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Austria Considers Repatriating Its Gold
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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They should clear it with the FED and BoE first - find out if it's ok, if their gold is available for repatriation.
Shit...time to go bury my Phils.
Why anyone would trust the tribe with their gold is beyond comprehension.
They'll have to re-melt the golden calf. It's located in that tunnel between Satan's banks.
<=== Before Its All Over, "THEY" Decimate The WORLD FIN SYSTEM.
<=== Everything Is Kosher, The Keynesians Keep The System Running Forever.
All the eurozone gold repatriation is because Russia has warned EU that they will soon only be taking gas payments in gold.
BaBaBuoy: Decimate - to select by lot and kill every tenth person of.
Those bastards better realize they're not getting shit back unless they go all Adolph.
EU will be in civil war by 2017
U.S. Civil War II by 2016
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...
Yes. Act now.
The probability of civil war in the US is approximately zero.
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."
Oh shit: now Canada is going to ask for its gold back too --- oh wait we sold all ours.....
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.
The US will simply self-destruct.
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.
JPM gold vault? Didn't the Chinese buy that?
Been thinking about that lately -- maybe a little backdoor delivery going on there?
Janet 'back-door delivery' Yellen.....has a certain Ring to it...
strapons-r-us.ny.frb.org
Bullish for tungsten/wolfram
Bitcoin will hit 100k well before gold hit's 10k
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
Silly Austrians, they trusted London with their gold? Bwwaahhhhaaaaaaa.....
Close. 2020
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.
(slow clap) Well trolled
What the fuck is this "EU" Civil War bullshit?
How can a customs union have a civil war?
Just like in the US, it will be the north vs the south...
Not so sure about that, I think more like Tri State and west coast vs rest.
How about the Germans vs everyone else... Deja Vu anyone....
I use EU to describe a geographic region
BREAKING: G7-Canada To Repatriate Its GOLD ... Ooops, We Sold ALL Our GOLD 25 Years Ago...
Austria Considers Repatriating Its Gold
BoE: "What gold?"
Does anyone know how factual this is ?
http://humansarefree.com/2014/04/gold-and-silver-could-be-reaffirmed-as.html
A few other states have done so as well. Utah comes to mind. Not seeing labels with prices in gold much, yet, though.
Utah approved of PMs for tax payments mainly from what I recall (which is a way to say it's money without saying so).
The gold rig is caving and the run is on:
http://www.safehaven.com/article/36031/lbma-implosion-by-reversal-of-its...
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.
No one is nuking anyone... they need people to rule over after all.
-
That's part of the tradition.
https://www.youtube.com/watch?v=gRdfX7ut8gw
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
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.
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.
I don't get how any country would not be in 100% possession of their own PM's.
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.
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.
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.
Pesky relic!!!
"taking it to the Streets..."
THE DOOBIE BROTHERS.
<--- That gold is still there.
<--- That gold is gone.
A third, and more radical option 3) It never existed.
Some of these phils are now in my hands.
Option 3) discarded.
<-- I click on 3).
<-- I trust bankers. All of them. They're so nice to me when I deposit my paycheck at the teller window!
It's there, but it likely belongs to someone else. The last countries standing when the music stops will be SOL.
<---- It is there, but has been leased out 100 times.
<---- It is there and has not been leased out at all.
<---- It is not there and has been leased out 100 times.
<---- Go F**k yourself
Even the tungsten has been debased, that's how they got caught!
What about France?
Dont worry, France - a colony of the United States.
We'll sell them back Louisiana when the US is broke. And we'll throw in the Freedom Fries, to sweeten the deal.
"We sold some folks"... down the river.
First of all it is not clear that we are all on the same page here. Didn't a Chinese company Fosun buy #1 Chase plaza last October? If so doesn't that have some bearing on why nobody is going to get anymore sovereign gold returned?
The joke is on Austria. That shit is GONE!
Edith I'm coming. This is the big one.
Haha this video really fits this comment to a tee!
https://www.youtube.com/watch?v=stdi-1tIUhM
Annnnnd it gone, Next, please step aside so the bank can service its real customers.
https://www.youtube.com/watch?v=-DT7bX-B1Mg
Bravo!
I just bought 10 ounces of gold at this wonderful news. I bought 10 pieces 1oz Gold Vienna Philharmonic.
They want to repatriate their 6000 year old bubble stuff? That's weird.
I know, so weird. What's next? They going to be looking for tulips?
And the JPM vault is now owned by CHINA! So no gold for you there.
Repatriate......Rehypothecate
Let's call the whole thing fraud!
That's where I got my idea of selling dehydrated water. Same principle, just add water. I'm gonna be rich.
ee-thur, i-thur. nee-thur, ni-thur.
Let's call the whole thing fraud.
