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First Germany, Now Austria Demands An Audit Of Its Offshore Held Gold
First it was Germany, now another AAA-rated European country is starting to get concerned about its hard assets.
Overnight Bloomberg reported that following in Bundesbank's footsteps, Austria will audit its gold reserves located in the UK, which represent 80% of its total gold holdings. This gold reserve reviews held at Bank of England in London will be first conducted by external auditors, Christian Gutleder, a spokesman for the Austrian central bank, says via telephone.
As a reminder, Austria held 80% of its roughly 280 tons of gold in U.K., according to last annual report.
Gutleder explained that the Central bank has checked its reserves regularly in the past, adding that gold reserves haven’t changed since 2007. Which begs the question: why check them now then?
According to the official explanation that review comes after euro-skeptic Freedom Party demanded more transparency, repatriation of reserves. Perhaps it is time to rename the Euroskeptic party into the "we doubt our gold is where you say it is" skeptics. A better explanation was provided by the Austrian Trend magazine, which said that "the measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of the gold."
Joking aside, with Euroskeptics across Europe ascendent, we wonder which central European nation will be the first to uncover that its gold is no longer where it is supposed to be (that most certainly includes the Banque de France).
Some more color from Goldreporter.de:
Austria is planning to send auditors to the Bank of England in order to verify the existence of Austrias gold reserves stored in british vaults.
The Austrian accountability office will sent a delegation to London in order to check on Austrias gold reserves stored in vaults at the Bank of England. This is reported by Austrian magazine Trend. The measure is seen as a consequence of growing public pressure. There is a rising disbelief among Austrians about the existence of the gold.
“I acknowledge the request. Any grocery store is obliged to do inventory once a year. It is the only way of getting rid of these unreasonable allegations”, Ewald Nowotny, Governor of the National Bank of Austria tells Trend.
Austria officially owns 280 tonnes of gold of which 17 percent are kept in vaults inside the country. Around 150 tonnes are estimated to be stored in London.
In recent years doubts about the existence and the quality of Germanys monetary gold stored at the New York Fed and the Bank of England were raised by a rising number of skeptics. In January the Bundesbank eventually announced plans to repatriate most of Gemanys gold reserves until 2020.
So first Germany (which at this rate may repatriate its gold held in New York, London and Paris some time in the year 3000, now Austria... Who's next to confirm that all those doubts about infinite rehypothecation of physical gold with countless beneficiaries of paper receivables will be the next conspiracy theory to become conspiracy fact, after last week's surprising announcement that Barclays (the first of many) had manipulated paper gold prices on at least one occasions in the past decade.
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Let the Austrians try to audit their paper gold.
So true! should we give them a brown bag Hyperventilating Jesse Jackson settlement for a mere $350,000/yr? When your moody and without midol. Bleeding for 7 days and living is a monthly event for cash loads of money. If one nigger can pull this off, we all can.
/sarc
I know it was only 150k. Just growing GDP 33%
Bwa ha ha.
/LOL
this might be the time when they accept and acknowledge a new class of wealthy if and only to protect what they have.
would be real interesting to see how much physical gold becomes available should the price double.
sticky warehousefingers...
Jamie Dimon's island and China bitchez.
hahahahahahhahaha... they finally wake up... and have the ball to ask.
However, how do you know if they double count ?! The gold for German is both account for German and Austria.
Gold Anschluss.
I can't wait until they get a peak up in the FedRes' skirt and see what's there.
krisc, -- I only want to see what's in my hand.
....aannd it's gone! Or as they say in Germany, "Fuck! Und es ist alles weg!"
Because it never gets old:
https://www.youtube.com/watch?v=-DT7bX-B1Mg
(Tylers found a great remix at one point a couple years back..but can't find at the moment...Tylers?)
And it's gone......
Just BTW
.. on Germany's Gold.
At the current PoG, Germany's 3500 tons is valued at only ca. EUR 110 Billion ... .
The YEARLY German Parliament Budget is 3-4 times that amount.
i.e. Gold is TOTALLY MANIPULATED DOWN
Price should be AT LEAST ca. $9000 / ounce ... which is Jim Rickards estimate if there was no manipulatin
Tungsten, the gold equivalent substitute to pink slime.
