With Its Gold "Vaporized", A Furious Ukraine Turns On Its Central Bankers

Tyler Durden's picture

As reported two weeks ago, following a stunning announcement by the head of Ukraine's central bank, Valeriya Gontareva, on primetime TV we learned that (virtually) all of Ukraine's gold was gone, or - in the parlance of Jon Corzine - had "vaporized."

And as we also predicted two weeks ago, it was only a matter of time before Ukraine's people - the vast majority of whom are innocent pawns in a vast game of realpolitik between the west and east - finally got angry and demanded some answers, if not heads. That time came earlier today when as Interfax.ua reported "a Kyiv-based court has instructed Kyiv prosecutors to bring an action against National Bank of Ukraine (NBU) Governor Valeriya Gontareva on charges of abuse of power or misuse of office to obtain illegal profit, the Vesti newspaper reported on Tuesday."

According to Interfax, "This decision was taken by Kyiv's Pechersk district court on December 1 after it had examined case No. 757/33660/14. It ordered the Kyiv prosecutor's office to launch an investigation and include it in the register of pre-trial investigations," the newspaper reported.

Gontareva is charged with abuse of power or misuse of office under Article 364 of the Criminal Code of Ukraine.

The plaintiff is lawyer Rostyslav Kravets, the newspaper said. He confirmed this information in his post on Facebook, saying that the decision was taken by the court at the third attempt, and in November 2014, the prosecutors declined to bring an action to meet his claim.

The charges against the chief banker involve foreign currency interventions by the Central Bank in August 2014: On August 5 the NBU bought U.S. dollars on the interbank forex market for UAH 11.93 per U.S. dollar and sold them for UAH 12.26 per U.S. dollar. During the same week, on August 8, it traded in foreign currency at a higher rate: UAH 12.45-12.6 per U.S. dollar. First it sold $69 million on the interbank forex market at a lower rate, and some days later it bought $35 million at a more favorable price.

As a result of these transactions, the NBU lost 19 kopecks per U.S. dollar, Kravets said.

Kravets claims that by acting so, Gontareva "has intentionally committed an extremely unfavorable transaction for the gold and forex reserves of Ukraine, despite the fact that under Ukraine's Constitution it is the Central Bank that is in charge of maintaining the country's gold reserves."

* * *

That, and of course, there is also that as a result of central bank "transactions" the Ukraine central bank is now essentially gold-free, which per Gontareva's recent appearance, has just 1% of total reserves in the form of the yellow metal.

And while it remains to be seen if this will be the spark that lights the counter-revolution (after all it took Egypt not less than a year to turn against the puppet regime dumped upon it by the CIA and the US State Department) others are already sensing which way the wind is blowing. As Bloomberg reported moments ago, another central banker, Olena Shcherbakova who is head of the monetary policy department at the Ukrainian central bank, said she is resigning. When reaced by phone she stated that she "has the right to step down," without giving reason for decision.

She sure does, although we doubt even a former Goldman Sachs partner would be willing to replace her, as the realization among the Ukraine people finally seeps through that they were thoroughly betrayed by the same people who promised they would fix the country following the February presidential coup.

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erg's picture

...and it's gone!

0b1knob's picture

all of Ukraine's gold was gone, or - in the parlance of Jon Corzine - had "vaporized."

Well then she should go to jail JUST LIKE COZINE!

Oh wait....

Cognitive Dissonance's picture

"Either we all hang together or we will surely hang separately." CB creed

pods's picture

"Those are IOUs, they are as good as gold."

SumTing Wong's picture

In the parlance of ZH, the gold was Corzined.

remain calm's picture

When do we get the Bernake in front of a firing squad?

Haus-Targaryen's picture


How is "European Unity" treating you now you stupid bitch. 

Latina Lover's picture

As the pie shrinks, the rats turn on each other, fighting for the crumbs.

outamyeffinway's picture

Anyone else want to sell their country's gold to the US?

BaBaBouy's picture

Proof Again That... The Whirld Revolves Around HARD Money---GOLDie.

Manthong's picture

WTF is the problem?

Nazis don’t need gold.. and besides, Central Bankers know best.

Oh.. and maybe they can cry in their beer with the UK who got the same shaft by Gordon Brown.


Supernova Born's picture

Gold Ukraine doesn't have can't be used to pay Putin for natural gas they need.

Banksters just helping the Ukraine remain frigidly virtuous.

Manthong's picture

Hey, a couple of  thoughts..

