Tuesday , November 24 2020
Home / Michael Maharrey /Fun on Friday: A Moving Nightmare

Fun on Friday: A Moving Nightmare

Summary:
I hate moving.We moved from Kentucky to Florida about a year ago. It wasn’t fun. It was stressful. I lost things.Now, imagine moving .7 billion in gold bars and coins.No thanks!But Netherlands’ central bank recently did just that. It moved 14,000 gold bars and about 1,000 boxes of gold coins.The Royal Dutch Military Police coordinated the move, because, you know, you probably don’t want to trust ACME Moving with .7 billion in gold. Those guys tend to lose things just like I did. And I’m guessing their insurance probably wouldn’t cover the loss.On a side-note, I don’t think I’d want to be the guy that has to tell some government officials, “Oops, we seem to have misplaced a box of gold coins.” The response would probably be along the lines of, “Oops, you’re going to prison.”At

Topics:
Michael Maharrey considers the following as important: , , ,

This could be interesting, too:

Mike Maloney writes The World Has Racked Up 7 Trillion in Debt

Michael Maharrey writes Fun on Friday: Finding Real Money

SchiffGold writes Stealing Our Savings: SchiffGold Friday Gold Wrap Nov. 20, 2020

SchiffGold writes Peter Schiff: We’ve Sold Our Monetary Souls to the Devil

I hate moving.

We moved from Kentucky to Florida about a year ago. It wasn’t fun. It was stressful. I lost things.

Now, imagine moving $11.7 billion in gold bars and coins.

No thanks!

But Netherlands’ central bank recently did just that. It moved 14,000 gold bars and about 1,000 boxes of gold coins.

The Royal Dutch Military Police coordinated the move, because, you know, you probably don’t want to trust ACME Moving with $11.7 billion in gold. Those guys tend to lose things just like I did. And I’m guessing their insurance probably wouldn’t cover the loss.

On a side-note, I don’t think I’d want to be the guy that has to tell some government officials, “Oops, we seem to have misplaced a box of gold coins.” The response would probably be along the lines of, “Oops, you’re going to prison.”

At least the move was a short one – just 12.5 miles from the central bank’s headquarters in Amsterdam to a safe in the nearby city of Haarlem.

Security was tight. The truck convoy was guarded by armed military police, police motorcycle outriders and a police helicopter patrolling overhead. According to a police statement, the  “carefully planned operation went smoothly and safely.”

In other words, nobody got shot. I’m pretty sure if anybody had tried to interfere with the move, shooting would have been swift and precise.

The move came ahead of the scheduled renovation of the central bank headquarters. But it’s apparently not the last stop for the country’s gold hoard. Eventually, the gold will make its home in a yet-to-be-constructed vault in the central town of Zeist.

By the way, that’s not all of the country’s gold. The Netherlands’ central bank also stores some of its gold reserves in the US, Britain and Canada.

The Netherlands’ gold-hoard ranks as the 10th-largest in the world. The Dutch only hold 612.5 tons of gold, a paltry sum compared to the US’s 8,133.5 tons. But it makes up 71.4% of the country’s monetary reserves.

Back in 2014, the Netherlands moved some of its overseas gold holdings back from the United States. This has been a growing trend. Countries want to keep their gold close to home. Can you blame them? I really like my neighbor. He brings me fresh eggs from time-to-time. But I’m not trusting him with my gold.

Anyway, that sounds like an even bigger moving nightmare – transporting gold across the ocean. Again…no thank you! But I can understand why they went through the hassle. As the saying goes, you don’t really own it if it’s not in your possession.

Gold repatriation underscores the importance of holding physical gold where you can easily access it. Gold-backed exchange-traded funds (ETFs) and “paper gold” have their place. But true security and stability come from physical possession of precious metals. That’s exactly why the Netherlands and a lot of other countries have brought their gold home.

Fun on Friday: A Moving Nightmare

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Leave a Reply

Your email address will not be published. Required fields are marked *