So many people saw the following article on Zero Hedge and sent it along that I have to blog about it. In fact, I talked about this story in last Thursday's News and Views from the Nefarium (July 27, 2017), and indicated that I regarded this story as so significant that I would probably write my thoughts out in a written blog as well. Here's the story(and brace yourself, it's very long):

Did The Dutch Central Bank Lie About Its Gold Bar List?

Now, what caught my eye were these paragraphs toward the end:

Again, all the Dutch gold is allocated, and yet DNB declared in a newspaper the bar list can't be published because it would cost "hundreds of thousands of euros" - this has appeared to be an embarrassing statement and truly blows DNB's credibility. If DNB doesn't wish to disclose its bar list, for whatever reason, it would have done wise not to comment at all on this issue.

But why all the nonsense? Time to speculate. We'll run through a few scenarios:  

Scenario 1) Publishing a bar list might limit DNB's future flexibility to intervene in financial markets. Currently, DNB hasn't got any gold leased out. But if the bar list would be published, my central bank would be obstructed in future covert leasing activities.

Suppose, the gold price spikes in five months from now. DNB, or multiple central banks in concert, decide to lease out monetary gold in order to calm the physical market. When the leases would be undone several years later, surely the bars returned will not be the ones lend out. Following this scenario, when a bar list is published now it would be inaccurate in a few years time; showing bars that are long gone, and can show up on private gold ETF inventory lists.

If readers question wether central bankers are capable of 'not telling the truth', consider what DNB's Governor said in an interview early 2012 when asked if he would repatriate any gold from the FRBNY. His answer was firm: "No". However, shortly after, DNB started to prepare repatriating by reinforcing its headquarters. A new security barrier was constructed around the compound. DNB confirmed to me this was done to prevent any trucks from crashing the building. Likely, the Governor 'did not tell the truth' in the interview for strategic reasons.

Scenario 2) It's possible the BOE claims to provide its clients gold bar lists and auditing rights, but in reality it doesn't. Meaning, DNB doesn't have a bar list from the BOE that complies with LBMA standards, which forces them to come up with excuses whenever confronted. This scenario could mean custodial gold at the BOE (and FRBNY) has been embezzled.

In 2016 economist Guillermo Barba pressured the Banco de México to publish a gold bar list of the Mexican gold stored at the BOE. In February 2017 Banco de México delivered Barba a list, but it didn't satisfy LBMA standards by far. Surely this was done on purpose, because how the list was distributed can never have been how the BOE keeps it. So prior to distribution parts of the list were edited. Barba pressured Banxico once more and received a new list in March 2017 (click here to download the list). But neither did the new list satisfy LBMA standards! The column in the list that reads "serial number", doesn't disclose the serial numbers physically inscribed on the bars, which makes them uniquely identifiable, but shows the BOE's internal numbering. In my opinion Barba was fooled twice by Banxico. Or Banxico was fooled twice by the BOE.

In July 2014 the Australian central bank (RBA) published its bar list of gold stored at the BOE due to intense efforts by gold blogger Bullion Baron. But alas, the RBA gold bar list does not disclose unique serial numbers (click here to download).

Now, note that in addition to Germany making some efforts just a few years ago not only to audit its gold reserves on deposit in foreign central banks, chiefly the Bank of England, and the Federal Reserve Bank of New York (BOE and FRBNY respectively), a move which was quickly followed by Hugo Chaves in Venezuela, we may now add, as much more recent participants, parties in The Netherlands, Australia, Mexico, and(if one reads a little farther), Ireland.

In each case, what results are "lists that are not lists", without serial numbers, and so on. This is not coincidence, folks; it's a pattern. As the above quotation makes clear, there could be sound policy reasons for this, as outlined in "Scenario 1", but it also provides an opportunity for massive fraud and embezzlement as outlined in "Scenario 2", which has always been my suspicion.

After all, if one is dealing with a central banking system where there is no clear accounting mechanism and an apparently evident but unwritten policy to avoid it, the opportunity arises to use gold over and over again - to rehypothecate it - almost endlessly. And that, of course, is fraud.