Enjoy the illusion of wealth or illusion of food.
Fiat is a car,Vix is one of Sana's Reindeer Q Paul is gold money ? Ans Bernake no people hold it for really bad tail risk....
THE DOG IS A WAGGING.....
Yup. Insurance is something you hope never to use. Let us hope it is statistically speaking a very skinny tail.
Imagine if Hillary were elected POTUS, she would tell the Germans "Gold or no gold, what difference does......".
Hillary as POTUS? I think as dumb / ignorant as most voters are, they have realized what a compulsive liar and establishment puppet she is by now. I can be totally mistaken though.
Why are the auditors going to the UK?! Seriously, the gold is in China.
"You don't look for your tools at the thieves’ house, but at the pawnshop."
the ones that the UK and the US have sent to China? I wonder how many are actually gold plated tungsten bars.
http://beforeitsnews.com/banksters/2012/09/chinese-discovered-fake-gold-...
They will show the Austrians the Germans gold which was Lybians gold before the Venezuelans gold. Since MH370 disappeared the noose is tightening for Uncle Fed.
How about all the gold depositors ask AT THE SAME TIME to come in for a visit?
There's no need for a simultaneous visit.
Serials should be published by all countries, that's all
Who do you trust? That's a problem. I wouldn't trust anything released by a US infiltrated government in Berlin or Vienna.
Whatever gets released is censored by US propagandists well before it hits the main stream media. It cannot be any other way or the empire would have died long ago.
Gold, oil and ass.
200 shares of azzprom, stat!
Why so paranoid? Civilized countries have little use for the "barbarous relic". Your holdings are safer than my sister at a Liza Minelli concert.
/sarc
I am waiting for someone to describe gold depositories in the USA and UK as "GIANT GOLD PONZI SCHEMES."
they're on a boat circling international waters.
Man made "tungsten mines"?
Yen Cross is short and savvy.
Gold depositories in the USA and UK are "GIANT GOLD PONZI SCHEMES!"
The Lie
"In January the Bundesbank eventually announced plans to repatriate most of Gemanys gold reserves until 2020."
Bullshit! It's USA's inability or unwillingness to deliver sooner.
According to non GAAP central bank accounting accounts receivable are the same as gold in the vault. Let us hope no one actually wants to look in the vault. Lol
Mind the GAAP:
g)old
a)in't
a)ctually
p)resent
US Federal Reserve: You gold is gone!
You'll have to wait 7 years until we can buy it all back. Oh well if the US dollar crashes before then.
Tin foil!!
The gold is clearly under one of these cards: mwahahahahaha
Conchita Wurst going for the gold again?
Hey, just wondering if this has anything to do with that drag queen winning the Euro Song Contest?
"It" just loves the shiny?
http://www.telegraph.co.uk/news/worldnews/europe/russia/10856197/Putin-a...
Enjoy your Memorial Day bbq brat wursts
The new vault is the sea. You'll never figure out where we sank it. Are divers know by GPS.
You wanna see your 280 tonnes of gold you say?
Why do you want to see your 200 tonnes of gold?
Oy Vey! Fine, Ill show you your 100 tonnes of gold as soon as I remember the combination to the vault.
I got it open, here is the empty vault where you can put that 200 tonnes of gold you owe me.
For the life of me I cannot understand the conduct of any central bank or government official who would agree to lease out the national treasure. Surely this is the ultimate in a combination of stupidity and treason.
stupid no.
they wanna live rather than die by rothschild
Where's the gold? Why, it's in the Global Debt Facility, established by Ferdinand Marcos. The American legal profession is trying to explain to some irate citizens what happened to US gold and the US dollar. The authorized signatory to the Global Debt Facility was trying to help until the ABA censored further comments. America's legal profession on trial: https://s3.amazonaws.com/khudes/Twitter5.26.14.pdf
Karen Hudes still credible to you?
Unless Austria has a list of specially marked and identifiable gold bars, it is impossible to conduct and audit as the UK will simply be shuffling gold or tags prior to the audit.
Unless there is a demand for an immediate return of gold, audits are not worth the time.
