Uneasiness in the Netherlands about national gold reserve

[WallyWeaver]

Uh, oh.... here's another country that wants to verify its gold reserves are still intact in New York. I wonder if Germany will simply be the first domino to fall.

The other sad angle in all of this is the amount of trust the US has lost in its standing with the world. Keep in mind Germany doesn't just want to inspect its gold in New York, it wants its gold shipped back to the Fatherland.

And of course, keep in mind 169 metric tonnes of silver were transferred from the COMEX in Chicago to the UK in June of this year.

I posted about that here: http://dinarvets.com...awal-on-friday/

The article about the Germans wanting their gold is here: http://dinarvets.com/forums/index.php?/topic/132321-the-germans-are-coming-for-their-gold/

WW.

Uneasiness in the Netherlands about national gold reserve

Submitted by cpowell on Thu, 2012-10-25 14:32. Section: Daily Dispatches

Thanks to our friend Louis Boer for the translation of this report from Dutch to English.

* * *

From Nederlands Dageblad

Barneveld, Netherlands

Wednesday, October 24, 2012

Almost 300 "concerned Netherlands citizens" have joined the German initiative for insight about the gold reserves.

In a petition the citizens committee demands "full openness on the quantity and storage location of the Netherlands’ physical gold, and on the extent and nature of the gold claims."

In Germany a lot of uneasiness has risen about the quantity, value, and quality of the gold reserves, which have not been audited in many years at various storage locations. Led by the tabloid newspaper Bild, German news media are wondering whether the 3.4-million kilograms of ingots are really there (valued at about E150 billion).

Under pressure from the German federal audit office, part of the gold stock will be repatriated from the United States to Frankfurt.

The Netherlands faces similar uneasiness about the position of its gold treasure — 612,000 kilograms with of a value of about E25 billion. The gold, in part located at De Nederlandse Bank in Amsterdam (about 10 percent), is also located at the Federal Reserve Bank of New York, in Ottawa, and London.

The Netherlands comes tenth on the list of gold reserves. The United States leads with 8.1 million kilograms. Germany comes second.

Tom Lassing, one of the signers of the petition and owner of the website beursbox.nl, says central banks are unjustly mysterious with gold reserves.

"The last years have seen a loss of trust in the financial system and we have been fooled a lot," Lassing says. "So I say: Just let the central banks like DNB show the gold is really there."

According his fellow signer Harm van Wijk of beursbulletin.nl there is every reason for an audit. "The reliability of politicians appeared not very great on the Greek issue, so rather than being ostriches we should seek certainty on the gold reserves."

One of the concerns is that the gold reserves of central banks has been pledged repeatedly through negotiable title deeds. Experts like commodities dealer Eric Sprott maintain that there is much more "paper" gold in circulation than there are ingots in the bank vaults.

Since 1990 the Netherlands has sold almost 1.1 million kilograms of its gold reserves.

Link: http://www.nd.nl/art...ij-goudvoorraad

[pattyangel]

"The last years have seen a loss of trust in the financial system and we have been fooled a lot," Lassing says. "So I say: Just let the central banks like DNB show the gold is really there."

This administration has caused all the mistrust by past actions. Our economy is weak, our debt is high, this all speaks louder than words. Not a pretty picture.

Heck the American people don't even trust the leaders of this nation. This shouldn't even or phase us as a surprise that other countries just want to make sure their gold is being taken care of.

I am so fed up with our deceiving leaders.

Thanks WW

[dontlop]

i suppose they want to inspect all of our other commodity stock piles too .. like grain .. aluminum.. copper .... the netherlands can go pound sand .. and tell the germans that the jews want the 6 million jews back that they hellped kill

the germans caused the entire world to spend hundreds of billions of dollars to stop their slaughter machine .. they should be lucky they are still alive.. fricking nazis could of all been sentenced to their own gas chambers ..

[WallyWeaver]

This administration has caused all the mistrust by past actions. Our economy is weak, our debt is high, this all speaks louder than words. Not a pretty picture.

Thanks WW

Hey Patty, thanks for the comment. I'm always interested in your opinions. Here's an article that I think explains why several countries all of sudden want to get a look at their gold cache's in New York:

Tungsten-Filled 10 Oz Gold Bar Found In The Middle Of Manhattan's Jewelry District

Submitted by Tyler Durden on 09/18/2012 20:42 -0400

It is one thing for tungsten-filled gold bars to appear in the UK, or in Germany: after all out of sight, and across the Atlantic, certainly must mean out of mind, and out of the safe. However, when a 10 ounce 999.9 gold bar bearing the stamp of the reputable Swiss Produits Artistiques Métaux Précieux (PAMP, with owner MTP) and a serial number (serial #038892, likely rehypothecated in at least 10 gold ETFs across the world but that's a different story), mysteriously emerges in the heart of the world's jewerly district located on 47th street in Manhattan, things get real quick. Moments ago, Myfoxny reported that a 10-ounce gold bar costing nearly $18,000 turned out to be a counterfeit. The discovery was made by the dealer Ibrahim Fadl, who bought the PAMP bar in question from a merchant who has sold him real gold before. "But he heard counterfeit gold bars were going around, so he drilled into several of his gold bars worth $100,000 and saw gray tungsten -- not gold. The bar was filled with tungsten, which weighs nearly the same as gold but costs just over a dollar an ounce."

