Our oldest granddaughter Molly is taking college courses in Barcelona this winter. One of her classes is on democracy in Western Europe. She learned that over 30% of French citizens support the Skin Heads (a.k.a a later-day version of the Hitler Youth, right on down to their use of the Swastika) because they want all foreigners out, starting with the dark skin Muslims from North African and of course, the Jews. The Skin Heads are responsible for overturning head stones in Jewish cemeteries and for attacks on Jewish students and elderly. Usually, nothing is done. The more things change, the more they stay the same. Why would any Jew still want to live in France? Beats me! Are we already forgetting the lessons of WW2? It seems like the French have. I think it’s going to be a very long time before I see Paris again!
Check it out. Platinum is now selling at the same price as gold. Spot price for an ounce of either is about $1,680. Last spring I suggested our readers buy platinum, which at the time was selling for $150 an ounce less than gold. It turned out to be a very good time to buy platinum.
Jim Sinclair, Bill Murphy (LeMetropole Café) and Andy Hoffman have added to yesterday’s discussion on Germany’s repatriation of her gold. This has the potential to set the gold market on fire. Today it will be interesting to see what the “official” statement from the Bundesbank says. If the published rumors are accurate, then today could be gold’s Fourth of July with all the fireworks that go with it. It will bring to the forefront the issue of whether the US really owns all the gold that they claim to have stored at Fort Knox, but never allows an independent audit to verify that its really there. If the unthinkable occurs, and we really have sold and leased out our gold, where will the US come up with one half of a year’s supply to satisfy the Germans? And if they have to go into the market to source it, what will happen to the price? And what will happen to the credibility of the Fed and the dollar?
Personally, I expect delays, excuses and games to be played, but no immediate delivery back to Germany. That is all it will take for gold to soar. This event may set off an avalanche of similar requests to repatriate gold stored at the Fed by numerous smaller countries. It’s going to be put up or shut up time for the Fed. This one can’t be swept under the rug. Who knows? Maybe the Fed will come up with the gold and silence the “conspiratorial” voices among us. Bix must be on the edge of his seat this morning! And Murphy too!
Here is what Ranting Andy had to say:
ALL POLITICIANS ARE LIARS; and thus, it shouldn’t have surprised anyone when this SHOCKING, WATERSHED ANNOUNCEMENT emerged last night; that the Bundesbank has demanded most – if not all – its New York and Paris-stored gold to be returned to Frankfurt…
In other words, the German FEAR of American CORRUPTION became too much to bear; so much so, they “called the Fed out” in front of the ENTIRE WORLD. And better yet – in perhaps Zero Hedge’s GREATEST ARTICLE OF ALL TIME – they finally acknowledged the GRAND SCALE of WESTERN GOLD MANIPULATION…
In simple game theory terms, the first party to defect from the prisoner’s dilemma of all the bulk of global gold being held by the Fed, defects best; then the second, and the third. Until, in this particular case, the last central bank to pull its gold from the NY Fed and the other 2 primary depositories of developed world gold, London and Paris, just happens to discover their gold was never there to begin with; and instead, served as collateral to paper gold subsequently re-hypothecated several hundred times, and whose ultimate ownership deed is long gone.
I CANNOT OVEREMPHASIZE THE IMPORTANCE OF THIS HISTORIC EVENT; once and for all, PROVING the Fed is not considered the bastion of freedom and financial strength decades of PROPAGANDA have purported. Not to mention, the likely ramifications of such a profound disclosure…
Here are Jim Sinclair’s comments:
German Bundesbank Begins Officially Repatriating Gold From The Fed
January 15, 2013, at 10:22 pm
My Dear Extended Family,
According to Handelsblatt, a respected publication, Germany is serious about repatriating significant amounts of gold held outside of Germany, mostly by the Federal Reserve. This sends a message about storing gold near you and taking delivery no matter who is holding it.
When France did this years ago it sent panic amongst the US financial leadership to the degree of monetary aggression. Why? The inviting question has always been does the US have fungible gold assets to the degree claimed.
Have you signed the petition for audit of US Gold that Bix sent you yesterday?
ReservenBundesbank will deutsches Gold zurückholen
14.01.2013, 21:07 Uhr
Nach der Gründung der Bundesbank wurden große Teile der deutschen Goldreserven aus Sicherheitsgründen bei den Alliierten deponiert. Nun soll das Gold aus New York und Paris zurückgeholt werden.
FrankfurtDie Bundesbank hat ein neues Konzept ausgearbeitet, wo sie künftig ihre Goldreserven lagern will. Nach Informationen des Handelsblatts sieht dieses Konzept, das am kommenden Mittwoch bekanntgegeben werden soll, vor, den heimischen Standort aufzuwerten, in New York dafür weniger Gold zu lagern und überhaupt kein Gold mehr in Paris zu horten.
Damit reagiert die Notenbank auch auf einen Bericht des Bundesrechnungshofes, der die Jahresabschlüsse der Bundesbank prüft und ihr empfohlen hatte, ein aktuelles Lagerstellenkonzept zu erstellen und zu dokumentieren.
Charles De Gaulle was the first person in modern history to call the hand of the USA on its then obligation to convert French held dollar reserves into gold. I was a senior trader at the time.
History will look back on this salvo fired across US war financing as being the beginning of the end of the US dollar as the reserve currency of choice.
The reaction on the part of the US was to cut the tie between the dollar and convertibility. This again raises the question of does the USA have fungible gold to the degree that is claimed without 3rd party audits or any viewing publicly whatsoever.
If it is true as reliable sources today reported that Germany wishes to repatriate a significant amount of its gold, then that request is a modern version of the first salvo that Charles de Gaulle fired at the US treasury over convertibility.
Assume that no close violated Alf’s downside price and it is possible that today’s revelation concerning Germany is an event leading to gold’s first main target above the recent high of $2111. It is significant because under normal circumstances no major central bank would insult another major central bank in that manner.
Today’s report, if true, is a salvo fired at the concept that the USA has all the gold it claims and all the gold it stores for others. If true, this event is the most important gold development since Charles De Gaulle called the US hand that it would stand by convertibility which many then assumed it could not because even then the amount of gold held was publicly questioned.
Please review the following video of Charles De Gaulle