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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 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

Just do it!

 

 

 

Thu, 02/23/2012 - 10:51 | Link to Comment Gully Foyle
Gully Foyle's picture

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 | Link to Comment 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 | Link to Comment BaBaBouy
BaBaBouy's picture

My Real Go-To Value on GOLD is $40K / Ozs.

 

How much debt could this pay off ???

Thu, 02/23/2012 - 11:11 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

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 | Link to Comment 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 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

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

Thu, 02/23/2012 - 11:27 | Link to Comment 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 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

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

Thu, 02/23/2012 - 11:30 | Link to Comment trav7777
trav7777's picture

dey bein jacked fo dey gold

Thu, 02/23/2012 - 11:36 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Silver's charts look bullish.  You do like to look at charts, don't you?

Thu, 02/23/2012 - 12:13 | Link to Comment 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 | Link to Comment donsluck
donsluck's picture

Keep your religion at home. Only money religion here!

Thu, 02/23/2012 - 13:22 | Link to Comment tekhneek
tekhneek's picture

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

See what I did there?

Thu, 02/23/2012 - 14:09 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Praise be to LOTS of American Eagles!  Gold, silver and platinum!  Drool.....

Thu, 02/23/2012 - 14:11 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

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 | Link to Comment engineertheeconomy
engineertheeconomy's picture

thank you baby jesus

Thu, 02/23/2012 - 13:24 | Link to Comment trav7777
trav7777's picture

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment azusgm
azusgm's picture

Bingo.

Thu, 02/23/2012 - 14:22 | Link to Comment Chariots of the Feds
Chariots of the Feds's picture

Time for the Rentenmark? 

Thu, 02/23/2012 - 14:21 | Link to Comment engineertheeconomy
engineertheeconomy's picture

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 | Link to Comment Vagabond
Vagabond's picture

Amen.

Thu, 02/23/2012 - 14:42 | Link to Comment 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
                                                                          -confucius

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

ratso

 

Sun, 02/26/2012 - 15:14 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Nussi34
Nussi34's picture

Better the PIFGIS get slaughtered than the Dutch. Finnish and German tax payer!

Thu, 02/23/2012 - 12:50 | Link to Comment donsluck
donsluck's picture

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 | Link to Comment 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 | Link to Comment caconhma
caconhma's picture

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 | Link to Comment 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.

Respectfully,
Jim

[Sinclair]

Thu, 02/23/2012 - 14:29 | Link to Comment bdc63
bdc63's picture

Whenever Sinclair talks, I for one listen VERY carefully.

Thu, 02/23/2012 - 11:07 | Link to Comment 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.

 

WHERE IS ZEE GOLD, LEBOWSKI!?  VEE CUT OFF YO SHONSON!

 

Thu, 02/23/2012 - 11:27 | Link to Comment 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 | Link to Comment 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 | Link to Comment DosZap
DosZap's picture

ljag

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 | Link to Comment 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 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

That is some funny shit.  

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

nice touch, mayhem

jus brushing up

Thu, 02/23/2012 - 13:54 | Link to Comment MeetTozter
MeetTozter's picture

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 | Link to Comment BaBaBouy
BaBaBouy's picture

TROIKA Eat Shit ...

Thu, 02/23/2012 - 11:05 | Link to Comment William113
William113's picture

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

Thu, 02/23/2012 - 11:13 | Link to Comment 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 | Link to Comment midtowng
midtowng's picture

Spain sold half their gold a couple years ago. Italy is the Big Prize.

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

What about the Vatican?

Thu, 02/23/2012 - 11:05 | Link to Comment William113
William113's picture

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

Thu, 02/23/2012 - 11:39 | Link to Comment Silver Dreamer
Silver Dreamer's picture

A lot of nation states are going to be Gaddafi'd for Gold before this party ends.

Thu, 02/23/2012 - 11:17 | Link to Comment resurger
resurger's picture

Fuck!

Am Goldbarianized!

