Nov. 2010 The total volume of extracted gold worldwide is around
163,000 tonnes. Germany owns around 8%
of the global gold volumes
(approx. 12,000 tonnes) http://www.steinbeis-research.de/images/pdf-documents/KLEINE%20Financial%20Study%20-%20Gold%20Ownership%20by%20Private%20Individuals%20in%20Germany.pdf
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1-25-17 India’s people hold 24,000 tonnes of gold http://www.financialexpress.com/industry/indian-households-have-record-gold-hoard-of-rs-24000-tonnes-worth-800-bn/521155/
……………........................................................................................................................................October 6, 2007
Dear Friend of GATA and Gold:
Because of recent inquiries to GATA about the possibility of an attempt by the U.S. Government to confiscate privately held gold and silver bullion and coins and shares in companies mining the precious metals, we're republishing here the correspondence between GATA and the U.S. Treasury Department on the subject in 2005.
The Treasury Department was surprisingly candid in that correspondence, asserting the U.S. Government's authority, in declared emergencies, to confiscate precious metals and to restrict ownership of mining shares -- and to confiscate and restrict every other financial asset as well. So perhaps precious metals investors shouldn't feel too paranoid. http://www.gata.org/node/5606
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7-7-16 SEB (Skandinaviska Enskilda Banken) is the largest bank in Sweden. Tavex, the largest gold and silver bullion dealer in Sweden, has merchant accounts set up with SEB.
In the wake of the rush to gold last week, SEB decided (without giving a clear reason) that it wouldn't provide certain banking services for Tavex. This effectively strained Tavex's business and put a direct limitation on Swedish consumer ownership of gold and silver as well — particularly since Tavex is a major gold and silver dealer in Sweden.
Of course, there's no way to prove that SEB specifically intended to put any kind of restriction on the public ownership of gold in Sweden. But as a major bank and a dealer of fiat currency, SEB and gold are essentially competitors.
Here in the United States, gold's competitors are also the major banks — J.P. Morgan, Wells Fargo, Bank of America, etc. And it turns out that the big U.S. banks not only have the ability to also make things difficult for U.S. gold bullion dealers, but they're already working with the Justice Department to disrupt the business operations of those they deem fraudulent.
In 2013, the U.S. Justice Department and FDIC initiated Operation Choke Point, which targeted businesses in broad merchant categories that were deemed to have a high risk of fraud. They include:
- Payday loans and direct lenders
- Telemarketing
- Online gambling
- Firearm and ammunition sales
- Credit repair services
- Multi-level marketing operations
- Online pharmaceutical sales
- Coin and bullion dealers
At any point, any U.S. coin or bullion dealer could be targeted, and its sales disrupted. And if enough large wholesale and retail bullion dealers were targeted all at once, it could potentially limit the American public's access to gold. https://www.energyandcapital.com/articles/big-banks-can-restrict-public-access-to-gold/5519
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11-30-12 Under the coming legislation [FATCA] and possibly new supporting legislation, a declaration of assets, including gold by citizens and institutions would likely be ordered. You would think this could only apply to institutions and individuals whose gold is within the jurisdiction of the confiscating authority, but a look at the tenacity with which the I.R.S. has taken on foreign banks hiding U.S. citizen’s money overseas, shows that their tentacles reach all over the world. U.S. citizens living and working overseas –for as long as they have a U.S. passport—are liable to U.S. tax. Any foreign bank operating inside the States is liable to lose its license to bank inside the U.S. if they don’t cooperate with the U.S. monetary authorities. That’s why Swiss banks no longer want new U.S. clients. They have reviewed the proposed FATCA legislation too and are getting ready for it now. So U.S. citizen-owned, foreign-held gold remains vulnerable to any confiscation order made inside the U.S.
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7-29-17 My best estimate as of June 2017 with respect to total above ground gold reserves within the Chinese domestic market is 20,193 tonnes. The majority of these reserves are held by the citizenry, an estimated 16,193 tonnes; the residual 4,000 tonnes, which is a speculative yet conservative estimate, is held by the Chinese central bank the People’s Bank of China.
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8-31-16 China’s government structure is entirely different from western democracies. It remains communist and totalitarian. In other words, what the government says happens. Every person in an executive position will, if he has to, ‘cow tow’ to the government. A bank executive that acts like the corrupt dealers or bank executives in the U.S. or U.K., that are caught, would have been put in prison for a very long time or worse, in China, rather than the shareholders of the banks paying their fines. As a result, the government can impose monetary policy directly on institution’s executives as well as on the institution. Control over all aspects of policy in the financial world is absolute. There is no independent institution that can act free from government dominance.
The Chinese gold market is no exception:
- The government directly controls the central bank, the People’s Bank of China.
- The People’s Bank of China owns the Shanghai Gold Exchange.
- All gold imported into the country, with the exception of gold jewelry, passes through or is held in the Shanghai Gold Exchange.
- The bulk of the gold traded in the SGE remains in their vaults.
- Gold withdrawn from the SGE goes to the banks, primarily. There is now an interbank market within the SGE, allowing the banks to hold their gold within the SGE which offers the biggest and only gold bullion market in China.
- The Chinese banks are an integral part of the Chinese gold market and lie under the control of government.
- While owners of gold jewelry are outside of the government’s control, they would be more than likely to hand over their gold to the bank’s [acting as government agents] should the government require they do so. The fear of and obedience to government is considerably higher than any other large nation on the planet. http://www.mining.com/web/china-can-and-will-confiscate-gold-from-sge-banks-and-chinese-citizens-when-it-suits-them/
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