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Austria Considers Repatriating Its Gold

Tyler Durden's picture




 

And just like that, the list of countries who want to repatriate their gold just increased by one more, because after Venezuela, Germany, the Netherlands, sorry Switzerland, and rumors of Belgium, we now can add Austria to those nations for whom the "6000 year old barbarous relic bubble" is more than just "tradition."

From Bloomberg:

Austrian Central Bank Mulls Relocating London Gold: Standard

 

The Austrian state audit court says central bank should address concentration risk of storing 80% of its gold reserves with the Bank of England, Standard reports, citing draft audit report. Court advises central bank to diversify storage locations, contract partners.

 

Austrian central bank reviewing gold storage concept, doesn’t rule out relocating some of its gold from London to Austria: Standard cites unidentified central  ank officials. Austria has 280 tons gold reserves, according to 2013 annual report. Austrian Audit Court Will Review Nation’s Gold Reserves in U.K.

And from derStandard.at (google translated):

The gold reserves of the Oesterreichische Nationalbank (OeNB) and their deposits in the UK and in Switzerland are a recurring theme in political discussions. Especially like the Freedom require relocation to Austria, the example of the Deutsche Bundesbank in mind, who want to move their gold by 2020 half of them to Germany.

 

In Austria, the Court has adopted in its recent OeNB examination of the issue of gold. In its draft report he gives the OeNB diverse recommendations on the way. One of the key points: Given the "high concentration risk in the Bank of England" advise the examiner to "rapid evaluation of all possibilities of a better dispersion of the storage locations". Not only the parties to be diversified, but it should also come to the "actual spread of the storage locations".

 

Gold relocation possible

 

In the central bank can not hold, such a transfer excluded. The existing gold bearing concept would be reviewed, at best you'll bring parts of the stored gold in the UK to Austria, OeNB experts explain the standard. Any changes will be decided according to security and economic criteria, according to the OeNB.

 

A brief orientation in gold Milieu: Austria has 280 tons of gold, only a small part of them (17 percent) are kept in Vienna. 80 percent of the reserves are located in London, the main trading for gold, three percent in Switzerland. For comparison, the German Bundesbank has 3400 tons of gold; about half of them superimposed (as of 2013) in the United States. With the decision by the end of 2012, to resettle half of the gold to Germany, gave the Bundesbank political pressure.

 

Examiners want Strategy

 

Because you do not think in the OeNB; the central bank decide "autonomously", as emphasized. But there was indeed a discussion of the gold storage, you will receive and evaluate the recommendations of the Court. But whose final report is not yet available, the OeNB has transmitted to the auditors on 28 November their comments on the draft report.

 

The examiners also recommend an analysis of the costs of the bearings and a "comprehensive strategy for the management of gold reserves" to. The OeNB said: "opportunities to develop a long-term approach bearings will be evaluated." The criticism of the auditor, the OeNB have the gold that is not stored in the National Bank itself, not regular "physically checked" 2009-2013 or not, has the OeNB in ??its opinion violently back.

 

In October 2011, had central bankers, as mentioned in the report body, held in three deposits in Switzerland and one in London "Einschau". 2012 were examined in the coin Austria gold holdings. Keyword Einschau: This should not be so easy. Anyway criticize the auditor that access opportunities are not agreed with all bearings contract.

 

Violent criticizes the Court of Auditors on the audit of the gold holdings abroad: Since lacked a concept of what constitutes a gap in the internal control system. The OeNB denies it, which was founded in 2013 department of "values ??Revision" fulfills that function already.

What, no rigged referendum? Or maybe this is the next logical step from the only country in Europe to push for the now-cancelled Russian "South Stream" pipeline.

So, who's next? Because if you act now, you may still be able to recover some of the physical gold "located" in the gold vault located at the bottom of Libert 33 (which just happens to share a tunnel with the JPM gold vault located just across the street).

As for what this ever more aggressive scramble by official monetary authorities to repatirate their gold means, we hardly need to comment what that means for the future of "non-6000 year old, non-traditional" fiat currencies.

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Fri, 12/12/2014 - 13:15 | 5544817 Al Huxley
Al Huxley's picture

They should clear it with the FED and BoE first - find out if it's ok, if their gold is available for repatriation.

