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The Mystery Deepens: Dutch Central Bank Denies Reports It Bought Gold For The First Time In 17 Years
Overnight, there was much commotion in the precious metal space when, out of the blue, the IMF reported that months after announcing it had unexpectedly repatriated over 120 tons of gold from the NY Fed, the Netherlands had also purchased some 10 tons of gold in the open market, taking its total to 622 metric tons, the highest since 2007, a period in which it had been unchanged for 8 years.
This was promptly reported by both Reuters:
Netherlands added to its gold reserves for the first time in 16 years. It bought nearly 10 tonnes in Dec to bring total to 622 tonnes
— Anantha (@AnanthalakshmiA) January 27, 2015
And Bloomberg:
The Netherlands added to its gold reserves for the first time since 1998 as the ninth-biggest holder boosted assets to the highest in seven years, while Russia bought for a ninth month, International Monetary Fund data show.
Bullion reserves in the Netherlands climbed to 20 million ounces or 622 metric tons in December, the highest since 2007, after being unchanged at 19.7 million ounces from December 2008 through November, the IMF’s website showed. Russia, with the fifth-biggest hoard, held 38.8 million ounces last month, the most in at least two decades, the data show.
“Central-bank purchases may have lent some support to gold prices in the past, but it is likely short-lived,” said Barnabas Gan, an economist at OCBC in Singapore. “The most important point for gold is that speculative demand will likely stay tepid in 2015 given that a firmer dollar, higher interest-rate environment and a rosier U.S. economy will depress safe-haven demand,” he said by e-mail.
After today's absolutely abysmal micro and macro-economic data, one can debate just how "firmer" the dollar will remain, but at least on the surface, the Dutch action made sense: after all there is nothing wrong with scrambling to not only repatriate your own gold, hinting lack of trust in the most important central bank of all, the NY Fed, but also buying gold in the open amrket, hinting lack of trust in all central banks around the globe.
Except...
Moments ago Bloomberg blasted something even more unexpected. Namely that the "Dutch Central Bank Says It Did Not Increase Gold Holdings"
More:
It adds that Reports based on IMF figures showing that the Dutch central bank increased its gold holdings are incorrect, accord. to an e-mailed statement.
Gold reserves were unchanged at 19.691m troy ounces as of Dec. 2014, central bank said
"This is the same information that the Dutch central bank reports to the IMF on a monthly basis,” accord. to statement
And from the official press release:
De Nederlandsche Bank (DNB) has not increased its gold holdings. Several media reported this Tuesday that based on IMF figures, DNB’s gold stock increased in December 2014. This is incorrect.
DNB’s correct and current gold holdings can be verified at http://www.statistics.dnb.nl/usr/statistics/excel/t12.25ek.xls. The table shows that in December 2014, DNB’s gold stock consisted of 19.691 million fine troy ounces and remained unchanged compared to all preceding months.
This is the same information that DNB reports to the IMF on a monthly basis.
Which brings up an interesting mystery with three possible options:
- i) did the Dutch central bank inadvertently disclose what its true gold holdings were to the IMF without meaning to do so? This certainly is likely considering the secrecy with which the central bank had been repatriating its gold.
- ii) is the IMF on purpose misrepresenting the Dutch gold holdings to generate a buying "panic", because while it is explainable for Russia to hoard gold, it certainly does not send a good message if one of the most respected "developed nation" central banks is splintering from its peers and shifting reserves from fiat to precious metals.
- iii) this was an honest fat finger mistake and the intern who plugged in the same number for the past 7 years, and whose finger "slipped", has now been fired.
Keep an eye on Dutch gold and its central bank, because none of these "explanations" make much sense, and considering the strange developments in the gold space in the past 6 months, there is surely more here than meets the eye.
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Deny, deny, deny - Bill Clinton
Oh hell yes - Bob Rubin
Got that right - Gordon Brown
Screw this shit, I'm going to have a shmoke and a pancake.
10 tons here and 10 tons there and pretty soon you're borrowing from the Annanuki to make good delivery.
And lemme tell y'all sumptin'.... the Annanuki don't take kindly to that paper or rehypothicated shit.
Why you think all them bankers is dyin', nail guns and all, huh?
Follow the Yellow brick road...
""the Netherlands had also purchased some 10 tons of gold in the open market""
Buying Phys GOLD...OH, The Gall, The Audacity Of These People!!!
one of the most respected "developed nation" central banks is splintering from its peers
Trending right now....
Anyone wanna guess what a central bank "bank run" looks like?
When they begin to figure out that "beggar thy neighbor" really just means "you're gonna be the last one without a chair" then the real fun will begin and the ONLY fochin thing will be the yellow metal and its gonna cost them dearly
"We bought ten tons? No we didn't. You think we did? Well, that's your opinion."
If I were them I'd say we had to buy it to replace the ten tons we 1) lost in a canoe accident and 2) bartered for hookers and blow. Though don't tell our wives. They'd be pissed!