And to add injury to insult, does anyone believe that in the event of a meltdown that the US or UK will be returning anyone's gold? I think not.
Fractional gold reserves are not supposed to happen, but they are the reality of this current fraudulent system.
The US Federal Reserve probably has a fraction of the gold it says it has.
Bet the COMEX paper gold is the same way.
Demand immediate delivery and Kabooooom!
They will say no. Like they already have. Then what?
What else could they have but a list of bar serials?
A small warehouse receipt on which it says "X tons"?
It's behind you!!!
OH YES IT IS , OH FUCKING NO IT ISN'T.
PURE/SHEER PANTO
Sean Penn's boyfriend was a putz. But he knew when to bring the gold back home.
You gotta know when to walk away from the table to keep your stash.
http://youtu.be/Jj4nJ1YEAp4
redwater, -- Thanks for the memories.
Even the Putz can get it done if he is first up.
If these 400 oz gold bars are found salted, this will be the scandal of the century and a ZHer's wet dream.
better to ask for it back so they count it, then decide if it goes back to UK, seriously they can be shown any gold and be told it's theirs, dumb waste of time what they are are proposing unless they audi everyones gold there, even that can be fudged
Let me save you some time; here's the status of your gold:
https://www.youtube.com/watch?v=jrLbY4-Q99A
.....
That shit is funny because it is true.
The gold could be in China, but it is possible also that papa has it.
If faith drops in those that store gold and make intangible "promises" it will cause money suddenly to flow into tangible goods seeking a safe haven. This would cause inflation to soar. Never before has mankind diverted such a large percentage of wealth into intangible products or goods. This includes stocks and pensions.
I contend this is the primary reason that inflation has not raised its ugly head or become a major economic issue. Like many of those who study the economy I worry about the massive debt being accumulated by governments and the rate that central banks have expanded the money supply. The safest way to hold wealth is very very close and in something real and tangible. More on this subject below.
http://brucewilds.blogspot.com/2014/04/inflation-seed-of-economic-chaos....
I admit this sounds like a very far fetched conspiracy theory, but as with any criminal investigation, we have to analyze the suspect's motive and capability to commit the crime. The motive is definitiely present, use the gold as collateral to borrow borrow borrow. Capability, I believe the US is quite capable of creating these phony gold bars and has the credibility to fool the gullible politicians and bankers who only care about their own bottom lines. It's taking an awful long time to return Germany's gold. The US is returning the gold in a slow and orderly fashion, but never all at once. Reminds me of a ponzi scheme.
I believe that the government should be held to a higher standard. I also believe that I should hold my investment decisions to the highest standard: guilty until proven innocent.
Again I say, a dangerous mix of musical chairs and Russian roulette. In this game everyone has a gun but only one person has the gold. Actually he sold the gold several times over and now needs to lose the game.
Can I hold your gold for you? I promise to keep it safe. What the fuck?
these austrians are the new hitlers they cannot be trusted with that gold.
her majesty is doing a sterling silver job looking after this barbaric metalic relic loved by earth men and space men alike.
i have heard from cia and mi6 friends that with the up and coming muslim menace in austria the government of this small country will be busy fire fighting and cleaning up the al cia da musslamic mess incoming.
priorities eye say what good is gold in yer pockets when yer head and arms gone and left ya.
Tony Wilson is a too severe man.
All your gold are belong to us.
This wiill turn into a game of 3 card monte, where today the show the gold to Austria, tomorrow they show the same gold to Germany, the next day to France. Each country thinks they have 150 tons of gold, but the total is only 150, notv450.
Knowing the results, I would not follow in Bundesbank's footsteps.
But how many results would one need, to know that possession is 10/10 of reality?
What in tarnation are you guys worried about? So what if there's no gold in the CB's vaults? They'll give you cash, maybe even at a premium to the price of gold. Geez Marie!! What a bunch of worryworts!
/sarc
Yes we have it. What are you going to do about it? LOL.
It was here yesterday.. Honestly !!!
We got yer gold, bruh -China's holding it for us.
