Gold Fever! Now The French Seek Return Of Their Gold
by Aeneas Georg
WOW! That didn’t take long. Not three days after the Dutch National Bank announced it had managed to get 122 tons of gold back from Uncle Sam, detailed here, the leader of France’s largest party, Marine Le Pen of the National Front, has demanded – via an open letter to the governor of the French central bank – the repatriation of France’s gold.
News about this open letter is nowhere to be found on a Google news search (in French), only on the web site of Le Front National.
Yes, the mainstream media in France, just like in the US, only tells the people what it wants them to hear – usually via the ‘left’ and ‘right’ wings of the one-party oligarchial state system, cleverly presented to electorates as if they were two separate parties. Thus the puppet in France changes from Sarkozy to Hollande, just as in the US it changed from Bush 2 to Obama. Same circus, same BS! And hence no news about this important letter.
Marine Le Pen asked for the full audit of all French gold, including tests for purity, quantity and where it is stored. She would like to see 20% of foreign currency reserves kept in gold, which is what the Swiss are asking for too. She also sees it as decisive for France’s future and, unlike the Dutch, is fully aware that ‘cold war hysteria’ is being used to thwart the ‘threat’ of the Western countries developing economic ties with the BRICS countries.
Here is the letter in full, translated into English:
Mr Christian NOYER
Governor of the Bank of France
31 rue Croix des Petits-Champs
75049 PARIS cedex 01
Nanterre, November 24, 2014
Open letter to Mr. Christian Noyer on the gold reserves of France
On behalf of the French, and in my capacity as the main leader of the opposition, I have the honour to write to you, because it is my duty to present to you a query on the gold reserves of France, within the best interest of our nation.
Even before the outbreak of the crisis in 2008, the National Front had anticipated and informed the political institutions of the aggravation coming of the macro-economic and geopolitical context. In the framework of the increasingly right-wing economic model adopted by France under pressure from Brussels, no economic fundamentals can improve sustainably. All French people can see that the austerity policies demanded by the European Union and the ECB and carried out by the government are a proven failure and have been serious for our country.
The monetary institution you lead has a historic mission to be the central bank depositary of the national monetary reserves, including gold reserves. According to our strategic vision and sovereignty, they do not belong neither to the State nor to the Bank of France, but the French people and also serve as the ultimate guarantee for the public debt and our money.
In the cold war, where money is played between the western countries and the BRICS countries, gold is gradually picking up an important role. According to the World Gold Council, the official reserves of gold from China, India and Russia increased significantly between 2007 and 2013.
For these reasons, and in light of the rapid increase of global systemic risks, it is of the utmost importance to the future solvency of our nation to engage, by mid-2015, a detailed auditing, the results of which will be the subject of a report. This report will have to obtain the macro-prudential validation of the French authorities, CAPRA, etc and then will be made public during the year.
This comprehensive audit should contain :
- a complete inventory of the quantities of physical gold, currently displayed at 2,435 tonnes, as well as their quality (serial number, purity, bars of ‘Good Delivery’ etc.), conducted by an independent French body (to be defined). This inventory, under the control of an ombudsman, will need to indicate the country in which the gold reserves are stored, in France or abroad.
- A census of any contract of financial commitment, official or secret, vis-à-vis banks and private companies, or bilateral loans between France and national or international institutions, having secured the gold of France in order to ensure the rescue of the euro. In this case, the comprehensive audit shall contain the terms and conditions of contracts of employment, or loans.
By the way:
- On the 30th of November, a vote will be held in Switzerland following a request for a referendum on the popular initiative “Save Switzerland’s gold” by the UDC party (Democratic Union of the Centre), which calls for the repatriation of their gold reserves to their land.
- It is understood, at the request of some advised national central banks, that this campaign phenomenon for the “return of the gold reserves” under national and democratic control exists since 2013 in Germany (Bundesbank), Poland etc.
- It is understood that the Dutch central Bank has recently indicated that it had repatriated 122.5 tons of gold.
- It is understood that, on May 19, 2014, the Bank of France, siding with other central banks in the Eurosystem, announced that it has signed the Washington agreement on gold sales, CBGA 4 (Gold sales Under the Central Bank Gold Agreements), which does not provide quotas on sales during this five-year period (2014 to 2019), in contrast to the three previous agreements.
- It is understood that the Bank of France has already, independently, conducted in the framework of the CBGA 2 agreement, gold sales in 2004 as decided by Nicolas Sarkozy, then Minister of Economy and Finance during the Raffarin government.