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Banks scramble for physical Gold

July 7, 2014

This link was posted by CFS and I think it showcases some of the moves that countries around the world are making with their gold. This whole gold market is build on gold that has been lent out so many times I doubt any country knows where their actual gold is… Germany sure has no idea after its failed experiment trying to get gold back from the US.

Click here for the story.

Discussion
21 Comments
    Jul 07, 2014 07:13 AM

    The FED must fully believe in possession is 9/10ths of the law. I find gold confusing but I think that is the intent of the PTB. It is worth everything; it is a worthless relic. Hmmmmm…

      Jul 07, 2014 07:41 AM

      Not sure anyone can call au a worthless relic!

        Jul 07, 2014 07:50 PM

        I think the federal reserve note will be a worthless relic a tick sooner than gold.

    Jul 07, 2014 07:20 AM

    The nations of the world need to share the supply of gold in an equitable and fair manner otherwise you will get terrible economic advantages when any country has more then their fair share. We know this has about as much chance of happening as snowballs in h&ll!

      Jul 07, 2014 07:39 AM

      DT,
      Right -O…again….China is laughing all the way to the vault!!

      Jul 07, 2014 07:42 AM

      I have to agree with SD Marc, in that China is probably laughing all the way to the vault!

    Jul 07, 2014 07:26 AM

    I am going to go a little bit off topic, but I have a question for the more knowledgeable people of this site. How much gold do you think the US has? A lot of pundits have been saying that the US has zero gold but, frankly, I find that hard to believe. Now, I don’t believe they have the amount of gold they say they have, but the storage rooms are not empty.

      Jul 07, 2014 07:50 PM

      Questions for those that believe the US has no gold,

      This has bother me for a while. If the US has no gold (as some claim), not even gold from other countries that is being held in the US, what happened to it? The US does not need money, it can print all it wants so they sure would not need to sell for that. If they sold it would it not be obvious to people in the market place. I mean how do you unload 10,000 tons of gold without anyone really noticing, even over a period of years? Please enlighten me.

    bb
    Jul 07, 2014 07:40 AM

    That’s the question Chris, on occasion you hear of someone claiming to know something, we have no idea if their lieing, if they have an agenda or paid by somebody etc.
    Anything I have ever heard was unverified.
    That was the point of Ron Paul repeatedly mentioning the need for an audit.
    Looks to me, if anyone actually does know their not telling anyone.

      Jul 07, 2014 07:03 AM

      BB, that is the problem, the people who say these things don’t have concrete evidence to back up their claims. For all I know, the US has double the gold they say they have. Without an audit nobody knows what they have. Personally, I believe there will not be an audit; the US is going to show its cards the moment the rest of the countries go all in.

      Jul 07, 2014 07:03 PM

      Ron Paul had a hearing into the US gold here http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=247243:

      “Investigating the Gold: H.R. 1495, the Gold Reserve Transparency Act of 2011 and the Oversight of United States Gold Holdings” on Thursday, June 23, 2011 including statements by, and interrogation of, “The Honorable Eric M. Thorson, Inspector General, Department of the Treasury” and “Mr. Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office”

      The material includes “Mints Schedule of Inventory of Deep Storage Gold Reserves” which I blogged on here http://goldchat.blogspot.com.au/2014/03/us-deep-storage-gold-reserves-bar-list.html

      US gold reserves at the US Mint are audited on a regular basis, only seems the reserves held at the Fed are not.

      Jul 07, 2014 07:09 PM

      Ron Paul held a hearing on the US reserves here http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=247243

      “Investigating the Gold: H.R. 1495, the Gold Reserve Transparency Act of 2011 and the Oversight of United States Gold Holdings” Thursday, June 23, 2011

      WITNESS LIST
      •The Honorable Eric M. Thorson, Inspector General, Department of the Treasury
      •Mr. Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office”

      Link includes the US Mint’s Schedule of Inventory of Deep Storage Gold Reserves which I blogged on here http://goldchat.blogspot.com/2014/03/us-deep-storage-gold-reserves-bar-list.html

      US reserves at US Mint are audited regularly, but those at the Fed do not seem to be. I do find it interesting that this hearing got little coverage on the gold blogosphere – people like there myths I suppose.

