Where are the Ukrainian Gold Reserves?


Yesterday the first rumours started appearing, that the gold reserves of Ukraine had been transferred in its entirety to the USA.

The source of this unconfirmed Information are Ukrainian journalists from Iskra-News, which rely on employees of the Borispol (Boryspil) Airport of Kyjiv. According to those the transport took place on March 7, 2014 around 2 o’clock in the morning using a non-scheduled flight.

The information the employees gave to journalists from Iskra-News in Zaporozhye is that 4 money transporter and 2 VW vans without registration plates arrived at the airport from which 15 men with black garment and masks, some of them carrying machine-guns descended to haul more than 40 heavy boxes into the airplane, which left soon afterwards.

Iskra-News says that they had as well received a phone-call from a “responsible collaborator from the former ministry of income and taxes”, who claimed, that according to his information, in this night according to orders of the new government the entire gold-reserves of Ukraine had been transferred to the US.

The estimated gold reserves (Estimation of 2013) were around 36 tons, which made Ukraine one of the top 50 gold holders in the world. It seems unlikely to me, that with the observed number of cars and boxes all of the gold could have been transferred. But maybe the airport employees did not see all…the whole thing so far is not more than a rumour – but an interesting one, if true.



Brown’s Bottom: Gordons Gold Sale under Scrutiny

The decision to sell gold comes back to haunt Britisch Prime Minister Gordon Brown. The Telegraph writes:

The decision to sell the gold – taken by Mr Brown when he was Chancellor – is regarded as one of the Treasury’s worst financial mistakes and has cost taxpayers almost £7 billion.

Mr Brown and the Treasury have repeatedly refused to disclose information about the gold sale amid allegations that warnings were ignored.

Following a series of freedom of information requests from The Daily Telegraph over the past four years, the Information Commissioner has ordered the Treasury to release some details. The Treasury must publish the information demanded within 35 calendar days – by the end of April.

The sale is expected to be become a major election issue, casting light on Mr Brown’s decisions while at the Treasury.

Last night, George Osborne, the shadow chancellor, demanded that the information was published immediately. “Gordon Brown‘s decision to sell off our gold reserves at the bottom of the market cost the British taxpayer billions of pounds,” he said. “It was one of the worst economic judgements ever made by a chancellor.

This ‘worst economic judgement’ ever made by a chancellor is also know as Brown’s bottom. The issues has been around for some time but is discussed today on Jesse’s Café Américaine and on Zero Hedge. I appreciate both blogs and am an avid reader of their posts, which I think are mostly exceptional. I also do think that this issue needs to be investigated fully.

However, I am concerned about the timing of this bubbling up now. I am not a fan of Gordon Brown’s, but I think their might also a smear campaign be going on here. If you can hit Brown shortly before the general election you will also hit Labour, and you are sure to hand victory to the Tories. It would be sad to see, if it were to turn out that widely read and respected bloggers let themselves be instrumentalised.
Depending on your personal preferences you will either appreciate if Labour  were to lose the election or you will not. I am not British, so I don’t vote there, however my heart is with true (not new) Labour.