Tag Archives: Germany

After Dutch 122,5 t gold repatriation, will next a global run on gold ?

The Dutch central bank said Friday it is repatriating some of its gold reserves from the U.S., making it the latest central bank in Europe to address public concerns about the safety of its gold.

Source: the WGC, DNB

Source: the WGC, DNB

According The Wall Street Journal, De Nederlandsche Bank (DNB) said it is moving in utmost secret some of its reserves of 612 metric tons back to the Netherlands in an effort to spread its gold stock in “a more balanced way”. The measure could have “a positive effect on public confidence” it said.

After this move, the central bank’s gold reserves held at the New York Federal Reserve will fall to 31% from 51%

The goal is to keep 31% of its reserves at the central bank’s vaults in Amsterdam, compared with 11% previously. As a result, the central bank’s gold reserves held at the New York Federal Reserve will fall to 31% from 51%. Dutch gold held at central banks in Canada and the U.K. will remain unchanged at 20% and 18%, respectively.

We remember that several central banks in Europe have made similar moves in recent years in an effort to quell fears about the safety of their gold reserves that were spurred by the debt crisis in the eurozone.

In early 2013, Germany’s central bank said it would repatriate some of its reserves from the U.S. and France, bowing to pressure from Berlin and a campaign by the populist press. About a similar request was speaking Finland.

Switzerland, meanwhile, is bracing for a vote on Nov. 30 that would require the Swiss National Bank to hold a fifth of its assets in gold and force it to repatriate its gold reserves held in the U.K. and Canada.

The impact of the Dutch gold repatriation can be huge. First of all, because it underlines more and more countries are getting nervous about their gold reserves stored in the US. Venezuela repatriated most of its reserves from abroad in 2012, the year Germany also announced a repatriation schedule from the US and France. While Germany settled with the US to ship 300 tonnes spread over 8 years, the Dutch set a new trend to insist on immediate delivery. If more countries will follow this trend there can be a global run on gold.

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Sunday Surprises – European&Ukraine elections, prayers and similar work – visits

Pope, Palestine, Prayers – the pacifist P….

Panoramic watching the events was a Sunday hectic and full of surprises. Pope Francis stopped his motorcade between scheduled events in Bethlehem on Sunday to pray before the massive concrete separation barrier that divides the Palestinian city from Israel, which erected the controversial wall a decade ago.

The surprise stop was the latest signal that the Pope backed what the Vatican had indicated in 2012 with its support for a United Nations vote to make Palbildeestine a non-member state: That it regards it as a sovereign state. In a speech earlier on Sunday the Pope called Palestinian Authority President Mahmoud Abbas a “man of peace” after paying him a courtesy visit, and referred to the Vatican’s good relations with the “state of Palestine”.

According Time Magazine, Francis was scheduled to arrive in Jerusalem later on Sunday, and — in part because of official concerns about religious extremists, security preparations were extraordinary even by Israeli standards, outstripping even precautions taken for President Obama’s visit last year, according to organizers.

Pope’s Agenda for Monday includes deep bows to the Israeli narrative, including a visit to Yad Vashem, the museum of the Holocaust, and to the Wailing Wall, the last remaining piece of the Temple in place at the time of Christ. In a gesture that unsettles Palestinians, Francis will also be the first pontiff to lay a wreath on the grave of Theodore Herzl, the founder of the Zionist movement that envisioned a future state on the land hundreds of thousands of Arabs called home.

European Election, the sad E: Extremism & Euroscepticism, ‘Earthquake’ win

Marine Le Pen‘s far right National Front scored a stunning first victory in European Parliament elections in France on Sunday as critics of the European Union registered a continent-wide protest vote against austerity and mass unemployment. Cf. Reuters, without waiting for the final result, a somber French Prime Minister Manuel Valls went on television to call the breakthrough by the anti-immigration, anti-euro party in one of the EU’s founding nations “an earthquake” for France and Europe.People watch a board displaying provisional results of the European Parliament election at the EU Parliament in Brussels

Denmark‘s anti-immigration far right People’s Party was set to top the poll with an estimated 23 percent and the extreme-right Jobbik, widely accused of racism and anti-Semitism, was running second in Hungary with 15 percent.

The UK Independence Party (UKIP), which campaigns for Britain to leave the EU, was set for a strong score after making big gains in local elections held at the same time on Thursday, raising pressure on Conservative Prime Minister David Cameron ahead of a general election next year.