According to those cuneiform tablets the Annunaki came to earth to mine the gold, the Mahabharata indicates they use it in space ships. I predict someday when there is no longer an amoeba left alive on this planet, they will come back to gather it up. They understood the earthling (They left the planet!)
Bred human to mine the gold.
And we're still digging.
Stack On
Rock on Roger
How stupid are we anyway? The tablets say the Nefilim found the mining, smeltering, molding and casting too much of a burden, so they made us. I think we did the job superbly. Some day on this barren planet they will probably leave a plaque singling out the tribe for special honors for being the supervisors of the project. They took the bull by the horns, as it is indicated the earthling differed from them due to having a foreskin. They did and announced that would be the way to tell the difference going forward. Of course the tribe insists on circumcision to convince themselves they are the Gods, but they were only the shop foremans.
Ye coz a space faring civilization needs to mine AU with slaves on the only AU rich planet in the universe (that would be Earth lol).
Edit to include:
Lol, after seeing the subsequent comments: ye, the aliens just genetically engineered a highly intelligent life form for mining, coz again, this is the way to do it, being all space faring and shit. Tools and machines were too low tech for them, so they created MAN, a political system and a religious system, to help with all that AU mining. Yep, that's the way it went down.
I love me some whacky shit but it has to make sense a bit.
No worries, rehypothecating a bazillion tons right now, should be sipped out of China any day now.
That audit should be no problem if you grant them 7 to 10 years for preparation.
I should say, it will be a problem though if these countries want to audit their gold at the same time.
I hope there is no problem on reblogging one of Tyler's articles once in awhile. If there is I will remove it.
https://dublinsmickdotcom.wordpress.com/2014/05/26/update-on-dakota-shal...
How many forklifts will I take to temporarily move said gold from one vault to the other?
Austria would be better off bancrupting the Hypo Alpe Adria bank instead. The billions of tax revenues already allocated for the "bad bank" could be spent on 100s of tons of gold.
However, as the UK will be leaving the EU, the gold has to be repatriated anyway.
What, gold ? Gold luck...
Soon wont need a fork. Chop stix will move it.
The important and relevant question that Zerohedge and all its readers should be asking is: "Why is it that Central Banks from around the world want to keep a great part of their gold reserves with the Bank of England and/or the NY Fed seeing that we are off a gold standard and that gold is a relic?" I would say that the answer to that question is that the Bank of England and the NY Fed use this "gold relic" to manipulate the foreign exchange markets and keep the gold price under their control. As there are no limits to how many times one can hypothecate in London I would say London is the head of the beast as far as the manipulation of the gold price is concerned.
Yes, the head of the beast is the fraudulent paper au/pm market, that is orders of magnitude larger than the phyzzical market. For now paper beats rock, but (golden) scissors are patiently waiting to meet paper... on the CONeX and in London. And after last night's spike, it's back to the AM smash. S.O.S.
"And the World goes round
Water Flowing Underground...
Same as it ever was
Same as it ever was."
Just remember one thing Austria - You don't own the Gold unless it's in your hands...
And look at history as well, many many people have died in their search or control of Gold. If the British have it I'd say it belongs more to them than you. I'd do something about that if I were you.
The just got a fresh batch from the Ukraine
Jesus Facepalm
I would like to know the value of gold when it was used by Turkey to purchase gas and oil from Iran.
"Why check them?"
Trust but Verify.
If a guy bought in on the pot, he has a right to see your cards.
Friday, July 8th, 2011
"Plan your food supplies now. Grow and buy seeds that will keep you alive. Buy silver coins or gold, so that you can buy what is necessary. "
http://www.thewarningsecondcoming.com/eternal-father-will-prevent-new-wo...
"The time at which there will be no other choice but to reject the current system entirely is fast approaching. Although that moment is unknown to us, the course that we continue to pursue will undoubtedly hurtle us into a monetary abyss that will mandate a major reform. I'm firmly convinced that major economic and political decisions will be forced upon us in the 1980s. The current system is "running out of steam" and is slowing to a stop."
Ron Paul "A Case for Gold" 1982
Heh "Germany" and "Austria" those are non-states, former "countries" somebody send them a memo.
Hey Germany you traded your sovereignty for the right to make Greek loans.
