THE END OF THE MONETARY SYSTEM AS WE KNOW IT IS HERE: NO MORE RETAIL GOLD IN EUROPE
by Justin O’Connell, Dollar Vigilante
I’ve been in Europe a couple of days now and one of my main goals here, other than protesting the G7, Bilderberg and visiting Liberland, was to find out if what Martin Armstrong wrote about – that there is a shortage of gold at the retail level in Europe – is true. What I’ve found is that, indeed, it is true, as in many European countries one is no longer able to buy retail gold coins for investment.
Shops are buying precious metals still, but no one is selling. Spanish banks that once sold gold to the public have shut down in Spain, and if people leave Spain wearing a lot of jewelry, authorities weigh and inspect the precious metals, as Armstrong reports.
Europeans who understand these markets are in the know, and it has left them quite concerned as the Eurozone is on edge with the possibility of England leaving the EU and Greece receiving an ultimatum from the northern powers.
Global distrust is leading to increasing tensions among nation-states, and its having an effect on worldwide gold storage, with Austria, Germany, the Netherlands, Russia and Venezuela moving some of the gold they’ve stored in New York, London and Paris back to their home countries.
China never stored gold abroad, but it has taken major steps towards controlling the price of the metal.
Even Texas wants to repatriate its gold from New York.
As Armstrong reported, April saw the biggest drop ( 67%) in gold shipments to China through Switzerland. With the economy in Asia declining, gold demand has dropped by approximately 36%.
Austria currently has approximately 280 tons of gold reserves ($10 billion), with just 17% of this gold held in Austria, 3% in Switzerland and 30% in London. Austria thus plans to move $5 billion worth of gold from the Bank of England to Austria. The country’s Court of Audit warned in February that holding so much gold abroad “ran a high concentration risk.”
Texas has moved to repatriate its gold as well. The Texas Legislature approved the creation of a Texas Bullion Depository where the state and precious metals investors can store metals reserves.
Teas has $1 billion-plus in gold currently stored in other states.
Rep. Giovanni Capriglione, R-Southlake, labored for two years so that the comptroller’s office would create the depository.
“When I filed it, I just got these letters from literally all over the world,” Capriglione said. “People were saying, ‘I want to put my gold in Texas.’ They just have this image of the wild, wild west.”
Texas also pursued a bill that would allow Texans to use gold or silver pieces (American Gold Eagles & American Silver Eagles) minted by the federal government as legal tender, a law that Utah recently passed.
The End Of The Monetary System As We Know It (TEOTMSAWKI) Is Here
TEOTMSAWKI is here. At The Dollar Vigilante we’ve been writing about it constantly over the past five years. The massive fiat currency race to the bottom we’ve reported on has real world implications for everyday people. Now, in Europe, there is no gold to be purchased, at a time when mainstream media in the US has belittled the investment as something for the paranoid amid what they interpret as a rebounding economy but really is a broken economy being kept afloat my ultra low interest rates.
This trend will also come to the US. If you’re a second too late to securing your future and your family’s future, it will be too late. You will be left to scramble for survival, while those who took the time to order their affairs via precious metals, bitcoin, expatriation, will be in a much more comfortable position.