Here Comes France: Right-Wing Leader Marine Le Pen Demands Central Bank Repatriate French Gold

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First Germany, then the Netherlands, perhaps Switzerland this weekend, and now the French right-wing Front National, which shockingly came first in May's European parliament elections, and whose leader Marine Le Pen is currently polling in first place in a hypothetical presidential election (in both a first and run off round), ahead of president Hollande, has sent a letter to the governor of the French Central Bank, the Banque de France, demanding that France join the list of nations which have repatriated, or at least tried to, their gold.

From her letter, here is the full list of French demands (google translated):

  • Urgent repatriation on French soil of all of our gold reserves located abroad.
  • An immediate discontinuation of any gold sales program.
  • Conversely, a gradual reallocation of a significant portion of foreign exchange reserves in the balance sheet of the Bank of France by buying gold at each significant decrease in the price of an ounce (recommendation 20%) .
  • A suspension of any financial commitment or loan contract would wager that our gold reserves.
  • At the patrimonial and financial balance of the 2004 gold sales transactions ordered by N. Sarkozy.

Her full letter below (link)

Mr. Christian Noyer

Governor of the Banque de France
31 rue Croix des Petits-Champs
75049 PARIS Cedex 01

Nanterre, November 24, 2014

Open letter to Mr Christian Noyer on the gold reserves of France

Dear Governor

On behalf of the French and in my capacity as the main opposition leader, I am writing to you because it is my duty to present a petition on the gold reserves of France, under the best interests of our nation.

Even before the outbreak of the 2008 crisis, the National Front had anticipated and informed the political institutions of the future worsening of the macro-economic and geopolitical context. As part of the business model increasingly libertarian adopted by France under pressure from Brussels, no economic fundamentals may not sustained improvement. All French can see that the austerity policies demanded by the EU and the ECB and implemented by the government are a proven failure and serious for our country.

The monetary institution you lead a historic mission to be the custodian of national central bank monetary reserves including gold reserves. According to our strategic vision and sovereign, they are neither the state nor the Bank of France but the French people and in addition serve as the ultimate guarantee of public debt and our currency.

In monetary Cold War played between the Western countries and the BRICS countries, gold gradually takes an important role. According to the World Gold Council, China's official gold reserves, India and Russia have increased significantly between 2007 and 2013.
For these reasons and because of the rapid growth of global systemic risk, it is of utmost importance to the future solvency of our nation to engage, by mid-2015, a detailed audit procedure, the results will be the subject of a report. This report must obtain validation of French macro-prudential authorities, ACPR, and will be made public in the year.

This comprehensive audit should contain:

  • A complete inventory of physical gold amounts to 2435 tons currently displayed and their quality (serial number, purity, bars 'Good Delivery' ...), conducted by an independent French body (to be defined). This inventory, under supervision of a bailiff, must indicate the country in which the gold reserves are stored in France or abroad.
  • A census of all formal financial employment agreement or secret vis-à-vis private banks and corporations, or bilateral loan between France and national and international institutions, having pawned the gold of France to ensure rescue of the euro. In this case, the comprehensive audit should contain the conditions of agreement or loans.

Furthermore:

Whereas, on 30 November, will take place in Switzerland a vote on a request from popular initiative referendum "Save gold for Switzerland" of the UDC party (Democratic Union of the Centre) which provides for the repatriation of their reserves of gold on their soil.

Whereas at the request of some national central banks informed, this country phenomenon for the "return of national gold reserves" and democratic control exists since 2013 in Germany (Bundesbank), Poland etc.

Whereas the Dutch Central Bank recently said it had repatriated 122.5 tons of gold.

Whereas, on 19 May 2014 the Bank of France along with other banks of the Eurosystem, announced it has signed the Washington Agreement gold sales CBGA 4 (Dirty Gold Under the Central Bank Gold Agreements) which provides no transfer of quotas on this five-year period (2014-2019), in contrast to the three previous agreements.

Whereas in fact, the Bank of France already independent, conducted as part of the agreement CBGA 2 on gold sales agreed in 2004 by Nicolas Sarkozy, then Minister of Economy and Finance of the Raffarin government .