There is no gold.
In belgium they discovered recently that in 2 years (2011-2013) there has been illegal cash transactions worth for about 40 tons of gold. They also stated this was just a tip of the iceberg...
The audit is intended to put the "skeptics" fears at rest and it will achieve that.
Now wait a miute
before you slobbering gold idiots or maybe the gold pumpers who are pumping "da pump" I have a question
What if the gold is there? Lemme guess, the gold trolls who raped every idiot top buyer 2 yers ago is knee deep into GLD and HUI
after a few more slobbering prepper asshole comments I can say this.
The gold pumpers are back in da" house!
All you vacated brain lockers looking for an answer.
Listen to these guys, these were the deuches that told eveyrone to buy buy buy gold and silver at the t0p 2 years ago as they sold their GLD. Yup they never had an ounce. They slid into tech and started "da pump" there. After getting raped by gold you sold, they slowly accumulated GLD, and sold you AAPL and Biotech.
They sold to you, bought back into GLD and are now ready to roll.
Then quietly they'll slide back into AAPL. GOOG, and other BS stocks and start "da pump" all over again.
I give you credit - you are good. Fight Club has turned into PUMP CLUB
Adding two and two together we get "gold price suppression by looting reserves and selling them at artificially low prices"
and this news makes the price of gold go...
DOWN! WTF? Now at 1284 this morning.
Simply put- those who bought with gold related news and on common sense got bad news.
Austia's Gold has gone nach Osten.
While Austria and Germany have gone West, their Gold has gone nach Osten.
now gold is at $1268! The lowest in quite some time. Tuesdays are sale days
Austria may find some comfort in knowing that their gold has made a lot of Indian brides very happy.
Nowotny serves the 0.01% and not the poeple. So forget about this gold audit. It's nothing but a show as Nowotny is simply tired of all those silly questions about gold - and finally wants once and forever to silence all those conspiracy nuts.
I personally know and like Nowotny, but from a professional point of view its a safe bet to listen what he says and believe the opposite...
What sort of Nation stores their Gold Reserves with another Nation? How is that not the pinnacle of stupidity?
Perhaps it's disappeared up Brown's Bottom?
Meet it is I set it down
That one may smile, and smile, and be a villain.At least I’m sure it may be so in perfidious Albion.
austria inquires
russia collects?
So what answer will Mark Carney the ex Goldman banker in Charge of Bank of England say to the Austrian request?
Our Quenn has alreadyu inspected it and says it sfine. It's all there ( gold coated tungsten or or even possibly gold coated chocolate so they can have their gold and eat it too).
Austria need not worry. Their 280 tonnes of gold will be in their gold bay. It will be rushed over there from the Germany bay in time for the audit.
Austria is doing due diligence. I see gold and silver is down trying to scare them off.
Lowering the price will make it easier to buy for the normal people. Funny the timing of the spike then dip, I guess someone got their buy? sell signal mixed up.
The universe doesn't have to make sense, it just has to work.
Alien A builds robots; robots take over and force Ailens to flee.
Alien A says: robots are a bad idea but we need workers.
Alien A warps DNA on random M-class planet to mine gold and help rebuild some space ships that the robots damaged.
Alien A after fixing their ships leaves M-class planet to regroup with the rest of their fleet.
This leaves an Alien B on the M-class world wondering why he likes gold and digging. So this new Alien on a random M-class world continues to do the
things it was programmed to do long after Alien A left.
Because, in the universe hangups happen and cleanup is expensive.
The only two questions the auditors need to concern themselves with is whether the Austrian gold is set-aside and under custody or whether it's deposited in a pool arrangement of fine ounces.
If set-aside and under custody, then the holding is under English bailment law and there need to be a weight list and the auditors need to see and count the physical bars.
If the Austrian gold is held in the BoE under a pooled holding with other customers , then the Austrians only have a claim on a certain number of fine ounces of gold in the pool. They could either try to audit the whole pool, which the BoE would not let them do this, or alternatively they will be left just auditing pieces of paper. If the Central Bank of Austria has freely allowed their gold to be part of a pool, then this is their problem.
