Finland: HALF its gold is GONE. Central Banks the world over have been screwing with OUR gold
Investmant Watch
INTRODUCTION
The original purpose for fiat paper script -- laughably called 'money' -- was to enable the issuer of such garbage, to expropriate the assets of all the world, while incurring no more than the cost of a little paper and ink to do so.
Face it sports fans, why would any race of people -- after successfully pulling off the greatest heist in the history of the world -- with 100% participation from everyone on it; view the people of this planet with any regard, or respect?
Answer: They wouldn't, and They don't, and They never will, and shouldn't, as long as the majority keep trafficking and trading with their worthless paper.
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Ok, so we hear the Finnish Finance Minister say that only half their gold is leased. “It is very common”, they say.. Like a Money Market deal.
http://www.zerohedge.com/news/2013-11-03/guest-post-finlands-gold
So what is leasing?
In a lease, the Central Bank “lends” gold to a commercial bank (called a bullion bank, e.g. HSBC
, JP Morgan etc.) and the bullion banks SELL that gold they borrowed.
Why? Because they can borrow gold from the Central Bank for a fraction of a percent, insure themselves in the paper market against price rises for another fraction of a percent, and earn 2.5% on a US Treasury. It’s free money for them, as long as they can pay back the ACTUAL gold at the end of the lease….
That’s the rub. If the gold was sold, it’s sitting in someone’s vault. They own it. They possess it.
When the bullion bank comes to repay its golden loan to the Central Bank, they’d better pray they can lay their hands on some ACTUAL gold.
The figures of late suggest that over the last decade or so, as much as half of Central Bank gold is gone. Literally gone. Sitting in someone’s safe.
When the vaults are audited, there’ll be hell to pay.
Here’s a nice analysis by Eric Sprott, and another older one by Frank Veneroso.
All point to large holes in the gold stored by our Western Central Banks.
The IMF, incidentally allows, nay, ENCOURAGES the Central Banks to cover it all up. They allow the Central Banks
to list “(4) gold (including gold deposits and, if appropriate, gold swapped)”
as ONE LINE ITEM, under ASSETS. How can a piece of swapped gold be an asset? It’s gone! It’s a Liability!
(e.g. here for the ECB, see item (4):)
http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/ECB/eng/CURecb.HTM
For the record, here is Austria’s Finance Minister admitting they do it too:
“Since 2007 Austria’s National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
The bank’s governor Wolfgang Duchatczek revealed the statistics”
Oh, and Germany, don’t even ask for the other 1500 tonnes back!
Anonymous
Ok, so we hear the Finnish Finance Minister say that only half their gold is leased. “It is very common”, they say.. Like a Money Market
deal.
http://www.zerohedge.com/news/2013-11-03/guest-post-finlands-gold
So what is leasing?
In a lease, the Central Bank “lends” gold to a commercial bank (called a bullion bank, e.g. HSBC, JP Morgan etc.) and the bullion banks SELL that gold they borrowed.
Why? Because they can borrow gold from the Central Bank for a fraction of a percent, insure themselves in the paper market against price rises for another fraction of a percent, and earn 2.5% on a US Treasury. It’s free money for them, as long as they can pay back the ACTUAL gold at the end of the lease….
That’s the rub. If the gold was sold, it’s sitting in someone’s vault. They own it. They possess it.
When the bullion bank comes to repay its golden loan to the Central Bank, they’d better pray they can lay their hands on some ACTUAL gold.
The figures of late suggest that over the last decade or so, as much as half of Central Bank gold is gone. Literally gone. Sitting in someone’s safe.
When the vaults are audited, there’ll be hell to pay.
Here’s a nice analysis by Eric Sprott, and another older one by Frank Veneroso.
All point to large holes in the gold stored by our Western Central Banks.
The IMF, incidentally allows, nay, ENCOURAGES the Central Banks to cover it all up. They allow the Central Banks
to list “(4) gold (including gold deposits and, if appropriate, gold swapped)”
as ONE LINE ITEM, under ASSETS. How can a piece of swapped gold be an asset? It’s gone! It’s a Liability!
