Home / Gold and Silver / Central Banks to New York FED: “Send Back Our Gold!”
Print Friendly and PDF

Central Banks to New York FED: “Send Back Our Gold!”

Posted on December 23, 2014

Interview of Fabrice Drouin Ristori, Founder and CEO of Goldbroker.com, by Wolf Richter

WOLF: There have been a slew of countries trying to repatriate some of their gold, among them Venezuela, Germany, and the Netherlands. Seems easy enough, but some of these countries have a hard time repatriating their gold. What’s the deal?

FABRICE: Gold has been stored mainly in the United States and London in order to protect the gold reserves during times of conflicts – the Cold War, for example – and/or to improve the liquidity of their gold reserves by moving them closer to the large trading centers.

That certainly made sense at the time, but we are now seeing a reverse movement of repatriation as there are some doubts as to the real existence of those gold reserves in the two main storage locales, London and New York. There is a high probability that gold reserves from several countries have been leased to bullion banks and then sold on the markets in order to control the gold price and thus maintain the illusion of value of paper currencies such as the dollar, the euro, etc.

When central bankers, often under pressure from their own government, decide to repatriate their physical gold, one can logically assume that they have some doubts about all of their gold still being there, especially in a context where no real audits of gold reserves are being performed.

Physical gold is making a comeback in the international monetary system. Several governments and monetary authorities are aware of this and are worried about the existence of their gold reserves. I believe we are seeing the end of a game of musical chairs that will bring us a lot of bad surprises.

(For the rest of the article, click the link.)

Continue Reading on wolfstreet.com

Print Friendly and PDF

Posting Policy:
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read more.

Comments are closed.