The Plain Truth about European gold
Gold bullion
Gold has recently hit record highs in many currencies.
Gold is so valuable, it is called a ‘precious metal.’ For most of its history, the USA dollar used to be directly convertible to gold. It no longer is. This, sadly, has been a factor in the USA simply creating money out of nothing–which has accelerated this past year or so because of government decisions related to various COVID-19 and other political decisions.
Going as far back as 1961, the USA was starting to not have enough gold to back its dollar, the Plain Truth reported:
Plain Truth, February 1961
Germany, Japan have the largest surpluses of GOLD and DOLLARS…Rich Uncle {Sam} has the greatest deficit in governmental history and a GREATER DEBT than all the REST OF THE WORLD COMBINED!…
Vast foreign aid programs drain the U.S. Treasury…American spending to supply services and to support our troops in foreign countries and military installations around the world amounts to … dollars flowing out of the frightened U.S. Treasury. All of these factors, combined with heavy taxes, gigantic public and private debt, and no gold backing for our own currency if foreign investors demanded gold for their dollars, adds up to the staggering revelation that the U.S., richest nation in the world, is bordering on bankruptcy! (Hill DJ. What the US Gold Crisis Means to You. Plain Truth. February 1961, p. 9).
France did finally cash in dollars for gold and this caused a crisis in the USA.
The USA went off the gold standard completely in 1971. About the same time it made a deal with Saudi Arabia to price oil in dollars. So, while this prevented “foreigners” from being able to redeem US dollars for something from the USA treasury, instead it meant that dollars could be used to buy oil. As other (mostly smaller) oil producers followed Saudi Arabia’s lead, this has served to support the US dollar for several decades.
The USA is now the most indebted nation that the world has ever seen. Many are concerned.
The old Worldwide Church of God published the following in the old Good News magazine:
Good News, Oct-Nov 1979Of course, since gold is regarded as a disaster hedge by many investors, prudence might dictate that perhaps a small fraction of your liquid assets be in gold: (Caulkins J. WHEN MONEY FAILS. Good News, October-November 1979)
Those in Russia, China, India, and Europe are looking more towards gold, and less towards the USA dollar to back their economies and their currencies.
Back in 1971, the Plain Truth mentioned gold and that a currency coming out of Europe would replace the USA dollar:
Plain Truth, October 1971FOR 40 YEARS, (1931 to 1971) the American dollar reigned supreme in world trade and finance. From 1945 to 1958, the dollar was considered better than gold to most developing economies. But by 1958 it was becoming evident that the dollar was weakening.
The United States, a war-time haven for three fourths of the world’s gold, began changing the earmarks of the gold buried in the Federal Reserve Bank in New York City, and in Fort Knox, Kentucky, from “USA” to “France,” “Germany” and other nations. Ten years later, in 1968, claims on U. S. gold were running into the millions of dollars per day. More than $12 billion (half) of the U. S. gold was drained between 1958 and 1968, and much of that came in the last hectic months before March 1968, when the U. S. temporarily closed the gold window. …
On August 15, 1971, President Nixon revealed his new economic plan. One part of the strategy was to cut loose the dollar from gold, in effect letting it “float” in foreign transactions until natural market pressure would decide its best value…
The European Common Currency appears to be the most likely successor to the dollar in this long line of monetary dynasties. Europe is the only continent with sufficient gold backing…
… and What About Gold?
The gold standard is not sacred. It is only about 100 years old in the history of man, a product of evolution as much as any social institution. But in a world of sovereign powers, there must be some standard to finance international trade and domestic currency. Gold has the confidence of more people than any other standard, especially in Europe. (Alexander G. America faces “The Dollar Crisis”. Plain Truth magazine, October 1971, pp. 3-4)
Is Europe the continent with enough gold backing for its own currency still today?
Yes!
