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10 Countries With The Biggest Gold Reserves




10 Countries With The Highest Gold Reserves

According to the World Gold Council (WGC), 2015’s second half was responsible for the most vigorous purchasing of gold on record.

The combined tons added last year totaled 483 tons globally.

China and Russia were noted to be the most active buyers.

This activity resulted in the second largest yearly amount seen since the 1930s.

As of 2010, a global change began taking place.

Central banks became net buyers of gold rather than net sellers of gold.

The graph below shows this:


The buying does not mean that all top banks have turned to net buyers.

The Bank of Canada, for example, has already liquidated almost all its gold.

The liquidation was accomplished through coin sales.

Venezuela is following close behind to settle national debts.

The majority of central banks worldwide are currently repatriating and accumulating gold.

According to the World Gold Council, 17.8 % of all of the precious metal ever mined is now owned by the combined world central banks.

They are reported to own 32,754 tons as of this month.

Quick schemes for printing money, bond-buying programs, and almost zero interest rates or even interest rates in the negative are on the rise adding to the unconventional monetary policies.

These systems have become more notable since the financial crisis.

The gold-buying trend seems to go along perfectly with this.

It is still unknown if this has been successful or not.

It does seem as though banks are working against policies they set in place, though.

Confidence in the central banks’ capabilities to stop further economic decrease is steadily deflating.

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When it comes to gold reserves, these countries are the top 10:

10. India 

  • Foreign Gold Reserves equate to 6.3 %
  • Tons: 55.7

India, located in South Asia, has a population of 1.25 billion citizens.

Depending on your source, this country is the largest or second-largest consumer of the metal.

It is a staple when driving up the global demand.

October through December marks a season of weddings and festivals in India.

During these months, India significantly increases the metal’s Love Trade.

9. Netherlands

  • Foreign Gold Reserves equate to 61.2 %
  • Tons: 612.5

The Dutch Central Bank vault is currently under renovations.

The bank is actively seeking a secure place suitable to store the gold.

People are pointing out the oddity of the situation.

The bank repatriated 122.5 Tons from the United States in 2014.

8. Japan

  • Foreign Gold Reserves equate to 2.4 %
  • Tons: 765.2

Japan weighs in at the 8th largest reserve of gold.

8th place is not a wonder since Japan is the third largest economy in the world.

Japan’s central bank is one of the most actively aggressive practitioners.

The decreased interest rates to below zero in January mainly helped worldly increase for the demand of gold.

7. Switzerland

  • Foreign Gold Reserves equate to 6.7 %
  • Tonnes: 1,040

Though Switzerland comes in 7th, it is the largest reserve worldwide per capita for gold.

When the country remained neutral throughout World War II, they became the European center for gold trade, and that ensured Axis and Allies powers alike made transactions.

Switzerland’s main source of gold trading today is China and Hong Kong.

Last quarter the country’s National Bank showed $5.9 billion in profit.

The profit is mainly due to its large holdings of gold.

6. Russia 

  • Foreign Gold Reserves equate to 15 %
  • Tonnes: 1,460.4

Russia became the top gold buyer in 2015.

During this year, they added 206 tons.

Russia’s top position in buying Gold was all done to separate itself from the American Dollar.

A chilly relationship between Russia and the West has resulted from the annexation of Crimean Peninsula.

Russia sold a significant percentage of its United States Treasuries in 2014 to raise cash for the purchases.

5. China 

  • Foreign Gold Reserves equate to 2.2 %
  • Tonnes: 1,797.5

The People’s Bank of China has begun sharing a monthly report showing the activity of gold purchasing as of summer of 2015.

The report is the first period the bank has done so since 2009.

December saw the renminbi become accepted as an International Monetary Fund reserve currency.

Other currencies included in the reserve are:

  • Euro
  • Dollar
  • Pound
  • Yen

China introduced a renminbi standard gold fix in April.

The fix was on its journey for greater power over pricing.

