Zerohedge has just reported that the Finnish Minister for European Union Affairs, Alexander Stubb, just suggested that EU rescue funds (ESM/EFSF) could potentially partly guarantee Italy’s and Spain’s bonds if the two countries provide collateral.
And there you have it. As we informed readers nearly 10 months ago, the end game of the Euro debt crisis is a gold grab by the Nordic Euro members (Finland, Netherlands, and Germany) of the gold reserves of the Southern European nations.
We have ze cash, provided you have ze gold.
A refresher on the gold reserves of Italy, Spain, Greece, Portugal, and France:
| Rank | Country/Organization | Gold (tonnes) |
Gold’s share of national forex reserves (%)[12] |
|---|---|---|---|
| 1 |  United States of America |
8,133.5 | 76.6% |
| 2 |  Federal Republic of Germany |
3,396.3 | 73.7% |
| 3 | International Monetary Fund | 2,814.0 | N.A. |
| 4 |  Italian Republic |
2,451.8 | 73.4% |
| 5 |  French Republic |
2,435.4 | 71.8% |
| 6 |  People’s Republic of China |
1,054.1 | 01.8% |
| 7 |  Swiss Confederation |
1,040.1 | 15.3% |
| 8 |  Russian Federation |
883.2 | 09.2% |
| 9 |  Japan |
765.2 | 03.5% |
| 10 |  Kingdom of the Netherlands |
612.5 | 61.9% |
| 11 |  Republic of India |
557.7 | 09.6% |
| 12 |  European Central Bank |
502.1 | 35.0% |
| 13 |  Republic of China (Taiwan) |
422.4 | 05.9% |
| 14 |  Portuguese Republic |
382.5 | 89.2% |
| 15 |  Bolivarian Republic of Venezuela |
372.9 | 67.7% |
| 16 |  Kingdom of Saudi Arabia |
322.9 | 03.3% |
| 17 |  United Kingdom of Great Britain and Northern Ireland |
310.3 | 17.6% |
| 18 |  Republic of Lebanon |
286.8 | 32.2% |
| 19 |  Kingdom of Spain |
281.6 | 39.2% |
| 31 |  Hellenic Republic |
111.7 | 81.3% |
Source: http://en.wikipedia.org/wiki/Gold_reserve
Perhaps it would have been easier had Germany simply kept its own reserves in Germany rather than the NY Fed?
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
My Rick, I thought your problem was that the ACA wasn’t Constitutional… now that “your” right wing loaded Supreme Court has (rightfully) supported it, you want “the people to decide.”
Rick, is 2008 really that long ago that you can’t remember President Obama ran on health care reform… seems to me the people spoke loud and clear, and with a convincing mandate (unlike the last president).
Be patient friends. Remember the article about First Notice Day. We are looking at a downtrend here. If you buy at 26.50 then the risk/reward is worth it to see if we breach 26. If not, score from DOC at 26.60.
“EU rescue funds (ESM/EFSF) could potentially partly guarantee Italy’s and Spain’s bonds if the two countries provide collateral.”
Paper collateral or Physical collateral? If it is Physical, then where will this be stored?
Joke: Q: What is the closest thing to a fish’s asshole?
A: Two Finns!
I would be curious to know how much gold does the Vatican hold? They are a nation too aren’t they?
There is alot of talk on the MSM that this is all about North vs South Europe, but it’s not – the people of these countries, and even the governments (in a way), are all victims here.
SHOW ME THE GOLD!!!
ALL 8133.5 TONNES OF IT!!
Norway is not part of the EU… and they are more into usa bonds and stuff… hates gold!!
NorStack- apologies, meant Netherlands. Thanks for the catch, post updated.
They don’t have any collateral left as they already owe it all to the Elite.
It’s to bad we do not have a curent chart hear. I sure would like to see how much this has changed do to all the buying of late.
He who owns the most gold owns it all.
Not so with silver, that’s why the CBs collectively hate it so much (bar a few perhaps who are likely ready for “regime change” or “humanitarian intervention”)
R3K