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Greece’s Lenders Have The Right To Seize National Gold Reserves

Tyler Durden's picture


Submitted by GoldCore

Greece’s Lenders Have The Right To Seize National Gold Reserves

Gold’s London AM fix this morning was USD 1,776.50, EUR 1,334.41, and GBP 1,130.45 per ounce.

Yesterday's AM fix was USD 1,754.75, EUR 1,325.04, and GBP 1,116.32 per ounce. 

Spot gold hit a 3 month high of $1,781.40/oz yesterday rising for the third day in a row.  Gold has consolidated on those gains in Asia and Europe.

Cross Currency Table – (Bloomberg)

Gold broke through resistance at $1,763/oz around 1800 GMT yesterday and in minutes quickly surged to $1,770/oz and then over $1,780/oz.

With recent resistance breached at $1,763/oz, gold could reach the psychological resistance of $1,800/oz very shortly - we are only 1.3% below that level now.

All major currencies fell against gold yesterday and the Japanese yen and British pound both took a pummelling and were more down 2% down against gold. 

Gold is again signalling in advance coming fiscal issues in the UK and Japan. In February alone, the yen is down a substantial 7% against gold and in the last 7 weeks since the start of 2012, the yen has fallen a whopping 15.5% against gold.

Yen gold strength is a precursor to the coming Japanese fiscal crisis. It likely also signals that gold is soon to break out in dollars and other currencies. 

XAU-JPY Exchange Rate Daily  - (Bloomberg)

Global equity markets are showing jitters after disappointing economic data out of Europe and China and the threats by Russia’s Foreign Minister over Iran, leading to concerns that a serious confrontation is possible.  Conflict in the region will of course send investors towards the safe havens of gold and silver bullion.   

The US existing home sales were smaller than expected in January and this contributed to the weakness in equity markets. There is also continuing concern that the latest Greek debt package has not addressed Greece’s deep structural challenges.  

The current economic environment is good for gold. As long as governments continue to print money in an attempt to pull us out of this downturn, gold will continue to shine.

The New York Times reports that Greece’s lenders may have the right to seize the Bank of Greece’s gold reserves.

Ancient Greek Gold Coin of Alexander the Great

“Ms. Katseli, an economist who was labor minister in the government of George Papandreou until she left in a cabinet reshuffle last June, was also upset that Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal.”

The Reuters Global Gold Forum confirms that in the small print of the Greek “bailout” is a provision for the creditors to seize Greek national gold reserves. Reuters correspondents in Athens have not got confirmation that this is the case so they are, as ever, working hard to pin that down.

Greece owns just some 100 tonnes of gold. According to IMF data, for some reason over the last few months Greece has bought and sold the odd 1,000 ounce lot of its gold bullion reserves. A Reuter’s correspondent notes that “these amounts are so tiny that it could well be a rounding issue, rather than holdings really rising or falling.”

While many market participants would expect that Greece’s gold reserves would be on the table in the debt agreement, it is the somewhat covert and untransparent way that this is being done that is of concern to Greeks and to people who believe in the rule of law.

Recent months have seen many senior German government officials calling for so called “PIIGS” nations gold reserves to be used as collateral. Such as Angela Merkel’s budget speaker and his opposition counterpart who urged Portugal to consider selling their gold. 

Norbert Barthle, Germany’s governing coalition budget speaker and his counterpart Carsten Schneider from the Social Democrats, the biggest opposition party, urged Portugal to consider selling some of its gold reserves to ease its debt problems. They called for a review of Portugal’s request for financial aid to include gold and other potential asset sales.

The Irish Times reported in November that EU finance ministers’ discussed a wider strategy by the ECB to sound out the possibility of gaining control over the gold reserves of the euro zone’s central banks.

Senior German politician, Gunther Krichbaum, a lawmaker in German Chancellor Angela Merkel’s governing coalition and Chairman of the Committee on the Affairs of the European Union of the German Bundestag has proposed late last year that Italy sell its sizeable gold reserves in order to lower its debt. 

Gold’s importance as debt and third party risk free collateral and as the ultimate form of money is increasing by the day.

While Greece’s gold reserves are very small – Greece’s creditors and senior German and EU financial officials clearly understand the value and monetary and strategic importance of Greece and the other heavily indebted European nations gold reserves. 

