Dutch Bank Won't Deliver
March 25, 2013
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This article was originally printed in Numismatic News.
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In letters received by customers of the large Dutch bank ABN Amro over this past weekend, the bank announced a customer service policy change taking effect on Monday, April 1.
Currently, the bank has stored physical gold, silver, platinum, and palladium for their customers. Beginning next week, the bank will no longer allow customers to take physical delivery of the precious metals that they own and are stored at the bank.
But now some in the state, including Perry, are looking to put their money where their mouths are. Literally.
Perry and some in the Texas legislature want to bring the roughly $1 billion worth gold held by the state university system’s investment fund onto Texas soil, rather than in its current resting pace in a vault in New York.
Netherlands: Hey, Let’s Bring Our Gold Home
Reports are coming in that the Dutch Christian Democratic Appeal party on Wednesday formally addressed the issue of repatriating the Netherland’s gold reserves, according to a (loosely translated) report from rtl.com cited by both Seeking Alpha and noted economist Jim Rickards:
“Part of the Dutch gold stock is now in the basement of the De Nederlandsche Bank in Amsterdam,” the rtl.com report explains. “[The] Netherlands has 24 billion in gold. Only 11 percent of it is actually in the Netherlands.”
“The rest [was moved] just before the Second World War,” the report adds, noting that since being moved in 1938, 18 percent of the Netherland’s gold has been kept in London, 20 percent in Ottawa, and over half (51 keep) “deep under Manhattan in New York City.”
And for those of you who didn’t know, the Dutch actually have quite a bit of gold to their name:
Germans Want Gold at Home
January 22, 2013
Last Wednesday, the Bundesbank, Germany’s central bank, confirmed reports that it would recall some of its gold reserves now held outside its borders. Of the total 109 million ounces of reported physical gold reserves, the highest of any central bank other than the Federal Reserve, only 31 percent are currently in the Bundesbank vaults in Frankfurt am Main.