What makes so devious is a real gold bar is purchased with the serial numbers and papers, then it is hollowed out, the gold is sold, the tungsten is put in, then the bar is closed up. That is a sophisticated operation.

MTB, the Swiss manufacturer of the gold bars, said customers should only buy from a reputable merchant. The problem, he admits, is Ibrahim Fadl is a very reputable merchant.

Raymond Nessim, CEO Manfra, Tordell & Brookes, said he has reported the situation to the FBI and Secret Service.

The Secret Service, which deals with counterfeits, said it is investigating.

And cue panic on the realization that virtually any gold bar in the world, not just those in Europe and Australia, which have already had close encounters with Tungsten substitutes, but also New York may be hollowed out and have a real worth of a few dollars max. Which, sadly, is fitting considering our main story from last night was the realization that an unknown amount of Chinese iron ore had either never existed or had simply vaporized, and was no longer serving as the secured collateral to various liabilities circulating in the electronic ether. After all, only the most naive out there could conceive of gold being sacrosanct when every other asset class is being diluted to infinity by a regime that has long since run out of money.

As for gold-based transactions on West 47th street: look for that market to grind to a halt at least for as long as it takes for this scandal to be forgotten too.

The only open question remaining will be how much of the gold located 90 feet below Libert 33 is in the same Tungstenized format. For what it's worth: it is unlikely we will ever find out.

This is what glaring gold counterfeiting looks like.

Link: http://www.zerohedge...ewelry-district

[dontlop]

i suppose they want to inspect all of our other commodity stock piles too .. like grain .. aluminum.. copper .... the netherlands can go pound sand .. and tell the germans that the jews want the 6 million jews back that they hellped kill

the germans caused the entire world to spend hundreds of billions of dollars to stop their slaughter machine .. they should be lucky they are still alive.. fricking nazis could of all been sentenced to their own gas chambers ..

i shouldnt of said that .. the german people are not the german people of 70 years ago .. and if they and the people of the netherlands want accountability of what is theirs .. i think that it should be accountable .. at least they will know the truth .. and put to rest any rumors of it not being there if they are rumors .. they can sleep better knowing their futures are secured by something somewhere .. i dont understand the govts not going along with audits anually .. the govts are only managing the peoples affairs .. they dont own the peoples affairs

[WallyWeaver]

i shouldnt of said that .. the german people are not the german people of 70 years ago .. and if they and the people of the netherlands want accountability of what is theirs .. i think that it should be accountable .. at least they will know the truth .. and put to rest any rumors of it not being there if they are rumors .. they can sleep better knowing their futures are secured by something somewhere .. i dont understand the govts not going along with audits anually .. the govts are only managing the peoples affairs .. they dont own the peoples affairs

Thanks for the correction DL.

Please refer to my post directly above for why people are spooked about gold reserves right now.

And you are right on about German's today. I was fortunate enough to be able to live in Germany for a short time. I would say the general sentiment of German's today is to despise Nazi Germany and the atrocities committed under Hitler. They are still very sensitive about it.

WW.

[pattyangel]

Got it WW, thanks for the article. I still don't trust our leaders.

[20Mil]

Unfortunately this problem (tungsten filled gold bars) is becoming more and more common...

This is why it is extremely important to buy physical bullion from REPUTABLE gold & silver dealers!

Nice post WW!

[WallyWeaver]

Got it WW, thanks for the article. I still don't trust our leaders.

Patty, I didn't post that last comment to correct you, you were actually right on the money.

Here's an excerpt from the second article I posted above:

"After all, only the most naive out there could conceive of gold being sacrosanct when every other asset class is being diluted to infinity by a regime that has long since run out of money."

That sentence is followed a few sentences later with this:

"The only open question remaining will be how much of the gold located 90 feet below Libert 33 is in the same Tungstenized format. For what it's worth: it is unlikely we will ever find out."

WW.

[Tripphood]

"The last years have seen a loss of trust in the financial system and we have been fooled a lot," Lassing says. "So I say: Just let the central banks like DNB show the gold is really there."

This administration has caused all the mistrust by past actions. Our economy is weak, our debt is high, this all speaks louder than words. Not a pretty picture.

Heck the American people don't even trust the leaders of this nation. This shouldn't even or phase us as a surprise that other countries just want to make sure their gold is being taken care of.

I am so fed up with our deceiving leaders.

Thanks WW

I'm so sorry I negged you by accident, I was trying to give a plus but somehow I hit the neg. I should have enlarged before trying to hit it.

[WallyWeaver]

Unfortunately this problem (tungsten filled gold bars) is becoming more and more common...

This is why it is extremely important to buy physical bullion from REPUTABLE gold & silver dealers!

