The Turkish government has made the decision to repatriate all of its gold reserves that are currently housed in the US Federal Reserve System (FRS). Overall Turkey was storing 220 tonnes, valued at $25.3 billion, in the US, which it repossessed on April 19, 2018.
Turkey’s President Recep Tayyip Erdogan has toughened his stance against the US dollar (USD), declaring that international loans should be made in gold instead of the American currency. Ankara is seeking to reduce dependence on the US financial system. The gold’s homecoming was partly prompted by the US threats to impose sanctions if Turkey goes through with the signed deal to purchase Russian S-400 missile defense systems.
This is a dramatic move reflecting an international trend.
Venezuela repatriated its gold from the US in 2012. In 2014, the Netherlands also retrieved its 122.5 tonnes of gold that were stored in US vaults. Germany brought home 300 metric tonnes of gold stashed in the United States in 2017. It took Berlin four years to complete the transfers. Austria and Belgium have reviewed the possibility of taking similar measures.
Few people believe the US Treasury’s assurances that the 261 million ounces (roughly 8,100 tonnes) in official gold reserves that are stored in Fort Knox and other places are fully audited and accounted for. The Federal Reserve has never been fully and independently audited. The pressure for a full, independent audit of all US gold reserves has always been resisted by the government and in Congress. Nobody knows if the gold is really there. What if the vaults turn out to be empty? It’s wiser to bring your gold home while you can, rather than to just keep on wondering.
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6 comments:
Many readers may be unfamiliar with the rigging of COMEX price for gold and silver. The Fed Bank is printing US Dollars and buying US Bonds as the buyer of last resort. The US Dollar should not be the Reserve Currency since the US has been caught red handed lying about gold reserves. The US de pegged from the gold standard in 1971 after it was caught counterfeiting the Dollar to finance the disaster our Vietnam Nam war. Clearly the US government is a rogue government and does not represent the American People’s interest.
Once it loses the Reserve Currency status all hell will break loose in the US with hyperinflation. As an importer of goods, this Country will suffer tremendously once it’s government loses the ability to print money accepted by the rest of the world.
Save in non-US Dollar denominated assets.
Buy gold and silver with your worthless US Dollars while you still can.
Many readers may be unfamiliar with the rigging of COMEX price for gold and silver. The Fed Bank is printing US Dollars and buying US Bonds as the buyer of last resort. The US Dollar should not be the Reserve Currency since the US has been caught red handed lying about gold reserves. The US de pegged from the gold standard in 1971 after it was caught counterfeiting the Dollar to finance the disasterous Vietnam Nam war. Clearly the US government is a rogue government and does not represent the American People’s interest.
Once it loses the Reserve Currency status all hell will break loose in the US with hyperinflation. As an importer of goods, this Country will suffer tremendously once it’s government loses the ability to print money accepted by the rest of the world.
Save in non-US Dollar denominated assets.
Buy gold and silver with your worthless US Dollars while you still can.
Andrew McGuire exposed the COMEX price fixing. Paul Roberts has also written about it. The claim is that the London Price Fix is selling naked shorts (contracts for gold of which they do not posses the gold). This is illegal. Why? So they can prop up the phony fiat currencies by leading everyone to believe they still have buying power. And they do for now. But soon they wont. Then we will be in a world of hurt.
Many economists believe there is literally no gold in Fort Knox at all! The amount that has been sold to China, India, and Russia is more than Fort Knox would have held and far more than it mined each year. Therefore it is coming from somewhere.
I suggest our government has sold our birthright and are keeping it a secret.
Spending money like a drunken sailor is a sure way for our government to go bankrupt if it isn't already there.
Gold is heavy and hard to transport. Diamonds are the currency of collapsed economies. Easy to transport and sell. If you buy gold from the scams on TV and they hold it for you, you are screwed. If you buy gold and keep it in your home, you will be robbed because someone knows you have it. Keep it in a safe deposit box and the bank say oh well, we are closed, you are screwed.
Be happy that Obama didn't pay off Iran in gold.
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