I'll believe it when I see it.
Why does no one hold their own gold? Ridiculous
They all have to work together to prop up the ponzi. That involves a lot of disingenuous bullshit and pretend-trust when it comes to real money.
Around here it's due to our poor boating skillz...
and here is the obligatory "GOLD, Bitchez" that should be in the comments!
Ask Gaddafi.
You know that point at which a juggler first falters? Almost imperceptible, unless you're paying close attention.
We're well past that stage now.
Kinda nice when you do not have protect the Swiss Franc/SNB policies. Gives a girl a little more wiggle room.
Somebody will be bought off.
Who says they haven't been already?
Funny thing about paying blackmail, the guy who wants the money never really seems to go away and always wants more.
Get to work Mr. Bullard!
I'm sure the US already has a list of sanctions ready for Austria.
Tungsten prices going through the roof !
Through the roof? Gold is up 72% this year in ruble terms.
Still at $36.48/kg. But not for long!
Today the US Mint broke the existing American Eagle silver bullion coin sales record.
43,051,000 oz sold compared to last yr's record of 42,680,000 oz.
That means the price of silver must go down...just like beef, milk, cereal and healthcare; the more scarce it becomes, the cheaper the price!
I'll see it when I believe it.
We stole some gold from some folks.
We rehypothecated some folks' gold.
recc'd for the refreshingly correct use of the apostrophe. I'm guessing that you're not a recent product of the American school system.
I use it correctly, I am a product of the American school system. You, apparently, were not paying attention?
Apparantly they failed to teach you about anomalies.
That English degree should come in handy when the world financial system collapses..
I'm a Londoner who was lucky enough to get a decent eduction in what you call the public school system.
It may be "Public Education" to some people, but here at ZH it's referred to as slave training.
We're keep'n all you folks's gold.
Good luck with that!
"If you go down to the BoE vaults, you're sure of a big surprise..."
Smart timing. You want us to give you support to rattle sabers against Russia? We want our gold back first. Let us know when it's ready for us to pick it up, and after it's back here, we will talk with you about Russia.
The location of each countries' gold reserve does not matter until each removes itself from being an off balance sheet SPE of the US. Until gold becomes meaningful in monetary policy, "repatriation" is "cake" for the masses.
why dont the whole world just repatriate their gold then the U.S of stupid goyim filth and their talmud masters of israel can go samson option together! and fade off into nuclear winter in loving matrimony...
http://mondoweiss.net/2014/11/elizabeth-undermines-negotiations
http://www.newsmax.com/Politics/israel-2016-race-presidency-republicans/...
Seeing a trend here?
I want to know which candidate DIDN'T visit Israel before 2016.
From your 2nd link:
Loyalty to the U.S.-Israel relationship has become a test for Republicans, and several other potential GOP presidential nomination candidates, including Sens. Ted Cruz of Texas, Marco Rubio of Florida and Rand Paul of Kentucky, along with Texas Gov. Rick Perry, have all traveled to the key Middle Eastern ally. Indiana Gov. Mike Pence is planning a nine-day trip there later this month.
Subservience was the word they were looking for.
Everyone knows Sheldon Adelson picks the republitard who goes up against the Hollywood chosen demotard so all the goyim retards can fight among themselves while their country is looted and destroyed.
Yep, and if it gets boring, play some race card, get some 'undocumented purchasing' going on and polarize even more.Own the media and Hollyweird, and you gots it made.
All according to plan.
Some have traveled here and found work....
Obama nominates former Bank of Israel chief Stanley Fischer as Fed vice chairman
Prior to coming to Israel, Fischer was chief economist at the World Bank an official at the International Monetary Fund. He has a Ph.D. in economics from MIT, where he also served on the faculty as a professor and advised Bernanke on his Ph.D. thesis. http://www.haaretz.com/news/world/1.567961Yellen is the figurehead, here is an example
http://www.ybw.com/forums/showthread.php?144246-DIY-figurehead
Yep. It's assumed for demotards, but must have been questions about Warren. Even Rand Paul went there already if I'm not mistaken.
Would love to be a fly on the wall for those vists.
Never misunderestimate AIPAC.
Demand physical possession!
At least we are trending in the right direction...I NEED MY FUCKING GOLD BACK....ASAP!!!!!!!!!!!!FUCKERS.....CONTAGION.
HAHA - gee, they don't trust the Bank of England, or what? Think they are going to steal it, if they haven't already?
Folks like that barbarous relic apparently.
To add insult to injury their gold was sold at rock bottom prices. Lol, dumb fuckers trusted the Brits.
Oops, maybe that's why the CME has implemented price stops on the way up.
T-minus 3...2...1...
