Sunday, February 10, 2013

Australians Seek Gold Repatriation "Bring Home Our Gold"

I recently broke the news that the RBA has Australia's Gold stored at the Bank of England. While it was not surprising given the nature of the RBA's Gold leasing (which continues today in limited capacity), it did confirm suspicions and has now led to a group of Australian seeking repatriation of our Gold. You can support the cause by signing the online petition (started by Gino, a member of Silver Stackers, it will be provided to a Senator for presentation to the Australian Senate) or by spreading the below press release which I will be forwarding on to some media contacts and news sites.

The time for action is now, while Gold repatriation is making headlines and with Australian political parties seeking issues to appease voters given the upcoming Federal election.

Australians Seek Gold Repatriation - Bring Home Our Gold by BullionBaron

6 comments:

  1. What's the point? The RBA has kept its gold at the BoE since long before the RBA even existed. Loco London has been the way the gold market works for over a century.

    It's not like the gold will find its way into your greedy palms anyhow. It doesn't belong to you now & as long as the government has anything to do with it, it never will.

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    1. JR, there's only a small number of reasons for keeping the Gold in London:

      Ease of sale - And I would rather have the Gold moved from London for this reason alone given our incompetent Government who are seeking ways of balancing the budget, we could just have the Gold sold out from under us.

      Leasing - Only 1 tonne of 80 is currently leased as of last RBA report. Whether that is due to lack of demand or RBA's stringent criteria to loan Gold only to a counterparty with AAA rating (of which few are left) I am not sure.

      It belongs to the Australian people. No need for personal narky comments.

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    2. No, there's a large reason for keeping the gold in London. London is the centre of gold trading & has been for over a century.

      Bringing it back here will achieve nothing. You trust the RBA more than the B0E? Look at Venezuela, all that gold in the government vault in Caracas & still the Bolivar is crushed.

      And as I already said, it doesn't belong to you now & as long as the government has anything to do with it, it never will. Only when the government changes its tune, would it mean anything. That will be when hell freezes over.

      As for the 'personal narky comments', 'greedy palms' was actually one of Keynes' more famous comments.

      Stop wasting your time with such nonsense. If you want to do something worthwhile, publicise the fact that government credit is junk & you're all being scammed.

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    3. So we should keep it there because that's the way it's always been done? That's a pretty apathetic view. Bottom line, unless we have intent to sell or lease the Gold then there is no reason for it to remain in London. And while it remains in the hands of a third party it is open to counterparty risk. We don't even know if the BoE has all the Gold they claim, see this article that questions their holdings:

      Bank of England gold – the doubts remain

      And market experts such as Sprott have also questioned whether the central banks have the Gold they claim in physical form:

      Do Western Central Banks Have Any Gold Left?

      The lack of transparency in the Gold market is something I take issue with.

      If you think it's all just 'nonsense' then you are welcome to your opinion.

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  2. I'm convince that if the same people who are in charge of inflating away their massive debts through expanding the money supply, are also resposible for the gold held in 'good faith' at the Bank of England in The City of London, what will stop them rehypothecating the gold they hold of Sovereign nations. And what is 'leasing of gold' but state sanctioned rehypothecation. When there is a run on the banks, those who get their wealth withdrawn before the doors are bolted shut are the ones that live to prosper another day. Gold is the ultimate vehicle of wealth.

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    1. I would hope that the RBA Gold is held in allocated form and not available to the BoE for any other leasing arrangements, etc but we just don't know what protectionist policies may be put in place should the next financial crisis be currency based. Then we might see a real scramble for Gold at which point I would rather see our official reserves on Australian soil.

      The UK threatened to breach international law and retrieve Julian Assange from the Ecuadorian Embassy... granted it didn't happen, but if they are prepared to consider doing so for one man, what would international laws would they be prepared to breach in order to keep billions of dollars worth of Gold in their possession? I would rather we don't keep it there to find out.

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