After Gordon Brown sold off the UK gold at under $300, it soared over 300% in the next number of years.

And.. maybe a lot of that gold is in the Netherlands now.

Burticus's picture

Was gold stolen from Ukraine by the central bankers used to repay their theft from the Dutch?

7.62x54r's picture

The Uke Central bank shipped it to the Federal Reserve the instant the new coup assumed power. Local newsies were asking where the gold being loaded aboard planes was going, and they were told to shut up or they will be shut up.


I'm sure the Fed used it to cover a bunch of the recent foriegn country withdrawals, after leasing it for a pittance, including, as you noted, the Dutch.

Manthong's picture

“Was gold stolen from Ukraine by the central bankers used to repay their theft from the Dutch?”

That was the implication.

And another thought… the Netherlands got theirs while the Germans did not.

Maybe they’ve got the goods on the West regarding MH-17.

Mostly Dutch went down there and maybe they threatened to blow the whistle.



COSMOS's picture

Maybe that is why the UKES shot down that malaysian jet out of Holland.  They were pissed off about their gold going to the Dutch.

Handful of Dust's picture

Give them a "fair" trial then hang 'm !

giggler321's picture

no, they used it to buy bitcoin - says the man in the blonde whig who's just quit the job without giving reason.

Crash Overide's picture

Yet another country destabilized, destroyed, and looted for it's gold, seems to be a pattern forming.

They are so desperate they don't even hide it anymore.


Alhazred's picture

all the gold is in India.


or in the vaults of smart people across the world.  hopfully next to the Food and guns



Son of Loki's picture

" The Ukrainians are IMF's bitches now, " I've read somewhere.


I wonder how they feel ?

Mountainview's picture

The mysterious man in the background!

Hooter Shaker's picture

Time to roll in the tungsten...

Save_America1st's picture

Who needs gold anyways?  Gold is in a 6000 year bubble and is a barbarous old relic.  Don't worry, Ukraine....the central bankers have everything under control.  They just need to print you more money and borrow more from the dear IMF.


signed with love,




chubbyjjfong's picture

"He confirmed this information in his post on Facebook"


Well then, it must be true.

Latina Lover's picture

In the Ukraine, you do not sell gold, the gold sells itself.

bob_stl's picture

Elvis has just left the building...

MalteseFalcon's picture

Listen (LOL), as we all learned from the SNB, CB gold that is not for sale is worth nothing.  So the Ukraine CB sold it and turned it into $$ that have value.

Why is this so hard to understand?

h/t SNB

debtor of last resort's picture

Sold for loans to pay for gas coming winter.

RaceToTheBottom's picture

Sold for weapons that have already been used against the targets that we gave them....

Oh, heating bills?  That will be another source.  What else you got to sell?

NoDebt's picture

Ukraine is blowing this WAY out of proportion.  All this sturm and drang over a barbarous relic?  

One might be led to think that even simple politicians recognize the value of gold, despite central bankers telling them otherwise.



stewie's picture

That gold was just an "unwanted remnant" anyways...

One Day Only's picture

Hey, I sent you a contact request... Got a few questions about your stance on ZH.

COSMOS's picture

Must have a MAD CRUSH on No Debt.  Stalker type material me thinks.

Alhazred's picture

If i have learned anything, it is that IOUs are JUST AS GOOD



But the best IOUs dont mention gold, but are colorful so they must be Good!  (see this one has Washington on it)

northern vigor's picture

A year ago when it looked like Putin was going to invade...the Ukrainian government announced they sent their gold to the US for protection.....Hahahahahahahahahahaha They should have let Putin have it, at least they'd know where it is.


Gaius Frakkin' Baltar's picture

Ain't that the truth. Apparently there isn't enough to buy off judges at this point.

tonyw's picture

She better be very careful that an unfortunate accident doesn't happen before she testifies.

Ukraine is the most corrupt country in Europe so i wouldn't be surprised if she was on the take or following instructions form someone who is.


Jim in MN's picture

Unfortunate boating accident?  Too late for that now!!!

Oooooh you must mean the other kind....

RaceToTheBottom's picture

I see nailguns in her future.  

Plus gold does not vaporize....

StychoKiller's picture

Perhaps not at room temperature...

Latina Lover's picture

Imagine, selling gold at the bottom ticks, and buying dollars at the peak ticks... When the Ukie central banksters were studying the  textbook that advises "buy low, sell high", they were holding the book upside down.

TheFourthStooge-ing's picture

Their consultant, Gordon Brown, said it was a smart move.