While I was researching foreign exchange reserves of central banks, I found this page on the ECB’s website. Much to my surprise, the ECB has begun publishing figures on their allocated and unallocated gold reserves since August 2015: https://www.ecb.europa.eu/stats/external/reserves/html/index.en.html
Dr. Zijlstra’s Legacy and the 21st Century Renaissance of Gold
If you read the series of analyses by Dr. Jelle Zijlstra, one of the world’s most informed central bankers of his era (1967-1981), you have read a little over half a “modern book” on the historical backgrounds of the international monetary framework and the reasons for the Bretton Woods framework to collapse. My selection of translations portrays a great similarity to the extent that the essential point is repeated again and again and which is most eloquently described in Zijlstra’s autobiography of 1992: “Gold as the monetary cosmos’ sun”.
Here are my thoughts on why his analysis is highly relevant to today’s financial crisis.
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Nationalized ABN Amro offers fool’s gold
In March, Dutch nationalized banking giant ABN Amro send its trading clients a letter explaining that they have changed the conditions for precious metals trading. In their letter , the bank explains that they will no longer deliver physical precious metals (gold, silver, platinum and palladium), that they administer prices slightly differently, and that they have found a new custodian. ABN Amro suggests that clients do not have to do anything, stating “we will administer and manage your precious metals holdings in the new manner”.
Of course clients do not have to do anything, but given the new conditions , this is hardly advisable or prudent. Investors with precious metals holdings with ABN Amro are potentially facing fatal risks.