For breaking news and commentary on financial markets and gold, follow us on Twitter.

(Bloomberg) -- Gold Rises to Three-Month High on Stimulus Bets, Computer Trades Gold futures jumped to a three-month high on speculation that the U.S. will extend a stimulus to bolster the economy, while automatic purchases by computer programs may have contributed to the rally.

The Federal Reserve may extend a program known as Operation Twist, or the exchange of $400 billion in short-term debt for longer-term Treasureis, beyond June 30, the Financial Times said. Computer orders triggered more purchases starting around 1 p.m. New York time, said Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago.

“Some people started buying on expectations of further credit easing and then we saw an unusual accumulation caused by the technical buying” Streible said in a telephone interview.

(Bloomberg) -- Gold May Reach $1,975 an Ounce in 2012, FCStone’s Rhodes Says 
Gold may climb to $1,975 an ounce in 2012, said Jeffrey Rhodes, INTL FCStone Inc.’s global head of precious metals. The metal is expected to average $1,727 this year, Rhodes said at a conference in Singapore today. Rhodes forecast that silver may reach $50.25 an ounce in 2012 and average the year at $36.25.

Silver is trading at $34.52/oz, €25.98/oz and £21.97/oz. 

Platinum is trading at $1,729.00/oz, palladium at $711.00/oz and rhodium at $1,500/oz

Gold pauses after rally; monetary easing hopes support‎

Gold at 3-month high as bargain seekers prevail‎

(ABC News)
TV: Goldline Agrees to Refund Millions to Customers‎

Iran Snub Dims Prospects for Nuclear Accord

(The New York Times)
Greece’s Lenders Have The Right To Seize Bank of Greece Gold Reserves

Great Day For Gold

(The Washingtong Post)
Barratt Likes Gold, Says Silver Among `Top Picks'‎

(Zero Hedge)
Martenson: Dangerous Ideas About Peak Oil

(Mauldin Research)
Ben Graham’s Curse On Gold

(Zero Hedge)
Negative Salaries, Negative Bailout And Now Negative Gold – Greece Just Became The Bankster's Paradise


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Thu, 02/23/2012 - 10:01 | 2188649 fuu
fuu's picture


Thu, 02/23/2012 - 10:03 | 2188657 CH1
CH1's picture

Create debt out of thin air, then exchange it for gold. Helluva a deal

And yes, a very old, traditional scam. A shame it continues to work.

Thu, 02/23/2012 - 10:05 | 2188667 Gully Foyle
Gully Foyle's picture
The Rules of the Con
  • Find somebody who wants something for nothing, then give him nothing for something
  • You can’t cheat an honest man
  • Never give a sucker an even break
  • Feed the greed
  • Always give the mark an out
  • It's all in the detail
  • Always look out for No. 1
  • Always have a Plan B
  • It's not just about the money
  • Don’t have anything in your life you can’t walk away from in a second
  • We always take care of our own
Thu, 02/23/2012 - 10:08 | 2188678 Chief KnocAHoma
Chief KnocAHoma's picture

You forgot the golden rule - He who has all the gold in the end, will make all the rules.

Thu, 02/23/2012 - 10:10 | 2188683 Badabing
Badabing's picture

 If it’s inevitable that Greece’s gold be taken. They should lease it to the Chinese and pay the Euro bankers with the Yuan…. LOL  

Thu, 02/23/2012 - 10:11 | 2188689 Manthong
Manthong's picture

“Greece’s Lenders Have The Right To Seize National Gold Reserves”

Define “Lenders”.

Do you mean the central banking cartel?

And by the definition from their god, the almighty Keynes,  does this not make them barbarians who are desperately clinging to their relics?

Thu, 02/23/2012 - 10:23 | 2188727 gmrpeabody
gmrpeabody's picture

All your baklava are belong to us...

Thu, 02/23/2012 - 10:30 | 2188754 redpill
redpill's picture

Why would such evolved, sophisticated, prescient peoples such as Europe's fine unelected oligarchical dictators in Brussels be concerned over an inedible barbaric traditional relic anyway?




he who holds the gold makes the rules

Thu, 02/23/2012 - 10:12 | 2188695 LawsofPhysics
LawsofPhysics's picture

we are all dead in "the end" I think you meant to simply say "he who has the gold, makes the rules".  Possession is the law.