The declared official target of more actively manage the foreign exchange reserves of the state to generate € 100 million in additional tax revenue in 2005. N. Sarkozy also said that gold sales would be used "either to finance investments that prepare the future, either to reduce the debt, but in no case to fund operating expenses. "

Over the period 2004-2012, about 614.6 tonnes of gold were sold by France, while at the same time the other central banks of the Eurosystem with the ECB have agreed to limit their gold sales. According to a report of the Court of Auditors in 2012, this operation is extremely costly for public authorities and constitutes a serious violation of the national heritage, made without any democratic consultation.

Mr Governor, according to your statements, "gold remains an important element of global monetary reserves." For the French, you are considered the ultimate guarantor of the security of this gold reserve and therefore the stability of our currency and national financial stability. As a result, your responsibility is huge.

Also, depending on the situation we discover, I urge you to do it:

  • Urgent repatriation on French soil of all of our gold reserves located abroad.
  • In immediate discontinuation of any gold sales program.
  • Conversely, a gradual reallocation of a significant portion of foreign exchange reserves in the balance sheet of the Bank of France by buying gold at each significant decrease in the price of an ounce (recommendation 20%) .
  • A suspension of any financial commitment or loan contract would wager that our gold reserves.
  • At the patrimonial and financial balance of the 2004 gold sales transactions ordered by N. Sarkozy.

The implementation of these measures is crucial for the future of France face socio-economic problems that may occur.

Just like your heroic predecessors of the Bank of France in 1939 and 1940 had organized the evacuation of French gold, you need to undertake this vast national treasure of the security operation, patriotic act which will be recognized in due time by the public opinion.

I sincerely hope that, respectful of your duties as a senior official in the service of the state, you demonstrate lucidity and courage necessary for the defense of the general interest of our country. The stakes are high, it is the future of France in question!

Please accept, Excellency the Governor, the assurances of my highest consideration.

Marine Le Pen

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Tue, 11/25/2014 - 08:56 | 5485467 SpanishGoop
SpanishGoop's picture

Too late, the  Dutch got the last of it.

*gniffel,gniffel*

 

 

 

Tue, 11/25/2014 - 08:59 | 5485485 Divine Wind
Divine Wind's picture

 

 

 

Au Oui

 

Tue, 11/25/2014 - 09:04 | 5485499 MonsterBox
MonsterBox's picture

A real run on real money. Good luck.

Tue, 11/25/2014 - 09:05 | 5485509 Haus-Targaryen
Haus-Targaryen's picture

I wouldn't be flying Air France above Ukraine these days. 

Tue, 11/25/2014 - 09:09 | 5485521 GetZeeGold
GetZeeGold's picture

 

 

Not sure where these politicians think all this gold is going to come from.

Tue, 11/25/2014 - 09:24 | 5485560 Latina Lover
Latina Lover's picture

Memo from Vicky Nudelman/Nuland to Marine LePen:

You can get your gold back provided you are willing to send a French Passenger Jet over Moscow, to be shot down by Russian Rebels. Suggest you fill the plane with corpses and political enemies.

PS Hillary wants to meet you, she likes butch blondes.

 

Tue, 11/25/2014 - 09:27 | 5485571 philipat
philipat's picture

Perhaps the sheeple might even start to think why the sudden interest in getting the national hands on Gold? The worst nightmare of the CB's is a sudden resurgence of interest in physical Gold in the West, because there is simply no way to source the Gold and the price would explode.

Bring it on.....

Tue, 11/25/2014 - 09:37 | 5485610 SWRichmond
SWRichmond's picture

It's so barbaric...and trusting fiat issued from computers is so modern, educated, and fashionable.

Tue, 11/25/2014 - 09:47 | 5485635 economics9698
economics9698's picture

Fuck the tribe. 

Tue, 11/25/2014 - 09:51 | 5485647 Save_America1st
Save_America1st's picture

Sounds like we've got us a world-wide vault run going on, "folks".  This Swiss vote must have a lot of people spooked.  If it passes Switzerland is going to have to scoop up an average of 300 tonnes a year for the next 5 years to meet the 1500 tonne obligation.

