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Switzerland Wants Its Gold Back From The New York Fed
Earlier today, we reported that Germans are increasingly concerned that their gold, at over 3,400 tons a majority of which is likely stored in the vault 80 feet below street level of 33 Liberty (recently purchased by the Fed with freshly printed money at far higher than prevailing commercial real estate rates for the Downtown NY area), may be in jeopardy,and will likely soon formally inquire just how much of said gold is really held by the Fed. As it turns out, Germany is not alone: as part of the "Rettet Unser Schweizer Gold", or the “Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves initiative, launched recently by four members of the Swiss parliament, the Swiss people should have a right to vote on 3 simple things: i) keeping the Swiss gold physically in Switzerland; ii) forbidding the SNB from selling any more of its gold reserves, and iii) the SNB has to hold at least 20% of its assets in gold. Needless the say the implications of this vote actually succeeding are comparable to the Greeks holding a referendum on whether or not to be in the Eurozone. And everyone saw how quickly G-Pap was "eliminated" within hours of making that particular threat. Yet it begs the question: how many more international grassroots outcries for if not repatriation, then at least an audit of foreign gold held by the New York Fed have to take place, before Goldman's (and New York Fed's) Bill Dudley relents? And why are the international central banks not disclosing what their people demand, if only to confirm that the gold is present and accounted for, even if it is at the Federal Reserve?
Full disclosure via the Initiative's website:
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One prolem. NYFed dun got it!
If EVERYONE asked for their gold, ummmm....... Houston!
"Vaporized!"
This will be game over - expect ridiculous stalling tactics, fires at the NY Fed, terrorist attacks etc. to delay.
I can see it now... This will be just like MF Global. Maria Bartiromo will be on CNBC insisting that "no one actually knows where the gold went".
blame a clerk in back office/settlements or a rogue trader on the prop desk. Meanwhile Congress in hearings while looking for the missing gold can take partisan shots at their opponents and blame them for the missing gold while proposing that their new financial act and regulations would have kept the gold safe. Rinse repeat.
long tungsten
News Alert: On behalf of the US and Kenya, Obama has declared both Germany and Switzerland, terrorist States!
The US military will move swiftly to liberate all Heineken and Toblerone!
I am sure you meant Löwenbräu - Heineken is Dutch.
You sure that the president knows that? We might end up liberating Stella Artois!
Who the fook is st pauli girl then?
I want to liberate her.
She is hotter than Tehkneek
and less likely to have a BSD when I try to reach down.
Their gold is perfectly save with us..
It’s securely tucked away right next to all of Comex and SLV’s silver.
Europe agreed post WWII to store their gold with the FED and use the dollar.
This arrangement was conditional in post war negotiations and considered permanent. All European countries understood they would not see that gold again, it was simply under their ownership in name only and not physical ownership.
The EU can ask for it back now, but I doubt the FED will give it to them.
If you really wanted to imitate MDB, you would have included some flattery about Bernanke and his little pointy-nosed muppet, tiny Tim. Perhaps rephrased the sentence to read something like,
"This arrangement was unconditional in post war negotiations and considered permanent. All European countries understood they were gaining in exchange for this barbarous relic the protection of the benevolent USA and the supremely genius banking cartel which manages her finances at the FED. By doing so we allowed them to ..evolve"
The ultimate Ponzi......
And now the Swiss say:
"All our gold are belong WITH us."
Too Late dudes, Chavez has already been there...
What's that noise? I swear it sounds like dominos falling...
Dominos falling is the correct answer.
This is almost entirely the result of The Bernank's fevered passion for creating massive volumes of digital Federal Reserve Notes.
The shit that Bernanke has induced is piling up like a big radioactive Jenga stack, and last one out is a mutated freak.
No one trusts anyone anymore, and no one trusts anything under the stewardship of El Bernankio.
You're doing a heckuva' job, Bernankincide.
Well, I shouldn't complain too much, after all, he's made me rich, but at what cost...
...you better know when to hold, and know when to fold 'em...
Some say, that without very, very good timing, many proceeding under the illusion that The Bernank has made them rich will awaken to a reality one day that it was all just another bubble, and it slipped right through their fingers and 'Popped!'