    Jul 07, 2014 07:42 AM

    Chris,
    NOT ONE COUNTRY IS GOING TO SHOW THEIR CARDS! Exactly! Gold and to a certain extent – silver – are the “nuclear bombs” of economic warfare….China will show its cards when the time comes..to make a “global macro-economic move….not a bit sooner..and so will Russian…and…..and…..and……….

      Jul 07, 2014 07:25 PM

      I had an interesting conversation with my neighbour the other day. This guy has been speculating since 1953. A long time in the game. He’s 89 years old but his mind is sharp as a guillotine. He believes that the US will keep it’s reserve currency status but will back the dollar with gold. I told him what makes you so sure? They don’t even have Germany’s gold. He speculates that they do have Germany’s gold but refuse to give it to them. Why? Survival of the fittest. He who has the gold has the power. And since the US wants to remain a superpower, they will play hardball. If these countries want their gold back they will have to attack the country. But not a lot of foreign armies can go toe-to-toe with us. That is his view, and he hopes to live long enough to see if he is right.

    Jul 07, 2014 07:59 AM

    SD Marc, Chris and BB,

    You all make really good points.

    The only answer to this question is an answer based on pure conjecture.

    Common sense tells me that if we had the gold Germany would not have had the problem of getting theirs back.

    I prefer to look at this issue as follows: in a very basic sense does it really matter. Now remember that I don’t buy and hold gold for short term profits. We buy and hold both gold and silver for a very different reason. If the U.S. has or does not have the gold it claims to have really doesn’t matter to me. Why? Because when and if we ever really need our gold/silver, it will not matter one whit.

      Jul 07, 2014 07:15 PM

      I suspect that the US has the gold,but does not wish to part with it.
      It is Germany’s gold-but only if they do not want it back.
      As far as the US is concerned the gold is down payment for the security that was provided to Germany,post war.It was only because the allies backed the Federal Republic that it could have its economic miracle.Otherwise it would’ve been a soviet colony under Stalin.
      He who has the gold calls the shots-Merkel will never get that gold back,and rightly so.

        Jul 07, 2014 07:55 PM

        I agree, Harry. Sorry, I did not see your post and I had the same thoughts so I posted something similar after you posted.

      Jul 07, 2014 07:37 PM

      AL,

      May be we just made it difficult for Germany to get their gold back not because we do not have it but because we wanted to keep it. Also Germany now may have been talked into keeping their gold in the US because of what might potentially happen in Europe. I am referring to what is going on in the Ukraine.

    bb
    Jul 07, 2014 07:34 PM

    Chris, your right about “who is to say the US doesn’t have 20k tons?”
    All demand has been met so far.
    Rickard suggests the reason the germans didn’t get their gold back is they just don’t want it back, that asking for it was just political to quell talk about it.
    Another point, It could very well be the same bank in Russia China and the US.,
    if true, whats it matter what vault its in?

    Al, good point as I agree, lol I kinda always figure a person is making an intelligent well thought out educated etc point when I agree. Funny how that works.

    Jul 07, 2014 07:42 PM

    I am at odds with holding gold forever.I buy it as I sense it is undervalued because the PTB must absolve the US debt situation through it’s fiat vehicle.
    At the stage where the US fiscal situation is in absolute need of restructuring gold will rise to meet the alleged debt levels to initiate the new system(s).
    My gut feeling tells me that the US will decide to do that at a peak in the price of oil and commodities as the PTB will benefit the greatest.
    The world will be on it’s knees,the Chinese at the edge of greatness and the wee sheeples will be ripe for the picking yet again.
    It is then that ‘free energy’ sources are unleashed,supported and manifested with the costs of energy mitigated oil prices collapse,gold goes next to zero and only silver remains as the monetary metal without redundancy.
    Unfortunately ,the next 20 years will be hell on earth waiting for that to unfold.

      Jul 07, 2014 07:47 PM

      Wow, cool post! Trust your gut.