Thu, 02/23/2012 - 11:18 | Link to Comment Ruffcut
Ruffcut's picture

Goldie B gone. I thought this yesterday that greeks didn't have any assets of value. Ok, now they don't. Now goldman can make their statue of blankfeen.

Thu, 02/23/2012 - 10:50 | Link to Comment holdbuysell
holdbuysell's picture

But...but...Bernanke said gold was a barbaric relic. Why would insolvent banks care about such stuff?

Thu, 02/23/2012 - 10:55 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Because Banksters are the barbarians.

Thu, 02/23/2012 - 10:55 | Link to Comment Al Huxley
Al Huxley's picture

Actually that was Keynes. Bernanke said central banks hold it because of 'tradition'. So I guess the banks are just really into tradition.

Thu, 02/23/2012 - 11:09 | Link to Comment LongBallsShortBrains
LongBallsShortBrains's picture

Barbaric traditionalists?.

Traditional barbarians?

Thu, 02/23/2012 - 11:48 | Link to Comment BigJim
BigJim's picture

 Actually that was Keynes.

Actually Keynes was referring to the Gold Exchange Standard, not the Gold Standard, or Gold.

Thu, 02/23/2012 - 10:57 | Link to Comment alfred b.
alfred b.'s picture

 

   Bernanke also said that Gold was being held by the U.S. as a matter of tradition....now we see who are the real pigs!

Thu, 02/23/2012 - 16:11 | Link to Comment 4horse
4horse's picture

canary in the goldmine, it's all about the benjamin's singing . . .

http://www.youtube.com/watch?v=gRdfX7ut8gw&feature=related

 

Tra DIS-SHUN!

1word 

Tradition.

 

 

 

.  .  .  or, more, if you can bear it, History: how they keep their balance . . . fiddling-on-the-roof while, nero nerotic, homes burn around them while also composing ever-more kitschy katchy tunes and doomsday scenarios of wishfulthinking and stinking goy decomposition down at their knees . . . balancing. choreography. orchestration. the whole liars' choir, balancing that blackbook whose notes count how many. how much. how far can once again be pushed banking on the backs of their bernankers and banksters, Ragnarøkkr  .  .  .

http://www.youtube.com/watch?v=jJ_-CmwHWPo&feature=related

Thu, 02/23/2012 - 11:03 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Gold confers power.  Power comes to any man who has the color.

CockSuckerz!

Thu, 02/23/2012 - 11:11 | Link to Comment yabyum
yabyum's picture

I can see Al saying that.

Thu, 02/23/2012 - 11:24 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Actually it was George Hearst sharing his philosophy on Gold.

http://www.youtube.com/watch?v=I6p60gHuyu8

Thu, 02/23/2012 - 10:51 | Link to Comment BobPaulson
BobPaulson's picture

One thing that has always pissed me off is that Canada doesn't have any.

Thu, 02/23/2012 - 10:56 | Link to Comment ZeroPower
ZeroPower's picture

...in the ground is a different story.

Thu, 02/23/2012 - 12:19 | Link to Comment Nothing To See Here
Nothing To See Here's picture

But that ground's being sold increasingly to the Chinese...

Thu, 02/23/2012 - 10:58 | Link to Comment sabra1
sabra1's picture

with a real estate market that only rises, who needs gold!

Thu, 02/23/2012 - 11:19 | Link to Comment jimmyjames
jimmyjames's picture

One thing that has always pissed me off is that Canada doesn't have any.

**************

Do you find it a bit strange that the guy who hated gold so much that he sold it all without a Parliamentary vote-sits on the board of directors of this company?

A company that at the time was forward hedged at $250 and gold was sitting at $800-

Seems they were able to clean up their hedges shortly after the price collapsed from the sale of a Canadian/UK gold dump-

#9 on the list-

http://www.barrick.com/Company/CorporateGovernance/BoardofDirectors/defa...

