Archive for the ‘Switzerland’ Tag

Gold Repatriation

Central Banks may *never* repatriate their citizens gold reserves.

What central bankers choose to ignore:

–Germany

” the Bundesbank asked to have some portion of its gold

sitting supposedly – in the NY Fed vault in NYC
sent back Germany.
The TOTAL amount is 1800 tonnes.
After behind the scenes negotiations,
the Fed agreed to ship 300 tonnes back
over seven years.
To this day, the time required for that shipment
has never been explained.”

“…officials at the Bank of England told German officials
that allowing them in to the vault
to perform physical audits of their gold
just isn’t possible
because there isn’t enough room,
or enough “suitable rooms,”
in which to do it.

–Netherlands

“Almost 300 “concerned Netherlands citizens”
have joined the German initiative for insight about the gold reserves.
In a petition the citizens committee demands “full openness on the quantity and storage location of the Netherlands’ physical gold, and on the extent and nature of the gold claims.”

Klaas Knot, President of the DNB,
said 90 per cent of the Netherlands’ gold reserves
are kept overseas,
claiming further that “the gold is fine where it is.”
Much of that figure is placed in vaults in New York City,
without identifying names of banks or institutions.”

–Azerbaijan

“JP Morgan, one of the bullion banks that acts as a custodian,
will see 15mt of gold leave its London vaults
*over an undisclosed period of time*,
according to the state oil fund of Azerbaijan.”

–Mexico

” the Mexican central bank
has never inspected the gold it bought, has not performed purity

tests on it
and doesn’t even have a list
of all the gold bars stored in London.”

Banxico was finally forced to reveal its position in gold.
When pressed for specifics about its gold holdings
they answered,
“it is not possible to specify with certainty
the number of bars purchased”

–Poland

“Poland currently owns around 109 tons of gold deposited abroad.

Most of the reserves are stored in the UK”

“a movement to repatriate national gold reserves
from vaulting … at the Bank of England in London
has arisen in Poland.”

“In order to put pressure on the Polish National Bank, advocates

have launched an action entitled. ‘Give Us Our gold’. ”

Switzerland

“Switzerland is to hold a referendum
that would … repatriate gold reserves held abroad
and keep them at home.”

“Swiss People’s Party’s efforts
to gain enough signatures
to force the Swiss National Bank (SNB), …
reports, they reached the required 100,000 signature mark”
“it is not uncommon
for the period between an initiative being accepted for referendum

and a vote being held
to extend to several years.”

Finland

most of Finland’s 49.1 tons of gold reserves is held outside the country’s borders, the bulk of it in London.
Leaders of a Finnish repatriation movement are calling for a national referendum on the matter no later than May 2014.

“Ecuador,

[is] demanding that one-third of its foreign holdings be returned to in-country custody.

Ecuador’s gold claims amount to only 26.3 tons”

But when the Central Bank
was serious about repatriating their citizen’s gold reserves:

–Venezuela

Venezuela demanded the return of its 200 tonnes
held in London, NYC and Switzerland
and received it all within about four months.

Meanwhile:

Chinese Gold Reserves increase:

Chinese Gold Reserves Increase

Chinese Gold Reserves Increase

Russian Gold Reserves increase:

Russian Gold Reserves increase

Russian Gold Reserves increase