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It's Official: Austria Repatriates Gold, Confirms Loss Of Faith In Bank Of England
One week ago, the world was not exactly shocked to learn that after Germany and the Netherlands, one more country had unofficially joined the ranks of nations who have seen this all before and know how it ends, when reports emerged that Austria would repatriate 140 tons of gold from the Bank of England (appropriately immortalized in "this is what happens when you hand your gold over to The Bank of England for "safekeeping".) As of today, it is official.
Earlier today the Austrian Central Bank confirmed the Kronen-Zeitung report, and said that by the year 2020, it would hold 50%, or 140 tons, of its gold domestically, up from 17% currently. This means that Austria will withdraw some 140 tons of gold from the BOE which holds 80% of Austria's gold currently (and will soon hold only 30%) and send 92.4 tons back home to Vienna with another 47.6 tons being sent to Switzerland.
Which is also the biggest news: Austria is explicitly demonstrating a lack of confidence in the "pro-western" system of which the Bank of England is a critical cog, and instead opting for "neutral" Switzerland, which will hold nearly 50 tons of the gold formerly located at the Bank of England.
Why?
As AFP notes, the central bank said it took the decision after recommendations made by the Austrian Court of Audit in February, which warned of a "heightened concentration risk" linked to storing the majority of its reserves in Britain. At the time, the bank had argued the policy was warranted because London was a major international centre for the gold trade."
Well, London still is a major international center, but in the past three months the bank surprisingly changed its mind after reviewing the court's advice to diversify storage locations.
Vienna confirmed it would begin to gradually repatriate 92.4 tonnes this summer. A further 47.6 tonnes will be transferred from Britain to Switzerland.
From the Austrian Central Bank:
In May 2015, the gold reserves held by the OeNB amounted to 280 tons, having remained unchanged since 2007. Austria’s gold reserves are fully owned by the OeNB, which maintains and manages them with utmost care. In line with the OeNB’s current gold storage policy, 17 % of its gold holdings are at present kept in Austria, 80 % in the United Kingdom and 3 % in Switzerland.
Recently, the Governing Board of the OeNB adopted the 2020 gold storage policy following a regular in-house gold strategy and storage policy review, while also considering the recommendations made by the Austrian Court of Audit. The cornerstones of this policy are as follows:
- By the year 2020, 50% of Austria’s gold reserves are to be held in Austria (OeNB and Münze Österreich AG), 30% in London and 20% in Switzerland.
- Starting from mid-2015, the new storage policy will be gradually implemented in keeping with security and logistical requirements.
- A comprehensive review and, if need be, adaptation of the storage policy is scheduled for 2019.
- The OeNB will regularly report on the progress in its upcoming annual reports.
* * *
Good luck Austria with that repatriation and be sure to triple check that gold. After all you don't want to be like the Bundesbank which in 1968 got the short end of the stick following some questionable collusion between the BOE and the Fed as we reported in "Bank Of England To The Fed: "No Indication Should, Of Course, Be Given To The Bundesbank...""
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Next thing ya know some archduke will get shot..
more like a few billion sheep will get fried.
Be exporting artistic corparals
it will be transported in unmarked cars, subject to civil forfeiture
it will then be confiscated by the highway patrol, sent to be assayed, and never come back from the assay office
the point being: you can attempt to repatriate your asset, but you will never ultimately be in possession of it
hugs,
bill and melinda bullionbank
Well, they can get 25 tons from Syria shortly.
The signs are on the wall , you can tell and feel we are coming up to an end of an era \system
MSM are now inviting people like Peter Schiff to talk about how ad the economy is bad , that should tell you something if you still drink the fed cool-aid
Boeing 747-400F Max. payload: 112,630 kg
I think they use carrier pigeons in Austria that's why it takes five years.
Right on the money Dutch, and why do they even have to keep any in Switzerland, its not like Austria doesn't have some formidable mountains of its own to lock the gold up in for safekeeping.
AUSTRIA: You've got something of mine, We want it back... Schnell!!!
I, for one, would no longer trust the Swiss to hold my gold.
The Americans seem to be running roughshot over Switzerland, and that can never be good.
It is about time the Swiss regained some of their independence and told the americans where to get off.
5 years to get your gold back? What's the rush?
Cover story.Bet its already gone.
Churchills first law: nothing strategic is ever announced until AFTER fully completed.
of course its gone. there's no CB gold to be had without taking down another "rogue country" like Libya or Ukraine....etc etc.
That as well.
So much secrecy over a barbarous relic.
Anyone could think they are lying to us.Perish the thought.
All warfare is an armed robbery.
Sadly - all wars are mass murder for money.
New Alchemy.
Gold into paper.
Gold into tungsten.