Thu, 02/23/2012 - 16:25 | Link to Comment 4horse
4horse's picture

speculation that__ Gordon Brown sold UK's gold at the lowest price in the past 20 years, a thorny topic touched upon earlier by the Telegraph, simply to bail out mega banking empire Rothschild and, surprise, AIG, as well as who knows how many other members of the LBMA:

There is also a credible speculation that the sale was designed to
benefit a few of the London based bullion banks which were heavily
short the precious metals, and were looking for a push down in price
and a boost in supply to cover their positions and avoid a default. The
unlikely names mentioned were AIG, which was trading heavily in
precious metals, and the House of Rothschild. The terms of the bailout
was that once their positions were covered, they were to leave the
LBMA, the largest physical bullion market in the world.

http://www.zerohedge.com/article/did-gordon-brown-sell-uks-gold-keep-aig-and-rothschild-solvent-more-disclosures-how-ny-fed-m

Thu, 02/23/2012 - 10:54 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Bankster Wolf: Little PIIGS, little PIIGS, your gold in my bin.

PIIGS: Come on in.

Thu, 02/23/2012 - 10:54 | Link to Comment ZeroPoint
ZeroPoint's picture

You think people will turn in their gold? HAHAHAHAHHA.

Thu, 02/23/2012 - 10:59 | Link to Comment rsnoble
rsnoble's picture

If you signed a paper stating ownership and the gov't sends you a letter hand it over or your ass is going to jail.............then the answer is "yes" for most people. Just like the answer is "yes" ill pay the IRS for fear of prison.

Thu, 02/23/2012 - 11:05 | Link to Comment redpill
redpill's picture

Free Irwin Schiff!!!

Thu, 02/23/2012 - 11:09 | Link to Comment theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

the answer from me would be fuck off and die...however, yes, hide it where no one knows about it...yethypothetically, I'd go to jail instead of handing it over

Thu, 02/23/2012 - 11:20 | Link to Comment Alea Iactaest
Alea Iactaest's picture

No need for so much drama...

Imagine a future where people will not *want* to hold PMs. No confiscation will be necessary this time around. Here's one possible scenario:

You will be allowed to own all the gold you want. However, every purchase/sale transaction will be reported to the IRS. It will be subject to very high tax rates, and if you can't produce documentation of purchase your gold will be subject to the maximum tax rate. People will not want to accept gold due to the requirement for documentation. Further, anyone accepting gold for a transaction who does not report it will be subject to financial penalties and/or jail. Face it, even the black market price is likely to fall under such circumstances.

Of course it's likely that cash will be outlawed. Instead, all transactions will be recorded digitaily. The electronic wallet will be the accepted form of payment thus making it more imperative to carry your cellphone personal GPS unit at all times. Since the microphone already can be remote activated you also will have all conversations monitored. Also, all movements of your personal GPS will be logged and algorithms will identify clusters of people meeting and/or congregating. You will be known by the company you keep.

Have a nice day.

Thu, 02/23/2012 - 11:40 | Link to Comment chubbar
chubbar's picture

Gold will travel to where it is freely valued and unhindered. This strategy won't work.

Thu, 02/23/2012 - 13:56 | Link to Comment Think for yourself
Think for yourself's picture

he's talking blue-sky absolute tyranny scenraio. There will be nowhere for gold to travel to since the implementation is meant to be global. Timeline, what, 10-30 years?

Thu, 02/23/2012 - 11:42 | Link to Comment ljag
ljag's picture

I don't see too many drug dealers 'reporting' their sales yet sales seem to be escalating y/y....not to mention penalties getting worse. Just need to grow a pr there mr. AI.

Thu, 02/23/2012 - 13:18 | Link to Comment vato poco
vato poco's picture

The "War on Drugs" has only been going on for 97 years now. Give 'em a little time: they'll cure it soon.

Thu, 02/23/2012 - 13:22 | Link to Comment trav7777
trav7777's picture

the law only applies to the law abiding.

You can see this in full effect every day in cities, where low-level miscreants with significant records are not even bothered with by the police.  They just smack them a bit or steal their stuff.  A suburbanite gets the full monte treatment.  They let the hooker go and bust the john.

