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Over 50% of Finland’s Gold in Bank of England

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The Bank of Finland has announced that over 50% of the countries Gold reserves are held in London. Finland joins a long list of Western countries whose Gold reserves are stored at either New York, London or both. This leads credibility to the claim that Central Banks have been leasing and loaning out its Gold reserves to help surpress gold prices.

The Bank of Finland’s reserves include 49.035 tonnes of gold, valued at a market price of EUR 1,559 million as at 25 October 2013.

The Bank has confirmed the current arrangements for storing the gold held in its reserves. Having received the agreement of the central banks involved, it has decided to publish this information. The gold is stored on a geographically decentralised basis at a number of central banks: 51% is in the United Kingdom (Bank of England), 20% in Sweden (Sveriges Riksbank), 18% in the United States (Federal Reserve Bank of New York), 7% in Switzerland (Schweizerische Nationalbank) and 4% in Finland (Bank of Finland).

 

Source: Bank of Finland

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Celente: German Court Ruling on ESM Could Be Bullish For Gold

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Gerald Celente gave an interview with King World News on the German Supreme court ruling whether the Germans can participate in the ESM. The decision on 12th September, if it goes against the ESM, this  could result in the euro collapsing shortly afterwards. Celente outlines his bullish opinion on gold and points to the recent signs that the insiders know whats coming.

“The German Supreme Court is going to rule upon whether or not Germany can continue to put funds into the stability pacts and bailout program, and whether or not there is going to be a euro bond program at all.  Bigger than that, whether or not the Bundestag is going to lose control of their own government and take some of the financial decision-making out of their hands and move it into Brussels.”

“This is a huge day.  Everybody will remember September 12th.  It’s a really easy day to remember because it’s right after September 11th.  I recommend everyone tune in because what the German court decides on that day will affect the future of the euro almost immediately because Germany is what’s holding this whole thing together.

 If Germany doesn’t keep pumping in money to bailout these failing economies in Greece, Spain, Italy, into the European Central Bank so they can keep buying up these worthless bonds, and keep giving money to the banks that have failed in Spain and Greece and that are going under in Italy, without Germany there is no euro….

 You could see the euro start to unravel, if they decide it’s unconstitutional, within weeks, if not days.  So what I’m saying to people, this is a warning, but I would want to know where my money is, and for me my money is in gold.

 

They are not going to be able to solve the European debt crisis, but, again, if the German courts don’t rule that this is unconstitutional, they could keep this thing afloat for another several months by dumping more money into it and making it appear everything is okay, (in order) to keep the Ponzi scheme going.”

 Celente also added: “Why wouldn’t anybody believe in gold?   Look at the people that are now investing in gold, the central banks around the world.  Look at the George Soros’s that are investing in gold, and the Paulson’s.  I guess they don’t know either?

Why would anyone put their faith in digital money?  Why would people put faith in a euro, when after only ten years the whole eurozone is threatening to collapse.  Why wouldn’t anyone pay attention to the Finnish Finance Minister, who says that they are ‘making plans in case the euro collapses.’

Why wouldn’t they believe that?  So I’m continuing to buy gold.”

Source: KingWorldNews

Finland Joins NIRP Club

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Finland becomes the latest to join the NIRP club as its 2 year bond reach -0.008%. So in a few weeks the club has grown to Finland, Germany, Switzerland, Denmark and Netherlands.  Another sign that the euro is screwed.

The NIRP club, or those countries whose 2 Year (or longer) bonds trade inside negative territory as presented yesterday, is happy to welcome Finland among its ranks, following the country’s 2 Year bond briefly touching on -.008% minutes ago (since “recovering” to 0.0000% briefly). Other proud member countries include Holland, Germany (which earlier issued 2 Year debt at sub zero rates for the first time ever), Denmark, and Switzerland, or Europe’s AAA-list. On the other end, the peripherals continue to trade on an ever more unsustainable basis. Europe has now become one big pair trade: everyone is long the viable countries and short the… less than viable ones.

And some more color on Germany’s just concluded 2 Year bond issue which priced at -0.06% via Reuters:

Germany sold 4.17 billion euros of two-year government bonds on Tuesday, auctioning the paper with a negative yield and meeting higher demand than at the previous comparable sale. It was the first time a two-year issue had been sold with a negative yield.

The auction attracted bids worth 2.0 times the amount on offer compared with an average of 1.87 at other two-year auctions this year, according to Reuters data.

The average yield was -0.06 percent, compared with 0.1 percent last time and an average of 0.173 percent.

Source: ZeroHedge

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