4. France

  • Foreign Gold Reserves equate to 62.9 %
  • Tonnes: 2,435.7

The central bank of France has sold minimal amounts of gold within the past years.

Some are calling for the sales of gold to stop entirely.

President of France’s National Front Party, Marien Le Pen is leading this idea.

Not only would they like to see a stop to the sale, but repatriate the amounts in foreign vaults in their entirety.

3. Italy

  • Foreign Gold Reserves equate to 68 %
  • Tonnes: 2,451.8

Mario Draghi, European Central Bank President, supports Italy in their decision to maintain their reserve size.

In 2013 a reporter asked the former Bank of Italy governor what role gold held in the central bank portfolio.

He stated the precious metal is a reserve of safety.

He additionally stated it provides protections against fluctuations of the dollar.

2. Germany

  • Foreign Gold Reserves equate to 68.9 %
  • Tons: 3,381

Germany is following in the footsteps of the Netherlands.

The country has begun repatriating gold from their foreign locations.

It most notable recently repatriated its gold from Paris and New York.

The country transferred 210 tons within the last year and had futures plans set to transfer the total 3.381 tons to be transferred back to Germany by 2020.

1. United States

  • Foreign Gold Reserves equate to 74.9 %
  • Tonnes: 8,133.5

The United States holds almost the same amount of gold as the last three countries together.

It sits second globally in allocations of gold as a percent of foreign reserves to Tajikistan.

The metal takes over 88 % of the country’s trade. 

The graph below lays out the gold trade in the United States:


It is evident that a majority of the United States gold is currently in Kentucky within Fort Knox.

The remainder takes place at Denver Mint, West Point Bullion Depository, Philadelphia Mint, and San Francisco Assay Office.

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JPMorgan Faces Nearly $1 Billion Fine For Manipulating Gold Prices




JPMorgan Faces Nearly $1 Billion Fine For Manipulating Gold Prices

JPMorgan recently admitted to its role in the manipulation of both the Treasury and precious metals markets. The company did so using a tactic called “spoofing.”

Will Rhind, the CEO of GraniteShares, recently gave an interview where he discussed how JPMorgan manipulated the market. He also mentioned that their illegal actions affected precious metals prices.

Grumblings Present for Years

Rhind said he never had direct knowledge of the manipulation but had been hearing grumblings about it for years. He says anyone who made the accusations was dismissed as a “conspiracy theorist.”

“This is really quite extraordinary because throughout my career there have always been these mutterings of manipulation of the gold market. And a lot of the people who were talking about that were really written off as being fringe or conspiracy theorists, an extreme view. And those people have been right.”

He added. “It’s not as if people haven’t been talking about this or indeed making allegations, and indeed at one point, I think several times, there were allegations made to the CFTC, to regulators, regulators did have a look but nothing was found in terms of the findings.”

Rhind said the extraordinary aspect was that it wasn’t a small “boiler room” company that got caught. Actually, it was one of the largest banks in the world.

He described it as an “extraordinary situation,” considering what happened. It’s a scenario “where one of the largest banks in the world had to pay a monumental fine. I think it’s the largest fine that’s ever been paid for spoofing – market manipulation – in this particular order and really sets a massive precedent.”

JPMorgan Isn’t The Only One

While JPMorgan is the one paying a nearly $1 billion fine, Rhind said they weren’t the only bad actors.

“Some of the emails, the chats have been made public now. (They’re) extraordinary and show the depth of this, not just one bank, but multiple banks and traders coordinating to manipulate prices.”

JPMorgan is accused of “spoofing” or manipulating the price of gold by putting in massive orders. Then, they quickly pulled the orders before they are executed. Rhind said even though the orders weren’t real, they still had a “cause and effect” on the markets.

“In this particular context this is about spoofing. And spoofing is a word for when you put in a fake order, essentially is what it is. So you put in an order in the market to buy or sell, but you withdraw that order before it is executed. So that obviously (has a) cause and effect if you put in an order and it’s a sizeable one that can have other consequences in terms of other orders that then move the price of that particular.”