Notice the Netherlands does have legal hookers and some nice poppies. So it is TOTALLY plausible.
"Oh, we weren't supposed to say anything about all that gold we're buying? I forgot, man. Tokin' too much!"
They're denying they celebrate "tradition". Riiiiiiiiiiiiiiight!!
And China only has 1,200 tons......right. A central bank would never lie.
Hows that EUR CHF trade working out ?
Biggest game of liars poker in the history of the world going on right now between all the big boys.
Loading up the corporate cc on the next dip.
We need to invade these barbarians and show them the meaning of bankster run democracy!
Somebody get mccain a plane ticket!!
I prefer a bong and a blintz.
Paper cone and poffertjes, fakkin amateurs.
120 + 10 = 120
The New Normal arithmetic. Problem explained.
Thats common core math.
Jeb Bush and Mike Huckabee.....would be so proud.
I have discovered the problem on why these gold trades don't add up. It's those old Intel 486 chips which they are still using. This is why 6 tons x 6 tons = 35.999999
Here's the article from Dec 6, 1994:
Chip Error Continuing To Dog Officials at IntelBURLINGAME, Calif., Dec. 5— A math error found in all of the Intel Corporation's top-of-the-line Pentium microprocessors is proving to be a continuing public relations nightmare for the world's largest chip maker.
Someone please send them an email and tell them to buy the Math Co-Processor upgrade.
This is a rounding error. The correct result is
6 tons x 6 = 3600 tons
which means, if you have 6 tons of gold in each of your 6 vaults you have 3600 tons of gold in the vaults combined.
Can you explain this using common-core terms?
And that, son, is how the fractional reserve lending system works... Imaginary money for them, debt servitude for you.
It is nobody's else's business to know how much Gold that the Central Bank of Tall Tom holds in its reserves.
Why is that not the case for the Dutch?
Because the Dutch are open, loving, inclusive, tolerant, diverse, transparent and politically correct paragons of human kindness and charity?
Does the tulip lady wear little red wooden clogs?
PS She's got a window seat down in the hootiche cootchie area of Amsterdam.
$50 for a clogging. 1 lump or 2?
Knukles: "I've been a bad - VERY bad - evil gold stacker. Clog me. Clog me HARD, baby. Clog the crap out of me like I deserve..."
Dutch Clogstress: "Cash only, pal - no euros."
"Why is that not the case for the Dutch?"
Zwarte Piet, who was the secret buyer, has been forced out of the equasion by extremist multiculturalists.
Dutch politbiuro seems scared...
Well, of course! They're gold veneer shells have been wrapped in tungsten silly...
Someone desperatly has been pounding the USD the last 24hrs, which is odd as the USD is the best looking horse in the glue factory at the moment.
We didn't buy any gold....please don't nailgun us!
Uh huh.....check his cloth linings.
LOL, wonder why all these countries are getting gold?
Could it be that the US Federal Reserve is full of crap and these countries have figured it out?
When the US Federal Reserve loses credibility watch out.
Please include your definition of credibility. In the common definition, the FED lost that ages ago.
the current definition of "credibility of central banks" on many news sources is: it will announce all moves well in advance. see "forward guidance"
so when a financial news reporter says for example "the SNB has lost it's credibility", what he really means is not that it's balance sheet or product/currency is not in order but that it did something without giving forward guidance
If your two questions are on the mark then it would seem your final statement is in the wrong tense. It would seem the Fed has already lost credibility and "folks" are trying to prepare for the fallout by panicking first.
Could it be they've known that since Tricky Dick?
"Keep an eye on Dutch gold and its central bank, because none of these "explanations" make much sense"
You are going to be waiting a long time if you are looking for sense out of a CB.
Poor Anantha. She beter hide in Russia after that Tweet.
I expect that in a week or so we will find out the truth here from Koos Jansen at Bullionstar. He's dutch and has a real attention for detail.
I think he already came out and said "no purchase".
https://www.bullionstar.com/blog/koos-jansen/netherlands-did-not-increas...
A nation of sheep. Not the Dutch, the USA. Blizzard 2015! OMG. We must shut the country down to keep you all safe. NY, MA, CT... And the sheep comply... Bah, bah, bah... UN-FUKING-BELIEVABLE! Your future is well deserved.
2015, Year Of The Sheep!
Sent From My iPhone.
I'm torn. Upvote for imagery, downvote for premium over spot. ;-)
Heck, Sent From My iPhone should have been enough to guarantee a down vote. :)
"Dutch Central Bank Says It Did Not Increase Gold Holdings"
That's because they bought paper gold.
Or maybe they wanted to buy some physical but found nothing was available in Europe. And the Chinese wouldn't sell.
Bloomberg denies reports his name is in Pedophile Epstien's black book too
Go off reservation too far and the msm will put your name and pedophile in the same sentence.
They Probably did what the Fed did, issue Gold Certificates and SOLD Physical.
