The Humble Libertarian

Building a small army to take over the world and... leave everybody alone.

Thursday, March 8, 2012

Switzerland Wants Its Gold Back From The New York Fed

I can't imagine why any foreign nation would even want to store their gold with the Federal Reserve.  But foreign nations are suddenly concerned about the safety of their national gold reserves stored in the U.S.

Earlier today, we reported that Germans are increasingly concerned that their gold, at over 3,400 tons a majority of which is likely stored in the vault 80 feet below street level of 33 Liberty (recently purchased by the Fed with freshly printed money at far higher than prevailing commercial real estate rates for the Downtown NY area), may be in jeopardy,and will likely soon formally inquire just how much of said gold is really held by the Fed. As it turns out, Germany is not alone: as part of the"Rettet Unser Schweizer Gold", or the “Gold Initiative”: A Swiss Initiative to Secure the Swiss National Bank’s Gold Reserves initiative, launched recently by four members of the Swiss parliament, the Swiss people should have a right to vote on 3 simple things: i) keeping the Swiss gold physically in Switzerland; ii) forbidding the SNB from selling any more of its gold reserves, and iii) the SNB has to hold at least 20% of its assets in gold. 

Read the rest here
Zero Hedge