He says it’s impossible to say how the spoofing affected the precious metals markets.

“As far as how much that has actually affected the price on a day-to-day basis, I think that’s very, very difficult to determine. So I think the minutiae of it is almost going to be impossible to determine. But I think it’s more the fact that this was happening, that people knew or suspected that it was happening,” he adds it’s really been made public.

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Report: Major Banks Laundering Trillions of Dollars For Terrorists and Drug Kingpins




Report: Major Banks Laundering Trillions of Dollars For Terrorists and Drug Kingpins

A bombshell report about major western banks like JPMorgan and Deutsche Bank was released yesterday. It said that these banks allowed “trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins.”

That’s according to an investigation by BuzzFeed News, who spent more than a year compiling the FinCEN Files. They say the documents were compiled by the banks themselves and actually shared with the government. However, they mentioned that this fact was kept away from the public.

Martin Woods, a former suspicious transactions investigator for Wachovia Bank (acquired by Wells Fargo in 2008) said, “Some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world.”

Incredibly, the report says a bank is immunized from prosecution. It can also continue the transaction and collect all fees. This may happen as long as a bank flags a transaction as suspicious.

“So long as a bank files a notice that it may be facilitating criminal activity, it all but immunizes itself and its executives from criminal prosecution. The suspicious activity alert effectively gives them a free pass to keep moving the money and collecting the fees.”

Banks Continue Processing Suspicious Transactions

The investigation also found that many banks continued to move money for suspected criminals. This came even after authorities prosecuted or gave banks a fine for financial misconduct.

For example, Bank of America, Citibank, JPMorgan Chase, American Express, and others processed millions of dollars in transactions for the family of Viktor Khrapunov, the former mayor of Kazakhstan’s most populous city. The transactions went on even after Interpol issued a Red Notice for his arrest.

Incredibly, the report reveals that “major financial institutions often fail to perform the most basic checks on their customers, such as verifying where a business is located when someone opens a new account. The lapses allow criminal groups to hide behind shell corporations, registered with no identifying details about their ownership, and slide the proceeds of their crimes into the global financial system.”

JPMorgan Chase allegedly collected more than $500 million in fees from Bernie Madoff while he was running his ponzi scheme. With this, the company only paid a $1.7 billion fine. The company was also supposed to improve its ability to detect money laundering. Instead, the FinCEN Files show the bank’s own investigators believed it opened accounts for “an alleged Russian organized crime figure who is known for drug trafficking and contract murders, as well as businesses tied to the repressive North Korean regime, which the US has placed off-limits.”

No High-Level Arrests

Instead of bank executives being arrested, or even closing down the offending banks, many simply agree to deferred prosecution agreements. These include fines but no high-level arrests.

Unsurprisingly, little is done should a bank not live up to its end of the agreement. “Banks often get to the end of their agreement without actually fixing the problems. Then, instead of getting the prosecution that they had been threatened with, they just get another chance. And sometimes another,” says the report.

“Since 2010, at least 18 financial institutions have received deferred prosecution agreements for anti–money laundering or sanctions violations, according to an analysis by BuzzFeed News. Of those, at least four went on to break the law again and get fined. Twice, the government responded to this kind of repeat offense by renewing the deferred prosecution agreement — the very tool that failed the first time.”

US District Judge Jed Rakoff added “Under US law, a bank that engages in money laundering can literally be forced out of business by the government, and it is kind of surprising that government hasn’t taken that step, given the obvious deterrent effect it would have.”

Paul Pelletier is a former senior Justice Department lawyer who once led the agency’s fraud unit. He says there’s only one real way to deal with the problem.

“The bankers will never learn until you start putting silver bracelets on people. Think of the message you’re sending to repeat offenders.”

You can read the full FinCEN File investigation here.