The anti-euro Alternative for Germany (AfD) won parliamentary representation for the first time with an estimated 6.5 percent, the best result so far for a conservative party created only last year. In Greece, epicenter of the euro zone’s debt crisis, the radical left anti-austerity Syriza movement of Alexis Tsipras was set to win with 26.7 percent, pushing governing New Democracy into second place on 22.8 percent. That reflected popular anger at harsh spending cuts the government has adopted in recent years to meet the terms of its EU/IMF bailout program. It means that far right and hard left parties, their scores magnified by a low turnout of 43.1 percent, gained ground in many countries although in Germany, the EU’s biggest member state with the largest number of seats, the pro-European center ground held firm, according to exit polls.

Ukraine: again P, winner P… Petro Poroshenko wins  presidency

Because we speak about election… Exit polls suggested candy tycoon Petro Poroshenko won Ukraine’s presidential election in the first round Sunday, a ballot that took place amid weeks of fighting in eastern regions where pro-Russia separatists have seized government buildings and battled government troops.

Exit polls gave Poroshenko more than 55 percent of the vote, well ahead of petro_poroshenkoformer Prime Minister Yulia Tymoshenko in second place with just over 12 percent. “I would like to congratulate Ukraine with the fact that despite the current aggression by the Kremlin and the desire to break this voting, the election happened and was democratic and fair” Tymoshenko said after the polls closed. If Poroshenko majority is confirmed by results on Monday, there will be no need for a runoff vote on June 15.

Cf. Reuters, Russian president Vladimir Putin said on Saturday that he will respect the voters’ will. He has announced the pullback of tens of thousands of Russian troops massed on the border. But the absence of more than 15 percent of the potential electorate from the election could give Moscow an excuse to raise doubts about the victor’s legitimacy and continue applying pressure on the new president in Kiev.

The White House – two similar surprise work – visits

Leaders of the two White House from Washington and Moscow (government headquarters) have spent Sunday making surprise visits. One – President Barack Obama in Afghanistan. Second – Prim-minister Dmitry Medvedev in Crimea.

President-Obama-in-Afghanistan_5_1President Barack Obama made a surprise trip to Afghanistan on Sunday, his first visit to Afghanistan in two years and his fourth trip as president overall, and pledged a “responsible end” to the war there by the end of 2014. During the visit, Obama spoke to troops, visited a base hospital and met with military officials to discuss troop presence in Afghanistan as the country’s longest war comes to a close. Also Obama said on Sunday that his administration would likely announce soon how many troops the United States will keep in the country, as it winds down its presence after nearly 13 years of war.

Speaking at a briefing by military commanders at Bagram Air Base, Obama said one reason for his trip was to discuss the U.S. footprint for the rest of this year – when the bulk of troops are scheduled to be withdrawn – and afterward. “We’ll probably be announcing some decisions fairly shortly” said US president.

Russian Prime Minister Dmitry Medvedev has arrived Sunday in Crimea for a Dmitry Medvedevtwo-day working trip. It will be Medvedev’s second trip to Crimea since Russia annexed the Ukrainian peninsula in March in a move that has not been recognized internationally.
Medvedev was expected to visit immigration offices in the city of Sevastopol, where Russian passports are being issued to local residents. Medvedev’s office said he will also visit the Artek children’s center on the Black Sea on May 26.

Medvedev will then chair a meeting to discuss a plan for organizing children’s vacations. Russian prime minister will hold a traditional meeting with his deputies on Monday, visit the Olympic sport center “Spartak” and meet with Crimea’s acting Governor Sergei Aksyonov.

Chinese President and his first European tour

President Xi Jinping has arrived in the Netherlands, kicking off an 11-day tour across Europe. It’s the president’s first trip to Europe since taking office, and he is also the first Chinese president to visit the Netherlands since the two states established diplomatic relations in 1972.

152During his stay in the country, Xi will visit the cities of Amsterdam and The Hague, and meet with various Dutch officials. He is also scheduled to attend the third Nuclear Security Summit at The Hague, where he will hold talks with the US president.

Xi Jinping’s next stop will be France. There, the Chinese president will meet his counterpart Francois Hollande and attend celebration activities to mark the 50th anniversary of China-France diplomatic ties. Xi will also visit the UNESCO headquarters in Paris.

The Chinese president is then expected to travel to Berlin, for a sit-down with German officials to map out the future of bilateral relations. He will also meet business leaders from China and Germany.

According CNTV, Chinese leader will end his Europe tour in Belgium. In addition to holdings discussions with senior officials there, Xi Jinping will visit the European Union headquarters in Brussels, and deliver a speech at The College of Europe in Bruges. Deals ranging from finance, energy, manufacturing and other sectors are set to be signed during each stop.