But then we read the following paragraphs a little further on:

There is proof FRBNY clients have not been able to audit their gold in New York, at least not in 2007. The German Bundes Rechnungshof released a report in 2012 on the safety of the German gold abroad. Although the report is heavily redacted, on page 10 we read German auditors were not allowed entrance in the FRBNY gold vault to inspect their precious metals, nor were any other clients:

A possibility for the owners to physically record the holdings of their gold is not provided in the terms and conditions. According to the FRBNY, it's a long-term practice not to allow the owners to inspect their assets in the interest of a safe working and control process. It has confirmed to the Bundesbank that these conditions for gold custody also apply to all other clients that store gold at the FRBNY.
 In response to repeated requests from the internal auditors of the Bundesbank, their representatives were given the opportunity to enter the vault system in June 2007 to get an impression of the safety precautions. However, the employees were not given access to the vault compartments, but only to an entrance hall. An examination of gold was therefore not possible.
 [Four redacted paragraphs follow]

Clearly the Germans were blocked from auditing their metal, and for decades all FRBNY clients had suffered the same fate. Not surprisingly, after the developments between the OeNB, BOE, Bundesbank and FRBNY both European central banks decided to repatriate significant shares of their gold stored overseas. And both repatriate over the course of multiple years, which accentuates the friction between the custodians and their clients. (Emphasis added by me.)

As I stated in my News and Views from the Nefarium last Thursday, this practice has apparently been going on for a very long time, for it recalled a curious incident recorded by the inter-war president of the German Reichsbank, Hjalmar Schacht, in his memoirs. There Schacht recounts a personal visit to the New York Federal Reserve in 1928, where his personal friend, Benjamin Strong, was in charge. Asking to see the Reichsbank's gold deposits while on a tour of the vaults, the staff of the bank, embarrassed, reported that they could not locate it! Schacht then records that he smiled at his friend Strong, and said words to the effect that it was "ok" and that he "knew" the bank was "good for it."

As I have argued in Covert Wars and Breakaway Civilizations, the shenanigans in the interwar period with gold included taking a considerable store of gold from Chiang Kai-Shek's Nationalist China. After these curious incidents, decades later, we saw the emergence of the "Morgenthau" Federal Reserve(d) bonds, allegedly made in 1934, and without Henry Morgenthau's - Franklin Roosevelt's Secretary of the Treasury - knowledge. Roosevelt, of course, confiscated everyone's gold. I've always thought that these were the first initial steps in the establishment of a covertsystem of finance, steps that would be greatly augmented after World War Two. (The Morgenthau "bonds", incidentally, and as I'm sure regular readers here are well aware, have always been denounced by official circles as being entirely fraudulent.)

What all of this suggests to me, in today's high octane speculation, is that this system is being defended by every artifice imaginable. But it may not be possible to do so much longer, for as I also suggested in Thursday's News and Views, and as I have remarked in other blogs and News and Views, there now appears to be a covert economic war taking place between the "Anglosphere" and Europe. In this respect, last year's BREXIT vote and more recent US policy decisions and statements may be a part of this economic warfare between the US-Aglosphere and the European Union(read, Germany). If that is the case, the German audits, studies, and recent comments from Merkel's government - even to the point of threatening counter-sanctions against the USA - appear to be a component of the unwinding of this system.

Whether these speculations be true or not, something is happening, and the central banks of the west appear to be involved in a system-wide practice of evasion and obfuscation at a fundamental level.

That should give everyone pause.

See you on the flip side...


Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".


  1. Neru on July 30, 2017 at 3:12 am

    The USSA is de facto a rogue state with fancy toys and well capable of destroying the world. The death cult that leads it can’t destroy anything in the world fast enough.

    Maybe that is the pink elephant in the room that this cult can’t get to dead world(s) fast enough. But that would mean…… Yes, a death cult, remember?!

    The reasons for wanting that “death” may be echeloned and repackaged thru religion so it make sense to everyone involved but the results are devastating.
    Within that religion pillaging, deceit, destruction, sacrilege is a form of high art.

    Today within the theatre of dualism Luciferian light is replaced with the Luciferian hard core. It would be nice if humanity could replace both with something entirely new.

  2. goshawks on July 30, 2017 at 1:34 am

    “In this respect, last year’s BREXIT vote…”

    Upon reading this, a lightbulb went off in my head. What if the Brexit ‘vote’ was a response to the gold-repatriation push?

