Close X Cookies are necessary for the proper functioning of By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...

Clamor about gold reserves prompts leasing disclosure by Austrian central bank

IMG Auteur
Published : November 23rd, 2012
678 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
Our Newsletter...





Dear Friend of GATA and Gold:

Germany's clamor and agitation about the integrity of national gold reserves are spreading into Austria, where two national newspapers headquartered in Vienna, Die Presse and Der Standard, this week raised questions about Austria's national gold and even prompted a response from the country's central bank, the Oesterreichische Nationalbank (OeNB).

Die Presse's report, in German, is here:

Der Standard's, also in German, is here:

Der Standard also has published what appears to be a report on the issue by the Austria Press Agency, the country's independent press association, which GATA consultant Dimitri Speck has translated into English and is appended. The APA report is notable for its inducing the OeNB to disclose details about its gold leasing, supposedly now down to 16 percent of the Austrian gold reserve, and for recognizing that a fractional-reserve gold banking system may jeopardize the return of leased gold.

Thus there seems to be increasing understanding internationally of GATA's complaint about the Western central bank gold price suppression scheme.

Yesterday's report from the English-language Austrian Times in Vienna, which appears to have drawn its content from the two newspaper reports cited above and which was dispatched to you --

-- quoted the Austrian National Bank as claiming to have earned E300 million from leasing its gold over the last decade. This has seemed extraordinarily high to GATA's brain trust and may be an indication that the bank was leasing everything it had and maybe even gold it didn't have.

In any case your secretary/treasurer today corresponded in some detail with a reporter for the Austria Press Agency who seems interested in pursuing a story about the country's gold reserves. Let's pray for his career and even for his safety.

Sorry for not being clearer and more detailed about all this. While our German friends lately have been performing the most heroic service on behalf of free and transparent markets and limited, accountable government, we are always terribly intimidated by the German language, as was Mark Twain, who wrote that "it ought to be gently and reverently set aside among the dead languages, for only the dead have time to learn it."

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

16 Percent of National Gold Leased Out

From Der Standard
Vienna, Austria
Thursday, November 22, 2012

According to a newspaper report at the beginning of the last decade up to 80 percent [of Austria's gold reserves] was leased to the bullion banks.

The Oesterreichische Nationalbank (OeNB) has broken a taboo and reported on Thursday that currently only 16 percent of its gold holdings are leased. A spokesman for the central bank confirmed a report of the daily newspaper Die Presse.

According to the newspaper report at the beginning of the last decade up to 80 percent was leased to the bullion banks.

When Ewald Nowotny replaced [central bank] Governor Klaus Liebscher in 2008, probably still about 50 percent of the national gold was leased out.

The question is important insofar as several experts consider the gold market as a fractional-reserve system, in which up to 100 kilograms of gold claims are traded for 1 kilo of the physical precious metal. Should an event similar to a "bank run" take place, the return of leased gold would be at risk. -- APA, November 22, 2012.

* * *

Join GATA here:

Vancouver Resource Investment Conference
Sunday-Monday, January 20 and 21, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada< target="_blank"br>

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:



Companies Mentionned : Bullion | Gold Holdings | Gold |
Data and Statistics for these countries : Austria | Canada | Germany | All
Gold and Silver Prices for these countries : Austria | Canada | Germany | All
<< Previous article
Rate : Average :5 (1 vote)
>> Next article
Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
WebsiteSubscribe to his services
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
I Wish Nobody Was Bombing Syria
06 OctJ T.
Dear Ron "wish the American people would finally demand that their government end its destructive policy of trying to change any regime ...
06 OctS W.
Good Call. I am saying the same on nearly all his articles. To wit, he has been and remains totally wrong about the PM's for years.
05 Octovertheedge1
"To wit, the “sixth sigma” similarity of Tuesday, Wednesday and Thursday’s silver and “Dow Jones Propaganda Average” charts." When you tro...
Not Enough Gold To Pay All Holde...
03 OctDirk
Have a look at this
Another Case of Market Manipulat...
02 OctDirk
I have studied manipulation by central banks and cannot find any strong evidence that there is manipulation.
Gold and Silver Update
29 Sepjustatrader
Hi Florian, good analysis. But don't you think have a stop at 1120 would be detrimental to the longer term upside bias? It is a great level of supp...
Congress and the Fed Refuse to L...
29 Sepsonora691
Great idea!! Audit the Fed, and while we're at it, let's get someone to audit the gold vaults in Fort Knox and at the Federal Reserve's gold storag...
In Defense of Gold
29 Sepsonora69-1
In 1933, President Roosevelt outlawed the ownership or possession of monetary gold by any US individual, partnership, association or corp...
Most commented articlesFavoritesMore...
World PM Newsflow
Mining Company News
Tribune Res.(Ag-Au)TBR.AX
Notice of Annual General Meeting/Proxy Form
AU$ 4.10+0.00%Trend Power :
Corporate news
Black HillsBKH
3:41 am Black Hills Corp raises its FY15 EPS guidance
US$ 43.59+2.35%Trend Power :
Corporate news
Goodrich Petroleum(Ngas-Oil)GDP
Goodrich Petroleum Announces Private Exchange Transactions for Convertible Senior Notes
US$ 0.77+1.32%Trend Power :
Corporate news
Carmanah Tech CorpCMH.TO
Carmanah Releases Preliminary Financial Results for Q3 2015
CA$ 5.75+8.49%Trend Power :
Corporate news
Black HillsBKH
Black Hills Corp. Raises 2015 Earnings Guidance and Announces Analyst Day Presentation Topics
US$ 43.59+2.35%Trend Power :
Corporate news
Impact Silver(Ag-Au-Cu)IPT.V
IMPACT Silver Provides Update on New Capire Mineral Resource Study
CA$ 0.16+0.00%Trend Power :
Corporate news
Bankers Petroleum(Oil)BNK.TO
Edited Transcript of BNK.TO earnings conference call or presentation 7-Oct-15 12:30pm GMT
CA$ 2.36+5.83%Trend Power :
Corporate news
Cheniere Energy(Oil)LNG
LNG Bust Could Last For Years
US$ 53.28-1.37%Trend Power :
Corporate news
Callon PetroleumCPE
4:18 pm Callon Petroleum announces that the borrowing base under its senior secured revolving credit facility was increased by 20% to $300 mln
US$ 9.09+1.34%Trend Power :
Corporate news
Callon PetroleumCPE
Callon Petroleum Company Announces 20% Increase in Borrowing Base
US$ 9.09+1.34%Trend Power :
Corporate news
Comments closed