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Friday, November 28, 2014

Swiss, French call to bring home gold reserves as Dutch move 122 tons out of US

Published time: November 28, 2014 05:25
Reuters / Michael Dalder
Reuters / 
The financial crisis in Europe is prompting some nations to repatriate their gold reserves to national vaults. The Netherlands has moved $5 billion worth of gold from New York, and some are calling for similar action from France, Switzerland, and Germany.
An unmatched pace of money printing by major central banks has boosted concerns in European countries over the safety of their gold reserves abroad.
The Dutch central bank – De Nederlandsche Bank – was one of the latest to make the move. The bank announced last Friday that it moved a fifth of its total 612.5-metric-ton gold reserve from New York to Amsterdam earlier in November.
It was done in an effort to redistribute the gold stock in “a more balanced way,” and to boost public confidence, the bank explained.
“With this adjustment the Dutch Central Bank joins other banks that are keeping a larger share of their gold supply in their own country,” the bank said in a statement. “In addition to a more balanced division of the gold reserves...this may also contribute to a positive confidence effect with the public.”
Dutch gold reserves are now divided as follows: 31 percent in Amsterdam, 31 percent in New York, 20 percent in Ottawa, Canada and 18 percent in London.
Meanwhile, Switzerland has organized the ‘Save Our Swiss Gold’ referendum, which is taking place on November 30. If passed, it would force the Swiss National Bank to convert a fifth of its assets into gold and repatriate all of its reserves from vaults in the UK and Canada.
“The Swiss initiative is merely part of an increasing global scramble towards gold and away from the endless printing of money. Huge movements of gold are going on right now,” Koos Jansen, an Amsterdam-based gold analyst for the Singaporean precious metal dealer BullionStar, told the Guardian.
France has also recently joined in on the trend, with the leader of the far-right National Front party Marine Le Pen calling on the central bank to repatriate the country’s gold reserves.
In an open letter to the governor of the Banque de France, Christian Noyer, Le Pen also demanded an audit of 2,435 tons of physical gold inventory.
Germany tried and failed to adopt a similar path in early 2013 by announcing a plan to repatriate some of its gold reserves back from the US and France.
The efforts fizzled out this summer, when it was announced that Germany decided to leave $635 billion worth of gold in US vaults.
Germany only keeps about a third of its gold at home. Forty-five percent is held in New York, 13 percent in London, 11 percent in Paris, and only 31 percent in the Bundesbank in Frankfurt.

Goldman Sachs, HSBC, BASF sued in first US metals price manipulation case

Published time: November 26, 2014 14:09
Platinum bars (Reuters / Michael Dalder)
Platinum bars (Reuters / Michael Dalder)
Four major global firms are to appear in a New York court accused of manipulating platinumm and palladium prices for eight years. The law suit is the first of its kind in US history.
Those accused include units of Goldman Sachs Group, the world’s biggest global investment bank, HSBC Holdings, Europe's largest bank by market value, the metals unit of BASF SE (BAS) ), the world’s largest chemical company, and Standard Bank Group from South Africa, the world’s largest producer of platinum and second largest producer of palladium after Russia.
The plaintiffs claim the manipulations of precious metals prices, which is believed to have started in 2007, have cost purchasers millions of dollars, Reuters reports.
The companies have been sued for using insider information about client purchases and sale orders to profit from slight movements in the price of platinum group metals, be they used for jewelry or for industrial use, such as the production of automotive catalytic converters, fuel cells, etc.
The illegal sharing of customers’ data enabled the banks to undertake a “front-running” price manipulation, with the help of fabricating “spoof” orders, which is claimed violates US antitrust and commodities laws.
The suit was filed in the Manhattan Federal Court on Tuesday by Modern Settings LLC, a Florida-based maker of jewelry and police badges. All four defendant companies refused to comment on the issue.
Last year BASF’s metal unit generated €2.36 billion ($2.95 billion) revenue in precious metals trading, according to Reuters.
Regulators around the world have been tightening the screws on the global banks over the manipulation with some of benchmark rates, such as rates on the foreign exchange markets and the inter-bank London Interbank Offered Rate (LIBOR).
In spring 2014 the Swiss regulator became the first to confirm it had uncovered illegal currency rate rigging by world’s leading financial organizations, Goldman Sachs, and HSBC included.
By November the world’s biggest banks had agreed to pay out $4.3 billion to settle an investigation into their alleged rigging of foreign exchange rates.

A Major International Monetary Crisis is Looming: The Suppression of Gold and Silver? Is COMEX being Cornered?



Global Research, November 25, 2014

gold
It is with a deep sense of gratitude that I have had all of you as friends and associates during what has been a long war, not a good war, but a very long “financial war”.  As you know from these writings; this has been a war conducted by the Federal Reserve against the entire world, aided and abetted by major international banks via the manipulation of most every market on the planet.  The ethics and morals our country was originally built on …be damned!

The events mentioned herein relative to the suppression of gold and silver using dollar hegemony as the tool indicate a major international monetary crisis is dead ahead, this is obvious.  Power in the hands of the few have made massive gains for those at the top of the economic ladder while the average man has become a debt slave to the few.  There are of course the laws of Mother Nature and “unintended consequences”.  Those at the top who intend to “rule the world” are being challenged from the East in what I believe to be almost a winner take all “war”.  It did not have to be this way but the “West” has forced this.