Italians send their gold to safety

P

Peter

Well-Known Member
Quote from article

Italy exported a total of 120 tonnes of gold to Switzerland last year a 65pc jump from the amount exported in 2010. Around half of the total was exported in the final quarter of 2011, when fears over Italy's financial stability were at their height.

The rise in February is the latest step in a trend that continued into the new year. Istat said in January that sales of gold rose 34.6pc compared with the same month the year before.

http://www.telegraph.co.uk/finance/...d-bars-now-Italys-fastest-growing-export.html
 
Peter said:
Quote from article

Italy exported a total of 120 tonnes of gold to Switzerland last year a 65pc jump from the amount exported in 2010. Around half of the total was exported in the final quarter of 2011, when fears over Italy's financial stability were at their height.

The rise in February is the latest step in a trend that continued into the new year. Istat said in January that sales of gold rose 34.6pc compared with the same month the year before.

http://www.telegraph.co.uk/finance/...d-bars-now-Italys-fastest-growing-export.html
Click to expand...

I wonder why the Italians sent their gold to Switzerland, and not to the USA? Surely the USA would provide much more secure storage from any "bad guys" in the event of international turmoil (whether military or financial) :)
 
I read that hotels adjoining the borders of Italy have installed safety deposit boxes and they are in quite high demand - from Italians.
 
Switzerland minds lots of dictator's gold and never gives it to anyone else, so fairly safe. They even kept gold seized by nazis from the jews for an inordinate time, even after it became obvious the plunderers were unlikely to collect it. Ditto for the jews who thought they'd collect their gold in Switzerland after crossing the border.
http://history1900s.about.com/library/holocaust/aa072397.htm

Trustworthy bunch the Swiss. The popes agree too.
Swiss_Guard.jpg

Source:http://en.wikipedia.org/wiki/File:Swiss_Guard.jpg
 
JulieW said:
Switzerland minds lots of dictator's gold and never gives it to anyone else, so fairly safe. They even kept gold seized by nazis from the jews for an inordinate time, even after it became obvious the plunderers were unlikely to collect it. Ditto for the jews who thought they'd collect their gold in Switzerland after crossing the border.
http://history1900s.about.com/library/holocaust/aa072397.htm

Trustworthy bunch the Swiss. The popes agree too.
http://en.wikipedia.org/wiki/File:Swiss_Guard.jpg
Source:http://en.wikipedia.org/wiki/File:Swiss_Guard.jpg
Click to expand...

Unfortunately the wonderful US and UK etc are trying to undermine and destroy this Swiss neutrality and code of banking.

Edit to add: Underneath that ridiculous garb are trained killers (I hope) :lol:
 
JulieW said:
Switzerland minds lots of dictator's gold and never gives it to anyone else, so fairly safe. They even kept gold seized by nazis from the jews for an inordinate time, even after it became obvious the plunderers were unlikely to collect it. Ditto for the jews who thought they'd collect their gold in Switzerland after crossing the border.
http://history1900s.about.com/library/holocaust/aa072397.htm

Trustworthy bunch the Swiss. The popes agree too.
http://upload.wikimedia.org/wikipedia/commons/b/bd/Swiss_Guard.jpg
Source:http://en.wikipedia.org/wiki/File:Swiss_Guard.jpg
Click to expand...

Michelangelo designed those uniforms.
Correction:just looked it up.
Common misconception Mich designed them.
"It is mainly thanks to Commandant Jules Repond (1910-1921), who was gifted with an exceptionally fine taste for colours and shapes, that the Swiss Guards wear such fine dress today."

http://ikangaroo.com/2008/09/26/tour-myth-buster-michelangelo-and-swiss-guard-uniform/
 
Switzerland has a history of lots of money going in during "difficult times". It seems to stay there afterwards.
 
Yep, Italy is desperate.

The license fees (permits) for a bus to travel into an old town has increased. Yesterday I was in Venice. It was E$175 Euros for the fee in December. My tour guide had to pay E$350 Euros. 100% increase? wow. Even he was shocked.

They are trying to fleece tourists in every way.

Heading over to Switzerland today, they are shipping it there because its closer (4 - 8 hours drive from Milan).

Slam
 
Slam said:
Heading over to Switzerland today, they are shipping it there because its closer (4 - 8 hours drive from Milan).

Slam
Click to expand...
For what it is worth, seriously consider looking into opening a Swiss bank account whilst you are there. It may hold you in good steed, in the future.
 
lucky luke said:
I wonder why the Italians sent their gold to Switzerland, and not to the USA? Surely the USA would provide much more secure storage from any "bad guys" in the event of international turmoil (whether military or financial) :)
Click to expand...

That's a joke obviously :lol: As we all know, the US has shown everyone, that if there is one thing they cannot be trusted with, its gold. This is why the US cannot realistically ever go back to a gold standard... "Fool me once, fool me twice... no sorry but I don't believe your lies this 3rd time around, Mr Uncle Sam." Uncle Sam is a proven mythomaniac with regards to gold, and they can never ever be trusted again with a gold standard.
 
I think you can open bank accounts at Swiss post offices fairly easy if you're there in person - but they're not anonymous as implied in the movies.
 
Peter said:
Italy exported a total of 120 tonnes of gold to Switzerland last year
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Gees if that's the declared amount imagine how much is really being shifted.
 
For the sake of discussion - if the world total gold reserves turn out to be be 10% of whats truly out there ie there is an over abundance of physical, what would it do the POG at 10 times stated?
Would we still see $5000 an ounce gold?
 
systematic said:
For the sake of discussion - if the world total gold reserves turn out to be be 10% of whats truly out there ie there is an over abundance of physical, what would it do the POG at 10 times stated?
Would we still see $5000 an ounce gold?
Click to expand...

Do you think scarcity is ruling the market right now?
 
Dogmatix said:
systematic said:
For the sake of discussion - if the world total gold reserves turn out to be be 10% of whats truly out there ie there is an over abundance of physical, what would it do the POG at 10 times stated?
Would we still see $5000 an ounce gold?
Click to expand...

Do you think scarcity is ruling the market right now?
Click to expand...

No, i think paper markets are holding it within limits right now. I was thinking in the event when paper markets fail ie the Ponzi scheme collapses due to a loss of confidence in the system and was wondering what the corrected gold price would be if much more gold was announced as we go through the process of "price discovery".
 
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