Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks

Tyler Durden's picture


While hardly discussed broadly in the mainstream media, the top news of the past 24 hours without doubt is that in addition to losing its fiscal sovereignty, and numerous other things, the Greek population is about to lose its gold in a perfectly legitimate fashion, following amendments to the country's constitution by unelected banker technocrats, who will make it legal for Greek creditors - read insolvent European banks - to plunder the Greek gold which at last check amounts to 111.6 tonnes according to the WGC. And so we come full circle to what the ultimate goal of banker intervention in the European periphery is - nothing short of full gold confiscation. So just how much gold will be pillaged by the banker oligarchy (it is amusing how many websites believe said gold is sacrosanct by regional national banks, and thus the EUR is such a stronger currency as it has all this 'gold backing' - hint: it doesn't, as all the gold is about to be transferred to non-extradition countries)? As the World Gold Council shows in its latest update, between all the PIIGS, who will with 100% certainty suffer the same fate as Greece (which has shown that unlike during World War 2, it is perfectly willing to turn over and do nothing) there is 3234 tonnes of gold to be plundered. And likely more as further constitutional amendments will likely make the confiscation of private gold the next big step. how much does this amount to? At today's prices this is just shy of $185 billion. Of course by the time the market grasps what is going on the spot price of the yellow metal will be far, far higher. Or, potentially far, far lower and totally fixed as the open gold market is eventually done away with entirely in a reversion to FDR gold confiscation and price fixing days.

The chart below shows total gold holdings for the top 40 countries. Little Ireland is off the chart with just 6 tonnes of gold.

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Thu, 02/23/2012 - 10:50 | 2188819 GetZeeGold
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Just do it!




Thu, 02/23/2012 - 10:51 | 2188826 Gully Foyle
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Kelly: [after he finds the hidden gold bar in the Colonel's bag] Sit down on this bench. I want you to have a drink.
Col. Dumpkopf: Under the Geneva Convention...
Kelly: This isn't Geneva, Colonel.

Thu, 02/23/2012 - 11:05 | 2188893 Badabing
Badabing's picture

 Is all that gold being held at the Duicher bank headquarters for the European Union?

If so kiss it goodbye!

Thu, 02/23/2012 - 11:08 | 2188917 BaBaBouy
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My Real Go-To Value on GOLD is $40K / Ozs.


How much debt could this pay off ???

Thu, 02/23/2012 - 11:11 | 2188930 SHEEPFUKKER

And how much higher will the debt be by the time this charade is all over? 2X, 10X.....? It really doesn't make a lot of sense to take the gold if you can't back the currency legitimately. 

Thu, 02/23/2012 - 11:20 | 2188943 ratso
ratso's picture

So, what is wrong all of a sudden with paying your bills even if it has to be in gold? 

Seizing assets that are pledged in a loan agreement is one of the foundations of our banking systems.  How does this all of a sudden become something dispicable like 'plundering"?

Thu, 02/23/2012 - 11:22 | 2188984 SHEEPFUKKER

Ratboy.  Are bailouts and quantative easings part of the foundation of our banking systems?

Thu, 02/23/2012 - 11:27 | 2189004 ratso
ratso's picture

Yes they are.  The sooner that you can accept those facts that the sooner you will be able to make rational decisions about the world and your own finances.

Thu, 02/23/2012 - 11:28 | 2189025 SHEEPFUKKER

They are until they are not. But yeah, I'm hedged accordingly, tks. 

Thu, 02/23/2012 - 11:30 | 2189032 trav7777
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dey bein jacked fo dey gold

Thu, 02/23/2012 - 11:36 | 2189063 Mr Lennon Hendrix
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Silver's charts look bullish.  You do like to look at charts, don't you?

Thu, 02/23/2012 - 12:13 | 2189252 JW n FL
JW n FL's picture



I Love Silver.. almost as much as I Love You.

Silver will out perform Gold, again.. some more.. until the cows come home.. on and on, you dont stop!

Signed, Christian Constitutionalist

Thu, 02/23/2012 - 12:48 | 2189399 donsluck
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Keep your religion at home. Only money religion here!

Thu, 02/23/2012 - 13:22 | 2189555 tekhneek
tekhneek's picture

Praise 10 oz Baby Jesus (pamp suisse) Gold Bar.

See what I did there?

Thu, 02/23/2012 - 14:09 | 2189708 DoChenRollingBearing
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Praise be to LOTS of American Eagles!  Gold, silver and platinum!  Drool.....

Thu, 02/23/2012 - 14:11 | 2189712 DoChenRollingBearing
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Oh, and unless I am missing something (could be!), NO WAY the bankers will get the PIIGS's gold...

