Where’s Greece’s Gold?
The 111 tonnes of gold owned by Greece is in one of three central banks and perhaps spread throughout the three. These banks are the Bank of England, the Banque de France and the U.S. Federal Reserve. We are of the opinion [the Bank of International Settlements would never disclose the facts] that Greece’s gold was first used in some of the over 500 tonnes of gold/currency swaps executed two years ago and unwound last year by the B.I.S.
We believe, further, that these swaps were undertaken by nations finding it difficult to raise new loans at reasonable interest rates. The gold/currency swaps were undertaken as part of the collateral creditors required to facilitate new loans. As such their value went far beyond the market price of the gold involved.
When Greece required a generous bailout from E.U. creditors we were led to believe that part of the collateral, to be forfeited on default, was the 111 tonnes of gold owned by Greece. It is this gold that is now in danger of being lost to the nation now.
The fact that it is not in the country has allowed it to be possessed by central banks outside the country that would not hesitate to hand the gold over, on default by Greece.
http://news.goldseek.com/GoldForecaster/1343851200.php
yeah well the gold should be distributed to the creditors...no doubt about it...and a fair amount to the cypriot government for re-distibution to the cyprus banks...