Same thing was true in schools and with every public authority system.  The kids in the back who didn't give a shit and got Ds were just ignored.  They got away with bloody murder.  God forbid you even drop a pencil if you're a student who cares.  The teachers take out all their pent up frustration over having their authority flaunted on you because they know it matters to you.

Thu, 02/23/2012 - 12:09 | Link to Comment pods
pods's picture

Well that certainly is a plausible scenario.  Of course, when a people are repressed to a certain degree, they make it difficult for those in charge to keep control.

pods

"The more you tighten your grip, Tarkin, the more star systems will slip through your fingers." 

Princess Leia

 

Thu, 02/23/2012 - 13:01 | Link to Comment trav7777
trav7777's picture

shut the cellphone off.  Get rid of it.  You'll survive.

Thu, 02/23/2012 - 13:56 | Link to Comment azusgm
azusgm's picture

Pull the sim card.

Thu, 02/23/2012 - 14:02 | Link to Comment goldfish1
goldfish1's picture

You make a compelling scenario. I dissolve that thinking.

One EMP blast and no electronic wallet.

No documentation required on the black market and price will setlle at FMV.

Have a nice day.

Thu, 02/23/2012 - 17:30 | Link to Comment boattrash
boattrash's picture

Alea,

Lotta truth there. Why do you think gold sales tracking/reporting was legislated, In the HEALTH CARE Bill of all places? But, the main reason we have not yet seen a "cashless" system, is that it would be harder for politicians to conceal their bribes/pay-offs. But we always have the right to donate lead if need be.

Thu, 02/23/2012 - 12:00 | Link to Comment Seer
Seer's picture

WARNING: If you opt to go to jail then chances are everyone will know why, resulting in a big treasure hunt operation at YOUR place!

The sad reality is is that thieves often are willing to take just a cut.  That's how the IRS operates...

There's ONLY one thing one cannot get more of: TIME (don't waste in in prison)

Thu, 02/23/2012 - 11:10 | Link to Comment kridkrid
kridkrid's picture

Yup... and numbers won't be on your side if you are part of the enourmously small minority who are holding it.  It doesn't matter how illogical the position, holders of gold will be made out to be the criminal.  Just like how "speculators" are to blame for high energy prices or shorting a market, etc.  Responding rationally to a fraudulant system will be blammed for the damage caused by a fraudulent system.  Nice racket.

Thu, 02/23/2012 - 11:18 | Link to Comment tarsubil
tarsubil's picture

Just like money brokers were the bad guy for demanding specie from banks. Good thing I'm not a money broker or hold any gold since that unfortunate boating accident.

Thu, 02/23/2012 - 11:23 | Link to Comment kridkrid
kridkrid's picture

Also a good move to NOT replace your guns.  Guns are dangerous.  They can do much less harm sitting at the bottom of that lake.

Thu, 02/23/2012 - 14:52 | Link to Comment trav7777
trav7777's picture

what about the children at the bottom of the lake?

Thu, 02/23/2012 - 11:21 | Link to Comment Raymond Reason
Raymond Reason's picture

Actually they won't use the term "prison".  It will be some kind of acronym like GULAG. 

Thu, 02/23/2012 - 15:29 | Link to Comment Think for yourself
Think for yourself's picture

Government University for Lawful Assimilation of Goldhoarders? 

Thu, 02/23/2012 - 11:37 | Link to Comment ZeroPoint
ZeroPoint's picture

I don't see how that would happen. The IRS is supposed to tax income. If you sell gold for federal reserve notes, then yes, you need to declare it. As long as gold remains non-monetized, the IRS can't do fuck all.

Thu, 02/23/2012 - 12:40 | Link to Comment CynicLaureate
CynicLaureate's picture

 

Check out http://tinyurl.com/yjko3xv , "IRS: Recordkeeping Tips for Barter Transactions"

"The Internal Revenue Service wants to remind small business owners that bartering transactions generally have associated tax reporting, accounting and recordkeeping responsibilities"

Form 1099-B, Bitchez.

