liquidating domestic holdings (at whatever price they could get) and making arrangements before the exit got more difficult than simply walking across the border, especially if one had to un-sew gold from their garments to pay some new Nazi passport control officer the Ausreisesteuer from 1938 on.   


Mon, 04/22/2013 - 05:46 | 3482913 ChanceIs
ChanceIs's picture

Following that logic, did Cyprus just have Crystalnacht or Anchlus?

Mon, 04/22/2013 - 07:22 | 3482998 Urban Redneck
Urban Redneck's picture

I think they got Anschluss'd.  They imposed exit a rather stiff exit tax on any Cypriot euros belatedly trying to leave the island.  They did away with the planned final vote on approving the banking takover/merger, and will probably command the serfs to revote until the desired outcome is achieved on any future documents that require a local rubber-stamp.  They are pressuring for installation of officials sympathetic to a new Reichs headquarted in Brussels at every turn.  So I think They anschluss'd Cyprus.

If they succeed in getting control of (or more accurately legal title to) the "sovereign" gold reserves then slapping a Kristallnacht sticker on the calendar would probably be appropriate.  The Germans have fetish for slapping up Vergesst es nie signs- yet disregard even the possibility of foundation and claim righteous bewilderment when their current Fuehrer gets pictured in her traditional garb, perhaps they'll develop a fetish for slapping up Jamais l'oublier signs in Brussels in couple years and have lost touch with the rationale for doing so within a couple generations. 

Rinse, repeat.

Sun, 04/21/2013 - 22:16 | 3482312 CitizenPete
CitizenPete's picture

They used to use soft gold for filings in teeth, young one.  They are not collecting teeth for calcium.

Sun, 04/21/2013 - 22:26 | 3482340 otto skorzeny
otto skorzeny's picture

cheaper than mining it.

Sun, 04/21/2013 - 22:28 | 3482346 Xploregon
Xploregon's picture

Swiss...the "nice" Germans.

Mon, 04/22/2013 - 01:54 | 3482730 Kirk2NCC1701
Kirk2NCC1701's picture

You made that up, right?

Actually, FYI, the real saying is "... the better Germans".

Mon, 04/22/2013 - 07:40 | 3483048 i-dog
i-dog's picture

The German hill tribes.

Mon, 04/22/2013 - 00:47 | 3482642 Kirk2NCC1701
Kirk2NCC1701's picture

Not to be a wise guy, but all that Nazi gold that was in Switzerland, did it just change ownership and is still there (just like at the Fed), or was it repatriated to... elsewhere?

Sun, 04/21/2013 - 21:42 | 3482166 Seasmoke
Seasmoke's picture

They still make the best watches.

Sun, 04/21/2013 - 22:45 | 3482392 DoChenRollingBearing
DoChenRollingBearing's picture

+ Patek Philipe (we wish....)

Sun, 04/21/2013 - 21:44 | 3482177 Alpo for Granny
Alpo for Granny's picture gold is almost the only really valuable asset left on the SNB’s balance sheet.

Bunch of damned barbarians those Swiss. Krugman, Munger, Bernanke and Buffet need to go educate these heathans of the value of a good solid paper promise.

Sun, 04/21/2013 - 21:48 | 3482193 toys for tits
toys for tits's picture

A raping and pillaging they go if this passes.

Sun, 04/21/2013 - 23:07 | 3482453 Dr. Engali
Dr. Engali's picture

How's your Alpo supplies granny? I hope you're stocked up for the shit storm coming.

Sun, 04/21/2013 - 23:56 | 3482560 Alpo for Granny
Alpo for Granny's picture

Thanks for asking good Dr.

I had a wonderful stack of Alpo and Ken-L-Ration but sadly I lost it all in an unfortunate boating accident.

Sun, 04/21/2013 - 21:46 | 3482183 fonzannoon
fonzannoon's picture

they will hold the vote in several years?


Mon, 04/22/2013 - 00:31 | 3482621 delacroix
delacroix's picture

the EU is passing legislation next year, requiring any referendum be approved by brussels first.

Mon, 04/22/2013 - 03:05 | 3482811 Ghordius
Ghordius's picture

is this true? links, please, then I have no clue how and why this should be possible

btw in this context: Switzerland is not in the EU

Mon, 04/22/2013 - 03:20 | 3482826 Ratscam
Ratscam's picture

does NOT aplply for Switzerland, yet.

