Is this the reward for their silence (and constant stonewalling) on MH17?
The US has given gold back to the Netherlands…122.5 tons which is quite a lot ($5.9 billion). Germany, on the other hand, has given up its fruitless efforts to get back its gold, after trying for so long to repatriate its reserves from the New York Fed.
Dutch central bank:
De Nederlandsche Bank (DNB) has adjusted its gold stock location policy and has shipped gold from the United States to the Netherlands to spread its gold stock in a more balanced way.
Under the previous policy, 11% of the gold stock was located in the Netherlands, 51% in the United States, with the remainder held in Canada (20%) and the United Kingdom (18%). Under the new policy, the breakdown by location is as follows: 31% in Amsterdam, 31% in New York, with the relative holdings in Ottawa and London remaining unchanged at 20% and 18%, respectively. Following this adjustment, DNB is in line with other central banks holding a greater part of their gold stock in their own countries. Beyond realising a more balanced distribution of the gold stock across the different locations, this may also have a positive effect on public confidence.
Changing the distribution of the gold holdings across the different locations is not without precedent. From the end of the Second World War until the early 1970s, for example, DNB increased its gold reserves following the Bretton Woods Accord, mainly in New York. Since then, there have been other movements in DNB’s gold stock. The main reasons for this being the gold sales in the past few decades and the closure of the vaults of the Reserve Bank of Australia, as a result of which DNB shipped gold from Australia to the United Kingdom in 2000.
This is the stunning statement made by the Dutch Central Bank…as it shows that one doesn’t need a referendum to repatriate their gold, nor does one run into logistic or diplomatic problems if one is truly set on procuring their physical.
As to why the DNB decided it was time to cut its gold held at the NY Fed by 122 tons? “It is no longer wise to keep half of our gold in one part of the world,” a DNB spokesman told Telegraaf. “Maybe it was desirable during the Cold War, but not now.”
Note: the reallocation has already taken place, and is not – like Germany – subject to a 5 year period during which the NY Fed is expected to recoup the gold. So it can be done!?
Another curiosity: the gold was repatriated by ship. In total, 120 tonnes of gold valued at €4bn has been brought back to the Netherlands by ship, Nos television said. The high security reparations for the move took months.
And now that the Dutch have shown just how “easy” it is to repatriate one’s gold when not entangled in shifting alliances, diplomatic feuds, or suffering from “logistical problems” preventing one from collecting their gold, we wonder just how much more eager Germany or Switzerland will be to collect their own gold, or whether the Swiss November 30 referendum will decide to let countries like the Netherlands have a right of first refusal of whatever gold may still be held at the vault located 90 feet below street level at the New York Federal Reserve Bank (which as we reported a year ago, is connected by an underground tunnel to the JPMorgan precious metal which was located just across the street).
So why was the US so quickly accommodating to Dutch requests for returning their gold reserves, yet so difficult with the likes of Germany?
Deep Resource might have one explanation for the timing of such an event:
So, why does the US give gold back to the Netherlands and not to Germany? Our cynical suspicion: has this perhaps anything to do with the MH17 case? Is this the price the US is paying for the Dutch to remain silent about the true causes of the tragedy in Donbass, namely that Kiev, freshly snatched from the Russian sphere of influence, did it?
Expect the Netherlands to continue to cover up it’s MH17 investigation.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.