Fri, 12/12/2014 - 13:15 | 5544837 Troll Magnet
Troll Magnet's picture

Shit...time to go bury my Phils.

Fri, 12/12/2014 - 13:19 | 5544864 economics9698
economics9698's picture

Why anyone would trust the tribe with their gold is beyond comprehension.

Fri, 12/12/2014 - 13:22 | 5544878 J S Bach
J S Bach's picture

They'll have to re-melt the golden calf.  It's located in that tunnel between Satan's banks.

Fri, 12/12/2014 - 13:26 | 5544902 BaBaBouy
BaBaBouy's picture

<=== Before Its All Over, "THEY" Decimate The WORLD FIN SYSTEM.

<=== Everything Is Kosher, The Keynesians Keep The System Running Forever.

Fri, 12/12/2014 - 13:27 | 5544929 12ToothAssassin
12ToothAssassin's picture

All the eurozone gold repatriation is because Russia has warned EU that they will soon only be taking gas payments in gold.

Fri, 12/12/2014 - 13:28 | 5544937 12ToothAssassin
12ToothAssassin's picture

BaBaBuoy: Decimate - to select by lot and kill every tenth person of.

Fri, 12/12/2014 - 13:29 | 5544945 Silky Johnson
Silky Johnson's picture

Those bastards better realize they're not getting shit back unless they go all Adolph.

Fri, 12/12/2014 - 13:34 | 5544962 12ToothAssassin
12ToothAssassin's picture

EU will be in civil war by 2017

Fri, 12/12/2014 - 13:37 | 5544980 Headbanger
Headbanger's picture

U.S. Civil War II by 2016

Fri, 12/12/2014 - 13:47 | 5545025 BaBaBouy
BaBaBouy's picture

THE WRITING IS ON THE WALL...

It's Much Easier To TRY Repatriating NOW, Rather Than Waiting Later When GOLD Is At $10,000 And Rising Fast...

Fri, 12/12/2014 - 13:52 | 5545057 DoChenRollingBearing
DoChenRollingBearing's picture

Yes.  Act now.

Fri, 12/12/2014 - 13:58 | 5545090 Anusocracy
Anusocracy's picture

The probability of civil war in the US is approximately zero.

Fri, 12/12/2014 - 14:37 | 5545223 Pinto Currency
Pinto Currency's picture

 

 

Repost:

The gold rig is caving and the run is on:

http://www.safehaven.com/article/36031/lbma-implosion-by-reversal-of-its...

 

and from a Russsian economist:

http://jessescrossroadscafe.blogspot.ca/2014/12/comments-on-gold-from-ru...

SNIP:

 

"It had been clear to many economists for a long time that the role of gold in the world will grow and, most likely, will return to its position as a single measure of value. In particular, we wrote about the current crisis back in 2004 in our book The Decline of the Dollar Empire and the End of the Pax Americana. There's a whole chapter devoted to the role of gold and its manipulation.

 

However, Russian economic leaders close to the IMF ignored this position at the time. This only began to change in the last couple of years. China has been serious about gold for almost the entire last decade and is now actively preparing for a potential transition to a 'gold standard,' at least in economic relations between the so-called 'currency zones' which, in our opinion, will emerge after the single world dollar system falls apart.

 

But Russia and China cannot stop these manipulations, because the price of paper gold is determined on the speculative dollar markets. They can’t provide 'leverage' that would be comparable to that of major U.S. banks that have access to an unlimited issuing resource. The only thing they can do is increase the gap between the price of 'paper' and 'physical' gold by constantly buying the latter on the world markets.

 

Of course, this increases the instability in the global gold market and creates potential losses for the main 'gold dealers' who work with the Federal Reserve on leasing programs, but the degree of imbalances has not reached a critical value yet. It seems to me that the sharp rise in gold prices will start after the burst of the next 'bubble' in the US stock market.

 

With regard to the potential price of gold, as I wrote back in the early 2000's, it is determined by a 'fork,' the lower limit of which is the gold price in 1980, when it had its local peak after the dollar was decoupled from gold (USA default) in August 1971, and the upper limit of which is the purchasing power of the dollar in the early twentieth century, when gold was actual money. Today this 'fork' (in current dollars) is seen somewhere at the level of $ 4,500 - $ 15,000 per Troy ounce."