    It was always curious to me how the Brit Queen could have subtly-denounced remaining in the Eurozone as her ministers pushed staying, big-time. It made no sense. It also made no sense that the Brexit tabulations would have been allowed to total to leaving. Surely, the Brit deep state would have ‘assured’ that the numbers came out on whatever side they wanted. (“The people who cast the votes decide nothing. The people who count the votes decide everything.” – Joseph Stalin.) This viewpoint would indicate that the deep state (Brit or above) WANTED a Brexit.

    Perhaps the continental Europeans under a Eurozone membership had some legal ‘wedge’ to force the Brit central bank to cough-up their gold numbers. Or worse yet, to cough-up the gold itself. Seen in this way, Brexit – and thus a sovereign Britain – could be seen as an impenetrable barrier to a legal-based ‘extraction’…

  3. Nannie on July 29, 2017 at 12:17 pm

    Our gold is stolen by the Nazis and via Berlin transported to Switserland.

    Here is an artikel from a Dutch investigator: Elmer van der Breggen:

    Follow the Money:

    My English is not so good to translate it but I think dr. Joseph Farrell can translate it into German.

  4. marcos toledo on July 29, 2017 at 11:53 am

    Anyone cares to speculate how long before these houses of cards collapse. Creative accounting and cooking the books is fast losing this demolition race. When will the masters of the Universe call in their accountants to example the books once and for all.

  5. DanaThomas on July 29, 2017 at 9:02 am

    There would be some super high octane remarks to make about the relationship of all this and our old friends in the Fourth Reich, assuming that they are still around and have some leverage. What leverage? A stock of real and/or fake bearer bonds, with impact updated thanks to digital capabilities and the corollary of satellite communications.
    In a novel somebody might care to write, a key player could be a discrete, dark-suited functionary of whatever nationality at the Tower of Basel, with a finger in every pie and a file on just about everybody. But these post-Nazi Nazis have a problem: the Japanese Imperial Family is no longer willing to play ball over bullion, with all those caches (or mines?) in Asia…

    • goshawks on July 30, 2017 at 1:42 am

      “Tower of Basel.” I like that. Consider it ‘lifted’. (Thanks.) It may, of course, lead to a Tower of Basel Moment…

      • DanaThomas on July 30, 2017 at 4:22 am

        Let’s see who publishes that novel – or is it a novel? – first 🙂

  6. Lost on July 29, 2017 at 8:14 am

    Gold being real easy to make in industrial quantities, this would all seem like a distraction.

    Now a distraction from what is the important question.

    • Phil the Thrill on July 29, 2017 at 7:04 pm

      Easy for whom? Someone who owns a factory where they cover tungsten bricks with gold electro-plate?

      • DanaThomas on July 30, 2017 at 4:24 am

        Phil there are formulas around, and you start from the “materia prima”…

        • Lost on July 30, 2017 at 11:14 am


          That’s certainly one method, but the one I’m thinking of doesn’t require anything like that.

      • Lost on July 30, 2017 at 10:55 am


        Easy for you, personally, with chemicals you have in your home.

        There are other methods using other starting metals that have been avialable for at least 100 years, but the method I’m thinking of was known by the ancients.

        • Phil the Thrill on July 31, 2017 at 9:09 pm

          Well, I scrounged all the chemicals in the house, including my daughter’s My Chemical Romance cd’s, tossed them in the blender, and…nothing happened. Do you think I should throw a match in it?

          • Lost on August 1, 2017 at 9:20 am

            “Well, I scrounged all the chemicals in the house, including my daughter’s My Chemical Romance cd’s, tossed them in the blender, and…nothing happened. Do you think I should throw a match in it?”

            Very unlikely you did anything of the sort.

            Any how, I never said it works over night.

            Also to be clear, one chemical element is not the same as the next, so no you can’t substitute aluminum for X in there. (There’s aluminum in the CD, provided it was printed in a factory. And as best as I know, the formula to which I refer is not in the “Chemical Wedding of…”.

            Nope, you don’t need to add an ignition source.

  7. anakephalaiosis on July 29, 2017 at 7:28 am

    And Babylon’s Nebuchadnezzar made a golden god of swindle, and forced everyone to kneel to it. But the prophets refused, and wrote the Bible. A bestselling book on how to expose scam artists. Daniel 3:1

    • WalkingDead on July 29, 2017 at 2:53 pm

      Any nation borrowing money from thin air, from the central banks, is required to repay the interest in gold. It would seem that those who own the central banks believe that they also own the gold within them, through payment of accrued interest, and are not required to give an accounting of what they consider their property.

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