Turkey repatriates all gold from the FPSA in attempt to ditch the dollar!

on . Posted in Articles of Interest

ISTANBUL, Turkey (PNN) - May 20, 2018 - After Venezuela, Germany, Austria, and The Netherlands prudently repatriated a substantial portion (if not all) of their physical gold held at the New York Fed or other Western central banks in recent years, one month ago Turkey announced that it too has decided to repatriate its gold stored in the Fascist Police States of Amerika Federal Reserve and deliver it to the Istanbul Stock Exchange.

It wouldn't be the first time Turkey has asked the NY Fed to ship the country's gold back: in recent years. Turkey repatriated 220 tons of gold from abroad, of which 28.7 tons was brought back from the FPSA last year.

Now the repatriation is complete with the Turkish central bank withdrawing all of its gold reserves from the U.S. due to the "tense political situation." However, in a strange twist, instead of moving the physical gold to Istanbul as the Turkish press reported in April, around 19 tons of Turkish gold is now stored at the Basel-based Bank for International Settlements.

It was not immediately clear why Turkey would shift its gold from the NY Fed to the BIS, whose historical "gold rehypothecation" tendencies have been well documented over the years.

According to the latest International Monetary Fund data, Turkey’s total gold reserves are estimated at 596 tons in May, up 5 tons since April, and worth just under $23 billion, rising 40% over the past year. This makes Ankara the 11th largest gold holder, behind The Netherlands and ahead of India.

Turkey's gold repatriation comes at a sensitive time for Turkey's currency, the lira, which has been pounded for the past month and plunged to all time lows against both the dollar last week amid double-digit inflation in Turkey, as the central bank continues to be terrified of Turkey President Recep Tayyip Erdogan, and refuses to raise rates.

Meanwhile, Erdogan has taken a tough stance against the FPSA currency, criticizing dollar loans and stating that international loans should be given in gold instead.

“I made a suggestion at a G20 meeting. I asked why we make all loans in dollars? Let’s use another currency. I suggest that the loans should be made based on gold,” Erdoğan said during a speech at the opening ceremony of the Global Entrepreneurship Congress in Istanbul on April 16.

In what some saw as an appeal for a gold standard by the Turkish president, Erdogan added, “With the dollar the world is always under exchange rate pressure. We should save states and nations from this exchange rate pressure. Gold has never been a tool of oppression throughout history."

Turkey has been one of several countries that have moved their gold from the world's biggest, and allegedly most secure gold vault, that located 95 feet below sea level at 33 Liberty Street in Manhattan, better known as the New York Fed.

The repatriation wave began in 2012, when Venezuela announced it was withdrawing all of its 160 tons of gold at the NY Fed, valued at around $9 billion. Germany’s Bundesbank then demanded 300 tons be returned, with the Fed saying it would take seven years to do so; a scrambling Germany was able to complete the process 3 years ahead of schedule. The Netherlands has also repatriated 122.5 tons of gold.

As a result, according to the latest Fed data, the amount of physical gold stored at the NY Fed has dropped to the lowest on record, or 5,750 tons, following a withdrawal scramble that started in 2014 and continued until the end of 2016. After a 15-month hiatus, withdrawals resumed in 2018, with 28 tons of gold repatriated between January and March.

“The central banks started the repatriation a few years ago, meaning before we had Brexit, Catalonia, Trump, AFD, or the rising tensions between the Politburo in Brussels and the nations of Eastern Europe,” Claudio Grass of Precious Metal Advisory in Switzerland said recently.

According to him, the world is becoming less centralized. “If we follow this trend, it should be obvious that the next step should be an even bigger breakup into smaller units than the nation state. With such geopolitical fragmentation comes also the decentralization of power."

Perhaps, but until that happens, the NY Fed still holds the world hostage thanks to its custodial holdings of 5,750 thousand tons of foreign-owned gold.

Eulogies

Eulogy for an Angel
1992-Dec. 20, 2005

My Father
1918-2010

brents dad

Dr. Stan Dale
1929-2007

stan dale

A. Solzhenitsyn
1918-2008

solzhenitsyn

Patrick McGoohan
1928-2009

mcgoohan

Joseph A. Stack
1956-2010

Bill Walsh
1931-2007

Walter Cronkite
1916-2009

Eustace Mullins
1923-2010

Paul Harvey
1918-2009

Don Harkins
1963-2009

Joan Veon
1949-2010

David Nolan
1943-2010

Derry Brownfield
1932-2011

Leroy Schweitzer
1938-2011

Vaclav Havel
1936-2011

Andrew Breitbart
1969-2012

Dick Clark
1929-2012

Bob Chapman
1935-2012

Ray Bradbury
1920-2012

Tommy Cryer
1949-2012

Andy Griffith
1926-2012

Phyllis Diller
1917-2012

Larry Dever
1926-2012

Brian J. Chapman
1975-2012

Annette Funnicello
1942-2012

Margaret Thatcher
1925-2012

Richie Havens
1941-2013

Jack McLamb
1944-2014

James Traficant
1941-2014

jim traficant

Dr. Stan Monteith
1929-2014

stan montieth

Leonard Nimoy
1931-2015

Leonard Nimoy

Stan Solomon
1944-2015

Stan Solomon

B. B. King
1926-2015

BB King

Irwin Schiff
1928-2015

Irwin Schiff

DAVID BOWIE
1947-2016

David Bowie

Muhammad Ali
1942-2016

Muhammed Ali

GENE WILDER
1933-2016

gene wilder

phyllis schlafly
1924-2016

phylis schafly

John Glenn
1921-2016

John Glenn

Charles Weisman
1954-2016

Charles Weisman

Carrie Fisher
1956-2016

Carrie Fisher

Debbie Reynolds
1932-2016

Debbie Reynolds

Roger Moore
1917-2017

Roger Moore

Adam West
1928-2017

Adam West

JERRY LEWIS
1926-2017

jerry lewis

HUGH HEFNER
1926-2017

Hugh Hefner

PROF. STEPHEN HAWKING
1942-2018

Hugh Hefner 

ART BELL
1945-2018

Art Bell

DWIGHT CLARK
1947-2018

dwight clark