 

 

 

Thu, 02/23/2012 - 13:22 | Link to Comment wee-weed up
wee-weed up's picture

"the IRS can't do fuck all"

Wanna bet? Laws and regulations will be changed as necessary.

Thu, 02/23/2012 - 14:01 | Link to Comment caconhma
caconhma's picture

Gold is different. If your one it, it is very easy to hide and deny its ever existance.

As for IRS, too many people cheat on their statements. Just ask our President and his associates & friends.

Thu, 02/23/2012 - 11:05 | Link to Comment sessinpo
sessinpo's picture

I don't think we are talking about jewelry and coinage that the population would have. We are talking bars held in vaults.

Thu, 02/23/2012 - 11:23 | Link to Comment Alea Iactaest
Alea Iactaest's picture

What you think doesn't matter. What matters is what your masters think. Unless you are a Primary Dealer in which case I'm the one talking out my ass, Master.

Thu, 02/23/2012 - 11:09 | Link to Comment Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

When the State puts the barrel of a rifle in your face and demands that you give it up, what are you going to do?

 

Because that's the inevitable end product of government: guns in faces and boots on necks.

Thu, 02/23/2012 - 11:17 | Link to Comment FeralSerf
FeralSerf's picture

Armed robbery? Our government would perpetrate an armed robbery?

Thu, 02/23/2012 - 11:20 | Link to Comment tarsubil
tarsubil's picture

Well, the Federal income tax is armed robbery but they just dress it up to make it seem it isn't. Don't think about it too much otherwise you'll go crazy like senior Gould.

Thu, 02/23/2012 - 14:48 | Link to Comment Seer
Seer's picture

The IRS just passes the note that it has a "gub."

http://www.youtube.com/watch?v=-UHOgkDbVqc

Thu, 02/23/2012 - 12:17 | Link to Comment pods
pods's picture

There is no need to get violent.  Our government is very civil.

http://www.forbes.com/2011/06/08/property-civil-forfeiture.html

"Indeed, in 2008, it was reported that the Bureau of Alcohol, Tobacco, Firearms and Explosives had ordered Leatherman multi-tools inscribed with the letters ATF--"Asset Forfeiture" and "Always Think Forfeiture." Researchers point to evidence indicating that the use of state forfeiture is, likewise, extensive and growing."

 

pods

Thu, 02/23/2012 - 11:35 | Link to Comment thecoloredsky
thecoloredsky's picture

They'll probably assign your neighbor to do the collecting in as their best efforts to confiscate without violence. At least if I was a cynical banker thats what I would do.

Thu, 02/23/2012 - 11:36 | Link to Comment ljag
ljag's picture

If you see a swat team advancing on your home in order to put "guns in faces and boots on necks", what is the point in NOT resisting? I bot my guns so I could defend myself...not just stand there and let whoever take what they want (of course, I lost all my guns and my gold while crossing the river so I'll have to get some more one of these days). In the end, they may get what they came for but not without some 'costs'.

Thu, 02/23/2012 - 14:52 | Link to Comment Seer
Seer's picture

The highest survival rate for Germany's Jewish population during the Nazi era was for those who resisted.

Thu, 02/23/2012 - 11:39 | Link to Comment ZeroPoint
ZeroPoint's picture

If we get to the point where to government is doing door to door confiscation, we have much more serious problems. Imagine Waco 100,000 times over.

Thu, 02/23/2012 - 11:21 | Link to Comment Vince Clortho
Vince Clortho's picture

FDR made it illegal for private citizens to own gold (about 1933).  Citizens were threatened with fines and Jail time if they did not turn it all in to the banks at a govt determined price.

After everyone turned their gold in, the price of gold was raised dramatically and the govt reaped a huge profit.

It has only been "legal" for private US citizens to own gold for the last few decades.