As far as who has the most gold now, notice the following from Trading Economics:
Country Last Previous Reference United States 8133 8133 Jun/23 Germany 3353 3355 Jun/23 Italy 2452 2452 Jun/23 France 2437 2437 Jun/23 Russia 2330 2327 Jun/23 China 2113 2068 Jun/23 Switzerland 1040 1040 Jun/23 Japan 846 846 Jun/23 India 797 795 Jun/23 Netherlands 612 612 Jun/23 Euro Area 507 505 Mar/23 Turkey 440 572 Jun/23 Taiwan 424 424 Jun/23 Portugal 383 383 Jun/23 Uzbekistan 377 381 Jun/23 Saudi Arabia 323 323 Jun/23 Kazakhstan 314 332 Jun/23 United Kingdom 310 310 Jun/23 Lebanon 287 287 Jun/23 Spain 282 282 Jun/23 Austria 280 280 Jun/23 Poland 277 229 Jun/23 Thailand 244 244 Jun/23 Belgium 227 227 Jun/23 Source link: https://tradingeconomics.com/country-list/gold-reserves
The continental European gold reserves listed amount to about 11066 tons. And this does not count Russia or the European nations that are not in the top 25 or what Europeans may claim from the IMF.
Back to 1971, notice also the following:
Plain Truth, May 1971Momentous, historic events are transforming … Europe. But most Americans are “asleep at the switch” to what is happening. It’s time for a self-centered America to wake up – before her allies become her enemies. Envision the startling future of … Europe. A … union … surpassing both the United States and the Soviet Union in economic strength, possessing for the first time worldwide political power and influence. One news source recently called it an “enormous, physically powerful beast.” A new … Europe controlling perhaps half of all world trade, by exclusive arrangements with dozens of nations who produce raw materials. A “United States of Europe” possessing one single currency – a currency so strong that it will replace the U. S. dollar as the kingpin currency of world trade. (Hogberg G. EUROPE’S COMMON MARKET RISING WORLD COLOSSUS. Plain Truth, May 1971)
Now, Europe does have its own currency–a currency that some see as the logical replacement for the US dollar for world trade–especially because of US sanctions, etc. As far as waking up before Europe becomes an enemy, Lamentations 1:1-2 is a prophecy that shows that allies will become enemies.
The time will come when the USA dollar will be worthless and gold will be even more valuable.
A while back, a reader sent me an email that contained the following from a company called Swiss America:
In the gold market there is a cold war climate: For the first time in 50 years, central banks bought over 640 tons of gold bars last year, almost twice as much as in 2017 and the highest level raised since 1971, when U.S. President Richard Nixon closed the era of the gold standard.
The interesting fact is that the European central banks, together with the Asian ones, have been the most aggressive in their purchases. Is this fear of the euro crisis and currency wars?
In reality, and this is especially true in Europe, behind the great maneuvers with gold reserves there is not only the traditional protective shield against major risks; there is also the call of opportunity. A reminder of which few still seem to know, though the appointment is now a matter of a few weeks: March 29, 2019. The day of judgment for the Brexit will also be the advent for the gold market.
It is not clear whether by choice or by chance, the Bank of International Settlements in Basel, Switzerland, called the “central bank of central banks,” for its key role in the world financial system, has set an appointment with the story for March 29: Resurrection of the gold standard in the banking world.
Well, I wrote the following related to that back then:
March 29th isn’t the final date, but we are seeing various nations moving more towards gold accumulation and some type of at least implied gold standard.
Back in 2019, Romania proposed repatriating its gold. Notice the following:
Romania’s Social Democrat Party (PSD) leader Liviu Dragnea and PSD senator Serban Nicolae have proposed legislation that requires the National Bank of Romania (BNR) to hold most of its gold reserves domestically. …
While the central bank does keep some gold in its vaults in Bucharest, the majority of gold is held in the United Kingdom with the Bank of England. https://www.kitco.com/news/2019-02-28/Romania-Proposes-to-Repatriate-95-Of-Its-Gold.html
The proposed legislation has been filed for debate in the Senate under urgent procedure. https://www.kitco.com/news/2019-02-28/Romania-Proposes-to-Repatriate-95-Of-Its-Gold.html
Notice something also from March 2018:
March 13, 2018
– Hungarian National Bank (MNB) to repatriate 100,000 ounces gold from Bank of England
– Follows trend of Netherlands, Germany, Austria and Belgium each looking to bring gold back to home soil …Whilst many in the West are dismissive about gold, the behaviour of central banks suggests quite a different mindset. …
Gold cannot be devalued as the euro, dollar, sterling and all fiat currencies currently are. …
By adding gold to their reserves they are gaining equal footing with Western banks who have so far tried to dominate under a US-centric financial system. https://www.zerohedge.com/news/2018-03-13/hungarys-gold-repatriation-adds-growing-protest-against-us-dollar-hegemony
Partially because of nationalism, partially because of Brexit, partially because of sanctions threats, and partially because of moves to not be as dependent upon the US dollar, various nations have been repatriating and/or increasing gold reserves.