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Money Laundering of Global Banks Reported




Money Laundering. Money Laundering US dollars hung out to dry-money laundering-ss-featured

US banks helping North Korean organizations to move illicit funds. Asian and European banks’ alleged involvement in money laundering. These are some of the leaked suspicious bank transactions reports that alleged major banks as helping move money illegally. Earlier today, BuzzFeed shared leaked documents submitted by banks to the government.

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Suspicious Bank Money Laundering Cases Reported

These include suspicious activity reports (SARs) filed with the Financial Crimes Enforcement Network. BuzzFeed shared these 2,000+ SARs with the International Consortium of Investigative Journalists (ICIJ). It reported SARS amounting to $2 trillion between 1999 and 2017. While SARs flag these to authorities, they are not definite proof of wrongdoing.

Five Global Banks Are Among Those Reported

According to ICIJ, five global banks appeared most often in the documents. These are HSBC, JPMorgan Chase, Deutsche Bank, Standard Chartered, and Bank of NY Mellon. The reports showed an overwhelmed banking system. One that allows vast amounts, which can include illicit funds, to get past tight controls. 

Once banks detect suspicious activity, they have 60 days to file SARs. However, some banks took years before submitting reports. SARs also showed that banks moved funds for companies registered in offshore havens. These include the British Virgin Islands, Cayman Islands, and Panama. Staff is often unaware of account owners. As a result, they often search for Google to determine the identity of people behind the transactions. 

The reports include funds processed by JPMorgan for alleged corrupt entities and persons. They include recipient countries such as Venezuela, Ukraine, and Malaysia. The report also included an instance where HSBC accepted and moved money from a Ponzi scheme. A Deutsche Bank SAR said it processed money linked to a Ukrainian billionaire.

Bank Stocks Fall Due to News

Shares of both HSBC and Standard Chartered fell when news broke out Monday morning. Standard Chartered shares fell 2.69%, while HSBC sank 2.91%. Earlier, HSBC shares fell to its lowest price in 25 years. 

When asked to comment, HSBC said that they already moved on from the charges. In a statement, HSBC said that all “the information provided by the ICIJ is historical.” It claimed the transactions were already flagged by the Justice Department in 2017. As such, they already met commitments under a deferred prosecution pact. As part of the deal, the Feds deferred all charges if HSBC would fight money laundering. HSBC said they already overhauled their system to fight financial crime. “HSBC is a much safer institution than it was in 2012,” the bank noted. 

Standard Chartered also reacted to the news. It said, “We take our responsibility to fight financial crime extremely seriously and have invested substantially in our compliance programs.” 

North Korea Moved Money Across Borders 

NBC News reported how North Korea got its money despite a global ban. Sanctions prevent Pyongyang from accessing the global banking system. According to documents, NK-linked organizations moved $175 million over the years. These transactions cleared through US banks such as JP Morgan and the Bank of New York Mellon. 

Former Treasury Department official Erick Lorber believes that North Korea was behind it. He said: “Taken as a whole, you have what, frankly, looks like a concerted attack by the North Koreans to access the U.S. financial system over an extended period through multiple different avenues in ways that were fairly sophisticated.” 

Money Laundering Techniques

A firm from Dandong, China (near the NK border), transacted with North Korea in the open. In 2016, the U.S. indicted Ma Xiaohong and officers of Dandong Hongxiang Industrial Development Corp. They charged Ma and the company for money laundering and helping NK evade sanctions. SARs showed Dandong Hongxiang routed money through China, Singapore, Cambodia, to North Korea. They also used shell companies to move millions of dollars through U.S. banks. 

Other reported transactions were from companies from Singapore and China. Until now, charges remain pending and there are no extradition orders. 

Who should be the ones responsible and charged with the crime? Are they the rogue countries, who keep finding ways to get their illicit money? Or are they the companies and persons willing to act as fronts? Or do we focus our attention on banks, who may be looking the other way in the name of fat fees and corporate profits? One thing is certain: it’s all about the money.

Watch this as BBC reports that UK banks may have helped with money laundering and moving illicit funds:

Who bears responsibility for the spate of money laundering and illicit fund transfers?

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