Monday, December 15, 2014

There Is A Clear Trend Of The Northern EU Countries Actively Working To Repatriate Foreign-Held Gold

1. Germany
2. Holland
3. Belgium
4. Austria
In addition, at least one political party in France is raising this issue and the Swiss voted not to reptriate foreign-held gold based on a flawed initiative that was unlikely to pass based on its restrictive language. The Swiss are not precluded from voting on this issue again (and again) at a later date.
If I was looking to split the EU, to separate the “productive” northern countries from the “less productive” southern countries I would have to think long and hard about the financial implications, including currency. Partial gold backing for a new “Northern Euro” likely would help with market acceptance.
All speculation aside, we clearly see a trend towards repatriation. Although the reason is not (yet) clear there are only a few theories that make any sense. Personally, I’m not looking to go long Italian and Spanish bonds at this point.

Maguire – Banks Panicking As London Gold Hub Implodes
Today London metals trader Andrew Maguire told King World News that bullion banks are now panicking because the London gold hub is finally imploding. Maguire also warned the bullion banks are not the only one who are panicking. Below is what Maguire had to say in Part I of a powerful series of interviews that will be released.
Maguire: “The paper markets are nothing more than a mirage, but due to the massive leverage involved, it’s been able to continue to be the tail that’s wagged the physical market dog for longer than any of us imagined. However this last move into the $1,130s was a historic move….
The Gold Fever In Europe: Germany, Netherlands, France, Belgium – Now Austria Considers Repatriating Its Gold.
And just like that, the list of countries who want to repatriate their gold just increased by one more, because after Venezuela, Germany, the Netherlands, sorry Switzerland, and rumors of Belgium, we now can add Austria to those nations for whom the “6000 year old barbarous relic bubble” is more than just “tradition.”
From Bloomberg:
Austrian Central Bank Mulls Relocating London Gold: Standard
The Austrian state audit court says central bank should address concentration risk of storing 80% of its gold reserves with the Bank of England, Standard reports, citing draft audit report. Court advises central bank to diversify storage locations, contract partners.
Austrian central bank reviewing gold storage concept, doesn’t rule out relocating some of its gold from London to Austria: Standard cites unidentified central  ank officials. Austria has 280 tons gold reserves, according to 2013 annual report. Austrian Audit Court Will Review Nation’s Gold Reserves in U.K.
The gold rig is caving and the run is on:…
Jesse’s Café Américain
“Truth is so obscure in these times, and falsehood so established, that unless we love the truth, we cannot know it.” Blaise Pascal, Pensées
12 December 2014 -
What Is Happening With Gold: Russian Economist Mikhail Khazin – Of Volatility and Collars
This is just a brief portion of an interview covering a number of topics. You may read the entire interview here.
“It had been clear to many economists for a long time that the role of gold in the world will grow and, most likely, will return to its position as a single measure of value. In particular, we wrote about the current crisis back in 2004 in our book The Decline of the Dollar Empire and the End of the Pax Americana. There’s a whole chapter devoted to the role of gold and its manipulation.
“However, Russian economic leaders close to the IMF ignored this position at the time. This only began to change in the last couple of years. China has been serious about gold for almost the entire last decade and is now actively preparing for a potential transition to a ‘gold standard,’ at least in economic relations between the so-called ‘currency zones’ which, in our opinion, will emerge after the single world dollar system falls apa
“But Russia and China cannot stop these manipulations, because the price of paper gold is determined on the speculative dollar markets. They can’t provide ‘leverage’ that would be comparable to that of major U.S. banks that have access to an unlimited issuing resource. The only thing they can do is increase the gap between the price of ‘paper’ and ‘physical’ gold by constantly buying the latter on the world markets.” …

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