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Switzerland Wants Its Gold Back From The New York Fed

Tyler Durden's picture




 

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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Wed, 03/07/2012 - 20:19 | 2234249 Dr. Kananga
Dr. Kananga's picture

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.

Wed, 03/07/2012 - 20:33 | 2234286 GolfHatesMe
GolfHatesMe's picture

Thanks Dr. Laughed out loud on a crappy day! 

Wed, 03/07/2012 - 21:35 | 2234424 Money 4 Nothing
Money 4 Nothing's picture

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. 

Thu, 03/08/2012 - 03:09 | 2235069 Freddie
Freddie's picture

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

 

Thu, 03/08/2012 - 05:48 | 2235233 EasterBunny
EasterBunny's picture

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....

Thu, 03/08/2012 - 06:02 | 2235239 fredquimby
fredquimby's picture

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

Wed, 03/07/2012 - 20:57 | 2234343 TwelfthVulture
TwelfthVulture's picture

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

 

 

Thu, 03/08/2012 - 06:17 | 2235249 mrgneiss
mrgneiss's picture

Great link, thanks!

Wed, 03/07/2012 - 21:26 | 2234400 MonsterBox
MonsterBox's picture

Aren't the swiss fully armed and trained?  doubt those rifles will come out unless they're invaded, tho.

Wed, 03/07/2012 - 22:50 | 2234555 Harlequin001
Harlequin001's picture

'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...

Wed, 03/07/2012 - 23:28 | 2234622 Ropingdown
Ropingdown's picture

Unlike the US of course, where any old tosser can get as many as he can fit in his apartment.

Thu, 03/08/2012 - 10:38 | 2235758 prole
prole's picture

Unlike the US of course, where every old tosser has to have a bunch of rifles to shoot redcoats every time they get uppity.

Thu, 03/08/2012 - 06:03 | 2235243 fredquimby
fredquimby's picture

Mine comes out every week along with my Model 19 .357 and my HnK P30

 

 

Thu, 03/08/2012 - 00:19 | 2234726 TheFourthStooge-ing
TheFourthStooge-ing's picture

Schmuck Raker said:

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.

Dude, it's not a pretty sight. They go full-auto postal on their cheese.

 

Thu, 03/08/2012 - 04:30 | 2235158 Overflow-admin
Overflow-admin's picture

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.

Thu, 03/08/2012 - 06:07 | 2235246 fredquimby
fredquimby's picture

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)

 

Thu, 03/08/2012 - 08:04 | 2235337 GCT
GCT's picture

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. 

Wed, 03/07/2012 - 19:45 | 2234111 Strider52
Strider52's picture

"I have absolutely no idea where the gold went."

This could get ugly fast.

Wed, 03/07/2012 - 20:23 | 2234259 frieswiththat
frieswiththat's picture

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!

 

Thu, 03/08/2012 - 00:48 | 2234817 Son of Loki
Son of Loki's picture

How do you say, "tungsten" in Swiss?

Thu, 03/08/2012 - 04:15 | 2235141 Overflow-admin
Overflow-admin's picture

tungstène

Wed, 03/07/2012 - 22:38 | 2234534 Silver Bug
Silver Bug's picture

Good luck Switzerland, I think you may discover that Corzine vaporized it.

 

http://ericsprott.blogspot.com/

Wed, 03/07/2012 - 22:56 | 2234567 Buck Johnson
Buck Johnson's picture

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. 

Wed, 03/07/2012 - 23:45 | 2234664 geekgrrl
geekgrrl's picture

<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...

Thu, 03/08/2012 - 00:44 | 2234797 youngman
youngman's picture

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...

Wed, 03/07/2012 - 23:11 | 2234591 bagholder
bagholder's picture

Price solves everything

Wed, 03/07/2012 - 23:11 | 2234592 bagholder
bagholder's picture

Price solves everything

Wed, 03/07/2012 - 23:19 | 2234606 Falkor
Falkor's picture

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. 

Thu, 03/08/2012 - 00:00 | 2234689 Silvergood
Silvergood's picture

Rehypothocated???      Keep buying silver while its available!!!

Thu, 03/08/2012 - 02:34 | 2234998 SilverRhino
SilverRhino's picture

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.  

 

Thu, 03/08/2012 - 04:14 | 2235138 Overflow-admin
Overflow-admin's picture

Call Jon Corzine, he know how to deal with that kind of situations ^^

Wed, 03/07/2012 - 19:40 | 2234064 Bill D. Cat
Bill D. Cat's picture

Finally , a job worthy of Geraldo's unique skills .

Wed, 03/07/2012 - 21:28 | 2234406 Money 4 Nothing
Money 4 Nothing's picture

Aaand, was that the Geraldo episode where he opened that safe and it was empty? Part Duex? 

Wed, 03/07/2012 - 22:37 | 2234527 mick_richfield
mick_richfield's picture

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. )

Wed, 03/07/2012 - 19:37 | 2234071 PaperBear
PaperBear's picture

Switzerland and

Germany to Repatriate Reserves ?

F**KING HOLY MOTHER OF GOD !!

Wed, 03/07/2012 - 22:25 | 2234506 Unprepared
Unprepared's picture

If that's not a declaration of war, I don't know what is.

Wed, 03/07/2012 - 22:39 | 2234538 mick_richfield
mick_richfield's picture

I wonder if they'll send those tough-looking guys in the funny pajamas like they rent to the Vatican?

Wed, 03/07/2012 - 22:51 | 2234557 Unprepared
Unprepared's picture

.. armed to the teeth with swiss knives.

Thu, 03/08/2012 - 00:54 | 2234838 boattrash
boattrash's picture

Maybe TPTB saw this coming, it could be the reason to have gone out collecting gold from Libya?

Wed, 03/07/2012 - 19:38 | 2234072 lolmao500
lolmao500's picture

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?

Wed, 03/07/2012 - 20:15 | 2234235 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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.

Wed, 03/07/2012 - 20:23 | 2234258 grid-b-gone
grid-b-gone's picture

Add Iceland to that list.

Wed, 03/07/2012 - 19:37 | 2234075 MarkTwainsMustache
MarkTwainsMustache's picture

A run of gold from the Federal Reserve system? That would be AWESOME.

Wed, 03/07/2012 - 20:02 | 2234181 XitSam
XitSam's picture

It may even require an audit.

Wed, 03/07/2012 - 20:18 | 2234244 Piranhanoia
Piranhanoia's picture

And a committee.

Wed, 03/07/2012 - 20:24 | 2234255 Money 4 Nothing
Money 4 Nothing's picture

And they better have a commission too. Like those guy's from 9/11, they did a real bang up job.

Thu, 03/08/2012 - 03:13 | 2235079 Freddie
Freddie's picture

Whenever a "commission" is appointed in America it is a code word for coverup.

Thu, 03/08/2012 - 09:41 | 2235569 tocointhephrase
tocointhephrase's picture

Major Backwardation coming bitchez

Wed, 03/07/2012 - 20:47 | 2234319 Cheesy Bastard
Cheesy Bastard's picture

Maybe even a super committee

Wed, 03/07/2012 - 21:33 | 2234419 Poundsand
Poundsand's picture

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?

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