(e.g. here for the ECB, see item (4):)
http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/ECB/eng/CURecb.HTM
For the record, here is Austria’s Finance Minister admitting they do it too:
“Since 2007 Austria’s National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
The bank’s governor Wolfgang Duchatczek revealed the statistics”
Oh, and Germany, don’t even ask for the other 1500 tonnes back!
Anonymous
Ok, so we hear the Finnish Finance Minister say that only half their gold is leased. “It is very common”, they say.. Like a Money Market deal.
http://www.zerohedge.com/news/2013-11-03/guest-post-finlands-gold
So what is leasing?
In a lease, the Central Bank “lends” gold to a commercial bank (called a bullion bank, e.g. HSBC, JP Morgan etc.) and the bullion banks SELL that gold they borrowed.
Why? Because they can borrow gold from the Central Bank for a fraction of a percent, insure themselves in the paper market against price rises for another fraction of a percent, and earn 2.5% on a US Treasury. It’s free money for them, as long as they can pay back the ACTUAL gold at the end of the lease….
That’s the rub. If the gold was sold, it’s sitting in someone’s vault. They own it. They possess it.
When the bullion bank comes to repay its golden loan to the Central Bank, they’d better pray they can lay their hands on some ACTUAL gold.
The figures of late suggest that over the last decade or so, as much as half of Central Bank gold is gone. Literally gone. Sitting in someone’s safe.
When the vaults are audited, there’ll be hell to pay.
Here’s a nice analysis by Eric Sprott, and another older one by Frank Veneroso.
All point to large holes in the gold stored by our Western Central Banks.
The IMF, incidentally allows, nay, ENCOURAGES the Central Banks to cover it all up. They allow the Central Banks
to list “(4) gold (including gold deposits and, if appropriate, gold swapped)”
as ONE LINE ITEM, under ASSETS. How can a piece of swapped gold be an asset? It’s gone! It’s a Liability!
(e.g. here for the ECB, see item (4):)
http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/ECB/eng/CURecb.HTM
For the record, here is Austria’s Finance Minister admitting they do it too:
“Since 2007 Austria’s National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
The bank’s governor Wolfgang Duchatczek revealed the statistics”
Oh, and Germany, don’t even ask for the other 1500 tonnes back!
Anonymous
Ok, so we hear the Finnish Finance Minister say that only half their gold is leased. “It is very common”, they say.. Like a Money Market deal.
http://www.zerohedge.com/news/2013-11-03/guest-post-finlands-gold
So what is leasing?
In a lease, the Central Bank “lends” gold to a commercial bank (called a bullion bank, e.g. HSBC, JP Morgan etc.) and the bullion banks SELL that gold they borrowed.
Why? Because they can borrow gold from the Central Bank for a fraction of a percent, insure themselves in the paper market against price rises for another fraction of a percent, and earn 2.5% on a US Treasury. It’s free money for them, as long as they can pay back the ACTUAL gold at the end of the lease….
That’s the rub. If the gold was sold, it’s sitting in someone’s vault. They own it. They possess it.
When the bullion bank comes to repay its golden loan to the Central Bank, they’d better pray they can lay their hands on some ACTUAL gold.
The figures of late suggest that over the last decade or so, as much as half of Central Bank gold is gone. Literally gone. Sitting in someone’s safe.
When the vaults are audited, there’ll be hell to pay.
Here’s a nice analysis by Eric Sprott, and another older one by Frank Veneroso.
All point to large holes in the gold stored by our Western Central Banks.
The IMF, incidentally allows, nay, ENCOURAGES the Central Banks to cover it all up. They allow the Central Banks
to list “(4) gold (including gold deposits and, if appropriate, gold swapped)”
as ONE LINE ITEM, under ASSETS. How can a piece of swapped gold be an asset? It’s gone! It’s a Liability!
(e.g. here for the ECB, see item (4):)
http://www.imf.org/external/np/sta/ir/IRProcessWeb/data/ECB/eng/CURecb.HTM
For the record, here is Austria’s Finance Minister admitting they do it too:
“Since 2007 Austria’s National bank had had a constant reserve of around 280 tons of gold. Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.
The bank’s governor Wolfgang Duchatczek revealed the statistics”
Oh, and Germany, don’t even ask for the other 1500 tonnes back!
Anonymous