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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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I guarantee they see the EU split coming a mile away. And regardless of where it goes from there, gold is the likely ticket into whatever currency set up comes next for each of them (on the assumption of a civilized solution, of course).
Did they just get a copy of Rickard's book it's been out nearly a year and this whole shift to SDR's has been in the work's long before that. These guy's have been asleep at the switch.
When this plan gos live to paraphrase Billy Joel, "and the central banker's crawled away".
Fiji Islands want their gold back!
LOL, their gold is gone.
Sorry chumps you'll have to ask the Germans what happened to their gold.
Austria is close enough to Germany to be qualified as fools next in line to be stiffed.
Guyana and Suriname want their gold back!
Nepal wants its gold back!
Surely a certificate from the US Fed is JUST as good as gold.
Sure, William Dudley of the NY Fed will print some photos of some gold and send it to them with his autograph.
The same photos he sent Germany.
BANK RUN!!!
If you want your gold, we're going to keep your gold ... suck it!
It's gone, stolen by midget gypsies...
Quick, turn on your TEEVEES! They're covering this story on CNBC right now.
(LOL, no they're not.)
Dear Austria, "Requesting" it doesn't equal "getting" it. How 'bout some Comex futures contracts instead?
www.traderzoo.mobi
GET ZEE GOLD!
It's like a bank run with central bankers banging on the front door of the custodial BOE and Fed.
"gold leasing doesn't seem like such a great idea now does it boys"
Someone should gather up video soundbytes of European leaders who publicly scoff at the idea of returning gold to their own countries. String the clips together. After the system implodes it would be an epic video!
I want the gold back they stole from the WTC on 9-11 after the Israeli's blew it up.
I thought they stole it before they blew it up?
The total amount of gold held by governments is 30,000 tons. According to Wikipedia (admittedly a new class shill). Here is how gold reserves break down...
As at September 2014 (Top 40 based on World Gold Council data)
Rank Country/Organization Gold holdings %forex
1 United States 8,133.5 72%
2 Germany 3,384.2 67%
3 IMF 2,814.0 N.A.
4 Italy 2,451.8 66%
5 France 2,435.4 65%
6 Russia 1,168.0 10%
7 China 1,054.1 1%
8 Switzerland 1,040.0 7%
9 Japan 765.2 2%
10 Netherlands 612.5 54%
11 India 557.7 7%
12 Turkey 523.8 16%
13 ECB 503.2 27%
14 Taiwan 423.6 4%
15 Portugal 382.5 79%
16 Venezuela 367.6 69%
17 Saudi Arabia 322.9 2%
18 United Kingdom 310.3 11%
19 Lebanon 286.8 22%
20 Spain 281.6 24%
21 Austria 280.0 42%
22 Belgium 227.4 34%
23 Philippines 194.7 9%
24 Kazakhstan 184.0 26%
25 Algeria 173.6 3%
26 Thailand 152.4 4%
27 Singapore 127.4 2%
28 Sweden 125.7 8%
29 South Africa 125.2 10%
30 Mexico 123.1 2%
31 Libya 116.6 4%
32 Greece 112.4 69%
33 BIS 111.0
34 South Korea 104.4 1%
35 Romania 103.7 9%
36 Poland 102.9 4%
37 Iraq 89.8 5%
38 Australia 79.9 6%
39 Kuwait 79.0 8%
40 Indonesia 77.1 3%
If this chart is true, the US could have returned Germany's gold out of the US reserves... but didn't, the US could buy gold at todays low price and return it to Germany... but hasn't.
Here is something that comes to my mind, If I put money in a bank, then try to get it out but the bank says it loaned my money to someone else, and they have no cash in reserve, so I can't get at it... that bank is insolvent. Germany deposited gold in the Federal reserve which they cannot get back... does that mean the Federal reserve is insolvent?
...and could it start a run on the Fed?