Of course, the chorus of "[I]t's different this time from the sell-siders grows louder each blathering day. CRM surely has room to run, let alone not implode, as just one example.
...know when to walk away, know when to run...
--Irving Fisher
October 21, 1229
Jim Glassman (of Dow 36,000 fame, written in 1998) and James Cramer are no Jesse Livermores - and Livermore, the consumate operator, who actually recognized the stock market ponzi for what it was (his great strength), and probably successfully traded more pivots as a % of his trades than any person since, ended up blowing his brains out.
Fold what? All my assets are now in physical gold and silver and I have no intention of selling just yet. I fully expect that both will rise and spike exponentially but that doesn't matter. I buy to hold until it is money once again and then to have capital to trade the bullion market as gold once again begins to flow through financial markets. There is considerable imbalance in gold markets as you know. A huge opportunity to benefit from it through trade will present itself when it begins, and when governments finally realise that punitive tax rates don't create jobs. Until then I need to keep it safe, because to get there the high taxes will need to come first, and I don't intend to get caught out with that one either.
Those who have sense know that success lies not in your ability to make 'every dollar', but to make most of them; long term success lies in keeping it long enough to be able to use it. My intent is to make sure that my family and future generations have both access to capital and the prospect of being more than mere cannon fodder in future. When gold spikes I will hold it until it settles and then spend it as I need it. I will not be disheartened because I didn't sell it at the top. I won't need to. This, to me, is the greatest opportunity in history to get, and to put future generations of my family ahead of the game, and yes, I agree 'the illusion that The Bernank has made them rich will awaken to a reality one day that it was all just another bubble, and it slipped right through their fingers and 'Popped!'. Those who think they have pensions, have equity in their houses and have wealth in paper will awaken to find they have nothing. When they do, I don't intend to be around...
and I need my wealth in a form that is portable when I go. Did I just define paper money? Hell no...
My bad for misinterpreting what you stated originally.
You're a sharp cookie, IMO.
I don't mean that in a patronizing or condescending way.
Peace out, my brother.
Good health, wealth and happiness and all that,
and not necessarily in that order...
MCCAIN: "Bomb, Bomb, Bomb, Bomb, Bomb, Switzerland!"
Surely, Fort Knox would be a better target...
Given the current climate...
The way she'd act and the color of her hair
Her voice was soft and cool
Her eyes were clear and bright
But she's not there
Well no one told me about her, what could I do
Well no one told me about her, though they all knew
But it's too late to say you're sorry
How would I know, why should I care
Please don't bother trying to find her
She's not there
China/Hong Kong repatriated gold in 2009
Chavez/Venzuela repatriated gold in 2011
Swiss in 2012? Who's next?
eeehmmm Which was part of what arrangement exactly? And how was Switzerland involved in this? They were not part of any Marshall Plan. In fact they never lost souverignity because of an occupation. So I doubt it. But please post, this could be interesting.
thanks!
Ha ha, suckers!
Zaphod, that agreement is not permanent anymore since Nixon unilaterally broke it when he took the USD off the gold standard...
@ Zaphod I don't know if the agreement to keep European gold in the Fed's vaults was considered permenant, but I know the Bretton Woods accords were. We all know what happened there. I certainly hope Germany, and the Swiss demand their gold. It may be the closest thing to an audit of the Fed we get for a long time. I know that Venezuela is in the process of repatriating their gold. Does anyone know if the Fed was storing some of it. I know part of it was in London vaults.
Bretton Woods assumed that the US dollar was going to be redeemable in GOLD. That hasn't been the case since late 1971. Once the agreement is fundamentally altered, it no longer applies. There is no justification for the US government or the Federal Reserve to refuse to return the asset to the legal owners if they request its return.
We'd liberate it, and then turn it into American piss beer, coasting off of the label for as long as possible...
I hate the Dutch
Mmmmmmmm. . . . Toblerone!
you can see what's happening in afghanistan.... imagine to invade an highli developped mountain country... this will be worse than vietnam for usa
i guess someone besides ol'blankenfein might be taking the 15 trillion dollars worth of "conterfiet" gold bonds seriously...
always wondered how that happenned.....
It just vaporized.
Boating accident.....
...otherwise known as rehypothecation.