Fri, 12/12/2014 - 15:51 | 5545604 Bindar Dundat
Bindar Dundat's picture

Oh shit: now Canada is going to ask for its gold back too --- oh wait we sold all ours.....

Fri, 12/12/2014 - 15:57 | 5545627 Save_America1st
Save_America1st's picture

What in the hell makes them believe London still has ANY of their gold stored there?  They've been shipping it all out to Switzerland for 3 years now, melting it down into new .9999 Chinese Kilo Bars and then BOOM...they're gone.  Off to China never to be seen again.

Austria should just ask China if they can buy some gold from them instead. 

Fri, 12/12/2014 - 14:33 | 5545287 centerline
centerline's picture

The US will simply self-destruct.

Fri, 12/12/2014 - 14:01 | 5545094 Divided States ...
Divided States of America's picture

Why repatriate when the CBs can obtain more gold by offloading all of their equity positions on their books at all-time highs to fund purchases of AU at relatively cheap levels of around 1200 USD per oz.

Unless of course, the CBs are NOT acting on the behalf of the citizens of their respective countries.

Fri, 12/12/2014 - 14:06 | 5545138 Bastiat
Bastiat's picture

JPM gold vault?  Didn't the Chinese buy that? 

Been thinking about that lately -- maybe a little backdoor delivery going on there?

Fri, 12/12/2014 - 14:25 | 5545249 Cacete de Ouro
Cacete de Ouro's picture

Janet 'back-door delivery' Yellen.....has a certain Ring to it...

strapons-r-us.ny.frb.org

Fri, 12/12/2014 - 16:12 | 5545703 Ying-Yang
Ying-Yang's picture

Bullish for tungsten/wolfram

Fri, 12/12/2014 - 14:08 | 5545145 crazytechnician
crazytechnician's picture

Bitcoin will hit 100k well before gold hit's 10k

Fri, 12/12/2014 - 17:33 | 5546172 dogbreath
dogbreath's picture

I think Jim Sinclair said that as we move further into the future the volatility  in gold will increase with bigger swings upand down.  That is what was so unprecedented about the recent crash and recovery.   If gold will do it so will BTC and it will be 10x worse

Fri, 12/12/2014 - 13:48 | 5545035 Keyser
Keyser's picture

Silly Austrians, they trusted London with their gold?  Bwwaahhhhaaaaaaa..... 

 

Fri, 12/12/2014 - 13:52 | 5545056 12ToothAssassin
12ToothAssassin's picture

Close. 2020

Fri, 12/12/2014 - 16:31 | 5545769 stu11
stu11's picture

Nonsense.

 

Look around.  Who is going to join you in US civil war?

 

America is fat, lazy, illiterate, drug induced populace living off of the government.

 

As long as there are a few suckers to work, the overwhelming majority of the nation has indicated that they will be fine as long as their checks keep coming.

 

America will never be again the country that you dream of, my friend.

 

The money is, and will be as it is in any totalitarian regime:  the closer you are to the spicket, the more you will make.

 

 

 

Fri, 12/12/2014 - 19:25 | 5546608 12ToothAssassin
12ToothAssassin's picture

(slow clap) Well trolled

Fri, 12/12/2014 - 13:47 | 5545023 Haus-Targaryen
Haus-Targaryen's picture

What the fuck is this "EU" Civil War bullshit?  

How can a customs union have a civil war?   

Fri, 12/12/2014 - 13:49 | 5545043 Keyser
Keyser's picture

Just like in the US, it will be the north vs the south... 

Fri, 12/12/2014 - 14:32 | 5545281 froze25
froze25's picture

Not so sure about that, I think more like Tri State and west coast vs rest.

Fri, 12/12/2014 - 15:41 | 5545569 Keyser
Keyser's picture

How about the Germans vs everyone else... Deja Vu anyone....