Thu, 02/23/2012 - 10:55 | 2188842 GetZeeGold
GetZeeGold's picture



Plan's stored in Fort Knox.....go knock yourself out.



Thu, 02/23/2012 - 10:13 | 2188702 stocktivity
stocktivity's picture

Greek people got sold down the river during those 7 course meals in Brussells.

Thu, 02/23/2012 - 11:54 | 2189162 TonyCoitus
TonyCoitus's picture


Pass the Grey Poupon!

Thu, 02/23/2012 - 10:15 | 2188704 I am more equal...
I am more equal than others's picture

Where is Alexander the Great when you need him?

Thu, 02/23/2012 - 10:54 | 2188840 Kayman
Kayman's picture

Alexander wasn't Greek.

Thu, 02/23/2012 - 11:08 | 2188919 genieous
genieous's picture

Doesn't matter....neither are they

Thu, 02/23/2012 - 10:53 | 2188833 longdong silver
longdong silver's picture

Why can't they just find these 200 or so inbread new world order bankers and hang them from the lamp post.

I don't get it, where do they hide? Where do they live? They are slow killing us in every way.

When will an organized and trained extermination team put these people out of our missery?


Thu, 02/23/2012 - 12:03 | 2189213 Pseudo Anonym
Pseudo Anonym's picture

Why can't they just find these 200 or so inbread new world order bankers and hang them from the lamp post.

have been wondering that myself many times

Thu, 02/23/2012 - 12:23 | 2189290 rlouis
rlouis's picture


This is a story about four people named Everybody, SomebodyAnybody, and Nobody.  There was an important job to be done and Everybody was sure that Somebody would do it.  Anybody could have done it, butNobody did it.  Somebody got angry about this, because it was Everybody's job.  Everybody thought Anybody could do it, but Nobody realized that Everybody wouldn't do it.  It ended up that Everybody blamedSomebody when Nobody did what Anybody could have done.


Thu, 02/23/2012 - 12:16 | 2189253 BigJim
BigJim's picture

Because anyone who is close enough to do it has been bought off.

Think of all the great mass-murderers.. Hitler, Stalin, Mao, Pol Pot... how many attempted assassinations of them were there?

Thu, 02/23/2012 - 13:45 | 2189627 GoodMorningMr.V...
GoodMorningMr.VanRumpoy...'s picture

Gold is money. Everything else is credit.”

-J.P. Morgan, testifying to Congress in 1912--

Thu, 02/23/2012 - 14:48 | 2189822 WhiteNight123129
WhiteNight123129's picture

Well if Greece has decided to pledge it at a floating future rate, that is call option granted to Greece. Now I hope that more countries would do that, it should make hte Euro plunge against Gold.

Thu, 02/23/2012 - 10:03 | 2188654 LawsofPhysics
LawsofPhysics's picture

There it is, end game bitchez.  All the primary dealers and Federal Reserve will make the same claim, atempt to confiscate and then gold will be re-valued.  Possession is the law, hedge accordingly.

Thu, 02/23/2012 - 10:50 | 2188818 BobPaulson
BobPaulson's picture

I see something like that as quite possible. But the big central banks already have most of the gold, so it won't matter, except in places like India where there is a tradition of people investing in gold as individuals.

Thu, 02/23/2012 - 10:01 | 2188655 CH1
CH1's picture

So, gold is not money?

Thu, 02/23/2012 - 10:12 | 2188696 HurricaneSeason
HurricaneSeason's picture

It's a barbarous relic. Things might get barbarous this year. It's traditional to have it on hand during barbarous times.

Thu, 02/23/2012 - 10:03 | 2188656 snowball777
snowball777's picture

1,000 oz 'tiny'.

So small they won't miss a few?

Thu, 02/23/2012 - 10:03 | 2188660 tradewithdave
tradewithdave's picture

Like Dave said...

Thu, 02/23/2012 - 10:04 | 2188662 the not so migh...
the not so mighty maximiza's picture

This is an outrage!!!!!