... or the "Golden Rule."
tripped into a lifeboat
This will be no boating accident... It was a vampire squid.
http://www.youtube.com/watch?v=lSSelk84oA8
Gold and Silver are drawn to water by great natural forces. Both will blast out the bottom of a boat in order to get back to the earth from which they were forcefully removed. Never, ever take Gold and Silver on board a vessel of any type. Disaster awaits all how do. /SARC
Don't be so down.
Remember what the man said.
In Italy, for 30 years they had warfare, terror, murder and bloodshed but they produced Michaelangelo, Leonardo DaVinci and the Renaissance. In Switzerland, they had brotherly love. They had 500 years of democracy and peace and what did that produce? The cuckoo clock.
Rolex...
Roger Federer
Cancellara
Studer, Ghielmetti, oh and Heidi of course.
freedom
i think that dude was german
@ hayek,
Dude, have you never heard of Leonhard Euler, and the Bernoulli family? No, it's not a rock band. Look them up on Wikipedia. Switzerland produced some of the greatest minds of the last millenium. Some of the best places to store your prescious metals too. Better Zurich, than New York, I always say.
IDIOT the cuckoo clock is made first by germany!
and btw we have one of the most developped country in the world. About italy? they have a 3rd world country you IDIOT
And....it's gone.
NY Fed Trading Desk: "Hello Goldline, what kind of price can I expect for a few thousand tons of gold? Does that include shipping? Oh, and do you still accept Federal Reserve Notes?"
- click -
Where da gold at?!
(For comic relief)
https://www.youtube.com/watch?v=nda_OSWeyn8
When did a scaffolding joint pin suddenly become a Leprechaun Flute? LOL
Thank you, I'd forgotten about that. Travvvvvvv? You seen this?
Gold? We don't have no gold. We don't have no stinkin gold!
Gold? We don't have no gold. We don't have no stinkin gold!
As long as Baraka is President, it's a RACIST and TERRORIST act to demand the return of your own gold!
Or with Iran: WAR WERE DECLARED
Hope and Change with the Chicago Mohammed.
Haha. Very funny. The Swissie used to be nearly as good as gold until they pegged it to the Euro. Nice move Fuckwits. Now you want your gold back. You can't have it both ways.
+1
Yes...and at one time the Swiss could be trusted not to roll on you. They used to take it as a source of national pride (trust, secrecy & neutrality).
No more.
Of all the ethically challenged people in the world to bow & scrape to, it wound up being Geithner & Holder they lost their virginty to...lol.
Fuck the Swiiss.
Yeah I agree 100%, fuck the Swiss. They built their sovereignty on banking & trust (and gold) and then debased the only things that made their fiefdom exceptional....
...and my CHF holdings lost 10% in 14 seconds after they pegged it to the EUR.
they still make great hot chocolate,,,,but yeah, fuck 'em.
Well, these ARE the people who were dipping fondue while we were kicking nazi butt. I mean, if you don't shift from code neutral to war mode when you're surrounded by the Wermacht, there's at least something a little wrong.
I can certainly understand the "practical value" of being neutral when looking down the barrel of a gun. That's coercion of natural law & rights the world over can understand...lol.
At the same time I will never understand giving over ones national identity, sovereignty, rights and ethics to a simple piece of paper, a mere subpoena, where no one has a gun to your head.
Yeah, they've played both sides which made them special/neutral. Then they forgot their history of what made them special/neutral.
Now they've self identified as a part of the problem. Just another cog in a grinding wheel where ones wealth (once earned & taxed by Ceasar) cannot be claimed as their own...free & clear to do with as one pleases.
It's now a liability which they can't handle so people of means (which I'm not) shouldn't overburden the poor dears ;-)
How can you not stay neutral if you don't have an army?
They have preferred for a very long time to adopt a purely defensive posture and just deal after the fact with whatever happens around them.
Our founders saw merit in this concept as well, but it didn't last very long.
If men & women are left to their own devices and are not compelled to serve the country in the martial arts they will stay at home (untrained) until it's too late. It's just how many humans are wired. Unfortunately there are also many humans who are wired for conquest and to assert their primacy over others.
The Swiss compel it's male citizens to train & arm. We do not, opting for a volunteer army. But we both still have a military capability.
