Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks

Zero Hedge ^ | 02/23/2012 | Tyler Durden

[SeekAndFind]

While hardly discussed broadly in the mainstream media, the top news of the past 24 hours without doubt is that in addition to losing its fiscal sovereignty, and numerous other things, the Greek population is about to lose its gold in a perfectly legitimate fashion, following amendments to the country's constitution by unelected banker technocrats, who will make it legal for Greek creditors - read insolvent European banks - to plunder the Greek gold which at last check amounts to 111.6 tonnes according to the WGC.

And so we come full circle to what the ultimate goal of banker intervention in the European periphery is - nothing short of full gold confiscation. So just how much gold will be pillaged by the banker oligarchy (it is amusing how many websites believe said gold is sacrosanct by regional national banks, and thus the EUR is such a stronger currency as it has all this 'gold backing' - hint: it doesn't, as all the gold is about to be transferred to non-extradition countries)? As the World Gold Council shows in its latest update, between all the PIIGS, who will with 100% certainty suffer the same fate as Greece (which has shown that unlike during World War 2, it is perfectly willing to turn over and do nothing) there is 3234 tonnes of gold to be plundered. And likely more as further constitutional amendments will likely make the confiscation of private gold the next big step. how much does this amount to? At today's prices this is just shy of $185 billion.

Of course by the time the market grasps what is going on the spot price of the yellow metal will be far, far higher. Or, potentially far, far lower and totally fixed as the open gold market is eventually done away with entirely in a reversion to FDR gold confiscation and price fixing days.

The chart below shows total gold holdings for the top 40 countries. Little Ireland is off the chart with just 6 tonnes of gold.

[SeekAndFind]

RELATED :

http://www.zerohedge.com/news/greece%E2%80%99s-lenders-have-right-seize-national-gold-reserves

TITLE:

Greece’s Lenders Have The Right To Seize National Gold Reserves

[Olog-hai]

Waitasec . . . I thought Jose Manuel Barroso said that the European Union was a “non-imperial empire” (whatever that is) back in 2007? So they're imperialistic after all now?? Guess you can't have an empire without imperialism, eh.

[G Larry]

“confiscation of private gold”

hmmm....not likely where gun ownership persists.

Were neither gold nor guns are “registered”, the citizen holding same retains his liberty.

[Smokin' Joe]

If things follow the FDR paradigm, the (fixed) price of gold was changed after confiscation, from $20 to $35, reducing the value of federal reserve notes and dollar denominated assets overnight.

Expect similar shenanigans if banks in the EU start collecting...only it will happen in the open market.

Silver, too should jump.

As an aside, I noticed the normal list of coming mint offerings at the US Mint website is virtually absent, not the normal months long list of anticipated offerings of commemoratives, proof, and uncirculated issues, and the 5 ounce silver 'America the Beautiful' quarters issues are absent as well.

Maybe they know something we don't, maybe they just haven't gotten a round to it...

[donmeaker]

I have an Adams school arithmetic book printed in the early federalist period. It goes from counting, Roman Numerals, to proportion, which it calls the rule of three. It has a whole chapter on converting between local US currencies. e.g. New England Money to Virginia Money to Federal Money.

[phockthis]

This is well worth the read[above and below]:

Interview with Charles Savoie on TPTB of Silver Manipulation

Originally appeared as http://www.bullionbullscanada.com/index.php?option=com_content&view=article&id=22976:interview-with-charles-savoie&catid=49:silver-commentary&Itemid=130

In the relatively short number of years in which I have been researching and writing about the silver market, I have benefited greatly from the work (and the wisdom) of a number of “pioneers” to the precious metals sector. With respect to silver in particular, the two people who have done the most to educate me, and shape my views on the silver market are Ted Butler and Charles Savoie. Thus it is with great pleasure that I present this written interview with Charles Savoie.

Charles is a private researcher/historian who has invested a considerable amount of time and effort in compiling a vast body of research which he has titled “The Silver Stealers”. His chronology originally dealt primarily with events taking place in the 19th and early-20th century. However, he has since updated and expanded upon that initial chronology to include further events (and the individuals behind those events) right up to the present day. He links a relatively small but extremely powerful group of individuals (and often their descendants) together through two common “threads”: their propensity for actions which were extremely detrimental to the silver market and/or the holders of silver; and their membership in a little-known organization which they have called “The Pilgrims”.

The rest can be read here:
http://blog.ml-implode.com/2011/11/interview-with-charles-savoie-on-tptb-of-silver-manipulation/

[SMARTY]

Spengler was right. In the end it is just about blood and money.

[GonzoGOP]

Oh I cannot wait to here what Nigel Farage has to say about this one. It is going to be a world class rant.

[KarlInOhio]

One thing isn't clear is whether this is Greek government gold or individual Greek people's gold. From the linked article it looks like it is the government's reserves. I can't say I blame the other countries and bankers demanding that be turned over. If someone was screwing me over by not paying their debts and wanted to declare bankruptcy, I certainly would demand that his coin collection be turned over to me or sold and the assets given to me.

I'll save my sympathy for the chance that individual Greek citizens start having their gold taken away from them to cover the Greek government's debts.

[silverleaf]

well, that is some interesting stuff!

[AlmaKing]

If Greece owes the money, they should give something of value such as gold. Are they going to give Euros or Drachmas?

This spin is so bad here, the story makes people think that Greece’s treasury is being stolen when in fact they really don’t own the gold by virtue of their debts.

[shove_it]

self ping

Thanks for posting SAF.

[BfloGuy]

I can't say I blame the other countries and bankers demanding that be turned over.

I think you're right. At first read, it sounds as if ZeroHedge is being far too dramatic. One other point is that, even though FDR did outlaw the private ownership of gold in the U.S., there was still a gold market outside the country.

And it proved important in Nixon's decision to break the last ties to gold. The United States, in order to hold gold down to $35/oz., was constantly having to sell gold on the open market. Eventually, though, the entire world knew that the dollar was vastly overvalued and Nixon realized that our entire gold reserve wouldn't be enough to keep up the fiction.

[El Cid]

That was my take also.
If Greece is getting bailed out for the umpteenth time, if I were the lender I'd darned well want to get my hands on some hard assets as collateral, rather than more promises. I'm surprised they haven't done this earlier.

[MWF054]

I hear they have some nice little islands they could put up for sale too.