Gold Is Rallying Because Western Central Bank Vaults Are Running Out Of Physical Gold
With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that gold is rallying because Western central bank vaults are running out of physical gold.
Where Is The Gold?
Egon von Greyerz: “We have recently had some significant news about the gold market that makes the situation even less clear. The central banks and the BIS in Basel go to great lengths to tell the world absolutely nothing about their gold dealings. All transactions are carried out covertly and no central bank ever has an official audit of their gold holdings. The last US audit was during Eisenhower’s days in the 1950’s. Ron Paul has been pushing for an audit but to no avail. Will Trump instigate an audit? Well, he might have the intention but when he finds out that a major part of the US 8,100 tonnes of gold is not there, it will all go quiet. There have been pressures for audits in France and Germany in later years but this has had no effect. No country wants to reveal that the gold isn’t there…
“Germany has recently pretended that they are totally open about their gold dealings, but what have they actually told the world? In 2013 Germany announced a plan to repatriate 674 tonnes of gold from the US and France. The first year they only received 37 tonnes back and were told that they would have the rest in 2020. We have now been told that the program has been accelerated. By the end of 2017, out of the 3,381 tonnes that Germany owns, over 50% or 1,713 tonnes will be in Germany, with 1,236 tonnes still in New York, and 432 tonnes in London.