Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (94001)	3/10/2003 3:36:40 PM
From: Real Man	Read Replies (1) \| Respond to of 116811

Swiss may want to re-take physical delivery Big Headline today in the major Swiss sunday paper "SonntagsBlick": Swiss politicians worried about US holding Swiss gold. The Social Democrat Party announced they would ask the Federal Council ( ie the government ) to check the possibility of calling back the Swiss gold reserves HELD IN THE UNITED STATES OF AMERICA as it was no longer safe there should the US get engaged in an Iraq war. The article also said nobody knows where and how much exactly of the Swiss gold is deposited in the US. Wait for public outcry when they realize that their gold is not only unsafe in the US but already sold by the US bullion banks. Here is a link to the original story, in German. blick.ch Here is an Altavista Babelfish translation for those that read English but not German. The translation is not perfect, but I think you get the idea. As Kurt says the Swiss are a little concerned about how safe their gold is, if Bush goes to war. ******************************************** Article from 9 March 2003/source: Sundays view Is our gold still safe with war gentleman Bush? BY HENRY HABEGGER Where do the 2000 tons of gold reserves of Switzerland lie? The central bank is silent. According to rumors a majority is to be loaded hoppers of it in the American Fort Knox. That could have uncomfortable consequences, if US president Bush without UN mandate pulls into the war. "white I", does not say the inhabitant of zurich SVP national council Bruno Zuppiger, member of the finance committee. "white I", does not say the pc. Galler CVP national council Felix Walker, Mitglied of the financial delegation and former boss of the Raiffeisen banks. "white I", does not say those Bernese to FDP Nationalraetin Kaethi Bangerter, member of the bank advice of Swiss central bank ( SNB ) and the finance committee. The question, the Sundays view this week to some financial politicians placed: Where is our gold? Where does the central bank keep its gold reserves? The "national wealth", of which so much is the speech, because it is sold to the half and the use of proceeds is politically disputed. The "gold treasure", which amounts at present still to approximately 2000 tons. Where is our gold? Exactly that wants to now know that Bernese FR national council Paul Guenter. In the question time of the parliament Monday the safety politician places tomorrow to the Upper House of Parliament three questions: Is it correct that the gold reserves of Switzerland are stored to a substantial part in Fort Knox in the USA? Are there still substantial gold camps of Switzerland at other places and in other countries? How rapidly, under which circumstances and of whom this gold can is if necessary withdrawn? The gold mystery. Today there are only rumors. A part is to store under the federal place in Berne. A part in Fort Knox in the US Federal State Kentucky, most important repository of the US gold reserves and depot of all European central banks. A further part in London, the center of the international goldhandels. Sundays view inquired with the central bank. But speaker Werner Abegg gives itself covered: "over the gold the most diverse rumors circulate to the central bank. For safety reasons it is not possible for us to commentate and/or rectify it." Only so much can be drawn the speaker of Swiss issuing bank: "the gold is stored at different places abroad the in and." According to Abegg after the slogan: "the intelligent farmer does not put all eggs into the same basket." The fear is clear: The gold could be stolen. The fear seems so large that the central bank refuses each still so small specifying to the repository ( countries, continents ) . FR man Guenter has completely different doubts. "if it tunes that a majority of the gold lies in Fort Knox, then is extraordinarily uncomfortable the situation. If the USA lead an Iraq war without UN mandate, the gold is there at the wrong place - then it must be fetched back." It justifies: "at a prominent nation we cannot keep nevertheless our gold for war. And which is, if the USA, which act in the Iraq question scruplesless, extort us suddenly with the gold?" Guenter is afraid that the USA could freeze the gold. "that would be a clear offence against international laws. There we would have to resist with the Court of Justice in Strasbourg ( F ) ", say ourselves to that Bernese SVP national council and financial politician Hermann Weyeneth. Retreat of the gold. That demanded before five years also the Appenzeller CVP Staenderat Carlo Schmid. When in the Holocaust debate a US collecting complaint threatened against the central bank, it required: "all gold reserves in the USA must be withdrawn." If the gold is really there. Safe is only: Originally the SNB had 2600 tons. Half is sold, to end of 2002 left to 660 tons. Daily a ton is sold at present, for approximately 15,000 Franconias the Kilo Do we know more on Monday? Hardly. Minister of Finance Kaspar Villiger is not betrayed also in the parliament, where the treasure is kept. For "safety reasons". "those have nevertheless something to hide", argwoehnt Guenter. That Bernese financial politician Weyeneth scoffs: "those probably think, Napoleon come back. And it transports the gold starting from as before 200 years Bernese the treasury."