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Date: February 12, 2011
Subject: Dutch Central Bank Orders Pension Fund To Sell Its Gold


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G&G Associates Tax & Financial Consulting
e-Newsletter

Executive Order 6102 For The QE Generation:
Dutch Central Bank Orders Pension Fund To Sell Its Gold

Imhotep (Wisdom To You) G&G Readers,

According to a story at Zero Hedge, a Dutch court just ordered a pension fund to sell most of its gold holdings. The glassworkers' pension fund, called SPVG, invests pension assets for 1,142 glass workers.

The Dutch central bank had previously ordered the fund to sell the gold. But the fund refused. So the central bank took the fund to court... and won. The central bank argued, and the court agreed… gold is a commodity. The pension fund had 13% of its assets in gold, versus the 2.7% average in commodities for other Dutch pension funds.

Law being the precedent-worshipping institution it is, this decision will certainly make it much more difficult for other Dutch pension funds... and any other type of fund... to own gold.

Why would the Dutch central bank want pension funds to hold less gold? Because central banks know what gold really is… Gold is real money. It's a threat to all currencies and paper financial assets.

Translation of the translation: the central bank has now directly ordered a fund on how to allocate its gold assets, because it explicitly disagreed with the fund's statement that gold is money, claiming instead that it is nothing but a very volatile commodity. Very soon no pension funds in the Netherlands will be allowed to hold any amount of gold more than the merely nominal.

This latest gold confiscation equivalent event is most certainly coming to a banana republic near you. If yo are not a G&G Investment Society (GGIS) member yet, better move soon before your options to diversify your portfolio shrink even more.

To read entire article:
http://www.zerohedge.com/article/here-comes-executive-order-6102-qe-generation-dutch-central-bank-orders-pension-fund-sell-it

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