Fri, 12/12/2014 - 13:49 | 5545050 12ToothAssassin
12ToothAssassin's picture

I use EU to describe a geographic region

Fri, 12/12/2014 - 13:36 | 5544969 BaBaBouy
BaBaBouy's picture

BREAKING: G7-Canada To Repatriate Its GOLD ... Ooops, We Sold ALL Our GOLD 25 Years Ago...

Fri, 12/12/2014 - 14:05 | 5545111 Pool Shark
Pool Shark's picture

 

 

Austria Considers Repatriating Its Gold

 

BoE: "What gold?"

Fri, 12/12/2014 - 13:29 | 5544947 WhyDoesItHurtWh...
Fri, 12/12/2014 - 13:40 | 5544990 RaceToTheBottom
RaceToTheBottom's picture

A few other states have done so as well.  Utah comes to mind.  Not seeing labels with prices in gold much, yet, though.

Fri, 12/12/2014 - 13:49 | 5545047 Temporalist
Temporalist's picture

Utah approved of PMs for tax payments mainly from what I recall (which is a way to say it's money without saying so).

Fri, 12/12/2014 - 13:34 | 5544943 Pinto Currency
Pinto Currency's picture

 

 

The gold rig is caving and the run is on:

http://www.safehaven.com/article/36031/lbma-implosion-by-reversal-of-its...

Fri, 12/12/2014 - 13:45 | 5545013 silvermail
silvermail's picture

If Russia and the United States will destroy each other with nuclear strikes, then who will need US dollars and Treasuries?
It will be dollars and Treasuries, which are provided only glass and radioactive ashes from empty lunar US surface.

Fri, 12/12/2014 - 16:18 | 5545717 SilverIsMoney
SilverIsMoney's picture

No one is nuking anyone... they need people to rule over after all.

Fri, 12/12/2014 - 13:30 | 5544936 Pinto Currency
Pinto Currency's picture

-

Fri, 12/12/2014 - 13:23 | 5544889 Al Huxley
Al Huxley's picture

That's part of the tradition.

Fri, 12/12/2014 - 15:12 | 5545444 Agstacker
Fri, 12/12/2014 - 13:26 | 5544905 pods
pods's picture

Get in line Austria, only gonna take about, ummm, 35 years to get it.

When the music stops there will be 25 hands grabbing for 1 gold ingot, all saying it's theirs!

pods

Fri, 12/12/2014 - 13:50 | 5545038 Chupacabra-322
Chupacabra-322's picture

Poda,

When it's all said & done it will be a domino effect Revolution which will not be televised in the Fascist Criminal UNITED STATES, CORP. INC.

Soverign Countries historically familiar with Fascism IE EU Countires will lash out first with public hangings.

The Fat lazy PsyOp'd Americans via Conitnuity of Government Plans will be FEMA Camped.

They will believe the "saviors" meaning the Psychopathic Criminals will be their Salvance. Stockholm Syndrome at its finest.

The Patriots wake will be our salvation. Much blood shed first.

Souround the Denver Air Port.

Fri, 12/12/2014 - 15:18 | 5545473 centerline
centerline's picture

https://www.youtube.com/watch?v=MPP0YYqMEEs

 

In my neck of the woods.  Got to love how all the agencies are going full Call of Duty/Rainbow 6.  Just waiting for them to get on the same communications protocols and start wearing similar outfits.  All that is needed after that is an emblem swap - and WHAM, the internal army is ON. 

Fri, 12/12/2014 - 13:38 | 5544979 de3de8
de3de8's picture

I don't get how any country would not be in 100% possession of their own PM's.

Fri, 12/12/2014 - 14:04 | 5545117 sleigher
sleigher's picture

What?  You don't let that sleezy guy at the end of the block hold gold for you?  I thought everyone did that.  At least that is what he told me.

Fri, 12/12/2014 - 14:13 | 5545183 Frank N. Beans
Frank N. Beans's picture

for safety, many countries had their gold stored in what they considered safer places, especially during wartime.  Some of them are now thinking their gold may be safer in *their* hands, if any still exists that is.

 

Fri, 12/12/2014 - 14:19 | 5545221 Midas
Midas's picture

The Germans also claimed they stored it in New York as collateral.  If they needed money they could borrow immediately.  It may have made sense in 1950 before Uncle Sam developed a meth addiction.

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