Countries Around The World Have Begun Pulling Their Gold From US Vaults

Authored by Tom Lewis via GoldTelegraph.com,

The United States of America is beginning to lose its reserve currency dominance.

Countries around the world are working to find ways to circumvent the US dollar when it comes to trade and settlement. In addition to that, nations are requesting for their gold holdings stored overseas to return home.

Turkey has been the latest country to request their gold as they pulled 220 tons of gold out of the US Federal Reserve system on April 19, 2018. The countries 220 tons of gold is valued at $25.3 billion. Turkey has followed countries such as:

With regards to bringing or storing their gold home.

via zerohedge

Turkey’s President Tayyip Erdogan decision to withdraw their gold was an act of trying to prioritize his nation’s currency. He recently urged the international monetary fund to pay loans in gold instead of US dollars.

He was quoted saying:

These debts should be in gold. Because at this point the karat of gold is unlike anything else. The world is continually putting us under currency pressure with the dollar. We need to save states and nations from this currency pressure.

Even though Turkey has drawn lots of attention with regards to pulling its gold from the United States Federal Reserve System, as mentioned above they are not the only nation currently wanting to bring their gold home.

But why are these countries rushing to get their Gold back?

It’s not a secret that there is a lack of confidence with regards to the U.S. Treasury’s claim that it currently holds 261,000,000 ounces of gold in Fort Knox and other locations. On top of that, the official gold reserves have never gone through a thorough independent audit.

Which you would think makes lots of countries feel quite uneasy with regards to their gold holdings.

So instead of putting their complete faith in the words of the US government, countries feel that it’s safer to bring their gold home.

On top of countries requesting their gold back, nations around the world are trying to avoid the US dollar especially in a time of looming trade wars and hefty tariffs initiated by the United States.

Countries such as Russia and China constantly accumulate gold with the rumored plan to create a gold backed currency with the ambition to dethrone the United States as the reserve currency. Another country such as Iranhas recently issued a statement that it will also be moving away from the dollar and start using the euro as its official reporting currency.

Clearly, the lack of trust in the federal reserve system is not just with the libertarian crowd anymore, a growing number of countries continue to pull their gold holdings from U.S vaults and attempt to avoid the dollar. The big question is, is the United States reserve currency status soon to be in jeopardy?

Comments

ravolla helltothenah Tue, 06/12/2018 - 23:26 Permalink

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In reply to by helltothenah

are we there yet brushhog Tue, 06/12/2018 - 20:42 Permalink

Omar Kadadafi kept Libya's gold at home. That made invading him more attractive. Now the gold is nearly all gone. Some countries see America holding their gold as a way to buy into the economy of the west as well as to avoid internal theft as happened in the Ukraine. The reality is that the FED is not a benign watchdog of other countries gold.

In reply to by brushhog

Jack Oliver brushhog Tue, 06/12/2018 - 20:58 Permalink

Because the US is the reserve currency and it USED to be backed by GOLD ! 

So most nations held US dollar reserves ! 

There is an international stampede away from the $US now ( they are just not telling you about it ) ! 

Remember the stampede to sign up to the newly created AIIB ?? 

THAT’S when nations realized the US dollar has a ‘use by’ date ! 

It will only gain momentum from here ! 

 

In reply to by brushhog

philipat Cognitive Dissonance Tue, 06/12/2018 - 21:09 Permalink

I think you should, and legitimately can, broaden that statement to include countries! The US has a disgraceful record of not honoring its International (Both bilateral and multilateral) treaties and obligations, especially in the context of applying sanctions to countries no longer in favor. In that context, is it any wonder that countries see "no need" to store Gold in the US any longer, especially when the US regards Gold as a "barbarous relic" which Central Banks only hold "For historical reasons"?

In reply to by Cognitive Dissonance

Got The Wrong No CHoward Tue, 06/12/2018 - 21:44 Permalink

Deutsche Bank failing is going to set off a string of European Bank failures which will affect the US Banks due to the Derivative exposure. First, they will try and sell off (break up) Deutsche Bank but it will not save the day. Italy, France and Spain will see the most failures. Gold will become a player in the reset.   

In reply to by CHoward

chubbar are we there yet Tue, 06/12/2018 - 19:45 Permalink

Oh fer Christ's sake, the US is running up it's debt over a trillion a year with 21 trillion already on the books and promises to it's retiree's and social security recipients of another 200 trillion. Who the fuck thinks that is getting paid without MASSIVE printing and IF they decide NOT to print, the whole fucking charade comes tumbling down anyway. What fucking moron hasn't gotten the message on this after all these years of the Tylers covering it? It isn't "IF", it's "When".

In reply to by are we there yet

Jack Oliver are we there yet Tue, 06/12/2018 - 21:11 Permalink

People don’t realise that even Turkey’s 25 billion dollar gold repatriation is a big deal ! 

If Turkey adopted the gold standard ( based on the historic ratio of 10/1 ) - well - they could print up 250 billion in fiat - BACKED by gold ! 

Now - if gold went to its true value of say $5000 US - Turkey would have a trillion dollars of new currency backed by gold !! 

If you assess China and Russia with the same mathematics - well - they could easily create thriving global economies which would leave the US financial system ( backed by debt and war ) absolutely FUCKED !! 

In reply to by are we there yet

rejndjer are we there yet Wed, 06/13/2018 - 04:22 Permalink

did u know that germany kept it's gold in USA already in 1920s/30s, i have read in hjalmar schact's autobiography (conffesions of an old wizard), that when he was visiting fed gold reserves while in USA, head of the fed was going to show him where they keep germany's gold. when they came to unederground vault where it was kept, gold somehow wasnt there, which seemed to baffle head of fed and his staff at the vault. schacht just simply replied "no matter, im sure u have it". very interesting

In reply to by are we there yet

Sun Rabbit rejndjer Fri, 06/15/2018 - 01:58 Permalink

I've heard that mentioned elsewhere. The reeason might be that when Schacht did the post-Weimar revaluation in 1923 he based the new Mark on an aggregate of Gold, government bonds, and commercial paper. The Gold was not that important, and not only that, but since the US was not an enemy of Germany, and the Fed SAID it had it, and Schacht could prove this with contracts and treaties, that was enough to kickstart the devastated German economy of 1923. In other words, he only needed a tiny fraction of what he would have needed in 1914 to fund the issuance of a new currency. The only reason the Weimar agony was as prolonged was because Schacht was waiting for the exchange rate to hit EXACTLY 1 trillion so as to make the conversion calculations easier by just wiping off 12 zeros.

In reply to by rejndjer

Sun Rabbit are we there yet Fri, 06/15/2018 - 01:44 Permalink

Not a problem apparently because the US Government will just borrow more money from the Fed and buy the Gold on the open market. It's the reason why it took so long to repatriate all that German Gold. The reason they THINK this is not a problem NOW is because they THINK that Gold is denominated in US Dollars when in reality, it's the other way around.

In reply to by are we there yet