Does anyone think our benevolent rulers would hesitate for a moment to go after private gold after the fiat monetary system crashes  ... there is a nice profit to be made by creating some simple legislation similar to FDR's Gold Act.

Thu, 02/23/2012 - 11:22 | Link to Comment tmosley
tmosley's picture

You think vault managers won't turn over other people's gold?  HAHAHAHAHAHA.

Thu, 02/23/2012 - 11:55 | Link to Comment ZeroPoint
ZeroPoint's picture

Good point. Not everyone stores 100% of their gold in managed vaults though.

Thu, 02/23/2012 - 10:54 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

The USA has the biggest tungsten reserve.

Thu, 02/23/2012 - 10:56 | Link to Comment Sophist Economicus
Sophist Economicus's picture

At today's prices this is just shy of $185 billion...

 

Ha!   And that is why the paper price is transparently bogus.    Does anyone really believe that these folks would go to all that trouble for $185 billion?    They understand the true value of physical -- and it is worth alot more than that...

Thu, 02/23/2012 - 11:02 | Link to Comment chubbar
chubbar's picture

I went to give you an up arrow but it wouldn't register on just your name/post, was able to up arrow a couple other posts. Odd.

Thu, 02/23/2012 - 11:07 | Link to Comment weyes1
weyes1's picture

Ditto

Thu, 02/23/2012 - 13:43 | Link to Comment Hansel
Hansel's picture

Here is the link to vote up Sophist Economicus.  You'll have to refresh the page to see the new votes.

Fri, 02/24/2012 - 03:27 | Link to Comment w a l k - a w a y
w a l k - a w a y's picture

Thanks for your xerohedge fixer, it sure makes it easier to read!

Thu, 02/23/2012 - 11:13 | Link to Comment LongBallsShortBrains
LongBallsShortBrains's picture

I read here once that if you start your post with italics, no arrows. 8(

One up

Thu, 02/23/2012 - 13:34 | Link to Comment Nozza
Nozza's picture

It appears to be so... or not.

It's the em tag for emphasis, not the i tag lol

Thu, 02/23/2012 - 11:14 | Link to Comment kridkrid
kridkrid's picture

Starting a post with a quote makes the post itself unavilable to up arrow.  Some of my most brilliant thoughts have started with a quote.

Fri, 02/24/2012 - 03:34 | Link to Comment w a l k - a w a y
w a l k - a w a y's picture

 Put a space before the quoted or italicized text.

Thu, 02/23/2012 - 11:32 | Link to Comment Christophe2
Christophe2's picture

Seems there's a bug on ZH wherein posts that start with italics can't be voted on :)

(edit: I should have refreshed before posting... oh well)

Thu, 02/23/2012 - 10:55 | Link to Comment exodus11
exodus11's picture

If Greece hands over its gold they deserve what they get.

Thu, 02/23/2012 - 10:59 | Link to Comment knightowl77
knightowl77's picture

Agree...if the Greeks do not rise up then -it is just too bad for them..

I am reminded of this by Samuel Adams...

"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Shame on them

Thu, 02/23/2012 - 17:17 | Link to Comment DosZap
DosZap's picture

knightowl77

Agree...if the Greeks do not rise up then -it is just too bad for them..

IF the other PIIGS see this happening, and do not immediately "MOVE" their reserves, then they deserve to be screwed.

A Voluntary DEFAULT is better than being raped, and pillaged, and losing your sovereignty.

ICELAND is a great example...............................^ UP YOURS BANKSTAS!!!!!!!!!!!!!!!!!!!

Thu, 02/23/2012 - 23:00 | Link to Comment 4horse
4horse's picture

The land on which Samuel Adams had been established was involved in a controversy between New Hampshire and New York. In 1774 Adams was so active in his advocacy of the New York side, he drew the wrath of Ethan Allen and 'The Green Mountain Boys' . . .

Allen spent a considerable portion of his life in the effort to achieve independence for what is now Vermont, commanding (1770-1775) an irregular force called the Green Mountain Boys, so named in defiance of the New York threat to drive Vermont settlers off the fields and "into the Green Mountains" . . .

