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Gold repatriation movement arises in Finland
10p ET Saturday, September 14, 2013
Dear Friend of GATA and Gold:
A gold repatriation movement has sprung up in Finland just two weeks after such a movement arose in Poland:
The Finnish movement's Internet site is here --
-- and our friend Ilkka Hikipaa, CEO of gold dealer KultaEeva Oy, kindly provides the translation of the movement's announcement that is appended here.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Referendum to Bring Finland's Gold Back to Finland
Objective: To execute a referendum, the purpose of which is to determine the will of the people of Finland to return Finnish gold reserves back to Finnish soil.
Time for the vote: At the latest May 2014.
The referendum will ask the following question: Should Finland bring its gold back to Finland? The voter should answer either yes or no.
... Dispatch continues below ...
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Gold is a strategically important asset and insurance for the country to use to ensure its currency system. During earlier currency crises, time after time gold has been the tool used to stabilize the currency's value. This stabilization restores trust in the currency. It is impossible to print more gold as you do with paper money and this is why gold is a perfectly solid way to stop the currency system from collapsing.
Finland has 49.1 tons of gold. This national heritage is spread all over the world but mostly kept at the Bank of England. Most of Finland's gold is kept outside of Finland.
Venezuela and Germany recently have made the decision to bring their gold back home and many other countries are seeing initiatives to do the same. This tells us that governments are getting ready for a currency crisis.
Germany is bringing back its gold assets kept in the United States, which will take approximately seven years. Why delivery should take so long has not been explained but it could be a sign of difficulties.
The gold markets are leveraged so much that if all people who hold contract claims to gold decided to convert their contracts into physical gold, there would not be enough gold to go around. There are far more claims to gold than there is gold itself. If more governments decide to bring their gold back to home soil, the last ones to do so could end up empty-handed.
The only way for a country to use gold as insurance for its currency is if the gold is actually in its possession. When Finland's gold is kept in Finland there will be no counterparty risk. When the gold is held in another country there will always be the risk of that country seizing the gold in case of an emergency. Gold is needed more than ever in case of an emergency.
The people of Finland have never been asked whether Finland should keep and hold its gold on its own. This is relevant now as the gold markets are changing significantly and the performance of currencies is unsure.
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