Sun, 04/21/2013 - 21:48 | 3482191 Jim in MN
Jim in MN's picture



Fuck talking about it.... dumbasses... Try this:

Bank of Korea increased gold holdings by 24% in Feb. to 104.4 tons


Sun, 04/21/2013 - 22:30 | 3482349 Spitzer
Spitzer's picture

Do you think the CBs pay the same price as Dennis Gartman does for his COMEX futures ? I highly doubt it.

Sun, 04/21/2013 - 22:48 | 3482406 DoChenRollingBearing
DoChenRollingBearing's picture

FOFOA has told me that buying under, say, 50 tonnes may not be as hard (expensive) as buying over, say, 70 tonnes.  Korea's new 24 tonnes might not have cost them a huge premium vs. paper price.

But, I'm sure they'll never tell...

(Spitzer, for reasons I will not go into, this would be an excellent time to donate to FOFOA...)

Sun, 04/21/2013 - 23:42 | 3482529 Poor Grogman
Poor Grogman's picture

FOFOA can donate to his own ass if he's so damn smart.

Even better let the verbal volume record holder donate to me...

Mon, 04/22/2013 - 04:30 | 3482877 Likstane
Likstane's picture

no shit...if FOFOA talks anything like he writes, I'd rather just go spend that time mucking creeks for a few flakes. 

Mon, 04/22/2013 - 05:09 | 3482892 Poor Grogman
Poor Grogman's picture

I would love to see FOFOA dip his toe into the world of ZH and argue his case against "silver as a monetary metal"

And also clarify this "superior architecture of the €" crap that he continually trots out.

Come on FOFOA let's get it on, fight club rules, let's go...

Mon, 04/22/2013 - 06:44 | 3482958 GetZeeGold
GetZeeGold's picture



Reminds me......has anyone seen FOA lately?

Sun, 04/21/2013 - 21:52 | 3482212 Zé Cacetudo
Zé Cacetudo's picture

They'll get their gold back from the US (assuming the referendum passes).

In about 7 years.

Mon, 04/22/2013 - 00:08 | 3482582 jonjon831983
jonjon831983's picture

7 years was the going redmption rate a few months ago.  Now it's probably going to be 9,11,13,15, etc etc years.  Shoulda done it earlier.

Sun, 04/21/2013 - 21:52 | 3482213 q99x2
q99x2's picture

According to the videos in the above article the Swiss ain't got nothing coming. The Morgue already emptied the vaults.

Sun, 04/21/2013 - 21:51 | 3482216 nmewn
nmewn's picture

Democracy, fraternity, sovereignty, bound by the rule of domestic law, the very concept of a republic.

Surely this will be attacked Krugman-style as greedy, not sharing the global wealth, nothing more than hot money machinations...yes? ;-)

Sun, 04/21/2013 - 21:51 | 3482217 proLiberty
proLiberty's picture

The smartest people in the room have become mesmerized by the power that money printing, infinite credit expansion and perpetual debt gives to the government and those who regard themselves as self-appointed elites who are naturally in charge. In reality so many people confuse money with wealth. They think that money creates wealth and economic resources when the common man, the people who will insist on repatriating the country's gold, know it is the other way around.

Ludwig von Mises warned so long ago, fiat money is a MIRAGE. He said it "creates the appearance of prosperity", and when the central bank became exhausted, which it always eventually will, then economic reality will return. We are almost at that point and it will not be pleasant as the people in Japan will soon find out.

Sun, 04/21/2013 - 21:59 | 3482245 nmewn
nmewn's picture

“The characteristic feature of present-day policies is the trend toward a substitution of government control for free enterprise. Powerful political parties and pressure groups are fervently asking for public control of all economic activities, for thorough government planning, and for the nationalization of business. They aim at full government control of education and at the socialization of the medical profession. There is no sphere of human activity that they would not be prepared to subordinate to regimentation by the authorities. In their eyes, state control is the panacea for all ills.” - Ludwig von Mises in 1944

And so it goes.

Mon, 04/22/2013 - 03:51 | 3482849 Poor Grogman
Poor Grogman's picture

And so it goes

That is until, finally, the all knowing Government mandates the collectivization and nationalization of agriculture.

At which point production collapses and people then either revolt or starve to death.

Which is where Zimbabwe is now...

Sun, 04/21/2013 - 21:51 | 3482218 Yen Cross
Yen Cross's picture

   I could care less about aud/usd. Have fun Junking Away. I got out of my trade from Friday with a minimal loss.

   It's cable I want!

