Thursday, March 15, 2012

Switzerland Wants Its Gold at Home and Out of Fed Hands

Switzerland Wants Its Gold at Home and Out of Fed Hands

www.goldsilver.com 
MARCH 08, 2012

Earlier we reported that a German Parliamentary Budget Committee will be considering relocating Germany's 3,396.3 tons in gold reserves, which total to 42% of Germany's money held as savings in reserve.
 
Apparently Chavez moving Venezuela's gold sparked a worry that "first mover advantage" may be an extremely valuable principle when considering the case of safe guarding the national wealth from multiple paper owners claiming the same gold bars. It's the same old game of musical chairs that will leave someone—or some country—holding the bag. 
 
Switzerland is the next massive gold owner within a very short period of time to consider moving custody of their gold onshore. As part of the Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves "Rettet Unser Schweizer Gold", launched recently by four members of the Swiss parliament, the Swiss people would have a right to vote on 3 basic rights:
 
1: Swiss gold held physically in Switzerland
2: Prohibition from selling any more gold reserves
3: Requirement to hold at least 20% of assets in gold
 
While the gold is not yet in motion in either the case of Germany or Switzerland, it did take over 2 months for Chavez to move the 160 tons back on shore over multiple trips. Of course these political initiatives may be delayed, however these announcements are as grand as it gets when it comes to protecting the integrity of national sovereignty.
 
The next step is for China to make a second surprise announcement about how the gold they have quietly been accumulating over the past 3 years has doubled or tripled their total holdings, laying the groundwork for amore potent alternative to the dollar as an intermediary in trade
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