I'm curious the reason why it was ever held in the US and Canada
Mate look up New Amsterdam
Netherlands pulls gold out of the US
101–110 of 282 posts
Re: Netherlands pulls gold out of the US
#102Interestingly, 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…
The standards of purity have changed over time, and most of the US gold dates from before the 1930s; and so a lot of US-domiciled gold have different purities that don't follow the current international standard. The purity requirement has been going up over time. A lot of US gold is 90% gold and 10% copper, but gold traded on the international market needs to be at least 99.5% pure. Here [1] is a good breakdown. [1]…
One important detail here.
When you buy gold, you purchase based on the amount of gold, not the total amount of alloy. This is true in both markets. This difference in standard is practically not a big deal because you very rarely physically move the gold, as moving gold requires a lot of security and is a risk.
Re: Netherlands pulls gold out of the US
#103Interestingly, 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…
USA & Canada I know the above was in the article, but please never mention the US and Canada in the same breath. Please. That & symbol just irritates. From a Canadian's perspective, it's like mentioning a sophisticated, decent human being, and a slimy smarmy used car salesman, in the same breath. Please.
West coast calling:
What if you annexed us? We have beaches and it’d more than double your economy.
Re: Netherlands pulls gold out of the US
#104For those seeking a more level-headed view, the Fed reports on foreign-owned gold monthly. Going back a couple of decades: Month Book value ($M) Tonnes July 2006 8,967 6,606 July 2011 8,412 6,197 July 2016 7,883 5,807 July 2021 7,794 5,742 July 2026 7,812 5,755 The linked report is talking about a change of 1.5% from the latest-reported total amount in tonnes.
July 2021 7,794 5,742 July 2026 7,812 5,755 Gold prices have exploded between these two dates. Am I missing something?
The table says book value. So might not be the market value of gold.
Re: Netherlands pulls gold out of the US
#105They want to see how much of it is gold plated tungsten, good for them!
That only gets discovered when all of it is pulled
If there is dodgy stuff happening in the US it makes sense to keep the grift going as long as possible
Re: Netherlands pulls gold out of the US
#106Data 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…
You need to read 2.5 sentences into your link to see that it matches the headline of this thread:
De Nederlandsche Bank (DNB) has improved the tradability of its gold reserves by transferring part of the gold holdings from New York and Ottawa to London. This ensures that DNB is better prepared for severe crises.
In view of increasing geopolitical unrest, DNB is strengthening…
Re: Netherlands pulls gold out of the US
#107Interestingly, 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…
You're reading way to much into this. Physical gold bars are transferred via plane between London and New York every day. The gold flies in the cargo holds of regularly scheduled commercial passenger flights. The quantity transferred depends on demand, and could be several metric tons daily. This is nothing unusual. Dubai is another major gold transfer hub, and it operates via the same mechanism. Regarding the articl…
Is gold really sufficiently fungible to enable daily bidirectional sizable flows across the Atlantic, but not fungible enough to allow somebody to net these flows out and save at least one way of the airfare?
Re: Netherlands pulls gold out of the US
#108Earlier quoted context omitted.
> I'm curious the reason why it was ever held in the US and Canada Random Educated Guess; Probably part of some show of mutual trust to cement a treaty or other agreement, made way back when allied governments could mostly trust one another to hold to such agreements somewhat reliably?
Eh I don’t think that’s a good guess. More likely is that there are just mechanical reasons to have moved some (they didn’t move all of it by the way) gold to London. Plus it’s not that much money in the grand scheme of things. Your implication here is something akin to the Netherlands thinks the US will invade Canada - remember the Dutch moved gold from there too, or that the US will decide to seize the Netherland’s…
> dramatic scenario wouldn’t result in the US compelling the UK to also seize those assets?
The US can demand that we seize other people's gold, but if we acceded then it's game over for our financial industry - London is an important financial centre today but if it's actually just New York but on the far side of the Atlantic who cares?
My guess is that the UK would say "No" and since that's presumably a demand from the Orange Buffoon not somebody sane the next thing would be an order to attack us militarily, which is strikingly dumb in this circumstance. Of course the US can destroy Britain though it might not be as easy in practice as it looks on paper - but the bloodshed would be horrific and all the victims speak English and have Internet access.
Bombing a girl's school in Iran looks like a PR master stroke by comparison.
Re: Netherlands pulls gold out of the US
#109Earlier quoted context omitted.
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
Agree, the younger generation, or at least every young German (mostly millennials/GenZ) I’ve met is completely fluent in English, almost like native English speakers.
Some even with an American accent which they picked up by watching YouTube videos
Re: Netherlands pulls gold out of the US
#110Earlier quoted context omitted.
The standards of purity have changed over time, and most of the US gold dates from before the 1930s; and so a lot of US-domiciled gold have different purities that don't follow the current international standard. The purity requirement has been going up over time. A lot of US gold is 90% gold and 10% copper, but gold traded on the international market needs to be at least 99.5% pure. Here [1] is a good breakdown. [1]…
One important detail here. When you buy gold, you purchase based on the amount of gold, not the total amount of alloy. This is true in both markets. This difference in standard is practically not a big deal because you very rarely physically move the gold, as moving gold requires a lot of security and is a risk.
> requires a lot of security and is a risk
and has a cost