Before Ethan moved...there was some protest and resistance against New York. What Allen brought to the situation was a magnetic personality, strong leadership, and organizational capabilities. Here he ran into Dr. Samuel Adams of Arlington, Vermont, our subject, who had ordered some Grant settlers to buy from him a second time those properties now located in the disputed area and claimed by New York. Fearing a violent response to his demands, Adams armed himself with a pistol in each hand, and announced he was ready for anyone who would attack him. Ethan walked up to Adams, knocked the pistols out of his hands and hauled him off to Fay's tavern in Bennington. It was here...At Fay's Catamount Inn, being the headquarters of the Vermont government, courts, major decision making, and drinking establishments, [that] Adams was found to be guilty and subsequently tied to a chair and set upon the Tavern's signpost overhanging the street. There he spent many hours in consideration of his ways while onlookers laughed and ridiculed him from below.

http://www.uelac.org/Loyalist-Info/extras/Adams-Samuel/Samuel-Adams-biography.php

 

 

 

 

 

I am reminded . . . people not only named a beer after him, but drink it
. . . nevermind

Thu, 02/23/2012 - 11:12 | Link to Comment lolmao500
lolmao500's picture

You mean, if the bankster fascist government hands out the gold to their friends and the Greek people/army doesn't overthrow the government, they deserve what they get? Because the Greek people got no say in the matter at the moment.

Thu, 02/23/2012 - 11:20 | Link to Comment kridkrid
kridkrid's picture

People miss this point repeatedly.  We want so desperately to believe that we are different than them, but we are not.  

Thu, 02/23/2012 - 11:21 | Link to Comment knightowl77
knightowl77's picture

the greek people outnumber the pols a 1000 to 1 or more....they could easily throw these turds into the Med

Thu, 02/23/2012 - 11:28 | Link to Comment lolmao500
lolmao500's picture

And the American people outnumbers the scum in Washington DC even more... what are you waiting for??

Thu, 02/23/2012 - 11:30 | Link to Comment kridkrid
kridkrid's picture

So what.  We outnumber our pols something like 558,000 to 1... we haven't done anything.

Thu, 02/23/2012 - 11:08 | Link to Comment Ratscam
Ratscam's picture

what will happen is after the currrency reform (bank holiday= you loose all your money, the state will issue a new currency. They will back this currency with private real estate since there is no gold or public real estate left. Hence all the paid houses will enjoy a forced 30% mortgage in order to back the new currency, just as happenend in The Weimar republic.
Wash - Rinse - Repeat

Thu, 02/23/2012 - 10:55 | Link to Comment Joe Davola
Joe Davola's picture

Does the US amount include what's already been confsicated by the Federal Reserve?

Thu, 02/23/2012 - 10:55 | Link to Comment sabra1
sabra1's picture
Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks

now, if you squint your eyes, you see this!

Projected Fed Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent American Banks
Thu, 02/23/2012 - 10:56 | Link to Comment americanspirit
americanspirit's picture

Lock and load.

Thu, 02/23/2012 - 10:57 | Link to Comment rsnoble
rsnoble's picture

I've wondered for sometime if gold was really the answer, do you really see the US gov't opting for collapse vs. take your gold? They'll probably both take your gold AND collapse.

If you could figure out a way to get gold without signing your life away that would be different. 

I have mixed opinions.  I suppose it couldn't hurt to have some just in case if you can actually afford to have something that could be taken away from you.

Thu, 02/23/2012 - 11:08 | Link to Comment chubbar
chubbar's picture

So basically we are saying that the so called "free world" countries are going to "outlaw" gold and the damn communists are going to be free to own it? I guess with the level of thought control these assholes have going for them it is entirely possible this will pass muster. I hope Russia and China are buying gold hand over fist. Is it possible that they could be our answer/salvation from these globalists/one worlders?

