The Dutch Ask Their Central Bank: "Where Is Our Gold?"

Think Ron Paul is the only person asking questions about the actual gold supposedly backing the currency in circulation. Think again: the “ask your central banker where his gold is” tour just went global after the Dutch the Dutch Socialists Party (SP)’s spokesman for financial affairs, Mr. Ewout Irrgang, asked the Dutch Secretary of the Treasury 10 detailed questions about the gold supposedly held by the Dutch Central Bank. Questions vary from: where is the gold? why are gold and gold receivables one line item? how much gold is loaned out? As Dutch website Vrijspreker.nl points out, “This is potentially a big breakthrough for global awareness on how central banks hide crucial info from the public and the disastrous effects central banks have on society.” Is Belgium next to ask the same question in a vain attempt to understand just how much of its gold is permanently “lent out“? And after Belgium, everyone else with a central bank perhaps?

The Questions:

1 Did the Dutch Central Bank (DNB) loan part of their gold? If yes, how much and to whom?

2 Why are gold and gold loans stated as one line item in the annual report 2010 instead of mentioned as 2 separate items?

3 Can you give an overview of the yearly yields of the gold loans during the past years?

4 Where IS the physical gold of DNB? At which locations and how much is where? What is the reason that the gold is still at these locations?

5 What was the most important reason for DNB to sell the gold in the past? Are the storage costs a reason? What are the actual costs to store the gold?

6 Can you confirm that since 1991 of the 1700 tons of gold about 1100 tons have been sold? Is the remark of journalist Peter de Waard correct that because of these historic sales there is a loss of about 30 billion euro? If not correct, what is the right amount?

7 How much of the National Debt has during the past 20 years been paid off with the proceeds of the gold sales? Are you of opinion that the sustainability of the national debt will be improved by paying off the debt and at the same time selling the gold?

8 What is in your opinion the present function of the gold stock?

9 What is the relation between the size of the market of the gold stock and the size of the market of gold derivates? What are the possible consequences of this?

10 Can you confirm that recently a number of countries have even enlarged their physical gold stock? Do you have an explanation for this development?

http://www.zerohedge.com/news/dutch-ask-their-central-bank-where-our-gold

We found this on the DNB site:

http://www.dnb.nl/binaries/goudbeheer%2520van%2520DNB_tcm46-146095.pdf

You can check on page 7:

( Google translation )

In the 2003 annual report, President DNB Wellink, the Dutch announced plans for CBGA II. Apart from the overflow of 65 tonnes from the first agreement, DNB will also sell another 100 tonnes. In January 2005 with the first installment of this started. Early 2005 had DNB 777.5 tons of gold, after the sale of 165 tonnes in 2009 to 612.5 tonnes of gold held thus.

Where is the Dutch gold?

In the conversion from dollars to gold, the gold received DNB at the Federal Reserve Bank New York. This setting served as the Bretton Woods exchange counter. because the vaults of the Federal, built upon the rock of Manhattan, is the strength of the vault floor and, therefore, very much gold in the vaults are stored. Since the central banks that received the gold in their vaults often inadequate storage capacity, they let it lie in New York. The vast majority of Dutch gold stock was initially held at the Federal Reserve Bank of New York and not, as so often thought of in Fort Knox in the U.S. state of Tennessee. This safe, familiar from the James Bond film Goldfinger, is the U.S. gold stored. In addition, DNB gold lie with the Bank of Canada and the Bank of England. A small part of the Dutch gold is in the vaults of the Frederiksplein DNB in Amsterdam. The DNB gold sales have so far been mainly borne by the stock in New York.