The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now – as we noted was possible previously – Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed’s vaults to a newly established state gold bullion depository…”People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold,” and the Bill includes a section to prevent forced seizure from the Federal Government. Continue reading
Since 2012, there’s been an unprecedented call from foreign nations to repatriate their gold from Federal Reserve vaults in the U.S. This is an incredible development given many countries’ 71-year reliance on the Fed as a custodian for their bullion. Over the last few years, countries including, but not limited to, Germany, the Netherlands, France, Belgium, Austria, Poland, Ecuador, Finland, Switzerland, Venezuela, and Romania have either formally requested repatriation of their gold or are in discussions with the Fed about it. Some of these nations, mind you, have held more than 50% of their entire reserves of bullion in the U.S. since 1944, when the Dollar became the world’s reserve currency.
Something huge must have happened in the last few years to prompt such action. That something may be a break in foreign gold holders’ trust in the Fed as a custodian of their precious metals. Continue reading
Almost half of Germany’s gold is stored in vaults under the streets of Manhattan. Or is it?
Peter Boehringer hates the word “conspiracy.” It implies something crazy, and if you spend even a little time with the 45-year-old German, it becomes clear he’s driven by a desire for order. On a recent morning in Munich, he’s dressed in a cobalt blue shirt that matches his blue tie and blue eyes. His black hair is cropped close above his receded hairline. In his gray Volkswagen minivan, the cup holder contains two identical water bottles, each filled to the same level. At the end of a daylong interview, for which Boehringer has arranged an hour-by-hour itinerary, he sends a follow-up e-mail with a numbered summation of points he’s made. No. 2 says that the crusade he’s been waging for the last three years is simply about transparency. “Questions,” he writes, “by definition cannot be ‘conspiracy theories.’ ”
Boehringer is a gold bug, a member of the impassioned tribe of investors and academics who distrust central banks and paper money, unless the governments that print it will exchange the cash for gold or silver from their vaults. He has an asset management firm that invests his own money and that of clients in gold, silver, and mining stocks, and he’s a founder of the nonprofit German Precious Metal Society, which educates the public about “the craziness of unbacked monetary systems,” he says. In short, Boehringer is worried that the global economy is built on a fiction of currencies that aren’t backed by precious metals. Which is why he set out to make sure the gold that Germany and other nations say they have actually exists. Continue reading
Frankfurt (AFP) – The German central bank or Bundesbank said Monday that it stepped up the repatriation of its gold reserves from overseas storage last year.
“The Bundesbank successfully continued and further stepped up its transfers of gold,” the central bank said in a statement.
“In 2014, 120 tonnes of gold were transferred to Frankfurt from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York.” Continue reading
As the gold and silver smash continues for a second day, billionaire Eric Sprott warned King World News that the Bank of England gold vaults are empty and there will be a price to pay for what Western central planners have done. The Canadian billionaire also warned about the banking system. Below is what Sprott, Chairman of Sprott Asset Management, had to say in Part I of a remarkable series of interviews that will be released today.
Sprott: “We have the Chinese coming in and buying an extra 1,500 tons (of gold). We will have a GLD metric that could be as much as 1,000 tons just this year, year over year. The Indians haven’t changed the laws yet but I think that will be forthcoming, and they can get back into normal buying mode…. Continue reading
Gold movements by central banks are closely watched by the market. None more so than the People’s Bank of China.China’s gold reserves are officially put at 1,054 tonnes – a number officials haven’t updated since 2009. Continue reading
The Daily Ticker’s Lauren Lyster interviewed Jim Rickards regarding the Bundesbank’s recent announcement that it will repatriate over 600 tons of German gold from the NY Fed and the Bank of France, and its implications on the gold market over the short and long term.
Rickards stated that the Bundesbank’s gold repatriation is world historical, is massively bullish for gold, and believes that China has doubled to tripled its gold reserves since the last official statement of 1,054 tonnes in 2009! Continue reading