Two billion euro in gold? Nah, keep it!

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gold-bars-sprott-moneyDutchnews wrote yesterday: “The Netherlands has no plans to try to recover 60,000 kilos of Dutch gold stolen by the Nazis during WWII and sold on to Switzerland, finance minister Jeroen Dijsselbloem has told MPs.” Parliamentarians had been asking questions—it turns out the government had already decided not to ask the Swiss for the stolen gold in 2000.

An interesting story, but perhaps even more interesting is the question: does the Federal Reserve in New York still hold fifty percent of the Dutch gold reserve? According to Wikipedia the Netherlands is the country with the tenth biggest national gold reserve (654 tonnes), but half of that reserve is supposed to be in New York. When the Germans asked in 2012 whether they could come over and count their gold, they were told “no”. Germany then told the Federal Reserve it wanted some of its money back, to which the bank said it could take a while.

The American attitude has sparked rumours that the Federal Reserve has stolen the gold that a number of foreign nations have entrusted to it and is now scrambling to buy it back so that it can be returned to its owners.

(Photo by Sprott Money, some rights reserved)

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