I think some bitchez are waking up to this fact and wondering what the hell they're doing not stackin' that phyzz now while there might still be some available.  And it's dirt cheap right now too.

The musical chairs song is winding down and it's looking like America and England are going to end up being the two dumb bitchez left standing with no fucking gold when this is all said and done.

Have you stacked some phyzz lately???  ;-)

Tue, 11/25/2014 - 09:58 | 5485670 FinalEvent
FinalEvent's picture

It's even better, all this news will make the swiss vote YES

Tue, 11/25/2014 - 10:00 | 5485671 Save_America1st
Save_America1st's picture

And if you want to listen to an excellent interview on current gold holdings and other gold issues going on in the world, here's a great 2 part interview from the DailyCoin.org with Alisdair Macleod and Rory from SGTReport.com:

Part One:

http://thedailycoin.org/?p=12109#sthash.OrgDIDzd.dpbs

Part Two:

http://thedailycoin.org/?p=12187#sthash.AE0oS5gZ.dpbs

 

The part where Alisdair states that by his insider calculations he now believes China has amassed 30,000 tonnes of gold is something to pay attention to, especially with all these other countries now waking up to need for owning their own phyzz in substantial quantities. 

Stack up!!!

Tue, 11/25/2014 - 10:47 | 5485809 Killer the Buzzard
Killer the Buzzard's picture

Queue up the South Park "And... IT'S GONE!" video.

Tue, 11/25/2014 - 11:02 | 5485834 BaBaBouy
BaBaBouy's picture

GOLDIE GOLDIE GOLDIE...

Well Lookie Here...

ALL Of A Sudden, Everybody Wants Their "REAL PHYSICAL" UnPaperLike GOLDIE Back ...

Tue, 11/25/2014 - 11:32 | 5485953 palmdetroit
palmdetroit's picture

Clearly When they can't get it.. they will just make laws to take it,like every time before.

Gold - the bankers money  Cryptos - created for and by the people.

Tue, 11/25/2014 - 11:58 | 5486094 manofthenorth
manofthenorth's picture

"gold remains an important element of global monetary reserves."

'nuff said

Tue, 11/25/2014 - 14:32 | 5487030 Buzz Fuzzel
Buzz Fuzzel's picture

The grand scheme to end all future wars by collocating and mingling all the nations money i.e. GOLD will end when one of these nations wanting to repatriate is told they can't have their gold and they decide to use their guns to come and get it. Of mice and men.

Tue, 11/25/2014 - 10:58 | 5485843 Citxmech
Citxmech's picture

30k tons?  That would be llike 20% of all the gold mined on Earth.

If they could actually swing something like that, it would be pretty amazing. . .

Tue, 11/25/2014 - 11:28 | 5485935 Save_America1st
Save_America1st's picture

yeah almost 20%, if you go by the 166,500 tonnes of gold ever mined in the world so far on Demonocracy:

http://demonocracy.info/infographics/world/gold/gold.html

who knows?  I guess we'll probably never know for sure unless the Chinese find it advantageous one of these days to prove how much they really have stashed away at the bottom of their lake.  ;-) 

I've heard China mines around 400 tonnes internally every year and that never leaves their border.  Not sure how many years they've been able to achieve that average.  But what if they've been doing that for the last 15 years?  That's 6000 tonnes right there.  Add on the many thousands of tonnes they've accumulated from the rest of the world in that timeframe and it's really not hard to imagine they might have at least 20,000 tonnes. 

It's easier for me to believe they have between 20,000 and 30,000 tonnes than it is for me to believe we've still got 8000+ tonnes stashed in Fort Knox or anywhere else at this point.  I think most of it is all gone to China. 

Tue, 11/25/2014 - 11:33 | 5485956 HedgeHammer
HedgeHammer's picture

Kinda funny when you look at the last 16 centuries, China or rather Asia was the financial center of the world for 14 centuries. Just seems to me the pendulum is on its way back.

Tue, 11/25/2014 - 14:07 | 5486871 Citxmech
Citxmech's picture

The scary part of a physical gold-based economy is that oil/coal producers would end up in the seat of power - at least until the big players realized that all their hard-earned money was being exported for energy imports - and then the military campaigns begin.  