Now they had a OH DAMN moment and bought the physical to replace the Gold Certificates.
THUS NO NET INCREASE IN HOLDING.
But their physical increased. JMHO
This is my guess.
"It was a swap!"
bingo
I will never forget Rob Kirby stating, that while playing golf with some executives from a large bank, they said during their tenure that it was their job to discourage and discredit all who were interested in Gold.
The best confirmation is "The IMF denies these gold purchases"
IMF denies plan to float trinkets and beads for the natives
Denial -> part of the conditions imposed on the FED when a country is asking for its gold back. Remember when Germany was told 7 years? That was a hand slap since they were public about undermining the FED. The Dutch were quiet about it, hence, no 7-year waiting period. Most likely another bit of the fine print was to deny any additoinal purchases.
... screw the IMF, they're "going dutch" ...
There are only two things I can't stand in this world. People who are intolerant of other people's cultures.........., and the Dutch
http://youtu.be/QJ882QYzr-M
English speaking soldiers in Ukraine and 20 other things you should know – Video
Rebels capture Ukraine commander in Donetsk airport fight, force prisoners to face angry crowds
When it gets 'serious' you have to lie!
jcj
Forget about this being the year of the Goat. I think it's already shaping up to be the year of the Gold (story)!
Not so much as to whether it goes up or down, rather more and more titbits of information are going to be coming about re who owns what, where it's stored, and probably some stuff on the hidden derivative risks and you just know many of these positions are wrapped in gunpowder looking for a spark.
As far as the Dutch are concerned, they're not dummies when it comes to money. Sure their banks tell their customers to accept 'paper' instead of Gold but that's just a typical banker trick to probably skim more commission. The paper versus physical tricks won't work on the senior guys at the CB, even if they've been smoking that White Widow, you can bet on that.
the IMF fucked up a report is most likely scenario
Maybe they forgot to carry the 7.
Just book entries. So nothing to get hung about.
Strawfields Forever https://www.youtube.com/watch?v=My9u5uqGZr0
Lying liers, so who is the biggest???
The Dutch people bought the Gold. It just went into someone's private vault, thats all. See, no increase in Gold holdings. Done
Come on, we all know what happened. Rothschild found out that these assholes had been - gasp - buying gold, he called them up and said "that gold belongs to me." Then they have to cover their asses.
Wouldn't it be nice to be finally rid of this organized crime syndicate for once and for all?
Still can't crack 1300, wonder how low it will go tomorrow with the Fed opening it's yap? Usually they pound it lower on Tuesday and normally Tuesday is a bad gold day but lately that hasn't always been the case.
We still have 1,5 months before the ECB starts buing bonds... So let's fill-up our vaults before introducing our own currency!
Go Holland
Goud, teven! Maar houd het een geheim.
(Gold, bitchez! But please keep it a secret.)
I think Jim Rickards nails exactly what's going on:
http://dailyreckoning.com/fix-gold-price-manipulation-now-global-effort/
Excerpt from the article:
"So here’s the problem: If you took the lid off and ended the gold price manipulation and let gold find its level, China would be left in the dust. It wouldn’t have enough gold relative to the other countries, and because their economy’s growing faster and because the price of gold would be skyrocketing, they could never acquire it fast enough. They could never catch up. All the other countries would be on the bus. The Chinese would be off the bus.
So, when you have this reset, and when everyone sits down around the table, China’s the second largest economy in the world. They have to be on the bus. So the global effort is to keep the lid on the price through manipulation, which is very obvious. I tell people, if I were running the manipulation, I’d be embarrassed because it’s so obvious at this point."
Rickards is logical but doesn't back up what he says here with data. I and many others think that the Chinese Central Bank has accumulated much more than stated several years ago. They probably have well over 4000 tons now.
Willie's sources tell him they have over 20,000 tons. If you add up everything they've been importing from HK and pulling out of SGE & Switzerland plus the 500+tons/year they mine and don't sell, could very well be accurate.
Look at the treasury's 8,000 ton number.
This is really a fantasy number. It's been there for years.
The emperor has no gold.
When it comes to money, the Dutch always play their hand very close to the vest. What they do and what they say are two different things entirely.
According to the DNB it never happened:
https://www.bullionstar.com/blog/koos-jansen/netherlands-did-not-increas...
dutch treat
When you are buying you want the price as low as possible. Often that means pretending you are not buying to keep the price low.
"He that speaks ill of the Mare, will buy her."
- BENJAMIN FRANKLIN,
Several things could be possible:
1) they prepare for the collapse of the Euro
2) they do it to prop up up their pension system
3) they prepare for a major conflict in Europe (but then it is not so wise to keep close to Putin's reach)
4) they prepare for the collapse of the stock market and financial system
Some nice things going on in Holland.
We are collecting signatures for a citizen initatief to
investigate via parlement to change the place where money is created.
https://burgerinitiatiefonsgeld.nu/
From the big banks to the gouvernment.
Altough I prefer free market money myself,I support this petition.