The Russians and Chinese have been making gold moves (watch US Dollar being challenged by Gold-Petro-Yuan). Russia and China are working towards a world where the US dollar is not the world’s primary reserve currency and a world where gold rises up (see The End of US Dollar Dominance).
The US dollar will collapse as scriptures like Habakkuk 2:6-8 and Daniel 11:39 point to. Daniel 11:39 is the start of the time of Jacob’s trouble (Jeremiah 30:7) also known as the Great Tribulation.
The world will have been used to the stability of the US dollar and Europe will want to try to have that type of confidence in its currency. It will get more gold!
Consider the following:
39 Thus he shall act against the strongest fortresses with a foreign god, which he shall acknowledge, and advance its glory; and he shall cause them to rule over many, and divide the land for gain (Daniel 11:39).
The “he” is the European King of the North. The “land” will likely not be the only thing he will gain–as that would include whatever other wealth he can plunder from the USA–and that would include getting the Fort Knox and other gold in the USA.
Furthermore, the Bible clearly shows that gold will have value into at least the first few couple of years of the Great Tribulation–and that the Europeans will also value it.
Notice the following:
40 “At the time of the end … 43 He shall have power over the treasures of gold and silver and over all the precious things of Egypt; (Daniel 11:40,43)
Verse 43 occurs during the time known as the Great Tribulation.
As far as Egypt and gold goes, notice the following:
“If you look at the potential of the mineral resources in Egypt, it’s very significant,” says Yousef Husseini, Vice President of EFG Hermes.
“The Egyptian mineral resource authority has identified over 120 gold deposits in the eastern desert alone, so that gives you an idea of the tip of the iceberg out there.”
“It’s going to add a lot of GDP growth,” Husseini adds. For now, only one large mine, the Sukari Gold Mine, is operating in the region — with an output of around 500,000 ounces per year.
Overall, the industry makes up a mere 1.3% of Egypt’s GDP, according to the Egyptian Mineral Resources Authority, but the government hopes to expand that to 5% over the next ten years. https://www.cnn.com/2016/06/14/africa/new-golden-age-egypt/index.html
As far as Europe, gold, and the tribulation go, notice the following:
10 … ‘Alas, alas, that great city Babylon, that mighty city! For in one hour your judgment has come.’
11 “And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore: 12 merchandise of gold and silver, precious stones and pearls, fine linen and purple, silk and scarlet, every kind of citron wood, every kind of object of ivory, every kind of object of most precious wood, bronze, iron, and marble; 13 and cinnamon and incense, fragrant oil and frankincense, wine and oil, fine flour and wheat, cattle and sheep, horses and chariots, and bodies and souls of men. (Revelation 18:10-13)
This shows us that gold and silver were important during the time of the final Babylon as people are mourning about gold after the Great Tribulation has ended and Babylon is destroyed.
There are no similar statements backing up the future value of paper items, like the US dollar or the British pound (scripture, indirectly, teaches their elimination, for details see Anglo – America in Prophecy & the Lost Tribes of Israel). Daniel 11:24 shows that the leader mentioned in Daniel 11:43 will somehow also be accumulating wealth prior to this time, and that may involve gold accumulation.
Perhaps to back up a European-supported currency, he also may end up with personal and/or national gold reserves and/or wealth from the Vatican. The Vatican has a vast amount of wealth and is prophesied to be improperly involved with the kings of the earth in the end times per Revelation 17.
Now this does NOT mean that gold will only go up in value. It will have ups and downs and probably will drop in value once associated with the temporary peace deal that Daniel 9:27 alludes to (see also The ‘Peace Deal’ of Daniel 9:27).
Eastern Orthodox and Roman Catholic prophecies discuss gold in the end times.
Notice the following Orthodox prophecy:
Saint Andrew Fool-for-Christ (c. 4th century): This king will rule…Happiness will reign in the world as it did in the days of Noah. People will become very rich…The entire world will fear this king…he will pursue all persons of the Jewish religion out of Constantinople…and the people will rejoice like in the time of Noah until the deluge came God will reveal to this king all the gold wherever it happen to lay concealed from view…(Tzima Otto, H. The Great Monarch and WWIII in Orthodox, Roman Catholic, and Scriptural Prophecies. Verenika Press, Rock City (SC), 2000, pp. 113,114).