So what happens?  Mexican stand-off between the US, Russia, and China over the OPEC nations, or does Saudi Arabia get turned into a sheet of glass so nobody gets the spoils?

Tue, 11/25/2014 - 14:35 | 5487055 Buzz Fuzzel
Buzz Fuzzel's picture

The grand scheme to end all future wars by collocating and mingling all the nations money i.e. GOLD will end when one of these nations wanting to repatriate is told they can't have their gold and they decide to use their guns to come and get it. Of mice and men.

Tue, 11/25/2014 - 09:33 | 5485589 philipat
philipat's picture

I though Hilary preferred skinny, pretty middle-eastern origin brunettes also involved in sham marriages?

Tue, 11/25/2014 - 09:33 | 5485588 SafelyGraze
SafelyGraze's picture

just to be clear, missus le pen is not asking that the nation's treasury hold the nation's gold

she is asking the bank to hold the gold

because gold belongs in the bank

not in the treasury

that is to say, a *record* of the gold belongs on the *balance sheet* of the bank

the gold itself belongs in a bunker in the antarctic. but don't tell.

cheers,
the central banks of europe

 

Tue, 11/25/2014 - 09:40 | 5485615 philipat
philipat's picture

That should be "Gold and Gold instruments" belongs as a single line item on the CB Balance Sheet. Much more "Flexible".

There ya go, fixed it for ya...

Tue, 11/25/2014 - 11:48 | 5486019 Took Red Pill
Took Red Pill's picture

all this fuss over  unwanted remnants of a barbaric relic 

Tue, 11/25/2014 - 10:53 | 5485823 Squiddly Diddly
Squiddly Diddly's picture

It's called deep storage gold...........very deep.

Tue, 11/25/2014 - 09:30 | 5485586 TheReplacement
TheReplacement's picture

Air France uses Airbus, not Boeing.

Tue, 11/25/2014 - 09:35 | 5485603 tc06rtw
tc06rtw's picture

 . . . and they're bulletproof?

Tue, 11/25/2014 - 09:46 | 5485630 philipat
philipat's picture

No, but they don't have the Boeing system which allows remote overide of all systems. Ask Malaysian airlines.

Tue, 11/25/2014 - 10:25 | 5485737 Gold Eyed Cat
Gold Eyed Cat's picture

This is for the poster who junked Phil.  Maybe you didn't get the message?

"The Boeing 777 along with other Boeing models, can in fact be flown remotely through the use of independent embedded software and satellite communication. Once this advanced system is engaged, it can disallow any pilot or potential hijacker from controlling a plane, as the rooted setup uses digital signals that communicate with air traffic control, satellite links, as well as other government entities for the remainder of a flight’s journey.

This technology is known as the Boeing Honeywell ‘Uninterruptible’ Autopilot System."

Tue, 11/25/2014 - 11:34 | 5485963 fuu
fuu's picture

https://www.federalregister.gov/articles/2013/11/18/2013-27343/special-c...

 

"The proposed architecture is novel or unusual for commercial transport airplanes by enabling connection to previously isolated data networks connected to systems that perform functions required for the safe operation of the airplane. This proposed data network and design integration may result in security vulnerabilities from intentional or unintentional corruption of data and systems critical to the safety and maintenance of the airplane."

Tue, 11/25/2014 - 11:36 | 5485967 GetZeeGold
GetZeeGold's picture

 

 

 

Boeing Honeywell ‘Uninterruptible’ Autopilot System."

 

Don't forget the engines report location and operating conditions.....we've had GPS for a while....why not use it?

Tue, 11/25/2014 - 13:22 | 5486578 Socratic Dog
Socratic Dog's picture

Yep.  And there's places that monitor the continuous data stream in real time, with real people looking at it.  I'm not talking about the NSA.  Rolls Royce has a facility that does this, I was told by a guy that worked for them (several years ago, beore this happened), and that plane had RR engines.