Thu, 02/23/2012 - 10:05 | 2188666 HurricaneSeason
HurricaneSeason's picture

Long tungsten

Thu, 02/23/2012 - 10:06 | 2188668 AldoHux_IV
AldoHux_IV's picture

It seems acceptable for the central planners and their crony banksters to now cheer on high gold prices... great another thing they've bastardized.

Thu, 02/23/2012 - 10:06 | 2188669 Chimerican
Chimerican's picture

Collateral bitchez!

Thu, 02/23/2012 - 10:08 | 2188675 q99x2
q99x2's picture

Time for a Kelly's Heroes revival.

Thu, 02/23/2012 - 10:08 | 2188677 The Reich
The Reich's picture

Wasn't that fine print retroactively fixed in the Greek parliament?

Thu, 02/23/2012 - 10:10 | 2188684 agent default
agent default's picture

WTF are these guys thinking in Greece, they have signed away everything.

Thu, 02/23/2012 - 10:10 | 2188685 Hulk
Hulk's picture

Why would anybody want a bunch of "rocks" ???

Thu, 02/23/2012 - 10:57 | 2188855 trav7777
trav7777's picture

shiny rocks

Thu, 02/23/2012 - 10:11 | 2188686 WoodMizer
WoodMizer's picture

Circular bailouts + looting = Perpetual fiat machine

The new macro economic, system will consume everything we have worked to create.  The vampre squids must be fed with the blood of the working man.  The system must cintinuue to expand, resistence is futile.

Thu, 02/23/2012 - 10:11 | 2188687 Cole Younger
Cole Younger's picture

It will kill any hopes for Greece to return to the drachma which is exactly where the powers that be want them.

Thu, 02/23/2012 - 10:23 | 2188725 Bastiat
Bastiat's picture

Yep--but mostly they want the gold.

Thu, 02/23/2012 - 10:11 | 2188688 thecoloredsky
thecoloredsky's picture

I'm surprised its taking them so long to acquire that gold. Last year there was an article about this (I think its related?).

Thu, 02/23/2012 - 10:11 | 2188692 Big Corked Boots
Big Corked Boots's picture

What you need now is a patriotic group of Greek military to tell the banksters to "come and take it."

When the Drachma comes back - you know it will - what will it be based on?

Thu, 02/23/2012 - 10:17 | 2188709 HurricaneSeason
HurricaneSeason's picture

Who needs a patriotic miitary? The angry hoards make some wonderful molotov cocktails. Bulletproof vest, helmet, gas mask, they don't do any good when your leg is on fire.

Thu, 02/23/2012 - 10:32 | 2188764 kanenas
kanenas's picture

"Come and get it" implies that the gold is indeed in Greece. I think the case it is 'safely guarded' abroad.

As for the patriotic group, there is a party being formed tomorrow with this exact scope, by a MOP (ex member of the opposition, voted against, then was removed from) that is very vocal about CDS/debt scams.

Thu, 02/23/2012 - 10:59 | 2188864 trav7777
trav7777's picture

lol...come and take it?  OK, a few unmarked tractor trailers.  Nobody on the street even knows where it is stored.  Do the deal, the government people let you drive up, forklift it into the trailers and drive off.  If a few palms need greasing, they get a little.

Thu, 02/23/2012 - 10:12 | 2188694 Waterfallsparkles
Waterfallsparkles's picture

Looting by the Banks will not even leave them with a Prayer.

Thu, 02/23/2012 - 10:12 | 2188698 sodbuster
sodbuster's picture

Oh! This can't be right! Gold is an inanimate object. Bankers don't care about gold. Paper is as good as gold!! Something ain't right! I smell a banker!!

Thu, 02/23/2012 - 10:13 | 2188701 Shibumi2
Shibumi2's picture

obviously, taking a countries soverign gold holdings robs that countries future ability to issue its own currency in the future, as ALL currencies have at least some implied gold as backing....which serves as the grounding basis of that curriencies implied value.


Note to Greece. Better stretch that gold supply by recasting what you have around a tungsten core. Kind of like hamburger helper, it makes the good stuff go further

Thu, 02/23/2012 - 10:15 | 2188706 urbanelf
urbanelf's picture

If gold ain't money, what's the big deal?

Thu, 02/23/2012 - 10:17 | 2188711 Conrad Murray
Conrad Murray's picture

This is a blatant takeover of your country by the new Nazi party Greece. Bomb Germany and France. Kill every banker and politician you see. The time is now.