Thu, 02/23/2012 - 14:16 | 2189718 engineertheeconomy
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thank you baby jesus

Thu, 02/23/2012 - 13:24 | 2189561 trav7777
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Silver looks to have bottomed for now, yes....still, if you draw a trendline off the tops, we're at an apparent area of resistance and right under the 200DMA

Thu, 02/23/2012 - 11:24 | 2189005 bdc63
bdc63's picture

Let's take that one step further ... why are they asking the individual bond holders to "voluntarily" take 50%+ haircuts (a number we know is only going to continue to grow) and forgo the CDS insurance payouts that they are 100% entitled to from the banks, while in parallel every effort will be made to make the banks whole thru the ECB, LTRO, and now Greeces gold holdings (and probably soon to be Greeces private gold holdings)?  If its anything like the US in 2008, the Euro Union Banks will probably report record profits and bonuses in 2012.


Thu, 02/23/2012 - 12:52 | 2189414 dcb
dcb's picture

the point isw to make sure no more drachma can come back, nothing at all in country reserves. that's why it is being done

Thu, 02/23/2012 - 13:48 | 2189638 azusgm
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Thu, 02/23/2012 - 14:22 | 2189737 Chariots of the Feds
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Time for the Rentenmark? 

Thu, 02/23/2012 - 14:21 | 2189734 engineertheeconomy
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criminal bankers that lie, cheat and steal  are the foundation of our banking system. plundering is way too nice a word to describe what the cock sucking bankers do. I suggest you go fuck yourself ratso troll son of a bitch

Sun, 02/26/2012 - 13:44 | 2198038 Vagabond
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Thu, 02/23/2012 - 14:42 | 2189804 4horse
4horse's picture

Seizing assets that are pledged in a loan agreement is one of the foundations of our banking systems. How does this all of a sudden become something . . . [sp. not unintelligible]


ok. life is hard. and then you die.


bankers lie


etc .  .  .  yet, acquiescence, just who is expected to be found with a smile on their face as -rational financial decisions- they're supposed to just stoically accept this ongoing abu ghraib of tortuous and intentional humiliation at the hands of a known ethnic complicity  .  .  .  as sadistic as just unimaginably sick, to the very bone. the very soul, it seems, you'd have just who join you in being reasonable enough to get mine while scavenging amidstbodies. real lives their negligible nickels'n'dimes



when rape is inevitable, lay back and enjoy it

yeh. so you're not confused, Obedience being your very bonemarrow



Sun, 02/26/2012 - 15:14 | 2198321 PMakoi
PMakoi's picture

Debt? TPTB do not care about debt.  Debts are other people's problem.  Aquisition of all real property, intitution of all rules... they will eventually tell us how they're going to "save" us, and the masses will cheer!!  --Grunchtalk

Thu, 02/23/2012 - 11:12 | 2188936 redpill
redpill's picture

But none of this matters according to Bloomberg, they trot out Dominic "I'm so metrosexual I have to wear pink or baby blue every goddamn day" Chu to get all lathered up about the eventually-terminal Sears stock

Thu, 02/23/2012 - 11:17 | 2188947 bdc63
bdc63's picture

Looks like the PIIGS are about to get slaughtered

"Private gold confiscation?!" ... now them is fight'in words.  'Katie, bar the door & load the shotgun -- the banksters are coming!'

Thu, 02/23/2012 - 11:55 | 2189169 Nussi34
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Better the PIFGIS get slaughtered than the Dutch. Finnish and German tax payer!

Thu, 02/23/2012 - 12:50 | 2189412 donsluck
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Gold is a legitimate asset, and a NATIONAL debt can certainly be payed by NATIONAL gold. Isn't that what everyone here wants, a return to the gold standard?

Thu, 02/23/2012 - 13:49 | 2189643 Think for yourself
Think for yourself's picture

of course. But a legitimate national asset should only be meant to pay back legitimate national debts. Not illegitimate debts foisted on the people by external/supranational entities, not debts that have been ret-conned to have a claim on the nation's gold.
As longs as the greeks are asked to pay illegitimate debt back, they should pay back in fiat.

Thu, 02/23/2012 - 13:55 | 2189662 caconhma
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For China, the only way to protect its fanny/fiat - money  reserves,  is to convert it into Gold.

After all, nobody knows how much gold China has. It is the number one gold producer in the world and sells nothing.