Gold into thin air.
You know that we're at or near Peak Bullshit, when even ZHers aren't buying the "Gold Repatriation" stories any more.
"Follow the Money", and ask the CSI FAQ's: "Who* Benefits the most from cheap gold? Who has Motive, Means and Opportunity?"
Take you time, don't get distracted. [tick, tock]
*Ch-ch-ch-China! I-i-i-i-India! Saudis, Israelis! Oligarchs.
You obliviously haven't seen the backlog at the Swiss gold refiners in Ticino... On the bright side, storing some of the gold in Switzerland will probably reduce the overall transportation charges.
Syria better move it's gold asap. Maybe to Iran. But then Iran better be get missiles from China (it does not appear Putin actually delivered any missles despite his scary threats to do so) because the next gold to be vanished after Syria is most likely Iran's.
Onward, Tungsten!
Buffet cornered that market a few years ago. In 2011, I think.
Wait, what about that whole meme that Lizards run the CBs and coordinate all moves down to hourly urinal visits across the world? You mean, the masters of the universe might disagree with one another, back bite, bru ha, and so forth? Wow, this upsets my whole world view.
Get ready for some intense gecko on gecko action. Going to be epic!
There is only one MASTER OF UNIVERSE, and all the 'others' are frauds that were outed March 10th 2008 around 11:00am Bear Stearns New York City time. Moreover, I had to form a dictatorship in order to undo a dictatorship because we all know that one fights fire with fire. When Wall Street, and the de Rothschild Banksters, finally realize that there is no possible way to kickstart the economy to get it running again it will be too fucking late. I strongly recommend that the de Rothschild Bank deposit $30 Trillion physical gold bullion in my bank account before I go full Lex Luther on the collective imbeciles and take the entirety of their holdings.
Truth is stranger than fiction, eh, but rest assured that I ain't fucking around when it comes to control over the entire World economy. Greenspan's 'flaw' is that he never imagined that I would appropriate his mojo, SUCKERS.
Damned barbarians, always wanting shiny stuff, don't they know that magic money is much superior.....
Austria has a loss of faith in the Bank of England?
Sort of like saying you have some doubts that Jack The Ripper is an honorable man.
Both the US and UK have lost gold. China will soon announce it's been taking the gold from the US.
With the US, the emperor has no clothes.
What is it Xi?
You gorld ring. Gimme.
My Islamic Ring? No way.
Haha, hand over, Bath House.
plenty of time for the Gold Reserve Act or something similar to be reinacted
goodbye private gold
one world economy comming like a tidelwave
Yep, outlawing something always makes it better. Why just look at the drug war...
Guys driving the trucks have to bring the nail gun that will kill them or does the Cabal bring their own?
Back in 71, the Western powers got away with throwing up their hands and saying, "We won't redeem your gold claim tickets because gold is stupid and it's good for the world if we change the rules".
But this only works when you control the worlds largest gold hoard as the US did back then. If you are a long dead empire with little to no gold, you may be surprised by the response this time around.
Tick-tock mother fuckers.
Uncle Rico: Back in '82, I used to be able to throw a pigskin a quarter mile.
Kip: Are you serious?
Uncle Rico: I'm dead serious.
Well, this news isn't going to make China happy if it interferes with its purchases.
Looks like China is being provoked into making a move on the chess board.
Just issue the gold backed RMB already, and be done with it!
Sovereignty, so old school.
Long commodities: lead & tungsten !!!
I was actually so bored that I worked out the average quantity repatriated per day till 2020 ---> about 90kg/day rounded up.
Yea, I guess this is news worthy ~_~
5 years to bring back 50% of its gold? Haven't done the math, but what is that, 1 bar a day?
just did the math...works out to about 4 bars per day for 5 years.
You forget, Europe still uses horse-drawn wagons for such ceremonial events. Fresh horses and qualified coachmen are hard to find these days, and gypsy raiders fill the mountains, thus the high maintenance costs of physical gold. None of this would be necessary if the Austrian CB would simply accept American stawks & pimco's, and this torn loose-leaf IOU signed by the Queen herself, in lieu of accepting the burden of such a barbaric, inconvenient commodity base metal such as gold bullion.
about 1 ton every 14 days. Your bars are pretty big mate, whats your adress again?
Harhahaaaaa.... that gold at the BOE is in deep storage
And it all depends on what the meaning of "at" is....
OT They cut Fuld off cnbc when fuld got to the .gov part of 08
OT They cut Fuld off cnbc when fuld got to the .gov part of 08
Wait a second.....gold isn't money, according to our intellectual betters such as Dr. Bernankenstein. So why the hell do these european countries care where their yellow metal is stored?! Come to think of it.....why the heck do they even own the stuff, going to the trouble of placing it in ultra-secure vaults under armed guard? Its heavy, hard to find, and you can't make money off it! Fer cryin' out loud, you can't even eat it!