Jesse's Café Américain
"Truth is so obscure in these times, and falsehood so established, that unless we love the truth, we cannot know it." Blaise Pascal, Pensées
12 December 2014 -
What Is Happening With Gold: Russian Economist Mikhail Khazin - Of Volatility and Collars
Excerpt
This is just a brief portion of an interview covering a number of topics. You may read the entire interview here.
"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 apa
"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." ...
http://jessescrossroadscafe.blogspot.com/2014/12/comments-on-gold-from-russian-economist.html?utm_source=feedburner&utm_
Anyone else feel like the meltdown is only days away now?
Yes, I've that feeling since end 2008!
Do people still believe the below?
################
1 United States 8,133.5 72%
2 Germany 3,384.2 67%
3 IMF 2,814.0 N.A.
4 Italy 2,451.8 66%
5 France 2,435.4 65%
6 Russia 1,168.0 10%
7 China 1,054.1 1%
8 Switzerland 1,040.0 7%
9 Japan 765.2 2%
10 Netherlands 612.5 54%
11 India 557.7 7%
12 Turkey 523.8 16%
13 ECB 503.2 27%
14 Taiwan 423.6 4%
15 Portugal 382.5 79%
16 Venezuela 367.6 69%
17 Saudi Arabia 322.9 2%
18 United Kingdom 310.3 11%
19 Lebanon 286.8 22%
20 Spain 281.6 24%
21 Austria 280.0 42%
22 Belgium 227.4 34%
23 Philippines 194.7 9%
24 Kazakhstan 184.0 26%
25 Algeria 173.6 3%
26 Thailand 152.4 4%
27 Singapore 127.4 2%
28 Sweden 125.7 8%
29 South Africa 125.2 10%
30 Mexico 123.1 2%
31 Libya 116.6 4%
32 Greece 112.4 69%
33 BIS 111.0
34 South Korea 104.4 1%
35 Romania 103.7 9%
36 Poland 102.9 4%
37 Iraq 89.8 5%
38 Australia 79.9 6%
39 Kuwait 79.0 8%
40 Indonesia 77.1 3%
This list is total BS!
7 China 1,054.1 1% - China has been adding to their reserves like crazy over the past few years and their data has not been updated since 2010... they're probably closer to 5k already... and Russia has doubled their reserves since 2008.
Don't forget Canada's "Dark-Pool" reserves - dispersed sparingly, throughout the earth's crust
We have your gold Austria,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,well, at least we have a pick and shovel and will get to work in immediately locating it. We offer this deep storage facility to all our custodial clients.
Yup! It's here someplace! I can never find my barbarous relic's when I need them.
Barbarous relic's are a Bitch.
Is Austria an independent nation or part of the EU non-state experiment?
BTW the un avoidable pop up ads have to be delivering zero revenues, how can I short ZH ad buyers?
If you want your gold you can have your gold...just as long as it stays with us. Trust me.
Common-folk are not sophisticated enough to store their own gold /sarc
Don't they know the not so secret plan has been underway, soon gold will be worthless.
we robbed some goyim
Their gold certificates are already in the mail. Just as good they say.
The key word here is 'considers'. Jörg Haider's fate may dissuade some naughty Austrian politicians from the silly idea of gold repatriation...
Does this mean I have to give back my Philharmonics?
OT / While ZH's obsession with gold bugging stays PRIMUS INTER PARES; here is an incredible statement by the biggest Supreme Court BIG WHEEL who says something that will mark the judicial ethics of the USA :
http://www.huffingtonpost.com/2014/12/12/antonin-scalia-constitution-tor...
Not saying this opinion is as bad as the Warren Commission decision or the Supreme position on PAtriot Act; but it is mind boggling !
Even McCain, the man who bombed Nam inconsiderately from high up with Napalm, with "massive and overwhelming fire power", said that the consequences of his warlike acts, after he had been shot down and emprisoned, were a debasement by the enemy of Man's obligation to respect a human being's quantum of solace as prisoner of war.
If the Us Supreme cannot find that logic as an expression of the 1948 declaration that morally (if not legally) binds the country of Jefferson, then there is "something very rotten in the Kingdom of Denmark"; in the workings of its highest jurisdiction.
