It should be interesting to see how the US will handle massive orders from multiple countries at once. There seems to be a momentum building among nations for wanting their gold out of the US and things might become even more interesting after all the chatter in recent months about gold reserves in the US being very low, non-existent, or gold bars filled with tungsten.
With last week’s announcement by the Bundesbank of the repatriation of 674 tons of German gold from Paris and NY over the next 7 years, we predicted that an avalanche of gold repatriation requests would soon be made to the BOE and the NYFed.
It appears that Switzerland may be next to the game, much to the dismay of the SNB. The Swiss gold initiative, an initiative to Secure the Swiss National Bank’s Gold Reserves, launched in March 2012 by four members of the Swiss parliament, has grown to 90,000 supporters.
Once 100,000 supporters are achieved, the Swiss Parliament must take up the referendum. Continue reading