While the above seems to look forward to the coming ‘days of Noah,’ Jesus warned about that:
26 And as it was in the days of Noah, so it will be also in the days of the Son of Man: 27 They ate, they drank, they married wives, they were given in marriage, until the day that Noah entered the ark, and the flood came and destroyed them all. (Luke 17:26-27)
Those who will think the coming ‘days of Noah’ are good, are not understanding Jesus’ teachings.
Emperor Leo the Philosopher (c. early 10th century): You will amass the gold of the nations…And you will be the leader of the surrounding powers…and those that are near will prostate themselves before your feet (Tzima Otto, pp. 76-77).
To Emperor Manuel II (d. 1425): …upon the command of the the good Emperor they will go and discover treasures of gold and silver and all this will be offered as a gift to the pious ones; later on more and more valuable treasures will be found and the Emperor will do with those treasures likewise (Tzima Otto, p. 102).
Roman Catholics may wish to consider that those last three Orthodox predictions sound a lot like prophecies from two of their saints about Antichrist (Ephrem is also an Orthodox saint):
Saint Ephrem (died 375): Antichrist will use worldly goods as bait. He will entice many Christians with money and goods to apostatize…The devil will help him find all the hidden treasures of the world, even those at the bottom of the ocean. With those treasures he will attain greater success for the reign of Satan than at any other time in past centuries (Connor, Edward. Prophecy for Today. Imprimatur + A.J. Willinger, Bishop of Monterey-Fresno; Reprint: Tan Books and Publishers, Rockford (IL), 1984, pp.73.74).
Saint Mechtilda (died 1299): Antichrist will, through base and false strategem, and with presents of gold and gems, attain influence over the worldly princes. They will look up to him as their Lord and God (Culleton, The Reign of Antichrist, pp. 133-134).
So does the Great Monarch amass gold with God’s help like Orthodox prophecies suggest or does he amass gold with the help of Satan as at least one Catholic saint and certain biblical prophecies (Daniel 11:43; Revelation 18; 9:20) indicate?
The answer should be obvious to all who wish to believe the God of the Bible. The Bible is clear that those who amass gold at the end time will find it is not the answer:
1 Come now, you rich, weep and howl for your miseries that are coming upon you! 2 Your riches are corrupted, and your garments are moth-eaten. 3 Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days. (James 5:1-3)
While I do not have the confidence in gold as many ‘gold bugs’ do (basically, because of scripture and the fact that gold has a limited utility), the time will come when the USA will wish it had more gold, as its practice of electronically printing and borrowing its own money will create a massive problem for it (Habakkuk 2:6-8).
But have no doubt about it, the Bible prophesies that during the Great Tribulation (Matthew 24:21-22; Daniel 11:39-43; Revelation 18:12,16) that nations around the world will value gold. During that time, there will be no US dollar prominence.
Unlike the USA dollar, gold seems to be prophesied to retain value past the time the USA is gone (cf. Daniel 11:43; Revelation 18)–though it too will end up with issues and will one day be worthless (Ezekiel 7: 19).
The Babylonian European Beast power will control a lot of gold.
The Continuing Church of God (CCOG) is pleased to announce the following video on our Bible News Prophecy YouTube channel:
Gold is so valuable it is called a precious metal. What nation has the most of it? Is there an area of nations with more? Will gold last longer than the USA dollar? Are there properties about the Beast and/or the Antichrist in the Bible that show that the European Babylonian Beast power will amass gold during the time of the Great Tribulation? Are there Eastern Orthodox prophecies that look forward to this? Are there biblical and Roman Catholic prophecies that warn against this? Are European central banks already accumulating gold? Did Swiss America state that some central banks are leaning towards a gold standard? Might the coming King of the North accumulate gold to use to help shore up his currency after the demise of the US dollar? Dr. Thiel addresses these issues and more.
Here is a link to the sermonette video: Beast Prophecies and European Gold.
The Europeans are in the process of accumulating gold and will amass more gold shortly after the start of the Great Tribulation.
Some items of possibly related interest may include:
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold? Two videos of related interest are Beast Prophecies and European Gold and Germany, Gold, and the US Dollar.
