Bank-run on Physical Gold : Switzerland Next to Repatriate its Gold ?

Published by Fabrice Drouin Ristori | Jan 25, 2013 | Articles

Following Germany’s announcement to repatriate part of its gold from vaults in New York, London and Paris, it seems that the movement of repatriating gold is picking up speed.

In Switzerland, four members of the Parliament started the « Swiss Gold Initiative » in March of 2012. This movement demands the repatriation of the gold held by the Swiss National Bank. (Source)

90,000 people are backing this movement for now, and when it gets 100,000 supporters, the Swiss parliament will have to organize a referendum.

This movement states that the Swiss should have the right to give their opinion on three points :

Keeping the nation’s gold in Switzerland.

• Being able to forbid the Swiss National Bank from selling any or all of the nation’s gold reserves.

Make it mandatory for the Swiss National Bank to own at the minimum 20% of its reserves in physical gold.

For the moment, the Swiss National Bank has not revealed where the nation’s gold is stored but this movement, when it’s 100,000 strong, will surely force it to.

We’re talking about 1,040 tons of physical gold, here...

It seems that the States do not trust the central banks anymore (New York Fed and England’s central bank), the ones supposed to be holding physical gold for many States.

It’s easy to understand why when we realize that it will take Germany more than seven years to repatriate just a small part of its gold from the New York Fed, England’s central bank and France’s central bank.

How is it possible to take so long to deliver Germany’s gold ?

Maybe the gold is just not there, as GATA says. It has been leased to the banks and sold on the market in order to keep the prices under pressure and preserve for a little while longer the trust in this fiat money system.

If all or some of the gold isn’t there, where will it come from ? Perhaps the beginning of an answer may be found in the joint France-USA intervention in Mali, the richest African country in gold. The timing of it all is quite troubling...


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Fabrice Drouin Ristori  Founder/CEO Goldbroker.com

   

My articles Website


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