Saturday, November 24, 2012


The Emperor Has No Gold

George Washington
Romania has demanded for many years that Russia return its gold. Last year, Venezuela demanded the return of 90 tons of gold from the Bank of England.
The German high court recently ruled that Germany must audit its gold reserves held in foreign countries such as the US, England and France. And German inspectors will actually travel to the New York Fed’s gold depository and the Bank of England to inspect their gold. Germany will also repatriate 150 tons of gold in order to test it for purity.
Some members of the Swiss Parliament want Switzerland to reclaim its gold.
Cheviot Asset Management’s Ned Naylor-Leyland says that the Fed and the Bank of England will never return gold to its foreign owners. Jim Willie says that the gold is gone. CNBC head editor John Carney argues that it doesn’t matter whether or not the Fed has the gold—not exactly confidence inspiring.
Congressman Ron Paul has called for an audit of Fort Knox, based upon suspicions that the gold was sold off years ago; others allege that the gold has not been sold, but has been leased or encumbered, so the US does not own it outright.
This may sound like a conspiracy theory. But the banks have already been caught raiding allocated accounts, and governments have repeatedly been caught manipulating the gold price. And financial companies have been caught pretending they have reserves that they don’t. And gold bars have been counterfeited.
One central bank—Ethiopia’s—has already been caught holding fake gold.
While Western central banks may have frittered away their gold, China is building up its reserves and is the world’s largest gold producer. It doesn’t export any gold; it is quietly becoming a gold superpower.
source: zerohedge

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