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UK bank sits on a pot of €235m in Irish gold

Ireland purportedly has a whopping 6 tons of Gold, most of which is held in the Bank of England.  6 tons is not a lot (at today’s prices) of money and would not even pay one years worth of interest on what Ireland owes.  Questions have recently arisen as they have in Germany and Belgium amongst others, as to whether or not the metal has been leased out or is still even there.  As you know, here in the U.S. there is a petition going around to “audit the Gold” after nearly 60 years passing without one being done.

I bring this up because these “questions” seem to be coming out fast and furiously from the populations in the West. It is an entirely different situation in the East and developing world.  They are continually “updating” how much Gold is purchased EVERY month.  The Chinese are an exception.  They last updated nearly 3 years ago and ‘fessed up to owning 1,054 tons.  This past year alone they will have purchased 800 tons of Gold which when added to the internal production (that is not exported) of another 200+ tons we see an accumulation of 1,000+ tons… IN ONE YEAR ALONE!  From what we can gather from the last 3 years alone, China has at least equaled if not surpassed the purported holdings of the IMF and Germany.  This makes China the second (probably first if the long rumored cobwebs in Ft. Knox are true) largest holder of Gold on the planet.

But why?  Why would China not want to report their holdings?  Why wouldn’t they want to jump up and down in front of the world and say “look at us?”  And why has it been so important that the U.S. not do an audit?  Simple, IF we had the Gold an audit would have been done long ago, common sense tells you that “something” just ain’t right.  As for the Chinese, it is my opinion that they don’t want to rock the boat.  Let me explain, as long as Gold, real and assay-able Gold (as opposed to the “tungsten” type) is getting delivered then why would want to raise any flags?  Why would you want the world to know that you bought as much as you could or could be delivered?  Why would you cast a black light on the monetary and financial system which is DELIVERING their Gold to you?  Wouldn’t you wait until the “very last ounce” was delivered before asking any public questions or raising any flags of big ownership?  Why blow the game up until it is truly over?

This is like a game of high stakes poker.  No, scratch that.  This is a financial game whose winner “will make the rules” for at least the next 50-100 years.  Of course we in the West do not, can not see it this way whereas the East has always seen 100 years or less as a matter of minutes.  A 99 year lease?  200 year lease?  These are nothing to Easterners and since 99 years is longer than nearly any lifetime, it is longer than FOREVER for any Westerners.  As I said, China will not rock the boat in any fashion until they order either Silver or Gold and it does not get delivered.  Then and only then will they lay their cards on the table.  China herself will at this point probably request an “audit” of her largest debtor and will ultimately make clear just how much metal that they’ve accumulated.

So, while the Irish are asking “where is the Gold?” and rightly so, the entire world should be asking the same questions.  Slowly this IS beginning to happen.  “Slowly” because the West doesn’t want anyone to know that the Gold is gone and because the East doesn’t want anyone to know… where it went to!