Sun, 04/21/2013 - 23:28 | 3482505 BigDuke6
BigDuke6's picture

Yen, i keep telling you not to short the aussie!

How much have you lost now?


Sun, 04/21/2013 - 23:48 | 3482540 Poor Grogman
Poor Grogman's picture

Thu, 08/02/2012 - 00:21 | Poor Grogman

So much debt denominated in AUD now that it could even surprise to the upside?!

Deflation in the housing sector is starting to strangle domestic spending.

The successive moronic governments have created the mother of all consumer debt bubbles and are now stuck with the problem

This was my comment from 2012 and not much has changed...

Sun, 04/21/2013 - 21:57 | 3482235 firstdivision
firstdivision's picture

This is bullish, along with any breaking news tonight and tomorrow.  Check out futures, just going up, up, up.

Sun, 04/21/2013 - 22:00 | 3482246 chinaboy
chinaboy's picture

check out the image on this page:

The reporter wrote:

20g bars sold out, 30g bars sold out. some people are buying rain checks ...

Sun, 04/21/2013 - 22:07 | 3482266 otto skorzeny
otto skorzeny's picture

that is one thing that makes me thing gold is in a bubble- the chinese are notorious for investing at  the top and they are terrible gamblers.

Sun, 04/21/2013 - 23:05 | 3482437 Dr. Engali
Dr. Engali's picture

The Chinese have about 1000 years of history with fiat currency,and they know when something is up. I think it's Americans who will be buying gold at the top, since the majority still have faith in, and keep their "assets" in the system.

Sun, 04/21/2013 - 22:23 | 3482327 W74
W74's picture

From Google Translate:

Investment in gold bullion sales area on the fourth floor, the counter pull up the line of separation, began to organize the customers line up. High-intensity work for some salesman lost patience, fast calculator to calculate the price, customer hesitancy will be "discouraging", and quickly make up the next wave of guests.

Less than two in the afternoon, 20 grams of investment in gold bullion sold out of stock, about 1 hour, 30 g did not.

Such a scene in the team Chak bit surprised. He together with his wife and mother-in-law, the elderly every three to five minutes to go to the next real-time electronic screen to see a price "285", "289". Every time the old man back "report", Mr. Zhai have become a little more anxious, and blame from his wife. "I said yesterday Come on, you must wait." Mr. Zhai told reporters that he decided to buy gold from the The Tuesday media reported the price of gold "avalanche", "buy the dips". "Yesterday per gram price should be lower than it is today sixty-seven." Zhai said, he plans to buy 300 grams, "Looking back, linger for a day is equivalent to less money in 2000."

14:00 As of Friday, the New York gold futures quotes compared to Tuesday's low of $ 1,320, up $ 100. "Heard" trend quickly reflected in the price of domestic investment in gold bullion firm bargain-hunting beliefs, so that more people and become more urgent.

A young man came from Daxing told reporters, had wanted to buy 50 grams, "just a little spare cash." But saw the store the enthusiastic scenes and changes in the price of gold, he decided to simply time to buy 100 grams. "Probably never have to go up."

The scene last week across the country, the base to appear in the whole of Asia. On Thursday, the President of India Bombay Bullion Association, Mumbai, gold sales in the past two days up to 4 tons, the usual daily average sales of only 1 ton. The major gold stores in Hong Kong is frequently sold out phenomenon, the door of the gold shop in Singapore and Japan are also waiting in the queue.

Funny how everyone else's media is telling their citizens to buy and hold gold.  What's media in USSA doing?

Sun, 04/21/2013 - 22:07 | 3482248 AL_SWEARENGEN

The Swiss people are soon to learn a word I heard Tyler use here called rehypothecation  The 'Swiss People's Party' may wish to refresh their rights.  Being citizens of one of the last nations on Earth which still have lawful firearm ownership, perhaps should attempt implementing a more meaningful strategy in re-rehypothecating 'their' Gold

Sun, 04/21/2013 - 22:04 | 3482260 CitizenPete
CitizenPete's picture

GOLD is the only asset the swiss have?  I would think the fact that anyone of age in the populace is armed and ammo is only a quick distribution process away, would still have have some value. 

Sun, 04/21/2013 - 22:12 | 3482285 CURWAR2012
CURWAR2012's picture


Get it home!!!

Sun, 04/21/2013 - 22:24 | 3482330 holdbuysell
holdbuysell's picture

It's becoming more and more apparent that the reality is we've always been on a gold standard, although a shadow one ever since 1971.