As long as we are around (people) there will be war. You can choose to disagree with it but it doesn't make it any less true ;-)
It was more that the Wermacht knew every house was heavily armed and they couldn't be arsed taking the casualties of trying to take 'em over.
That still stands btw
@ Hayek,
If we had wisely sat out WW1 as the Swiss did, there would have been no WW2. I blame it all on that bastard Wilson, along with the Federal Reserve, and the personal income tax. The only thing that pisses me off, is that they recently bent over for the IRS. I suspect they will realize how much banking business it has cost them, and reneg on the deal though. If the US bitches, they can always ask politely to swap their FRNs for gold at $35 per OZ like Bretton Woods mandates. What goes around, comes around bitchez!
I deduct from your statements about the Swiss, and the Wermacht, that you have never been involved in a shooting war. At least not one that you couldn't pause, while you retrieved a beer, from the fridge. Remaining neutral, while fools battle all around you, is a masterly move. I congratulate the Swiss.
nmewn, how do you manage to sound like McCain today? In this conversation you somehow manage to
1. misconstruct how the Swiss got their neutrality (hint: the 1848 revolutions, look them up)
2. misconstruct what neutrality is about and how it works (trust and respect for individual privacy is part of it)
3. miscontruct why the SNB can't go yet back to gold (hint: you get creamed in the current environment)
4. and even miscontruct the Swiss Militia System - something you should look up, too - yes, it's based on a draft. In parcels, boot camp of one quarter of a year and then every X years Y weeks of active duty.
You know what? A Militia Draft is a good thing for democracy - instead of bragging about how well the US Citizen is armed and theoretically able to form a militia as per 2nd, the Swiss just do it and are it, until they get dismissed as greybeards for exceeding the military age (and may take their assault rifle with them home). It ensures the sovereignty of the Swiss People. It's the old American Ideal paired with some Swiss organization.
And the Swiss vote. And when the vote, it's an amendment to their constitution. Just digest this. It might give you ideas...
Compared to them, nobody else votes, we all just elect delegates and representatives, trusting them to do the right thing, hahaha.
Ethically challenged people my hat. You usually post sterling comments that are a pleasure to read, but here you sure hit the "I'm American, therefore I know everything better" button. Yes, the CHF is hiding. Why? Because there is a real Swiss economy at stake.
-------
sheepfukker, in your case it's probably better I don't even start...
Didn't see you down here Ghordius...I touched a nerve...good ;-)
I'm well aware that they are allowed by the state to take their assault rifles home. There is a very big difference in the state allowing something and having it as natural right observed in law & therefore unassailable.
What you need to understand most about me is I don't believe in pure democracy, so voting to change the basic rules of law (the right of personal defense being first) whenever the winds of change blow through any society is a recipe for ruin.
Whose sovereignty was impeached without a shot even been fired?...over a demand, a piece of paper?
I'll let the sheepfucker comment lay as you were obviously agitated...
the sheepfucker comment was not directed to you but this guy that is named this way http://www.zerohedge.com/users/sheepfukker further above
-----
You put it this way: "they are allowed by the state to take their assault rifles home". This is not the way the Swiss understand it - since they could change their constitution by democratic vote. Because they believe in democracy. Again, they have not the "Common Law" principles that are the foundation of your legal views.
And they see themselves as Sovereign - collectively. Which is the way most european understand Sovereignty, in a much clearer way than how it's understood wherever Common Law is the foundation of all legal principles.
I'm not judging - just stating some differences. ;-)
Understood.
And just between you and I (and a few million lurking...lol)...I was not slamming the Swiss people as much as their government for not jealously guarding the Swiss peoples sovereignty from any enemy as they are supposed to do.
This time it was my government assaulting it.
Take care ;-)
Vaporized? But who has been smoking it all the time?
yup. vaporized. under WTC #4.
http://911research.wtc7.net/wtc/evidence/gold.html
Thanks for sharing.
That same $230 million worth of gold ('bout 920,000 ounces) would be worth $1.55 billion today. Inflation's a bitch.
see i understand were we as people always use the dollar as our beacon for value.....the proper way to say that would been ...you could have bought this gold 230 mill....now you have to pay 1.5 bil. ...so we have to break that habit. until we do we are still in their stadium
I think they got the idea from the movie Die Hard. Blow up the building to hide the theft.