Thu, 02/23/2012 - 13:56 | 2189668 4horse
4horse's picture

Timing . . . impossible, but this man's been right about more numbers than are possible to discount:


1. What is going to happen is going to take place in March somewhere between the 14th and 20th in all probability.
2. What will determine the fate of markets is what action China does or does not take in providing funds to IMF bailout funds.
3. I believe China can and will extract significant trade and other benefits for their presence.
4. I believe China will want the same immunity that the IMF just took for themselves on sovereign debt in liquidation.
5. Greek gold will be held hostage to their debt.
6. That will accelerate the modest trend of repatriation of gold for the cellar of the New York Fed to nations like Germany that are certainly able to store their own wealth.
7. There will be an acceleration in the trend of utilization of other currencies than the dollar for contracting internationally regarding goods, service, oil and minerals.
8. I do not agree that we are at the doorstep now of major changes in the international monetary system. That comes in June of 2015.
9. I am certain that we are on the immediate threshold of the monster kick of the financial can down the road that is a dead end.
10. I believe China and the US Fed will assist in that great last can kick that backfires.
11. I am certain that I am in the right business and that business is the identification and accumulation of gold as gold is the ultimate survivor of what is about to happen.
12. I am certain the gold industry is mad as a Danbury hatter in selling their product the moment they produce it.
13. I am certain the gold and silver industry is in a transition back to the dividend producers they once were.
14. I am certain that the volatility in gold, silver and equities we have already seen is nothing compared to what is about to happen.
15. The last man standing among asset categories as the new monetary system is introduced sometime post June of 2015 will be gold and gold alone.

Therefore the soundest investment now is what I, and others (McEwen) are doing in building companies whose inventories of goods to be sold are mineable ounces of gold and other precious metals in the ground moving towards production.

The immense shorts in this industry group are whacked out noobies without a clue.

New mines need never pollute. Old mines can never be cleaned up. Open pit and surface enrichment is the type of gold that will be least effected by rising costs.



Thu, 02/23/2012 - 14:29 | 2189760 bdc63
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Whenever Sinclair talks, I for one listen VERY carefully.

Thu, 02/23/2012 - 11:07 | 2188908 redpill
redpill's picture

United States 8,133.5?  Just had to put the .5 in there right?  The only reason you don't round to the nearest ton at that point is if you're MAKING IT UP.




Thu, 02/23/2012 - 11:27 | 2189016 jekyll island
jekyll island's picture

Actually the 0.5 will be all that is left after the banks confiscate the gold when the US has to make a new "agreement"

Thu, 02/23/2012 - 11:50 | 2189138 ljag
ljag's picture

You notice all the print about gold confiscation yet nothing is said about the rarer silver. Gold manipulation is mild in comparison to the beating silver has taken. What's up with that JPM?

Thu, 02/23/2012 - 18:01 | 2190784 DosZap
DosZap's picture


yet nothing is said about the rarer silver.

Bro, silver is not more rare than gold.

There is far more available in the earths crust,the issue is USE.

And when the prices get feasible, you can bet your butt thats Silver will be mined for the sake of Silver.

Their is just a shortage of reserves due to use, and investment at present.

Known since the founders times the rate of % of Au to Aug is at least 15-1, in favor of Au.

Thu, 02/23/2012 - 11:31 | 2189033 mayhem_korner
mayhem_korner's picture



The 0.5 is the weight of the paint covering the tungsten at Ft Knox.

Thu, 02/23/2012 - 11:40 | 2189092 SHEEPFUKKER

That is some funny shit.  

Thu, 02/23/2012 - 14:52 | 2189843 4horse
4horse's picture

nice touch, mayhem

jus brushing up

Thu, 02/23/2012 - 13:54 | 2189660 MeetTozter
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When is the last time there was an audit @ Ft. Knox?  At least they could send the SEC & BLS down for some window dressing?

Thu, 02/23/2012 - 11:09 | 2188911 BaBaBouy
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TROIKA Eat Shit ...

Thu, 02/23/2012 - 11:05 | 2188899 William113
William113's picture

What's the big deal the FED killed Ole Muammar Gaddafi for his gold.

Thu, 02/23/2012 - 11:13 | 2188941 spanish inquisition
spanish inquisition's picture

There is always an out for a sovereign from under the privately owned central banks if they have gold to start anew. Confiscating their Gold creates another pair of leg irons to get out of if they choose freedom over slavery.

Thu, 02/23/2012 - 11:05 | 2188900 midtowng
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Spain sold half their gold a couple years ago. Italy is the Big Prize.

Thu, 02/23/2012 - 13:50 | 2189644 Thomas Jefferson
Thomas Jefferson's picture

What about the Vatican?

Thu, 02/23/2012 - 11:05 | 2188901 William113
William113's picture

What's the big deal the FED killed Ole Muammar Gaddafi for his gold.

Thu, 02/23/2012 - 11:39 | 2189085 Silver Dreamer
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A lot of nation states are going to be Gaddafi'd for Gold before this party ends.

Thu, 02/23/2012 - 11:17 | 2188957 resurger
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Am Goldbarianized!

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