Thu, 02/23/2012 - 10:23 | 2188729 Bazinga
Bazinga's picture

Bombing gets you jail time...

Killing gets you jail time...

Buying gold gets you options! For a Greek citizen, the time is now to buy gold...

Thu, 02/23/2012 - 12:26 | 2189311 CynicLaureate
CynicLaureate's picture

My guess is that any Greeks who could afford to buy gold already have it sitting in hotel safe-deposit boxes in Switzerland.

Thu, 02/23/2012 - 14:50 | 2189836 Widowmaker
Widowmaker's picture

Only fucking retards give up possession of precious metals.

Don't think for a second that possession is ANYTHING but 100% ownership.  If you don't got it, you don't have it.

Thu, 02/23/2012 - 10:25 | 2188733 spartan speculation
spartan speculation's picture

conrad thats a little over the top. theirs 2 people that greece needs to get rid of to end this papdemos and venizelos 

Thu, 02/23/2012 - 10:34 | 2188769 kanenas
kanenas's picture

Ufortunatelly there are more in line for the job. 

Elections are coming (though not sanctioned by the Troika), and they are already ramping up the scare tactics in the mass media.

Thu, 02/23/2012 - 10:22 | 2188723 Robslob
Robslob's picture



What is this "Rule of Law" you speak of...I am unfamiliar with it.

Thu, 02/23/2012 - 10:23 | 2188726 spartan speculation
spartan speculation's picture

Greece had 2 choices take this bailout or leave the euro and go back to the drachma. How can they go to the drachma if they have no gold to back it ???


 that gold 114 tonnes from 2011 is the only way they can form a new currency. if greece allows their gold to be confiscated then they are truely turned into slaves. any leader would never allow their gold to be used as collateral in any bailout agreement, unless their working for EU and not greece. 

Thu, 02/23/2012 - 10:36 | 2188776 kanenas
kanenas's picture

You can back a new currency with other assets too. Anyway, that was not enough gold to back anything really (±8bEUR)

Thu, 02/23/2012 - 10:23 | 2188728 kralizec
kralizec's picture

Vee haff vays und grabben zee gold!

Thu, 02/23/2012 - 10:27 | 2188744 orca
orca's picture

Greek Gold is the new Iraqi WMD.

Thu, 02/23/2012 - 10:28 | 2188746 Bastiat
Bastiat's picture

"Senior German politician, Gunther Krichbaum, a lawmaker in German Chancellor Angela Merkel’s governing coalition and Chairman of the Committee on the Affairs of the European Union of the German Bundestag has proposed late last year that Italy sell its sizeable gold reserves in order to lower its debt. "

And when they get all they can, it revalues.  So Italy sells it's gold, getting 1770 and three years from now it's worth 5X that.


Thu, 02/23/2012 - 10:51 | 2188828 reload
reload's picture

How much gold has the Vatican got?

I see they are just about to loose their tax exemp status, which is goiung to cost them up to $1bln p.a

130,000 signed a petition calleng for the vatican to be taxed.

I am sure the good Cardinals will be most sanguine about a cool $1bln a year

Thu, 02/23/2012 - 11:00 | 2188872 trav7777
trav7777's picture

taxed by whom?  The vatican is sovereign.

Thu, 02/23/2012 - 11:23 | 2188983 reload
reload's picture

BBC says Mario Monti / Italian Government. Its a tax on property they own in Italy outside Vatican City. Sorry I should have been specific.

Thu, 02/23/2012 - 12:37 | 2189350 Whoa Dammit
Whoa Dammit's picture

Squid vs. Church.  Bad move by the Squid. The Cardinals like calamari.

Thu, 02/23/2012 - 10:36 | 2188779 PaperBear
PaperBear's picture

So much for gold being a barbarous relic. People need to watch the actions of these parasites not listen to what they say.

Thu, 02/23/2012 - 10:38 | 2188785 FubarNation
FubarNation's picture

But you can't eat Gold!

I wonder how much more the Greek people can bend over and take it.

Can commoners own a firearm in Greece?  If so then Greek nationalists need to arm up.



