WOW! That didn't take long. Not three days after the Dutch National Bank announced it had managed to get 122 tons of gold back from Uncle Sam, detailed here, the leader of France's largest party, Marine Le Pen of the National Front, has demanded - via an open letter to the governor of the French central bank - the repatriation of France's gold.

News about this open letter is nowhere to be found on a Google news search (in French), only on the web site of Le Front National.

Marine Le Pen
© Unknown
Marine Le Pen, who would be elected president of France today in a hypothetical election, would like to have French gold audited and back home.
Yes, the mainstream media in France, just like in the US, only tells the people what it wants them to hear - usually via the 'left' and 'right' wings of the one-party oligarchial state system, cleverly presented to electorates as if they were two separate parties. Thus the puppet in France changes from Sarkozy to Hollande, just as in the US it changed from Bush 2 to Obama. Same circus, same BS! And hence no news about this important letter.

Marine Le Pen asked for the full audit of all French gold, including tests for purity, quantity and where it is stored. She would like to see 20% of foreign currency reserves kept in gold, which is what the Swiss are asking for too. She also sees it as decisive for France's future and, unlike the Dutch, is fully aware that 'cold war hysteria' is being used to thwart the 'threat' of the Western countries developing economic ties with the BRICS countries.

Here is the letter in full, translated into English:
Mr Christian NOYER
Governor of the Bank of France
31 rue Croix des Petits-Champs
75049 PARIS cedex 01

Nanterre, November 24, 2014

Open letter to Mr. Christian Noyer on the gold reserves of France

Mr Governor,

On behalf of the French, and in my capacity as the main leader of the opposition, I have the honour to write to you, because it is my duty to present to you a query on the gold reserves of France, within the best interest of our nation.

Even before the outbreak of the crisis in 2008, the National Front had anticipated and informed the political institutions of the aggravation coming of the macro-economic and geopolitical context. In the framework of the increasingly right-wing economic model adopted by France under pressure from Brussels, no economic fundamentals can improve sustainably. All French people can see that the austerity policies demanded by the European Union and the ECB and carried out by the government are a proven failure and have been serious for our country.

The monetary institution you lead has a historic mission to be the central bank depositary of the national monetary reserves, including gold reserves. According to our strategic vision and sovereignty, they do not belong neither to the State nor to the Bank of France, but the French people and also serve as the ultimate guarantee for the public debt and our money.

In the cold war, where money is played between the western countries and the BRICS countries, gold is gradually picking up an important role. According to the World Gold Council, the official reserves of gold from China, India and Russia increased significantly between 2007 and 2013.

For these reasons, and in light of the rapid increase of global systemic risks, it is of the utmost importance to the future solvency of our nation to engage, by mid-2015, a detailed auditing, the results of which will be the subject of a report. This report will have to obtain the macro-prudential validation of the French authorities, CAPRA, etc and then will be made public during the year.

This comprehensive audit should contain :
  • a complete inventory of the quantities of physical gold, currently displayed at 2,435 tonnes, as well as their quality (serial number, purity, bars of 'Good Delivery' etc.), conducted by an independent French body (to be defined). This inventory, under the control of an ombudsman, will need to indicate the country in which the gold reserves are stored, in France or abroad.
  • A census of any contract of financial commitment, official or secret, vis-à-vis banks and private companies, or bilateral loans between France and national or international institutions, having secured the gold of France in order to ensure the rescue of the euro. In this case, the comprehensive audit shall contain the terms and conditions of contracts of employment, or loans.
By the way:
  • On the 30th of November, a vote will be held in Switzerland following a request for a referendum on the popular initiative "Save Switzerland's gold" by the UDC party (Democratic Union of the Centre), which calls for the repatriation of their gold reserves to their land.
  • It is understood, at the request of some advised national central banks, that this campaign phenomenon for the "return of the gold reserves" under national and democratic control exists since 2013 in Germany (Bundesbank), Poland etc.
  • It is understood that the Dutch central Bank has recently indicated that it had repatriated 122.5 tons of gold.
  • It is understood that, on May 19, 2014, the Bank of France, siding with other central banks in the Eurosystem, announced that it has signed the Washington agreement on gold sales, CBGA 4 (Gold sales Under the Central Bank Gold Agreements), which does not provide quotas on sales during this five-year period (2014 to 2019), in contrast to the three previous agreements.
  • It is understood that the Bank of France has already, independently, conducted in the framework of the CBGA 2 agreement, gold sales in 2004 as decided by Nicolas Sarkozy, then Minister of Economy and Finance during the Raffarin government.
The official objective was displayed to manage more actively the foreign exchange reserves of the State, in order to generate €100 million of additional tax revenue in 2005. N. Sarkozy also said that "the sale of gold would be used either to finance investments that prepare for the future, either to reduce the debt, but in no case to fund the operating expenses."

Over the period 2004-2012, about 614.6 tonnes of gold have been sold by France while at the same time the other Eurosystem central banks, including the ECB, pledged to limit their gold sales. According to a report by the Court of Auditors of 2012, this is extremely costly to the government and constitutes a serious violation of the national heritage, carried out without any democratic consultation.

The Governor, according to your statements, affirms that "gold remains an important element of global monetary reserves." For the French, you are considered to be the guarantor of last resort of the safety of these gold reserves and, therefore, the stability of our currency and the stability of the national finances. As a result, your responsibility is immense.

Also, depending on the situation, as we will find out, I urge you to proceed with:
  • The urgent repatriation onto French soil of all our gold reserves abroad.
  • The immediate termination of any program to sell gold.
  • Conversely, a progressive reallocation of a significant part of the foreign exchange reserves in the balance sheet of the Bank of France, for the purchase of gold, at each significant decline in the price of an ounce (recommendation 20%).
  • The suspension of any contract of commitment, financial or lending, concerning our gold reserves.
  • The statement of assets and financial transactions of gold in 2004 ordered by N. Sarkozy.
The implementation of these measures is decisive for the future of France in the face of socio-economic problems that may occur.

Just like your heroic predecessors of the Bank of France in 1939 and 1940 had organized the evacuation of French gold, you will need to undertake this vast security operation of the national treasury, a patriotic act which will be recognized in time by public opinion.

I hope that, respectful of your duties as a high official in the service of the State, you know to show the clarity and the courage necessary in the defence of the general interest of our country. The challenge is considerable, it is the future of France, which it is!

I beg you to accept, Sir, the Governor, the expression of my highest consideration.

Marine Le Pen
As the leader of France's nationalist party, Marine Le Pen has sharply criticized the EU for its role in the demonization of Russia and its total disregard for people dying in South-Eastern Ukraine. If they were held today, her party would probably win presidential elections in France. In the recent EU parliamentary elections, the National Front came first with 24.86% of the vote.

So it appears that the Dutch repatriation of some of their gold and the coming Swiss referendum has sent a few shockwaves to other Western countries. Expect to see more popular voices calling for the repatriation of gold. Recall also that the gold repatriation moves in Germany and Switzerland are popular initiatives, not clandestine maneuvers by leading politicians or bankers.

On the topic of French gold, there was an article about gold just yesterday in the right-wing establishment paper Le Figaro. It mentioned that private people in France hold around 3,000 tons of gold, officially worth about €90 billion. The article talked about how this much gold could "kickstart the economy." That doesn't sound friendly. The French government is eyeing privately-held gold to get them out of a tight spot. Confiscation has happened before! Even though the central bankers and world leaders downplay the role of gold and often talk about it as a relic of a bygone era, signs are that this is not true at all. Gold is key for a country's stability and Le Pen could well be right in saying that it is decisive for the future of France.