"You Can Take Your Scottish Freedom... But You'll Never Take Our Gold"

Tyler Durden's picture

We can see it now, a wine-stained David Cameron staggers slowly towards Hadrian's Wall eying the hordes of Scottish gentlefolk staring at him; he glances back at his supporters (who cheer somewhat begrudgingly) before rapidly returning his eyes to the Scots and proclaiming... "you can take your freedom; but you'll never take our... Gold." As Reuters reports, an independent Scotland could lay claim to a part of the United Kingdom's 310-tonne gold reserves if votes go in favour of the "Yes" campaign this month, with ownership of Britain's bullion hoard up for negotiation along with other assets.

 

The "high-risk" event is increasingly likely - as evident in the FX markets - but the full consequences appear far from clear (as Reuters reports),

An independent Scotland could lay claim to a part of the United Kingdom's 310-tonne gold reserves if votes go in favour of the "Yes" campaign this month, with ownership of Britain's bullion hoard up for negotiation along with other assets.

 

"The distribution of the UK's assets in the event of Scottish independence would be subject to negotiation between an independent Scottish Government and the continuing UK government," a spokesman for the United Kingdom Treasury said on Monday.

 

The United Kingdom, whose reserves are worth 7.84 billion pounds ($12.6 billion) at today's prices, is currently the world's 18th largest official sector gold holder.

 

A decision to break away from the United Kingdom when Scotland's voters go to the polls on Sept. 18 would be followed by negotiations with London over a raft of assets, including the pound and North Sea oil.

Of course, Britain's Gordon Brown (who returned to frontline politics this year to campaign for the preservation of Scotland's 307-year old union with England) is infamous for the 'worst trade ever'...

Former British Prime Minister Gordon Brown has faced persistent criticism for disposing of almost 400 tonnes of the United Kingdom's gold via a series of auctions between 1999 and 2002, when prices were at their lowest in around 20 years.

 

Gold prices surged over the following decade, topping out in September 2011 at $1,920.30 an ounce, nearly five times their end 2002 level.

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"priced-in"?

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oudinot's picture

Gordon Brown sucks.

HeavyShadow's picture

What am I?

 

 

Some come here to sit and think,

Most come here to shit and stink,

Blow me down and strike me pink,

Gordon Brown comes here to eat and drink.

Pinto Currency's picture

 

 

Simply buy the gold 1 barrel of oil at a time.

TahoeBilly2012's picture

Farage wants the UK to stay together, but then he wants the UK to leave the Eurozone, so I guess you can TRY to have it boths ways. He has ben asked to simply stay our of the Scottish debate, seems smart to me.

So Close's picture

Leave the gold in Engalnd.   Leave the debt in England as well.   Borrow money at 0.0000 percent.....  buy gold on the open market and when it is at 5k an oz sell 20% percent of it to cover the debt.

Manthong's picture

That 310 tonnes of 100 times rehypothicated fictitious gold is likely a lot closer to 31 ounces of paper by now.

Now if its’ a share of a pile of gilded tungsten they interested in...

palmereldritch's picture

 Yeaahhhh...about that 'reserve' part...

UnpatrioticHoarder's picture

Scottish independence will trigger a wave of due dilligence, audits and accounting exercises which the British elite will move heaven and earth to avoid, whether it be North Sea gas reserves, gold or public finances. Accounting for leased-out gold could be a major problem

Elvis the Pelvis's picture

I really miss the Glasgow Rangers.  I can't wait till they are back at the top of the premier league.  Celtic needs the competition.

julian_n's picture

But Farage wants UK out of EU - and he knows Scotland are more pro-EU than England - so maybe a Yes vote is in his interest?

Cactus's picture

Scotland probably likes the EU for its subsidies..

 http://www.heraldscotland.com/news/transport-environment/revealed-the-scots-farmers-made-millionaires-by-eu-subsidies-1.1026316

Article a bit old but the vested interests / big landowners still around today. 

BadDog's picture

"Simply buy the gold 1 barrel of oil at a time."

and store it in Scotland

goldhedge's picture

BROWN'S BOTTOM

 

 

The TWAT

 

goldhedge's picture

BROWN'S BOTTOM

 

 

The TWAT

 

Cacete de Ouro's picture

'worst trade ever'

Best trade ever for Goldman.

The auctioned HMT gold was delivered by the Bank to the Market and then Goldman promptly turned around and delivered it to cover it's ass

Freddie's picture

Trade?  LOL!   It was a looting or theft just like the zio's stole the Ukriane and Libya's gold.

unirealist's picture

Good luck, Scotland, getting anything back. The Crown probably owns a copyright on the name "Scotland."

Ask Germany how trying to get their gold back is working out for them.

disabledvet's picture

Meh. HUGE energy producer. With Russia choking off supplies to the West (or is if the West now doing it themselves?) they're minting money.

"Might as well have the mint too."

NoDebt's picture

They won't get the gold, but they'll sure as hell get a big slice of Britain's national debt heaped on them as a lovely parting gift from the union.

Bastiat's picture

They should accept no greater percentage of the debt than the percentage of gold bullion delivered.

AdvancingTime's picture

Several complex issues surround the idea of going off on their own. If Scotland wants independence then so be it, but sorting out the political and economic ties with the rest of the UK, may be difficult. Scotland has to be allowed to stand on its own two feet without the rest of the UK financially and economically supporting it. The Euro proves that more than one sovereign country cannot easily use the same currency.

