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Netherlands pulls gold out of the US

abc.net.au

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Re: Netherlands pulls gold out of the US

#61

Post by Brendinooo »

detourdog wrote: post #55
Brendinooo wrote: post #46

Earlier quoted context omitted.

I mean, if I hear the phrase "geopolitical unrest", I'm far more inclined to think "Iran"/"Russia" than "51st state". If the point is to get your gold away from the US and its president, why leave ~19% of if there? Why take gold out of Canada? Why is a two-word phrase inherently related to the abrasiveness of the Trump administration towards traditional allies"? And the bank's stated reason is: "Gold that is held wit…

Iran and Russia can both be tied to the leadership of the USA. Iran directly and Russia less directly. There may be trading between the USA and the Netherlands that makes 31% too much gold in USA but at 19% more reasonable. Over the past 4 years the price of gold has more than doubled this would effect the amount of gold needed to perform the same transactions.

I mostly agree with this; your comment paints a far more plausible and level-headed picture than the article does.

Re: Netherlands pulls gold out of the US

#62

Post by muyuu »

retired wrote: post #12
wazoox wrote: post #9

Earlier quoted context omitted.

England is definitely a European country. I'm tired of people constantly making this political abuse of language of conflating "the EU" with "Europe". (And yes, saying "America" for "US of A" annoys me too. First step towards losing an imperialist state of mind is letting people from Canada and Brazil be in America).

In all fairness, I deal with British tourists a lot and they always talk about "going to Europe" when they refer to their summer holiday in Benidorm.

yea but that's clear from the context

we use "going to Europe" and "going to the continent" fully aware that the UK is in Europe

Re: Netherlands pulls gold out of the US

#63

Post by thephyber »

neves wrote: post #38

When USA stole assets from Cuba and Venezuela, nobody minded. After they stole from Russia, everybody eyes opened.

Straw man fallacy. There are plenty of people who have been very concerned that both of those categories are weakening the foundations of the US-based financial system. It is likely to contribute to the migration away from the US petrodollar and the US dollar as the world reserve currency, thereby weakening all of the benefits we have because so many people use our currency.

Arguably, though, the US has been "stealing" (in the form of sanctions and frozen assets) from other countries going back more than a few decades, at least as far as Iran in 1979, so your timeline doesn't hold up.

"Stealing" is wordplay when it comes to Russia because they are at war and the things that are "stolen" are assets being frozen to help pay restitution for the war they started. And Russia would deny the oil stolen from their ships was theirs because the entire point of the "shadow fleet" is to obfuscate ownership, mix and match the fluid products, to create plausible deniability to avoid sanctions.

Re: Netherlands pulls gold out of the US

#64

Post by tchalla »

chabska wrote: post #43
sajithdilshan wrote: post #36

Earlier quoted context omitted.

What do you mean for now? There is no other alternative in continental Europe due to language barrier

Why would language matter? Anyway, Frankfurt is the next biggest financial center after London, and it tend to get the business when a firm wants to move out of London .

Yes but we Germans are too stuck up with our language barriers.

Re: Netherlands pulls gold out of the US

#66

Post by zhouzhao »

sajithdilshan wrote: post #47
chabska wrote: post #43

Earlier quoted context omitted.

Why would language matter? Anyway, Frankfurt is the next biggest financial center after London, and it tend to get the business when a firm wants to move out of London .

When it comes to being a financial hub English as a global language is paramount in modern world. You wouldn't expect a C-level executive from other side of the world to speak German. Further, if you've ever been in the financial scene in Frankfurt, it's unfortunately predominantly in German because most of the old people working in the institutions can only speak vacation English and they switch to German as soon po…

>most of the old people working in the institutions

A problem that will solve itself within the next few years

Re: Netherlands pulls gold out of the US

#67

Post by turbonaut »

bootsmann wrote: post #35
clort wrote: post #30

Interestingly, 59 tonnes of gold was sold in USA and bought in London. So that means perhaps "Somebody" transferred 59 tonnes of their gold holdings to the USA.. who was that? This is similar to what the French did last year. The other thing I noticed, is that as the article chose to mention: > Gold that is held with the Bank of England must meet modern international trade standards with implication being that the go…

Most of this is googleable but there are thousands of traders that make sure the gold price is the same globally so nobody had to “move” their gold in the reverse for this trade to work. The difference between London and the US is that the bars are of different size (12.5 vs 1kg).

The price of gold is not equal globally, there is a ‘loco swap’ price differential, reflecting the price of moving the metal, eg flights, security, tariffs that may be attracted, whether the location can service futures delivery etc

Re: Netherlands pulls gold out of the US

#68

Post by maratc »

superb_dev wrote: post #42
Brendinooo wrote: post #32

Data from a chart in the article: Share of gold before relocation: New York: 31.33% Zeist: 30.83% Ottawa: 19.72% London: 18.12% Share of gold after relocation New York: 18.52% Zeist: 30.83% Ottawa: 18.52% London: 32.13% In other words, if you read the headline and thought the Netherlands was just pulling gold out of the US and it was pulling ALL of its gold out, you're not seeing the whole story. And if you read the…

Of course the bank is not going to make a political statement, they have more important business to do. The article makes it pretty clear right at the top that the bank’s statement doesn’t mention Trump: > Experts say that rhetoric appears inherently related to the abrasiveness of the Trump administration towards traditional allies. Also, the “experts” are just right here. Are you gonna say that Trump hasn’t been thr…

This move looks like a nothingburger to me but everyone's invited to treat this as a Rorschach test and see whatever they want to see.
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