http://gata.org/node/11983
Growing clamor about monetary metal that may not be where it's supposed to be
Submitted by cpowell on Sat, 2012-12-01 16:35. Section: Daily Dispatches
11:25a ET Saturday, December 1, 2012
Dear Friend of GATA and Gold:
GATA figures heavily in the new edition of "The Keiser Report" on the Russia Today television network, which deals with the latest country to start worrying about the security of its gold reserves vaulted abroad, Austria. The program is posted at YouTube here:
The theme of official gold that is likely missing is elaborated upon by GoldMoney's James Turk in an audio interview with GoldMoney's Andy Duncan:
Sprott Asset Management's Eric Sprott reflects on the theme as well in an interview with King World News, where he says that eventually bullion banks will be called upon to deliver gold and silver they don't have. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
Most Netherlands gold vaulted abroad 'because trading is easier'
Submitted by cpowell on Fri, 2012-11-30 01:38. Section: Daily Dispatches
And so is fiddling around with it.
* * *
Doubts on Dutch Gold Reserves
From Algemeen Nederlands Persbureau
(Netherlands National Press Bureau)
Rijswijk, Netherlands
Thursday, November 29, 2012
(Netherlands National Press Bureau)
Rijswijk, Netherlands
Thursday, November 29, 2012
THE HAGUE, Netherlands -- The Christian Democratic Appeal (CDA) and Socialist Party (SP) opposition parties are questioning whether it is desirable for Dutch state gold reserves to be largely stored abroad.
More and more citizens, politicians, and economists in Europe are questioning whether the foreign gold reserves, which their country possesses on paper, are still in fact physically there. Germany decided last month to move to verification.
In the next three years the German Bundesbank is to recall about 4 percent of its gold reserves from America, at the same time looking to see if the ingots are pure. CDA and SP want to know whether the Netherlands will follow the German example and physically check the genuineness of the precious metal.
For now, the answer appears to be no. "Repatriation is not yet on the agenda at the moment," De Nederlandsche Bank (DNB) spokesman Remko Vellenga said yesterday.
The Dutch government says it has 612 tonnes of gold -- with a value of around E24 billion -- and is thereby in the top 10 of countries with gold reserves. The bulk of the Dutch gold reserves is in America and, to a lesser extent, in Canada and the United Kingdom. The rest, about 10 percent, is in Amsterdam.
DNB does not wish to say exactly how much gold is at each location, but it is willing to say why it is there. "We pursue a location policy. The gold is spread out because trading is easier in this way. London, for example, is a big gold market," Vellenga said.
DNB receives an annual survey from the other central banks in which all gold data is reported. "This survey is valued annually," Vellenga said. "The internal accountant of the foreign central bank also reports to our internal accountant. For us, this is sufficient."
and....
Central banks that leased gold won't get it back, Sprott tells King
World News
Submitted by cpowell on Fri, 2012-11-30 19:38. Section: Daily Dispatches
2:30p ET Friday, November 30, 2012
Dear Friend of GATA and Gold:
Sprott Asset Management CEO Eric Sprott today tells King World News that central banks that have allowed their gold to be leased through intermediary central banks and now are thinking of repatriating it will discover that it is gone and they can't get it back. Meanwhile, Sprott adds, the monetary metals markets are getting tighter. An excerpt from the interview is posted at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Gold Anti-Trust Action Committee Inc.
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