*Remember Rhodesia!*

Thu, 02/23/2012 - 10:45 | 2188807 kanenas
kanenas's picture

No commoner can own a gun in Greece. Legally. Getting a permit to own one is hard, and almost impossible to get a permit to carry.

What commoners hold is the voting right, and that will be enough.

Thu, 02/23/2012 - 11:06 | 2188906 FubarNation
FubarNation's picture

That didn't work out so well when they 'voted' for Papademos however.

I wish them well and God speed.

Thu, 02/23/2012 - 14:49 | 2189828 Widowmaker
Widowmaker's picture

Which is EXACTLY why it's in the US Constitution as an INDIVIDUAL MOTHERFUCKING RIGHT.

Although faggots and fuckups dressed like Democrats like to say guns are bad, they will be the first lined up next to a ditch when government turns the enemy - as has clearly been the exchange in Greece.


Thu, 02/23/2012 - 10:38 | 2188787 MobBarley
MobBarley's picture

I'd laugh if Greece delivers 114 tons of Gold covered tungsten bars to the bankers

with a Smiley 'seal of authenticity' imprint.

(: .995 fine  :)

(:    LULZ     :)


You'd think the bankers would rather have 114 tonnes of prime Afghan Heroin,

and what with the American military making sure no Muslim purists go destroying

the opium crop, that wouldn't even put a dent in the supply.

Or 114 tonnes of Cocaine, also easily gaurenteed through the magic of

American interventionist might and transportation logic

right from beautiful Colombia via C130 transport.




Thu, 02/23/2012 - 16:55 | 2190517 HungrySeagull
HungrySeagull's picture

Make that 5 transports or three Globemasters.

Thu, 02/23/2012 - 11:16 | 2188793 PaperBear
PaperBear's picture

This event should tell everyone that their wealth in paper form (someone else's obligation) is the biggest risk they are taking.

Thu, 02/23/2012 - 10:42 | 2188799 PaperBear
PaperBear's picture

That will be another 114 tons of gold that the people who know gold/silver are money can exchange the tiolet paper issued by the central banks for.

Thu, 02/23/2012 - 10:44 | 2188803 yogibear
yogibear's picture

Those in Brussells will be picking apart Greece. Unless the citizens take over and proscute those (the enablers) in charge for treason nothing changes. There is a few main global  banksters leading the theft of wealth worldwide. 

Thu, 02/23/2012 - 10:46 | 2188809 MFL8240
MFL8240's picture

The fuckin Jewish banking Gangsters have struck again.  Hate these bastards and hope Greece tells the fuck you!

Thu, 02/23/2012 - 10:59 | 2188867 Olympia
Olympia's picture

Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.

FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...

It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...


Thu, 02/23/2012 - 11:00 | 2188870 Olympia
Olympia's picture

Those who won all battles shall lose the war.

Bilderberg Group and the crimes against humanity.


This is how things work in all countries. Whatever used to belong to their people, today it belongs to the multinational companies of the Club. People were betrayed by their given leaderships and they lost everything. Capitals and markets were handed to the Club bosses. If you understand what is going on in Greece, you can understand what is going on in Britain, France, and Germany etc..



Thu, 02/23/2012 - 11:08 | 2188914 trav7777
trav7777's picture

if there are any, historians will look back at this time as similar to the time of the VOC, when the whole issue of a corporation as distinct from a person but possessed of similar legal attributes and even eventually quasisovereign powers was a novel concept.  Now, we have amorphous, transnational entities which appear to be governed by nobody.

Their executives don't clearly appear to be citizens of ANYWHERE.  Money hops from NY to London to Frankfurt to Hong Kong to Singapore without any inhibition, as do transnational executives, who appear to have nobility standing in almost the entire world.

Thu, 02/23/2012 - 11:31 | 2189039 weyes1
weyes1's picture

Its nice to see you so happy this morning.

Thu, 02/23/2012 - 10:49 | 2188813 The Count
The Count's picture

You want gold stories? The "I can't believe it" kind?

Look no further.


Nazi Gold



Swiss Banks

...all the usual players...

Thu, 02/23/2012 - 10:55 | 2188841 americanspirit
americanspirit's picture

This is looting, pure and simple. If the Greek people allow this to happen then they deserve their fate. It isn't that easy to move 100 tons of gold (assuming that the Greeks were smart enough to keep their gold physically in the country and not stored 'safely' in some London bank). If the gold isn't physically in Greece, its all over. If it is, the Greek military should make sure that not one ounce of it leaves the country. Shoot to kill.

