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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 - 23:46 | 2234487 Dingleberry
Dingleberry's picture

The Swissie is a pussy. They did not, and will not, hesitate to print their asses off when the currency strengthens. Or do ya'll have short memories? They take orders from New York. Not the other way around. Central banking is not a national pastime. Central bankers have no allegiances except to others in their cabal. EVeryone is in on the "fiat" game.  Ever hear of swap lines? Besides, all of that gold was ill-gotten gain from the Nazis, drug lords and dictators. Let the NYC boys steal it fair and square if need be.  

Wed, 03/07/2012 - 22:15 | 2234488 Liposuction
Liposuction's picture

This is probably verbatim of what will happen:

http://www.youtube.com/watch?v=7GSXbgfKFWg

 

Just about word for word.

Wed, 03/07/2012 - 22:17 | 2234496 The Fonz...befo...
The Fonz...before shark jump's picture

Smart move by Swiss and Germans...you got the fed over a barrel....now give us our gold...or step up and help us deal with this Greek euro nightmare...

Loser.....us taxpayer

Thu, 03/08/2012 - 02:53 | 2235035 SilverRhino
SilverRhino's picture

US response:  I think we'll keep it.  Hey Russia.  Germany's ready for your occupation anytime.   Switzerland?  You have really nice Alps and lodges up there.  Be a shame if anything like a terrorist dirty bomb went off in them.

 

 

 

Wed, 03/07/2012 - 22:36 | 2234522 crawl
crawl's picture

Wasn't it Venezula that demanded and received their gold from Europe a few weeks back?

Germany and Switerland better act fast before they get the "oops, the gold vanished from the safe" message.

Wed, 03/07/2012 - 22:37 | 2234523 crawl
crawl's picture

edit - double post

Wed, 03/07/2012 - 22:38 | 2234530 BeatTheMarket
BeatTheMarket's picture

Hugo Chavez was right!

Wed, 03/07/2012 - 22:39 | 2234535 Rogier
Rogier's picture

'Switzerland Wants Its Gold Back From The New York Fed'. No, it doesn't. The headline is about as credible as any one headline by Joseph Goebbles. But do keep up the nice work...

Wed, 03/07/2012 - 22:44 | 2234548 mick_richfield
mick_richfield's picture

They do so.  And your avatar is ugly.

Wed, 03/07/2012 - 22:43 | 2234544 mick_richfield
mick_richfield's picture

They want their gold back and they're talking to the NY Fed about it?

Don't they have Robert Rubin's email address?

Wed, 03/07/2012 - 22:51 | 2234556 Evil Bugeyes
Evil Bugeyes's picture

Switzerland wants its gold back. And Cundalini wants his hand back. I think Cundalini has a better chance of getting his hand back.

Wed, 03/07/2012 - 22:59 | 2234574 Rogier
Rogier's picture

In the end, there would be no point robbing other country's gold while continuing to be a net-importer. You'll have to fork over all your gold in the end...

Wed, 03/07/2012 - 22:53 | 2234563 jonjon831983
jonjon831983's picture

So should we expect gold to get knocked down so if the Swiss do want repatriation, it seems like a non-event?

Wed, 03/07/2012 - 22:53 | 2234564 Fix It Again Timmy
Fix It Again Timmy's picture

Why gold is a barbaric relic, one would no sooner keep track of it than one would keep track of buggy whips.  What's the point?  So what if it is gone?  Consider yourself lucky not to be burdened by it.  Silly swiss babies!

Wed, 03/07/2012 - 22:57 | 2234569 Aquarius
Aquarius's picture

Life should be approached by asking valid and vital questions.

Hence the sage never needs the answer, as, as such, the answer comes before the question.

The Swiss and the Germans already know the fate of their Gold.

Too bad and too late she screamed.

Wed, 03/07/2012 - 23:03 | 2234580 battlestargalactica
battlestargalactica's picture

So how long before the small-sized paper PM investors wise up and want their fictious gold and silver in non-fictious, actual bullion? When does that levee break? And when does physical delivery begin to be refused to all but the 'big players'?

(submitter cues up Zeppelin on vinyl, lower shades, pours three fingers of Jameson's and begins to stack his Eagles and Maples in the near dark)

Wed, 03/07/2012 - 23:04 | 2234581 Bastiat
Bastiat's picture

Where's Pussy Galore when you need her?

Wed, 03/07/2012 - 23:06 | 2234584 devo
Wed, 03/07/2012 - 23:13 | 2234594 robertocarlos
robertocarlos's picture

I was a paper boy in 1971. It was hard work and collecting wasn't easy. Two dollars was worth something in 1971.  I separated the junk silver from the piles of change and I sold out at 50 dollars an ounce. That silver is gone, the Swiss gold is gone.

Wed, 03/07/2012 - 23:07 | 2234587 robertocarlos
robertocarlos's picture

What happened to the gold in the World Trade Centre basement? Maybe it's in a land-fill somewhere. Any gold in the USA is the property of the USA.

Wed, 03/07/2012 - 23:16 | 2234602 Rogier
Rogier's picture

'Any gold in the USA is the property of the USA.'

Yep, so keep on buying gold at 1,700 in order to hand it over to your betters for zero in a few years time...

Thu, 03/08/2012 - 11:36 | 2235980 prole
prole's picture

Wherefore trolleth thee Rogier?

Thu, 03/08/2012 - 03:30 | 2235102 goldfish1
goldfish1's picture

Spirited out prior to the wtc bombing/detonation/demolition.

Wed, 03/07/2012 - 23:21 | 2234609 Pancho Villa
Pancho Villa's picture

I just don't understand it! The US government confiscates all the gold that is being held by US citizens. Then the US government renegs on its promise to foreign governments to exchange dollars for gold. And a bunch of foreign governments still trust the US government to keep their gold for them. What can they be thinking?