Counterparties… counterparties… counterparties.
And no one thinks to examine the most basic of all.
When I was in the Navy, I was the lead electronic technician (ET) for a task force of 8 ships; when ET’s on other ships couldn’t fix gear, they’d call me. Most of the problems were too simple for them to see. For example, who would think to check the AC plug? It’s the simplest thing that could go wrong, and yet, nothing happens without secure connections to power. It would usually take me about 15 minutes to find this problem (more than once); and I never told them what I did; didn’t want to embarrass them.
We have the same problem today: people fail to consider the most basic of factors needed to secure capital: namely, our currency unit.
The most important question is, ‘Who is the counterparty for money?’
The most basic factor relative to all economic activity is a currency unit. Without a stable or functioning currency unit, barter is the alternative – or will be the alternative when a baseless currency unit ultimately fails. When that happens, fully 95% of all economic activity will cease. It would lead to… well, let your imagination run wild.
Unfortunately, owing to the mandate of Congress (thru the FR Act and debt authorizations), bureaucrats of the FR and Treasury are pursuing policies that can only end with the total destruction of the dollar and, owing to its status of reserve currency for the world, a few dozen banking systems that use the dollar as a reserve currency (Yen, yuan, Euro, English pound, Canadian and Australian dollars, among others). (Bad News…; and Anat., part two)
Chances of survival are very slim for those 95% who fail to prepare for those storms now looming on the horizon.
What are preparations most essential for survival?
There are at least two: and each requires a comprehensive network of sub-factors: one) establishment of an alternative and functioning currency and two) the collection of power (thru First-Amendment assemblies) needed to protect your person and company from those who failed to prepare. (What Price Gold…; and Failure of Power)
Physical gold, of course, is the only historically-proven stable currency.
The problem here is that, if you deal with fairly large “cash equivalents” or dollar-denominated investments (bank notes, bank reserves, debt instruments, Mortgage Backed Securities (MBS) serving as “cash equivalents” (see What Price Gold…), you’ve just about run out of time to convert to physical gold.
Twenty years ago, while I was operating my gold-based banking service, I learned that an order for $500,000 to $1 million worth of physical gold would seize up the physical gold market 4-6 weeks.
I need to stress the enormous disparity between “cash equivalents” and assets supposedly collateralizing them.
By “cash equivalents”, I mean, 1) all paper currency; 2) all bank reserves; 3) Mortgage Backed Securities (MBS) owned by central banks; 4) all $ instruments owned by foreign institutions; 5) all US Treasuries; 6) plus a large variety of flimsy paper (student loans, car-lot loans, SBA loans, credit-card loans et cetera (see Anat., part one)) owned by the Federal Reserve.
All these “cash equivalents” are collateralized by a scrap of paper listed as “gold certificate” on the FR’s asset statement, which, in turn, is collateralized by a scrap of paper listed as “gold or gold swaps” on the Treasury’s asset statement. This last should tell you that there may not be any physical gold at Fort Knox.
Now, what is the price of gold necessary to make the following formula an equality?
“gold or gold swaps” = all those “cash equivalents” listed above.
Remember, we are dealing with a situation where 90% of the world’s banking systems (by volume) are built (at least partly) on top of the dollar.
What is the price… $7,000… $70,000… infinity?
What will the Piper demand when he finally presents his invoice to the town council?
What will people do when they can no longer cannibalize their children… on a world-wide scale?
Please, let your lawyers and accountants examine my work; and then act accordingly.
That's when they shoot the guy presenting the invoice.
Especially those who take issue with eating their children, even other's children.
Double Klick.
Gott in Himmel Austria! It's a miracle. Your gold has transformed itself into tungsten, perfect for your lightbulbs. Nein?