I wonder why these nations feel it necessary to park their gold in foreign countries? Why would any nation trust the US after all it has done, all the lies, the wars, the economic and financial crisis created by Wall Street? Sounds like the central bankers of these nations are incompetent.
So Bundy goes there, that's your gold in the corner, next day Austria goes there, that's your gold in the same corner. So all countries can audit their own Gold, just not on the same day !
The ol' pea and shell game, The FED, BOE, France were all playing this game to return a few bars for the Bundesbanks last time.
The entire world system of Finance is just 100% Fucdup...... Thats all folks.
So first Germany (which at this rate may repatriate its gold held in New York, London and Paris some time in the year 3000, now ,
... dat may be a tad optimistic. How many resets has the effective final dilivery dates this charade changed?. The German Audit Crew weren't even allowed to touch the bricks. .. must of still been warm from the tungsten stuffing machine.
Ya can hear it now in the basement of the NYC reserve, as the the custodial dude shows shows the German crew their "asserted" inventory with the old well worn Pig `in a Poke-ish cliché :
"... see all dem precious shiny glittery golden brickie looking thingamabobs on the other side of the bars,? Well dat be all your reserves, just like we said, all safe and sound, as promised, in the basement of that big building you walked in upstairs. And no, you can't touch it or count it - always a wise guy in the crowd - a little mister know it all - does it explicitly say you can touch it or count it on your receipt(?) - well there you have it mr. smarty pants. This is America ,, if you can't trust Americans .. you .. you kraut head DF's .. who can you trust? Only a terrorist would consider something so outlandish! Maurice - MAURICE - bring me bucket of K&Y - on second thought, forget the K&Y, and just bring me my "very special" gardening gloves, I think we need another full cavity search ... what do you schnitzel sucking son's of a goose stepper think about that - huh punk - ya still wanna get all touchy feely wit-de-glitter bars(?) - well do ya - ya bunch of perverts .. &%#*&!."
Seriously now, I am trying to add all this up.
How many tons did we get from Libya? How many from Greece? Ukraine? Cyprus. The basement of the WTC? We didn't get Syria's or Iran's yet - ahhh Venezuela .. dey been a pestering us to give their precious little cache gold back. Then a light goes on! Let's start laying some sanctions on dem Venezuelan mud puppies.
Did we get Nigeria's yet?
Not enough ... need more
Before you gold hawks get all all tingly in-de-o G-Spot membrane, ya gotz to consider some very recent gold supply news. Yesterday,Thursday (May 29), a Large gold anomaly discovered at IMX’s Nachingwea Property (PDF). An aleutian assay - you can bet Yellens White Shew Short Paper Crew was out there throwing hand fulls from buckets of sand grain sized nuggets all over the place a few weeks before the assay.
Still, even if real, takes a while to mine enough to feed it to the tungsten stuffer ... need more .. hmmm ... well how aboutz the $1 Trillion Motherlode of Lithium and Gold Discovered in Afghanistan the JPM dandies were all circle jerking around? Guess dat and de bumper smack haul explain why the jolly gren genocide machine be a hanging dere for a while,
Now - maybe (just maybe) enough for a 3000 AD final delivery date in Gaul Land.
But it smells bad - like a dead rhino fermenting under the house. Even a CNBC buzz-bot-face was implying something stinks. Remember the alleged useless bag expired forged bonds story (cool let's forge some monopoly game money - yeah - thats the way to make a molehill out of a mountain - we'll be rich as shit! ... Riiiight .. and now some rumblin's' shaking and baking the bond market.
It's only temporary - and somewhere in the pixel froth our old ex-CNBC triple chinner Bartallobi-lips asks, "Is it time for retail traders to get back into the market?", sure as clock work.
As Archie sings .. doze were da daze ..
The USD is finally being treated like a forgery. It pivots here, it ain't being transacted like it use to be here, inflating here, collapsing here!
The precious metal theta paper gang bangers are trying to open there office windows here, and still more rumblin' here,
But not worry - god's work will be done, or else!
I think I'll go to Wal Mart and use my VISA card to get an even bigger wide screen TV - that'll keep me feeling exceptional! Jesus Fucking Titty Christ - Fuck Yeah!