Portugal, Ireland, Greece, Italy and Spain have discovered that you cannot have full independence and share a currency. Another problem is that if the UK Government is to agreeable to a separation, will Wales and Northern Ireland move towards independence? That might encourage similar movements in Catalonia, Belgium, Northern League in Italy, Basques, Cornish, and among the Poles.  More on the issues surrounding the pound and an independent Scotland in the article below.

http://brucewilds.blogspot.com/2013/06/british-pound-and-independant-sco...

bardot63's picture

Might also encourage Northern California, certain counties in Colorado, and Alabama, Georgia, Texas, Alaska, Wyoming, Idaho, Maryland, Tennessee, et al.  I'm all in for voting.

Freddie's picture

If the Northern League in Italy pulls it off then I am there.  Amerikans voted for Obama and watch college ball and other shit Obam-TV like brainwashed retards.  TV, the NFL, NCAA, NBA, NBL all love Obama.  F them.

risk.averse's picture

If the Northern League in Italy pulls it off then I am there

errr, Freddie, you DO undertsand that the Northern League is not a sporting body? Sadly, it's more significant than that. It's an Italian political movement and party. They're infamous for exploiting the snobbery and snootiness of many Italians in the northern regions towards the those less "worthy" and less "diligent" (sound familiar??) in the southern regions of Italy. Nevermind that the North had sucked the South dry ever since the unification of Italy back in the 1800s -- to the point where most ambitious hard-working Southerners just upp'ed stakes and emigrated.

Razor_Edge's picture

No fear of Northern Ireland going for independence. It's not a viable economic entity as an independent country.

ISEEIT's picture

Something along those lines seems inevitable eventually anyway, so why not get the ball rolling now?

Break-ups are inevitable and it seems to me that everything has been kept so unstable for a reason and that reason is that they've pretty much lost control. The various bullshit initiatives these sociopaths have been hatching for the last twenty five years or so have spun out of control.

I can't quite decide if these 'folks' actually want us to marvel at their obviousness and malice or to pity them for their pathetic idiocy?

Chaos is due.

Dugald's picture

 

 

Full Independence...Och ay!....Pay our own GIRO, foch no!

Let the Puddiks keep paying that...

 

Kirk2NCC1701's picture

The same people "safeguarding" Ukraine's, Iraq's and Libya's gold will be "safeguarding" Scotland's.  Dream on.

813kml's picture

The Scots just need to tell Mel Gibson that the Joos took it and he'll gladly be their William Wallace again.

TahoeBilly2012's picture

Might need a fighting stock of some good tequila...

CPL's picture

There's no more gold in the queen's vault than there is in a candy bar wrapper.  It's all gold wrapped tungsten. 

Hephaestus's picture

Where is the latest peer to peer code to bypass the internet kill swictch.  Where can we get it?

kchrisc's picture

They'll have to get it back from the Rothschild banksters, the FedRes and BoE, which means the Chinese actually have it.

Good luck with getting it back. LOL

An American, not US subject.

813kml's picture

I think the Scots won't go away quietly like the Germans.  The dollar's black swan might have red hair and a bad temper, and possibly a drinking problem.

TahoeBilly2012's picture
  • Conferation Helvitica (Swissyland) was nothing more than small Canton's who wanted out of various kingdom's and formed mutual protection pacts, also know for sound money, gold etc.

Let's see the modern version of that. Bail on the US or EU, actually control your borders and clean up your finance, others may want to join in next to you like the old CH.

disabledvet's picture

310 tons? Good luck backing the pound with that "hoard." No wonder Scotland wants out. Friggin Andrew Carnegie had more gold than that (in actual gold dollar terms.)

It really is said to think "once we had empires." Now we have "the A list." Pathetic.

logicalman's picture

The Pound could quite happily be backed by that much gold.

It would just require an adjustment in the price of the aforementioned metal.

 

logicalman's picture

If more Scots looked at the history of the 'Act of Union' and what led up to it (Darien Scheme) the no vote would be blown out of the water.

Follow the money, folks.

 

btdt's picture

Do they have to take Gordon Brown back?

Or another export, Tony Blair?

Cognitive Dissonance's picture

"You'll have to pry your Gold from my cold dead hands." - David Cameron

logicalman's picture

Makes me think of MIB.

 

zen0's picture

My last comment was amputated by the site. I quit now.

Dugald's picture

"You'll have to pry your Gold from my cold dead hands." - David Cameron

Och! how sorely you tempt us! And don't think it would nay be a pleasure....

stant's picture

310 tons ! There's whore houses in India with more than that

alexcojones's picture

If  Scotland votes for independance,

Will they lift sanctions vs Russia? Then join BRICS(S).

Take a piss out of the Brits, EU, ZioCons and Just Do It-!

skbull44's picture

Canadian government in the '90s did the exact same thing as Brown and sold almost all our gold reserves (500.8 tons in 1989) which now sit at a paltry 3.4 tons. But, hey, we've got lots of US fiat currency in reserve that you can at least burn to keep warm during our frigid winters. See this: http://canadianawareness.org/2012/11/the-story-of-canadas-gold/

 

http://olduvai.ca

Rock On Roger's picture

Canada did that at the Empire's behest

To drop the oil price to $10

To screw Russia

Which is what happened

Then Yeltsin appointed Putin

As leader of Russia

And now Putin is

Screwing the Empire.