Some Doctrines of Antichrist Are there any doctrines taught outside the Churches of God which can be considered as doctrines of antichrist? This article suggests at least three. It also provides information on 666 and the identity of “the false prophet.” Plus it shows that several Catholic writers seem to warn about an ecumenical antipope that will support heresy. You can also watch a video titled What Does the Bible teach about the Antichrist?
USA in Prophecy: The Strongest Fortresses Can you point to scriptures, like Daniel 11:39, that point to the USA in the 21st century? This article does. Two related sermon are available: Identifying the USA and its Destruction in Prophecy and Do these 7 prophesies point to the end of the USA?
Who is the King of the West? Why is there no Final End-Time King of the West in Bible Prophecy? Is the United States the King of the West? Here is a version in the Spanish language: ¿Quién es el Rey del Occidente? ¿Por qué no hay un Rey del Occidente en la profecía del tiempo del fin? A related sermon is also available: The Bible, the USA, and the King of the West.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? In the Spanish language check out ¿Quién es el Rey del Norte? Here are links to two related videos: The King of the North is Alive: What to Look Out For and The Future King of the North.
The Great Monarch: Biblical and Catholic Prophecies Is the ‘Great Monarch’ of Catholic prophecies endorsed or condemned by the Bible? Two sermons of related interest are also available: Great Monarch: Messiah or False Christ? and Great Monarch in 50+ Beast Prophecies.
Jesus Returning, David’s Throne, and the Stone of Destiny Will Jesus return to the throne of David? What about the Stone of Scone? Here is a link to a related video: Stone of Destiny and Jesus’ Return.
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
Physical Preparation Scriptures for Christians. We all know the Bible prophecies famines. Should we do something? Here is a version in the Spanish language Escrituras sobre Preparación física para los Cristianos. Here is a link to a related sermon: Physical preparedness for Christians.
Christian Repentance Do you know what repentance is? Is it really necessary for salvation? A related sermon is also available titled: Real Christian Repentance.
Just What Do You Mean — Repentance? Do you know what repentance is? Have you truly repented? Repented of what? Herbert W. Armstrong wrote this as a booklet on this important subject.
When You Sin: Do You Really Repent? This is an article by Charles F. Hunting. A related sermon is Confess to God and truly repent.
Do Christians Sin? This is an article by Herbert W. Armstrong.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
European Technology and the Beast of Revelation Will the coming European Beast power would use and develop technology that will result in the taking over of the USA and its Anglo-Saxon allies? Is this possible? What does the Bible teach? Here is a related YouTube video: Military Technology and the Beast of Revelation.
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, English, Scottish, Welsh, Australians, Anglo-Saxon (non-Dutch) Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to Jerusalem and the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo-Saxon nations? Why might God allow them to be punished first? Here is a link to the Spanish version of this article: Anglo-América & las Tribus Perdidas de Israel. Information is also in the YouTube sermons titled Where are the Ten Lost Tribes? Why does it matter? and British are the Covenant People. A short YouTube of prophetic interest may be: Are Chinese threats against Australia for real?
Will the Anglo-Saxon-Celtic Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves? Here is a related item in the Spanish language ¿Serán divididas las naciones anglosajonas?
British are the Covenant People What do ‘British’ and ‘Britain’ mean in Hebrew? Are the descendants of the Anglo-Saxons people of the covenant? Does the British royal family connect to the throne of David? What does the Bible teach? What does history show us? Is there any DNA evidence related to British-Israelism? When did Christianity make it to the British Isles? Could Jeremiah have made it to the British Isles? What type of Christians made it to the British Isles? Did the last King of England believe in British Israelism?
Canada in Prophecy: What Does Bible Prophecy, Catholic Prophecy, and other Predictions Suggest About the Future of Canada? There are prophecies that suggest involvement with Canada. And many are not positive about its future. A sermon of related interest is also available: Canada in Prophecy.
Australia and New Zealand in Prophecy Do biblical prophecies help explain the wealth blessings for Australia and New Zealand? Might cursings from disobedience come in the 21st century? Here is a link to a related sermon: Australia and New Zealand: Origins and Prophecy.
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? Does God have 7,000 year plan? What year may the six thousand years of human rule end? When will Jesus return? 2031 or 20xx? There is also a video titled 6000 Years: When will God’s Kingdom Come? Here is a link to the article in Spanish: ¿Tiene Dios un plan de 6,000 años?
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