And….It’s Gone!

On the heels of an interview I posted of Eric Sprott saying we have a Gold shortage, comes this news from Austria:

Since 2007 Austria’s national bank has had a constant reserve of around 280 tons of gold; 224.4 tonnes (around 80%) of Austrian gold reserves were in the United Kingdom, around 6.9 tonnes (around 3%) are in Switzerland, and around 48.7 tonnes (around 17%) are in Austria itself.

“The bank said that the reason to store gold abroad was that because in a time of crisis it could be speedily traded.  Through leasing of its gold the Austrian National Bank has in the last 10 years earned around 300,000,000 euros.”

Leasing means they leased the Gold to a third party receiving an interest rate. The third party sold the Gold, capping the Gold market, and investing the proceeds.  If there is a Gold shortage and Austria wants to repatriate its Gold from the leasee, how does the leasee get the Gold back? Hate to say it Austria, but “Its Gone!”

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