Tue, 11/25/2014 - 21:02 | 5489027 philipat
philipat's picture

I think you Guys are missing the point. It's fine for transponders and engines to report location and performance. But having a system which, once activated, essentially locks out the PIC (Pilot in command) is another entirely. It CAN be used for good, for instance in the event of a hijack, although even then if a hijacker cannot redirect the flightpath, there is a risk of more violence onboard and/or just shooting up all electronic systems. But it MIGHT also be used for for more evil purposes because it can be activated remotely to take over the aircraft. So it solves one problem by creating several new ones. Of the major commercial carriers, only Germany's Lufthansa recogised the problem and refused to have the system fitted on any of its Boeing fleet.

Tue, 11/25/2014 - 09:04 | 5485500 Au Member
Au Member's picture

Marine Le Pen diagnosed with cancer in 5..4..3..2.....

Avoid light aircraft, nail guns, knives, tall buildings, bathtubs, etc etc

 

Tue, 11/25/2014 - 09:17 | 5485544 TheFourthStooge-ing
TheFourthStooge-ing's picture

Wouldn't be the first time such subterfuge was tried. The US/NATO made dozens of attempts to assassinate President De Gaulle, which pissed him off to the point that he booted NATO out of France.

http://www.globalresearch.ca/the-lessons-of-history-in-1966-president-de...

It's no wonder he began exchanging France's dollar holdings for gold, prompting Nixon to close the gold window in August 1971.

Tue, 11/25/2014 - 09:39 | 5485608 SoilMyselfRotten
SoilMyselfRotten's picture

C'mon Au, winters around the corner, gotta have snow plows on that list!

Tue, 11/25/2014 - 09:49 | 5485641 kridkrid
kridkrid's picture

The world should have reset then. Can't believe it has taken 40+ years to reach a climax.

Tue, 11/25/2014 - 14:41 | 5487087 Seize Mars
Seize Mars's picture

Wow, I didn't know about the assassination attempts.
Thanks

Tue, 11/25/2014 - 09:24 | 5485568 msamour
msamour's picture

The list is starting to be quite long. Pretty soon people will have to watch out for everything!

Tue, 11/25/2014 - 09:08 | 5485513 NoDebt
NoDebt's picture

Ah, non non.  Pas d'or por vous!

(I haven't tried out my French in 30 years.  I'm sure I butchered that.)

Tue, 11/25/2014 - 09:14 | 5485533 Alpo for Granny
Alpo for Granny's picture

-First Germany, then the Netherlands, perhaps Switzerland-

and Venuzuela

 

Tue, 11/25/2014 - 11:55 | 5486074 Took Red Pill
Took Red Pill's picture

that we know about! We only heard about the Dutch after the fact. I'll be many countries are trying to get their hands on their gold.

Tue, 11/25/2014 - 10:53 | 5485829 bustdrs
bustdrs's picture

BOOM.

Is the straw that breaks the camels back?

Never really quite worked out why the camel always cops it but......

Tue, 11/25/2014 - 13:11 | 5486508 flyingpigg
flyingpigg's picture

France has a reputation of breaking a camels back. In 1972 it was France which pushed Nixon to decide to leave the gold standard by asking delivery for the French dollar reserves. They didn't like the money printing to finance the Vitnam war. That was the end of the Bretton Woods agreement. 

Tue, 11/25/2014 - 11:23 | 5485920 m1a2lk6o
m1a2lk6o's picture

Yep, but there is still 74000 tonnes of Dutch gold in Switserland. Stolen by the nazis in WWII.

Can we still get it back after the Swiss Referendum?

 

Source:

Ons door de nazi's geroofde goud dreigt voorgoed te verdwijnen
(Dutch): http://www.telegraaf.nl/dft/nieuws_dft/23336447/__Ons_door_de_nazi_s_ger...

 

Our gold looted by the Nazis threatens to disappear forever

Google Translate (English) https://translate.google.nl/translate?sl=nl&tl=en&js=y&prev=_t&hl=nl&ie=...

Tue, 11/25/2014 - 18:02 | 5488178 Aeternus
Tue, 11/25/2014 - 08:54 | 5485468 Headbanger
Headbanger's picture

Oui!

Tue, 11/25/2014 - 08:55 | 5485469 buzzsaw99
buzzsaw99's picture

good luck with that

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