Now, ZH is tweeting about Korea continuing to add to its reserves. Looking forward to the follow up on that.

Basically, this is the Nixon era all over again only informally as the people are getting sucked dry and don't even know it.

This has the makings of becoming the greatest con ever.

Sun, 04/21/2013 - 22:26 | 3482337 Van Halen
Van Halen's picture

I was going to say that it stuns me that it requires a 100,000 name petition to get common sense addressed in Switzerland. Then I realized I live in America where 320 million of us let about 3000 utterly evil sociopaths tell us what to do every day.

Sun, 04/21/2013 - 22:32 | 3482358 Yen Cross
Yen Cross's picture

 Rookies /

Sun, 04/21/2013 - 22:41 | 3482382 IridiumRebel
IridiumRebel's picture

Bunker underneath Federal Reserve, Ben Bernanke is making some phone calls.....
"Jimmy!?!? Get me Tulving, Sunshine, Perth, Gainesville and anyone else that deals LARGE amounts of gold. I gotta cover our ass!.....{switches lines}.....Hans, babe, I got your message....I'm having the boys in the vault shine it up real good! No worries....can we push that delivery date back about 2-6 months? No?.....hmmmm.... Well ya see........"

Sun, 04/21/2013 - 22:57 | 3482431 Yen Cross
Yen Cross's picture

 I'm trading a personal 'spot' position (IR) That's 200k. I closed my risk/aud vs anything exposure.

Sun, 04/21/2013 - 23:03 | 3482443 IridiumRebel
IridiumRebel's picture

I hope it works out! I'm sure it will. Stay nimble.

Sun, 04/21/2013 - 23:04 | 3482441 ebworthen
ebworthen's picture


I know, right?

"It's just that it's so heavy, and then there's the security concerns...What?  Oh it's secure, it's just that moving it is dangerous, Al-Queda submarines, ground-to-air shoulder fired missles...and the's heavy...lot's of fuel involved.  And the background checks on everyone involved...What?  We can move tanks and soldiers to the Middle East in a couple of days but not gold to Switzerland?  Well...that's military hardware and people, not GOLD.  I'm sure we can have it to you by 2020 or so."

Sun, 04/21/2013 - 23:04 | 3482449 IridiumRebel
IridiumRebel's picture

"And what if a rogue Chechen(130 lbs soaking wet) were to attack the shipment?!?.....dude shut don Bastin!"

Sun, 04/21/2013 - 22:55 | 3482425 ebworthen
ebworthen's picture


They want their barbaric relics back?

Sun, 04/21/2013 - 23:04 | 3482438 newengland
newengland's picture

The Swiss, full of guns and gold. Meanwhile, the pretty pets of crypto-Nazi USA 'government', steal with impunity for the zionists, and the islamist slaves.

Sun, 04/21/2013 - 23:01 | 3482440 NoWayJose
NoWayJose's picture

But didn't Hong Kong banks and dealers completely sell out of gold last week? And where is more coming from? Why Switzerland and London...

Mon, 04/22/2013 - 03:24 | 3482829 Urban Redneck
Urban Redneck's picture

Because that's where new physical gold (what there is of it) comes from- London & Zurich, they don't dig nice shiny bars out of the ground...

Sun, 04/21/2013 - 23:04 | 3482445 Van Halen
Van Halen's picture

Curious - let's say gold DOES go to $3000 an ounce. Where/how would you sell it if you wanted to?

Sun, 04/21/2013 - 23:08 | 3482455 CURWAR2012
CURWAR2012's picture

depends on what you want to buy (or pay off). If we started to hit a high inflation period, borrow as much cash as you can prior to the large move and then pay off the loan later with gold sales to central banks

Sun, 04/21/2013 - 23:09 | 3482456 IridiumRebel
IridiumRebel's picture

People sell gold online and elsewhere for much more than'll get sold. If I can't ill eat it!

Sun, 04/21/2013 - 23:09 | 3482461 newengland
newengland's picture

Everything has its price. Gold and silver vs fiat, the zionist paper, only as good as their word. Their word is worthless. That is why central banks are buying gold.

Sun, 04/21/2013 - 23:22 | 3482492 BigDuke6
BigDuke6's picture

EBay USED to be a good place to buy gold about 8 to 10 years ago.  i used to pick up aussie $200 1/3 ounce coins , always with a certificate and high value in a half decent currency.

In those days not many folks paying attention - occassional missed coins so you got a bargain.  Look at ending auctions during the superbowl!!