Thu, 02/23/2012 - 11:32 | Link to Comment Raymond Reason
Raymond Reason's picture

I don't think Russia and China will be our answer, as US citizens.  But Russia is the enemy of the Western Elites. Russia is their nemesis, and who they fear and respect. 

Thu, 02/23/2012 - 11:49 | Link to Comment chubbar
chubbar's picture

If one or both of those countries introduce a viable gold backed currency before the globalists corral all the gold from these idiot sovereigns you might see some serious setbacks in their plans. I'm not counting on it, just saying.

Thu, 02/23/2012 - 12:26 | Link to Comment Raymond Reason
Raymond Reason's picture

Hope you're right. 

Thu, 02/23/2012 - 12:27 | Link to Comment reload
reload's picture

Paper games have a lot further to run, there is a deal more posturing, positioning amd stealing to be done. Meanwhile the dash for oil and gold is on. However when the days of unbacked paper end it will most likely be replaced by a currency with the backing of a basket of stores of durable value. An SDR backed by a basket of commodities ancluding PM`s but also Oil, Copper,Coal, Wheat and even rice will facilitate MUCH more global trade and draw in many more users (without the use of force) than a simple Gold standard reversion. I think this is already being talked about and studied in China, London, Moscow, Paris and NY, at least I am told it is by a Banker who I believe to have good information. In the meantime nobody will be allowed to go it alone.  

 

Thu, 02/23/2012 - 11:45 | Link to Comment Silver Dreamer
Silver Dreamer's picture

Our government is the banks, so that is all you need to know.

Thu, 02/23/2012 - 10:58 | Link to Comment yabyum
yabyum's picture

For those of you who mock the worth of gold: They aint taking the ouzo.

Thu, 02/23/2012 - 10:58 | Link to Comment lolmao500
lolmao500's picture

Good thing Canada doesn't have that much gold in the government coffers and a lot of it is in the ground... that leave less for the banksters to steal.

Thu, 02/23/2012 - 11:05 | Link to Comment weyes1
weyes1's picture

Wait til they steal Canada

Thu, 02/23/2012 - 14:06 | Link to Comment FeralSerf
FeralSerf's picture

I think they already own Canada.  Isn't most of Canada "crown land"?

Thu, 02/23/2012 - 10:58 | Link to Comment dwdollar
dwdollar's picture

Setting the precedent for Italy. They got their eyes on Italian gold like Golum the ring.

Thu, 02/23/2012 - 11:08 | Link to Comment Crisismode
Crisismode's picture

Von Rompuy wants all that precious Italian gold for himself.

 

Maybe he will fall into a pit of molton lava after he gets his hands on it.

Thu, 02/23/2012 - 10:59 | Link to Comment kindape
kindape's picture

"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."

Given trajectory of world events, I put this possibility at >30% in next decade

Thu, 02/23/2012 - 10:59 | Link to Comment Quintus
Quintus's picture

I'm as big a Goldbug (for want of a better description) as anyone else here, but I think we may be getting a little ahead of ourselves here with all this talk of gold confiscation.

What's really interesting though is that if Germany is so keen to get its hands on the Greek gold in advance of its future remonetization, why are they so complacent about leaving their own gold in the ever-so-trustworthy hands of its current custodians in New York?

If I were the head of the Bundesbank, I'd be much more concerned about repatriating the gold I already own than trying to lay my hands on Greece's comparatively modest pile.

Thu, 02/23/2012 - 11:08 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Nobody within Pax Americana will be asking for repatriation of gold under present conditions. I've heard the Dutch were first to start asking questions but the conversation turned mute for so reason. Only outside countries will make requests like Venezuela did recently.

Thu, 02/23/2012 - 11:10 | Link to Comment Crisismode
Crisismode's picture

Because the same banking cartel that owns Germany owns America as well.

 

It all ends up in the same hands.

Thu, 02/23/2012 - 11:58 | Link to Comment BigJim
BigJim's picture

Bingo

Do NOT follow this link or you will be banned from the site!