"when you steal 600 dollars you can just disappear, if you steal 600 million they will find you unless they think you are already dead."
" if you steal 600 million they will find you "
unless
'you' are 'they'
Chavez was way ahead of the curve
Yep and I the bet some of that gold has Swiss markings....the first out the ponzi scheme wins - just ask the Mets.
Yeah, but it doesn't seem as though he's gotten all his gold, does it?
Now he keeps getting cancer
SO WHAT?
Die! die! die! die!
Scum sucking depravity debauched!
Anal fuck-fest, thrill olympics
Savage scourge, supply and sanctify
So what? so what?
Die! die! die! die!
assassin!
You said it!
Sedatives supplied become laxatives
My eyes shit out lies
I only kill to know i'm alive (US military)
So what? so what?
assassin
Die! die! die! die!
[ Lyrics from: http://www.lyricsfreak.com/m/ministry/so+what_20093936.htSo what,
it's your problem to learn to live with
Destroy us, or make us saints
We don't care
it's not our fault
that we were born too late
A screaming headache on the brow of the state
Killing time is appropriate
To make a mess and fuck all the rest,
we say
we say
So what? so what?
Die!
Now I know what is right
I'll kill them all if I like
I'm a time bomb inside
No one listens to reason
It's too late and i'm ready to fight!
so what!
now i'm ready to fight!
soooooooooo whaaaaaaaaaaaaaaaaaaaat???????????????????????
before u cum ur pants and accuse me of nazism FUK U!
cl33!> 2[-$eye$+/\//©3
Oh dear.....my pants remain unstained just wondering whom you would like to fight?
well, this is fightclub so all new comers are welcome, but don't you have to be at least 18 to play?
Power to the people
Cretin.
The solar flares should knock out the computer records delaying this process weeks if not months.
Do I have to think of everything?
"I have no ideawhere all that gold went."
Bill "the Corzine" Dudley, 2012 H2
Anyone considered all the gold may have already been 'vaporized' on 9.11? Who's to say it wasn't held in the basement?
STORE POLICY:
You broke it, you bought it...
Riots? What about riots?
I'd really like to see what riots in Switzerland would be like. Citizens dipping their fondue with their fingers? Yodeling off-key? Maybe they'll boycott Ricola and cough.
Thanks for the great laugh! Soooooooooooooooo hilarious!
In this world, laughter is the best defiance against tyrants!
I don't know about you, but a mob of lederhosen-wearing guys waiving fully deployed swiss army knives in the streets would make me think twice about stepping out for chocolate.
Thanks Dr. Laughed out loud on a crappy day!
Or a new coo coo clock for that matter! They are some gun totin Mo Foes, they really really love gun's in that Country BTW. They walk into a Starbucks with an AR 15 on a shoulder sling and I know if I worked there, I wouldn't want to fuk up anyones Latte, let alone a gold order.
No they carry something better than an AR15. SIG SG 550 SIGs are as accurate as most of the Swiss shooters.
http://en.wikipedia.org/wiki/SIG_SG_550
So, they have amongst the highest per capita gun ownership in the world, but one of the lowest gun crime rates. They must be doing something right....
I got me a new one last week. 'tis a sweet piece of kit :)
The ammo is super cheap too as it is subsidised :) Gotta love that. Taxes well spent imo! haha
My American brethren showing, once again, that they are as ignorant regarding other countries as they are their own.
http://www.theblessingsofliberty.com/articles/article11.html
Great link, thanks!
Aren't the swiss fully armed and trained? doubt those rifles will come out unless they're invaded, tho.
'Aren't the swiss fully armed and trained?' - That would be an understatement...
If my understanding is correct, they are required to complete national service and are then required to keep the weapon they are issued with at home, and remain proficient with it.
Unlike the US of course, where any old tosser can get one...
Unlike the US of course, where any old tosser can get as many as he can fit in his apartment.
Unlike the US of course, where every old tosser has to have a bunch of rifles to shoot redcoats every time they get uppity.
Mine comes out every week along with my Model 19 .357 and my HnK P30
Schmuck Raker said:
Dude, it's not a pretty sight. They go full-auto postal on their cheese.
