Greece’s Lenders Have The Right To Seize National Gold Reserves

Gold’s London AM fix this morning was USD 1,776.50, EUR 1,334.41, and GBP 1,130.45 per ounce. Yesterday's AM fix was USD 1,754.75, EUR 1,325.04, and GBP 1,116.32 per ounce. Cross Currency Table - (Bloomberg) While many market participants would expect that Greece’s gold reserves would be on the table in the debt agreement, it is the somewhat covert and untransparent way that this is being done that is of concern to Greeks and to people who believe in the rule of law. The Irish Times reported in November that EU finance ministers’ discussed a wider strategy by the ECB to sound out the possibility of gaining control over the gold reserves of the euro zone’s central banks. Senior German politician, Gunther Krichbaum, a lawmaker in German Chancellor Angela Merkel’s governing coalition and Chairman of the Committee on the Affairs of the European Union of the German Bundestag has proposed late last year that Italy sell its sizeable gold reserves in order to lower its debt. Gold’s importance as debt and third party, risk free collateral and as money is increasing by the day. While Greece’s gold reserves are very small – Greece’s creditors and senior German and EU financial officials clearly understand the value and monetary and strategic importance of Greece and the other heavily indebted European nations gold reserves. SILVER Silver is trading at $34.52/oz, €25.98/oz and £21.97/oz. PLATINUM GROUP METALS Platinum is trading at $1,729.00/oz, palladium at $711.00/oz and rhodium at $1,500/oz.
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