Nice post WW!

Welcome back 20.

I was wondering when I was going "read" from you because it's been a little while.

Hopefully your investment ventures have been multiplying in your favor. I'm still wating for the AGQ train to really come in. I'm up pretty good so far this year but I'm waiting for the mother load ($200/ share +). I suspect after the US Presidential election is over there is going to be some very positive movement for pm investors, regardless of who wins. But we shall see.

WW.

Oh, and good post on the HYIP thread. That is a world I know virtually nothing about. Your post was very informative.

[20Mil]

Welcome back 20.

I was wondering when I was going "read" from you because it's been a little while.

Hopefully your investment ventures have been multiplying in your favor. I'm still wating for the AGQ train to really come in. I'm up pretty good so far this year but I'm waiting for the mother load ($200/ share +). I suspect after the US Presidential election is over there is going to be some very positive movement for pm investors, regardless of who wins. But we shall see.

WW.

Oh, and good post on the HYIP thread. That is a world I know virtually nothing about. Your post was very informative.

Hey WW!

Sorry I didn't respond yesterday, due to me being a "new" member I was restricted to 3 posts my first day. Anyways, things have been going good on my end, still trading FOREX full time. I'm looking into swing trading stocks as well part-time, if it is something I enjoy I will stick with it. Due to this new "Infinity QE3" I am more bullish now than ever for Precious Metals as well as stock markets. In fact, the DOW just recently bounced off of the weekly up trend this past Friday. So I am expecting stocks to rally for the rest of the year along with Precious Metals.

**From what I understand stocks seem to do better during the 4th quarter**

As data from Bespoke Investment Group notes:

*The S&P 500 has averaged a +2.44% performance in fourth quarters since 1928.

*In the last 20 years, it has averaged +4.57% in fourth quarters.

*In the last 30 years, it has advanced in 24 of 30 fourth quarters with an average price return of better than 7%.

http://www.billlosey.com/blog/stocks...th-quarter.php

Due to my technical analysis on the DOW weekly charts, QE3 Infinity, as well as the fundamentals pointing towards 4th quarters being Bullish I think we will see some major gains in stocks and precious metals for the rest of the year! I'm pretty confident your AGQ train is on it's way!

HYIP's: Don't waste your time with these things... They will only take your money in the end. I made that post to give others a fair warning, unfortunately, greed takes over and most people only see the potential of getting rich through these passive investment programs which leave no control for the investor. Not a smart way to leverage your money...

Edited October 29, 2012 by 20Mil

[WallyWeaver]

I'm looking into swing trading stocks as well part-time, if it is something I enjoy I will stick with it. Due to this new "Infinity QE3" I am more bullish now than ever for Precious Metals as well as stock markets. In fact, the DOW just recently bounced off of the weekly up trend this past Friday. So I am expecting stocks to rally for the rest of the year along with Precious Metals.

Due to my technical analysis on the DOW weekly charts, QE3 Infinity, as well as the fundamentals pointing towards 4th quarters being Bullish I think we will see some major gains in stocks and precious metals for the rest of the year! I'm pretty confident your AGQ train is on it's way!

Hey 20... or should I say "newbie?"

I guess all I can say is welcome to the wonderful world of Wall Street, my friend. I'm looking forward to communicating with you now about your experiences there. The whole main reason I'm sticking around here on DV is to try to encourage an interest in investing, and specifically investing on the stock market. This way we will have a bunch of people bouncing ideas off of each other and, hopefully, a bunch of people making a nice return on investment.

I do have a tip for you: you may want to check out AGQ.

Good to have you back, man. I have definitely missed the interaction.

WW.

[DinarWhiz]

Hey 20... or should I say "newbie?"

I guess all I can say is welcome to the wonderful world of Wall Street, my friend. I'm looking forward to communicating with you now about your experiences there. The whole main reason I'm sticking around here on DV is to try to encourage an interest in investing, and specifically investing on the stock market. This way we will have a bunch of people bouncing ideas off of each other and, hopefully, a bunch of people making a nice return on investment.

I do have a tip for you: you may want to check out AGQ.

Good to have you back, man. I have definitely missed the interaction.

WW.

AGQ quite the HomeRun so far WW!!!!!!

[WallyWeaver]

AGQ quite the HomeRun so far WW!!!!!!

You ain't seen nothing yet, DW. We're going to and through $200/ share, my friend!

It's only a matter of time....

WW.

[20Mil]

Hey 20... or should I say "newbie?"

I guess all I can say is welcome to the wonderful world of Wall Street, my friend. I'm looking forward to communicating with you now about your experiences there. The whole main reason I'm sticking around here on DV is to try to encourage an interest in investing, and specifically investing on the stock market. This way we will have a bunch of people bouncing ideas off of each other and, hopefully, a bunch of people making a nice return on investment.

I do have a tip for you: you may want to check out AGQ.

Good to have you back, man. I have definitely missed the interaction.

WW.

Newbie?? LOL

Just sent you an email, let me know if you have any questions.