“With Gold one can buy the most upright consciences, with Gold one can fix the value of every stock, the price of every merchandise, one can loan it to states that afterwards one holds at ones mercy.
“Already the principle banks, the stock exchanges throughout the world, the loans to all governments are in our hands.
“The other great power is the press. By ceaselessly repeating certain ideas, the press in the end makes them considered as truths.
The Theatre renders similar services, every where theater and press follow our directives. By an indefatigable campaign in favor of the democratic form of government, we will divide the Gentiles amongst themselves in political parties, we shall thus destroy the unity of their nations, we will sow the seeds of discord.
Powerless they will have to accept the laws of our bank, always united, always devoted to our cause.” Rabbi RZEICHORN speech in Prague – 1865
too late - its been shipped to China - good luck getting it back dumazzez
The flooding of the oil markets also indicates that people with money and power are accumulating things of value as fast as they can. Something doesn't seem right.
popcorn time
[insert Hitler joke here]
Did your hear the one about. There once was a man named Francis Sawyer. He agreed with Hitler. Than he disappeared from Zero Hero. ..
He was a biggoted jewbashing asshole, just like you. I still upvote your comments though, when you can refrain from including stupid references to the "tribe." Perhaps you don't realize there are tons of Jewish people who hate inflation and bullshit monetary policies, and who happen to agree with your financial viewpoints, but you discredit yourself and this entire sight, making it easier for critics to smear ZH as a bunch of redneck neonazis?
+1, although I defend his right to express himself.
As if there's a Constitutional Right to be a jerk.
thisson, what are you doing to alter things? do you believe in israel? when you gaze at history do you see your tribe as victims or rather the creators of their destiny? are scared or sickened that the seeds which caused the waves of resentment and downright hatred throughout history are being sown yet again? what do you suppose your tribe might do to stem this burgeoning wave? how might change begin within the tribe? what do you do to alter your tribe's attitude toward the 'goy'?
I'll give them some.
In exchange for the city of Vienna.
Gold und Silber Hündinnen!
(Gold and Silver Bitchez!)
we austria'd some folks
by the way, bingo for ttip with germany, they bent today, so for those who had bet on germany leaving eurozon, gameover.
shtf will not come from germans.
Ha. Good luck Austria.
I have to wonder how their neutrality will remain intact when told "nein". As the old saying goes; "Never trust an Austian. They convinced the whole world that Mozart was an Austrian, and that Hitler was a German."
be fair, they own GLOCK company. not that bad, may be useful soon for its population
True. I'd rather stick with my Sig though. Just a matter of preference I suppose.
I use my words. You can expect no honest dialogue while holding a gun.
The honest dialogue only comes when you are pointing your guns at the party who pointed their guns at you first.
Looks like SOMEBODY's getting a new nailgun for Christmas!
"The modern mind dislikes gold because it blurts out unpleasant truths."
– Joseph Schumpeter
Deliberately False Story on Russia Gold Sales, or Just Sloppy Reporting?
http://winteractionables.com/?p=17161
Do it!
Aaaand its gone!
I like how bankers complain about the cost of doing something instead of the cost risk of NOT doing something. You can tell these clowns never worked a day managing money. Fuktards to the core.
Pull it!
Au shucks, no more honor among thieves?
Safe and sound....
Looks to me like there is a massive scamble for the useless relic. C/B's have the abilty to print unlimited amounts of fiat to buy physical in the open market. The tide is turning, comex and LBMA about to be laid bare.
I said this would happen....we are losing the TRUST between countries and banks....I think it is smart to have your own gold in your own safe....not in someone elses....they know its 100 ozs of paper for every 1 oz of real metal....and they are getting a little scared....good for them..it will be fun to watch the delivery times....
Just where exactly will these dumbhead Austrians re-patriate their gold from?
"If you don't have it, you don't got it."
An American, not US subject.
JUST IN: Djibouti wants its gold back!
All bullshit aside, this is a BIG deal (although I can not locate the Bloomberg article referenced in the original post). This is a BIG deal because there is a clear trend of the Northern EU countries actively working to repatriate foreign-held gold:
1. Germany
2. Holland
3. Belgium
4. Austria
In addition, at least one political party in France is raising this issue and the Swiss voted not to reptriate foreign-held gold based on a flawed initiative that was unlikely to pass based on its restrictive language. The Swiss are not precluded from voting on this issue again (and again) at a later date.
If I was looking to split the EU, to separate the "productive" northern countries from the "less productive" southern countries I would have to think long and hard about the financial implications, including currency. Partial gold backing for a new "Northern Euro" likely would help with market acceptance.
All speculation aside, we clearly see a trend towards repatriation. Although the reason is not (yet) clear there are only a few theories that make any sense. Personally, I'm not looking to go long Italian and Spanish bonds at this point.