LOL at best this is some deep storage gold and will need to be mined, stolen, or faked. Problem is the SOB Banksters have the price so low no one wants to mine anymore than they have to. Austria is effing stupid if they don't just show up and demand there gold....What a joke.
Amazing it takes until 2020 to bring back about as much gold as China devours in a few weeks.
Sure they will, lots of people talking about shipping PM's. No one seems to have received any in eight years. Austria is about to learn the term 'screwed' like everyone else afterall what are they going to do? Complain to the ECB? LOL...whatever.
Yeah, why Switzerland? Why not just keep it in Austria?
<<... and instead opting for "neutral" Switzerland....
Why?>>
What part of this game am I missing?
Don't believe the hype, Switerland is not and never has been 'neutral', just 'independent'. Best to never confuse the idea of 'neutral' with 'independent', might end up being surprised. Usually not in a good way.
Switzerland (Zürich/Bern) is just a few miles away from Austria. And it´s one of the leading financial center of the world. Which Austria/Wien is not so much.
" the Austrian Central Bank confirmed the Kronen-Zeitung report, and said that by the year 2020, it would hold 50%, or 140 tons "
Till 2020, what are they doing ? Delivering it a bar at a time by Moped ?
I guess all other countries should be on alert, soon coming gold swindel.
Repatriation by 2020 works out to 250 lbs per weekday, also known as 1 FGW / weekday (fat german weight). Surely they could double it up to 2 FGWt and get more in?
Is this a signal to Cameron not to overplay his hand when renegotiating the terms of UK's EU membership ?
what undoes the UK and the E.U. is the latter's agricultural policies; to the Brits agriculture is sacred, they've never forgotten how they almost starved to death 1939-1942.
...and if it starts getting COLDER....
somebody wake me when it's actually delivered
Why so many words? Why 2020??? What is the fcuking problem to deliver two truckloads? Realy? Five years? This is such bullshit. There's gonna be nothing left in five years. Most probably their gold is already gone...
Five fucking years to return a few crates of gold? Bullshit.
5 years cause they gotta mine it. The Chinese have the actual Austrian bars in a nice vault. In China.
If Austria had the foresight they would have had a Amazon Prime account to interact with London, they would have the Gold in two days or less.
Dumbasses..
Why would anyone trust the UK establishment, ruled by the Rothschilds and their international zio pedophile satanic mafia ?
i here that isis cells are all over austrias fat udder belly.
such a shame that the home of mozart and hitler has to go the way of libya,iraq and syria.
chatham house brookings and united services institute confirm that terror could destroy austria as a viable state.
leaving these poor germans to become refugee in london and baton rouge and aintree burt reynolds deliverance country.
of course the german umpa papa and banjo players will slot in well the rest may get piggy raped
the queen of englands advice would be leave the gold in london for safe keeping until all this nonce sense blows over.
I never understood why it take about five years to repatriate 140 tons of Gold especially when we have truck, trains and planes that can carry dozen of tons...
My bet is that the Gold doesn't exist anymore, it will comes from mining in the next five years bought stealthy on the markets...
What time does the train leave?
Hopefully they are just repatriating it and not buying more. The price of gold is in a bear market rally but it will continue to slide later this year...
http://www.globaldeflationnews.com/gold-elliott-wave-update-for-week-end...
In the US today there are many who have hedged their gold with copper encased lead, or for the truly great planners, copper encased tungsten. It makes for a very different dynamic compared to the gold confiscation of 1933 or the 1971 closing of the gold window by Nixon. Thus, we have a lot of physical PMs in the hands of citizens who may have more ammo and more training than many military members. Somehow that helps me sleep well. They can come and take it until there is nobody left to enforce such orders. Then, out come the guillotines and a France type 1789 revolt, rev. 2.0, in Washington & NYC. Resets are a bitch for the aristocracy. We may live to see how this plays out. I think the authors of "The Fourth Turning" nailed it. Economic malaise until eventual collapse & war ending in approx 2028. Unless someone in Washington wants to speed up the process.
Britain is only a mangy poodle of America playing in the arms of powerfulCappyCabalsOnAMissionToSuckDryWholeWorld.
Its a matter of time , when all others will also loose hope in this mangy poodle. Its break up is imminent.
Who wants a leg piece?
(Of the mangy poodle, OWWWW )
The gold was re-re-re-re-re-re-re-re-re-hypothecated already, and that's only at the first level of the combinatorial explosion-of-hypothecation.
Besides, neither will survive until 2020.