Jim Grant: Gold Is The Innoculation Against Hairbrained Doctrines Of Central Banks
http://investmentwatchblog.com/jim-grant-gold-is-the-innoculation-against-hairbrained-doctrines-of-central-banks/
This is no coincidence imho. It's brainwashing and psy ops, 'they' are preparing a fiat collapse and write down of all debt. The 8000 tons of US gold is still there. Paper shit is moving, giants gold is not.
I always thought Austrians were smart. Look at a list of famous Austrians, some big names there.
They realise that everyone with major Gold tonnage is playing a big fucking game of musical chairs, whether they like it or not.
And as the months go by some of the chairs are disappearing.
Anyone spot a trend here :)
That's what it is..musical chairs. Will be very interesting to see who's left standing when the music stops.
Keep your eyes on the gold, as the shuffling continues. Which vault is it in?
Kind of like 3 Card Monte, isn't it?
Italy is a big one.
Rumoured to 'store' 1,000 tonnes in NY.
Germans obviously don't have the southern European temperament, they're reserved so when NY told them to fuck off, they meekly did just that.
Will the Italians if they ask for their Gold back take the same sort of shit? I don't think so, especially as the country is desperate for money right now, and 1,000 tonnes (on top of their other 1,000+ tonnage) safely stored in Italian vaults could only be a help in the future.
The problem is we might soon be getting to the blackmail stage where the US says to any country, if you publicly announce you want it back we'll do this nasty thing to you (or maybe drone some of you). We know what these fuckers are like and remember with the NSA and Five Eyes they tend to know all the secrets. Sorry, I forgot, the spying thig is only about 'terrorism' and keeping us all safe from the nasty dark men. It would never be used for any other reason, General Haydon told me on CNN.
any country in the eu., nato club should just sit and think for a minute.
#1. what happens when the us., un., and nato democratize countries, their gold disappears, then they move on.
#2 why was their gold moved in the first place, i read, safety, to protect it from germany during ww11, then from the ussr. during the cold-war, you think the BIS might be thinking the same thing now, while they kick sand in putins face?
it looks as if the european citizens are expendable, but their gold isn't.
In other news, the New York law firm Levin & Goldberg is filing a lawsuit against the Republic of Austria on behalf of the grandchildren of Holocaust (TM) survivors.
LOL
It is high time to replace fractional reserve fiat currencies before we enter permanent gold backwardation and another Dark Ages. There is a ready solution, and that is to bring the world's gold out of hiding in the Global Debt Facility, a trust established at the end of WWII by Jose Rizal and the world's elite. As lawyer for the Global Debt Facility, on behalf of the Bretton Woods institutions, whose Board of Governors has delegated me their authority under paragraph 6 of the Bilateral Minesfield Breakthrough Successor Agreement
https://s3.amazonaws.com/khudes/BILATERAL.pdfI have offered to replace each nation's currency with gold in the form of aurum denominated in each of the currencies: http://www.peakprosperity.com/podcast/84359/new-way-hold-gold. Two spokespersons for the network of global corporate control http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf tried to evade the issues:
@KarenHudes ·56 minutes ago
More questions than answers at the National Conference of State Legislators Forum: https://
https://s3.amazonaws.com/khudes/Twitter12.12.14.1.pdfNO GOLD for you !! so stock up on toilet paper ! I hear its good to have in a crisis
Wasn't it Austria that one country in the whole world that several years ago spilled the beans on their central bank's holding half of their "gold reserves" as paper gold? Some official revealed the amount (in EUR) that they "made" during some period of time from lending gold and from that it was possible to calculate what portion of the "gold" line item in the CB's balance sheet is paper, and it turned out to be about 50%, if I remember correctly.
You'd think that it is obvious that before you even start discussing location (what's the location of a paper claim anyway?) you need to discuss what's the asset that is going to be held - gold or paper. Does the article say anything about that?
In order to be a significant player going forward, countries must physically possess the gold they own before a reset is intitiated for the currency they sponsor and embrace.
No one needs this barbarous relic... throws away your preshusssss - Smeagol will bring pretty pieces of valuable paper to make nice Hobbitses all happy again!