What about rioters with armed with snowboards and ski poles? Or fondue forks? Don't underestimate the swissies, they have secret black belt techniques with it.
The Swiss Sig 550 does indeed have Full-Auto mode. Most have had it locked off though for civvies to use. My gun-shop dude sold me his locked 550 as he laughingly said you can always get a full-auto one in max 10 minutes of walking around the train station (the swiss lads are not that attentive when taking their Stgw's home it seems)
The AR equaling an assault rifle is the biggest scam the politicians put forth and the sheeple believed it. AR actually stands for Armalite the original producer of the M15 that did not win the contract. They sold the patents to Colt who later with politicial ties got the military to accept their rifle as the M16. Sig also makes a fine gas piston AR15 as opposed to the gas inpingement system.
"I have absolutely no idea where the gold went."
This could get ugly fast.
Dear Germany and Switzerland...I would like to be the first person to advise you of something we in the industry like to call "Counter Party Risk." may i suggest you solicit the ISDA to review your case, im sure they will also tell you to fuck off!
How do you say, "tungsten" in Swiss?
tungstène
Good luck Switzerland, I think you may discover that Corzine vaporized it.
http://ericsprott.blogspot.com/
I"ve always wondered why these countries (especially ones in Western europe that are supposedly stable), store there gold and precious metals in the US. I mean to be honest with you possession is 9/10 of the law. What if the US decides and say we can't give you this gold at this time or tell you that it's gone and you go along with it still being there or we will put financial and international pressure on you.
<sarc> Well, I never. The United States is good to its word, and how dare you impugn the full faith and credit of the United States! </sarc>
Hahahaha.... And, it's gone...
I think that is exactly what they are thinking too....hhmmmm..maybe its time to get our gold back on our soil...things are getting a little iffy out there...and we can´t trust anyone..so lets bring it on home...good idea to me...
Price solves everything
Price solves everything
India has 225Tonnes of gold, roughly half of its official reserves stored at BOE.
RBI's is next.
Don't know to laugh or to cry.
Rehypothocated??? Keep buying silver while its available!!!
And next up, the PERFECT false flag attack.
Nuke detonated in or around 33 Liberty Street NYC vaporizes all the paper gold receipts stored on behalf of Switzerland and Germany and completely galvanizes American sentiment into a cry for Iran's blood.
Call Jon Corzine, he know how to deal with that kind of situations ^^
Finally , a job worthy of Geraldo's unique skills .
Aaand, was that the Geraldo episode where he opened that safe and it was empty? Part Duex?
But -- now that the whole world was disappointed by the echoing emptiness of Al Capone's Vault -- it would be the last place the Swiss would think to look!
( Please don't tell them. )
Switzerland and
Germany to Repatriate Reserves ?
F**KING HOLY MOTHER OF GOD !!
If that's not a declaration of war, I don't know what is.
I wonder if they'll send those tough-looking guys in the funny pajamas like they rent to the Vatican?
.. armed to the teeth with swiss knives.
Maybe TPTB saw this coming, it could be the reason to have gone out collecting gold from Libya?
Switzerland, the only country with a real democracy with intelligent voters.
Now if they could pass those 3 laws, the crooked Switzerland CB would be in big trouble.
Gonna be funny to see how much of that gold is tungsten... if they EVER test it...
Or will they ```liberate`` Iran and Syria from their gold before accepting that request?
It worked last time. Libya was liberated and Chavez got his gold (although if they shipped him some boxes of Tugsten I wonder if he would have said anything). o now Germany and the Swiss need gold so Syria and Iran get liberated. The perfect plan.
Add Iceland to that list.
A run of gold from the Federal Reserve system? That would be AWESOME.
It may even require an audit.
And a committee.
And they better have a commission too. Like those guy's from 9/11, they did a real bang up job.
Whenever a "commission" is appointed in America it is a code word for coverup.
Major Backwardation coming bitchez
Maybe even a super committee
And the results of that audit?
I am sorry, but it appears that all 3,400 tons of what you thought was gold that you stored with us, under close inspection appears to be tungsten. Who would have thought?
Got us to thinking and we checked our's. Fortunately, all of turned out to be the real stuff. Wierd how that worked out.
Will UPS work?