 

 

Wed, 03/07/2012 - 23:43 | 2234659 laosuwan
laosuwan's picture

What can they be thinking?

 

About what happened to Allende?

Wed, 03/07/2012 - 23:22 | 2234613 q99x2
q99x2's picture

Hold the unaccountable accountable by counting the Gold. Sounds like the beginnings of a gold standard or a war.

Wed, 03/07/2012 - 23:28 | 2234621 walküre
walküre's picture

German and Switzerland today, Austria tomorrow. I see a trend and you can trade it.

Cash in, take the check to the bank. Buy bullion.

Wed, 03/07/2012 - 23:31 | 2234628 mt paul
mt paul's picture

Germany and the Swiss

better invest

in a good tungeston detector ..

Wed, 03/07/2012 - 23:39 | 2234643 I am a Man I am...
I am a Man I am Forty's picture

WTF, switzerland doesn't even keep their gold in their own country? i thought that is where everyone at least used to keep their gold. who would trust the NY Fed with anything, geez.  Makes no sense.

Wed, 03/07/2012 - 23:53 | 2234675 Dr. Hannibal Lecter
Dr. Hannibal Lecter's picture

i can hear Bernanke now...It was here the other day.  maybe the cleaning lady moved it.

Wed, 03/07/2012 - 23:59 | 2234686 Rob Jones
Rob Jones's picture

Suppose the Swiss government does something that the US government doesn't like. It refuses to pass a law forcing its banks to hand over complete financial data on all of their accounts to the US. Or maybe it refuses to extradite Roman Polanski.

The US government can then just levy a fine on the Swiss government, payable in gold which conveniently just happens to be under the "care" of the NY Fed.

Holding gold in the US opens a foreign government up to all sorts of blackmail by the US. Bringing the gold home should be a no-brainer.

Thu, 03/08/2012 - 00:23 | 2234730 laomei
laomei's picture

smart move... getting your gold out of the country that has massive budget problems

Thu, 03/08/2012 - 00:38 | 2234779 Son of Loki
Son of Loki's picture

Why do the Swiss want all that fuss and bother holding their physical 3.5 tons of gold? They can just feel secure and let funds like MFGlobal and The Startford Fund safeguard their assets.......

 

 

Thu, 03/08/2012 - 01:20 | 2234890 Bicycle Repairman
Bicycle Repairman's picture

Germany and Switzerland's gold was lost in a terrible boating accident.

Thu, 03/08/2012 - 02:00 | 2234956 resurger
resurger's picture

good luck getting that gold back suckers

Thu, 03/08/2012 - 02:11 | 2234968 mt paul
mt paul's picture

 accuse the Swiss 

of developing nuclear weapons....

 

freeze their accounts

Thu, 03/08/2012 - 06:05 | 2235245 Colonial Intent
Colonial Intent's picture

http://www.amazon.com/I-Want-to-Invade-Switzerland/dp/B007G0PCNM

 

It was mexico they were really after..........

Thu, 03/08/2012 - 02:15 | 2234975 jomama
jomama's picture

lol, what gold?

Thu, 03/08/2012 - 03:10 | 2235075 cnhedge
Thu, 03/08/2012 - 03:47 | 2235118 Don Diego
Don Diego's picture

The historic precedent does not bode very well for the Swiss. In 1938, at the end of the Spanish Civil War, the goverment, facing inminent military defeat against Franco's troops, decided to store for "safekeeping" their 500 tons of gold bullion in the Soviet Union.

Well, the gold is still in Russia.

Possession is 9/10ths of the law.

Thu, 03/08/2012 - 06:33 | 2235262 Sandmann
Sandmann's picture

Stalin probably though the Republicans were paying for weapons in gold - some countries have to buy weapons in gold, in Britain it was called Lend Lease and Cash & Carry.

Thu, 03/08/2012 - 06:35 | 2235264 Sandmann
Sandmann's picture

There probably is no gold. It has been melted down to make trinkets and trophies for Broad Street's finest - Gold-Man and his Made Men

Thu, 03/08/2012 - 07:13 | 2235289 Vlad Tepid
Vlad Tepid's picture

I think all that gold has been safely dangling from the ears of Indian women for decades...

Thu, 03/08/2012 - 10:34 | 2235744 FunkyOldGeezer
FunkyOldGeezer's picture

It's one thing for Venezuela to ask for its Gold to be repatriated. Quite another when Germany and Switzerland start making noises.

 

Game changer in the making and real fear being felt.

 

Thu, 03/08/2012 - 13:46 | 2236485 hurchel
hurchel's picture

I am seeing the scene in "it's a wonderful life" at the bank run part when george bailey, (now bernanke) is saying well you got the wrong idea about this place, your gold is in pine gap, your gold the aliens took, your gold was vaporized, george bush borrowed your gold, your gold was invested in secured mortage derivatives  your gold was used for this war, that war ad infinitum(etc.) now now, (bernancke sounds like george, but much shorter and balder) How much do you need to get through this? But everybody wants all their gold bank at the same time. None of that well, I'll take 14 tons..bernanke says bless you, (goldspan is uncle billy). uncle billy Give switzerland/and or germany 14 tons.. etc.. Of course at the end of the day, no two tons, left to go into the safe and no donna reed for him.

Sat, 03/24/2012 - 02:06 | 2286094 Saints Jersey
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Mon, 05/07/2012 - 18:46 | 2404994 freethinker4now
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Mon, 05/07/2012 - 19:58 | 2405123 The Gooch
The Gooch's picture

+100 

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Mon, 05/07/2012 - 20:01 | 2405126 The Gooch
The Gooch's picture

WTF. That was supposed to reply to Gangland's post.

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