Now too many fakes but if you have a Account with 100% feedback i reckon you can make good money selling there.

i suspect there are a lot of unsophisticated buyers who pay well over spot.  in fact 10 -20% easy...

ebay now has a lot of shit african buyers and various dodgy's who may not pay up - i dont sell so dont really know that side of it.

Mon, 04/22/2013 - 07:57 | 3483087 Quinvarius
Quinvarius's picture

Same places you can sell it now.  Refiners.  Pawn Shops.  Dealers.  Jewlers.  Other people.  Cash for gold.  I can convert mine to cash after a 5 minute drive if I want to.  Which I don't, and won't, until they stop sitting on the price and let it rise to back the money supply.  You will probably be able to trade it for goods/services/cash in a lot more places in the future.  

Sun, 04/21/2013 - 23:07 | 3482454 NoWayJose
NoWayJose's picture

Any bets that the 20% of gold they are supposed to hold will be phyzz?

Sun, 04/21/2013 - 23:12 | 3482463 newengland
newengland's picture

Bear trap was for useless politicians and their fans.

Sun, 04/21/2013 - 23:17 | 3482477 Bingfa
Bingfa's picture

Americans 'snapping' by the millions....

"After all, let’s face the hard facts: We just re-elected perhaps the worst president in history, someone manifestly obsessed with dismantling traditional, free-market capitalist America and transforming it into a socialist nanny state. That in itself is highly stressful – at least for the roughly half the population that still understands socialism always leads to a profound loss of freedom and prosperity."

Worst President in history....easily

Sun, 04/21/2013 - 23:29 | 3482506 newengland
newengland's picture

O'bomba, plus his zionist paymasters and islamist fools. What could go wrong?

Gold, guns, silver and land. Believe it. Buy it.

Mon, 04/22/2013 - 05:26 | 3482902 falak pema
falak pema's picture

... zionist paymasters and islamist fools...

As the current incumbent of the political cum oligarchy class running Pax Americana, Obama executes the wishes of the system that has ONE master : ME OIL, the Jerusalem of the one commodity that is the plank that this world walks on and he truly acknowledges it by bowing to the Templars who hold that fort today; the Zionist nation, sons of new Gerard de Ridefort breed; servants of Pax Americana and their own ethnically based trusteeship; à la Balfour doctrine.

Then, it was ordained by Papally blessed, thus sanctified in heaven, Laude Novae Militae. By the christian ideologue of that bygone age. The NWO/ US hegemony creed today may be different as its based on "manifest destiny", but the elitist MIC/capitalist breed and the hubristic, colonial mindsets are the same. History rhymes bigtime. GWB in many ways played at being the new Saint Louis in clash of civilization meme; to disguise his oil hegemony greed in red crossed Templar sanctification.

That the Sauds and Qataris et al. are surrogates to this construct is evident; that there is objective collusion of interests between Israel and Sauds to defend the oil riches of the post 1945 handshake and joint venture of Pax Americana and Muslim Mecca is also a given. 

That the resulting NWO and outsourcing meme under Reaganomics/Thatcherist big bang construct has led to massive outsourcing and wealth transfer to new nations, at the expense of first world welfare state deconstruction and middle class erosion; that this dynamic having gone viral in oligarchy greed has spawned a new neo-feudalist order and threatens the demise of democracy; is a given as well.

As we see it unfurl in current capitalist decay in front of our eyes it is all now a fiat fed and private banking cesspool generated disease that is bringing down the political constructs of nation states.

ZH like others give  to world these hard facts poured in concrete, as historic financial evidence of whats up ahead as potential effect of past devastating causes.

That this impossible construct of financial thievery and political villainry, joining hands in unethical alliance, has caused both mayhem in the ME nations of Asia and recurrent tragic "blow back" in first world, as today in Boston, is also a given...and it will not end the hidden agendas of these diverse elites are not one and the same. Centripetal forces like entropy accumulation are a bitch in all human constructs; just look at those empires of old. 

By the looks of it its a toss up between a "hard slog" in current doldrums or "the unimaginable" in worldwide cataclysm.

But, in no way can cause and effect of our coming potentially Sarajevo moment in first world meltdown be reduced to the  cliche that you use as expression of your geopolitical truism.

The tail never wags the dog.


Read this, its more entertaining on same theme : 

Pech Souleila: Sidi Kafir: Falakpema: Books

Do NOT follow this link or you will be banned from the site!