Bank of Greece Governor Yiannis Stournaras: “47% of Greece’s gold is in the treasury of the Bank of Greece” – Where is the other 53%?

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Question “Why is 53% of Greece’s gold stored outside the country?” emerged today after Bank of Greece Governor Yiannis Stournaras confirmed that “Only 47% of Greece’s gold is in the vault (an updated vault since it was opened today) of the Bank of England.”

“47% of the gold is stored in Greece, and the rest is divided between the US (29%), UK (20%) and Switzerland (4%)” – noted the head of the central bank.

But why is this happening? No country other than Greece has such a share of its national wealth abroad. It is also not just a matter of loan guarantees under the Memorandum.

Greece’s gold reserves were reported to be 112.75 tonnes in the third quarter of 2016, up from 112.72 tonnes in the second quarter of the same year.

Between 2000 and 2016, Greece’s gold reserves averaged 114.09 tons.

During this period, reserves reached their maximum value in the fourth quarter of 2000 – 132.56 tons, and the minimum – 107.21 tons for the same period in 2003.

Whether this amount represents the total amount of Greek gold or only those reserves found in Greece is unknown.

On December 31, 2012, the then Minister of Finance G. Stournaras and the current Governor of the Bank of England stated in a written address to Parliament that “As of 12/31/2012, natural gold reserves amounted to 3,760 thousand ounces worth 4.74 billion euros, of which half is stored in the Bank of England, and the rest in the Federal Reserve Bank of New York in the USA, the Bank of England and Switzerland.”

Two years later, according to the balance sheet as at 31/12/2015, the assets of the Bank of Greece included “gold and gold receivables” in the amount of 4,655,876,333 euros (compared to 4,720,522,384 in 2014). Its weight was 148.8 tons.

Thus, more than half of Greece’s gold is in the US, UK and Switzerland (UBS bank). Why half of this amount is outside Greece is not specified.

Only German gold was kept outside Germany (USA, France and UK) as long as there was a risk of war and Soviet offensive, but it has now been returned.

Essential element: Greek gold in Britain, i.e. 20% (should be considered already written off from reserves and will never be returned to the country! (More details in the publication Where did Greece’s gold reserves go?)

The British retained him ase “military expenditures of Greek troops in the Middle East” during World War II, although Greece did not officially recognize its loss, and technically it belongs to us, but was actually confiscated by Britain!

Also, an important unanswered question is, has anyone seen the gold stored outside of Greece? No! There is no mention of stock counting and re-verification by any competent authority.

The only factual data is this:

• There is no explanation why gold is currently stored outside of Greece.
• There is no evidence that gold is stored in Greece.
• There has been no official re-examination to determine whether these reserves are in fact… gold.
• Gold, at least foreign, can be seized by creditors in the event of a final break under the terms of the 2nd memorandum of February 2012.
• Greek gold suffered losses.
• It is stored in undisclosed quantities in three foreign countries.
• There is no plan to return gold stored outside the country.
• Twenty tons were sold in 2003 to be converted into bonds (paper instead of gold).
• Some Greek gold is held by the ECB as part of the euro.
• On average, Greek gold reserves stand at 112 tonnes, worth €4.7 billion.
• Finally, the future of Greek gold is questionable, as the CBE is sparing in reporting its condition and exact volumes.
• The Central Bank’s gold is the property of the Greek people, but no politician is interested in it.

Will the gold be repatriated back to Greece? Never! Gold stored in Britain since World War II has already been confiscated (as if Greece were not an ally of Britain). This is perhaps the most revealing element of the loss of national sovereignty…

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