Thu, 02/23/2012 - 10:58 | 2188859 CulturalEngineer
CulturalEngineer's picture

Since we're on the way to a regression to the kinds plutocratic dictatorship seen in the ancient world... why stop with gold?

Perhaps our new overlords will also soon be demanding virgins, gladiators and slave labor!

On second thought... maybe that's already happening...

Issues in Scaling Civilization: The Altruism Problem


Thu, 02/23/2012 - 11:06 | 2188902 thetruthseeker
thetruthseeker's picture

I think it is time for the Greeks to create another "300" moment by taking a stand in front of the building which houses their gold reserves.

Thu, 02/23/2012 - 11:18 | 2188958 PaperBear
PaperBear's picture

They might as well wave a giant red flag saying gold is money and the euro is not.

Thu, 02/23/2012 - 12:02 | 2189208 NO1HOME
NO1HOME's picture

and they say that when the ship sank the band played on

Thu, 02/23/2012 - 12:02 | 2189210 New American Re...
New American Revolution's picture

Could it be that gold is required as a building block and key ingredient in interstellar space travel?   It's density, corrosion resistance, and conductivity of energy could be a requirement to create 1) a cocoon against cosmic debri while being resistant to contamination, and required to maximize its slip through the ether.    Could this be why the god's value it so highly, for their spacecraft?   And where has American gold gone to, as there are reports it is no longer there.   Could it have been delivered to NeuwSchwabenland for spacecraft production by our ruling alien elite lead by Satan?   Have they been here for 500,000 years as the Sumerians foretold?    Are they reaching the end of their life span, having fallen from the eternal with nothing to fill their emptiness than consumption and destruction against the product of God, man, made in his image and the object to which the fallen angels were prescribed to worship, and the source of their original rebellion?  

Inquiring minds want to know.

Serfs Up America!

Thu, 02/23/2012 - 12:23 | 2189296 BigJim
Thu, 02/23/2012 - 13:29 | 2189574 trav7777
trav7777's picture

or it could just be because gold is yellow, relatively rare, and bitches like shit like that

Thu, 02/23/2012 - 12:21 | 2189277 Jean
Jean's picture

Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece 


The key words are "in the Bank of Greece".  The Greek Army should move those out this weekend and write off the disappearance as another accounting mistake.


Thu, 02/23/2012 - 12:44 | 2189378 sealman
sealman's picture

US gov. is already confiscating US citizens gold.  It is called cash for gold. There are two or three full page ads from national buying orgs. in my local newspaper every day.

And everytime I go to the coin shop there are 10-20 people queing up to sell their jewelry, sterline and the keepsake watch granddaddy gave them just to pay the bills and feed their families.

Thu, 02/23/2012 - 13:29 | 2189577 trav7777
trav7777's picture

stand outside and offer them a slightly better price

Thu, 02/23/2012 - 14:41 | 2189800 Widowmaker
Widowmaker's picture

Rule of law my fucking ass!

He who has the gold makes the laws.

How can anyone not feel sorry for the Greek punishment -- or is everyone addicted to group-think that says that all Greeks are bad credit?

Fucking fraud is heading straight to war, all that is required is a first shot.  Mark these words.

Thu, 02/23/2012 - 14:48 | 2189821 MarcusLCrassus
MarcusLCrassus's picture

But why would they want to seize a bunch of barbaric relics?  Are they going to start seizing fossilized clubs that were carried around by cavemen as well? 

Thu, 02/23/2012 - 14:58 | 2189876 Mark701
Mark701's picture

I honestly feel sorry for Greece. Wasn't this the same group of bankers that allowed this mess to develope in the first place?  Here's a prediction. The Greek population will put up with this for a while. Eventually however it will hit home as more and more of their middle class is driven into poverty. When that happens things will get very ugly for the Greek government. The riots won't just happen in the city, but everywhere, and the members of government that haven't already fled, will be physically removed from office. My reasoning is simply this, when people get hammered down they don't get compliant, they get mean. The banking institutions failure to understand this pretty much ensures they will never be repaid.

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