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Bundesbank plans to sell 600 tons of gold
FAZ.NET ^
| 22. Jan. 2004
| Elise Kissling
Posted on 01/22/2004 3:09:31 PM PST by mjp
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1
posted on
01/22/2004 3:09:31 PM PST
by
mjp
To: mjp
600 tons? Well, so much for their opinion that gold is going to get much higher. Frankly, sounds like they're getting out while the getting is good....although, I can't help but wonder by their announcing the sale. You'd think with this much $$$ worth of gold to unload they would be a bit more circumspect.
2
posted on
01/22/2004 3:20:06 PM PST
by
yankeedame
("Oh, I can take it but I'd much rather dish it out.")
To: yankeedame
600 tons x 2000 lbs x 16 oz = 19,200,000 ozs x $409.25/oz = $7,857,600,000
That's almost 7.9 BILLION dollars, at today's gold quote.
That, my friends is a tidy sum...
Wonder where it all came from?????
Semper Fi
3
posted on
01/22/2004 3:32:53 PM PST
by
river rat
(Militant Islam is a cult, flirting with extinction)
To: mjp
Why not? Gold prices are at a 10 or 15 year high.
4
posted on
01/22/2004 3:48:36 PM PST
by
Blood of Tyrants
(Even if the government took all your earnings, you wouldn’t be, in its eyes, a slave.)
To: river rat
Wonder where it all came from????? We probably don't want to know.
To: river rat
It's Germany.
I have a pretty good idea that this gold doesn't belong to them.
To: Blood of Tyrants
Did you read the gold thread on U.S. policy posted about 30 minutes ago.
To: Blood of Tyrants
Why not? Gold prices are at a 10 or 15 year high. The effect is seriously diminished because of the euro/dollar exchange rate.
8
posted on
01/22/2004 4:03:42 PM PST
by
Dog Gone
To: river rat
Wonder where it all came from?????Uh, places . . . in, uh . . . Europe.
9
posted on
01/22/2004 4:07:40 PM PST
by
Petronski
(I'm *NOT* always *CRANKY.*)
To: imawit; Beck_isright; arete
ping
10
posted on
01/22/2004 4:10:03 PM PST
by
Orangedog
(An optimist is someone who tells you to 'cheer up' when things are going his way)
To: Petronski
"Uh, places . . . in, uh . . . Europe.: Presently, no question...
I think it would be interesting to know the full history of how that much gold came to be in one place...
Semper Fi
11
posted on
01/22/2004 4:11:52 PM PST
by
river rat
(Militant Islam is a cult, flirting with extinction)
To: river rat
strange bump
12
posted on
01/22/2004 4:19:32 PM PST
by
txhurl
To: mjp
Here is what Bill Murphy of GATA and lemetropolecafe.com had to say about this story:
Besides this press report being repetitive, it is flat out wrong as it states central banks hold one-quarter of the worlds gold, or 32,000 tonnes. In fact, half of that gold has been lent or swapped out and is no longer there, which may be what the Bundesbank flap is all about.
We have a spectacle here going on behind the scenes, which is the real story the gold press ought to be discussing. One day Welteke talks about Germany selling 600 tonnes of gold. A few days later one of their Board members plants a story in Der Spiegel DECLARING 5 of the 8 Bundesbank Board members will vote against Germany selling any gold. A few days later a Bundesbank press spokesman re-circulates the same Welteke gold story. This is very unusual and suggests a massive rift in the bank. You just dont normally see a bank president and Board go at it like this in public.
Why is Welteke taking on his Board in public like this? Of course we dont know for sure, however, what makes the most sense is this gold is already sold and these Board members havent been told. Welteke needs to keep the pressure on somehow. Or they do know and are disgusted!
The work of the GATA camp shows 10,000+ more tonnes of central bank gold has been lent/swapped out than officially reported. This gold had to come from some place before it was dumped in the physical market to suppress the price. GATA consultant James Turk has long reported he believes 1700 tonnes of German gold was swapped with US gold at West Point, which is why this gold was mysteriously renamed "Custodial Gold" a few years back. None of the rest of the US official gold holdings were classified in this manner. Its very possible the Germans realize they are not going to get their gold back without driving the gold price to the moon and are trying to figure out a way to deal with the problem from a public consumption standpoint. Therefore, the Germans have to say they are selling a percentage of their gold when, in reality, it has already been sold. This could be the reason Welteke keeps pounding the table. He wants to get this accounting detail over with before the Bundesbank is found out, or before the gold price soars and he is unable to formally "sell" Bundesbank gold.
Much of this could also have to do with their private banks, like Deutsche Bank. Lets say DB has borrowed 600 tonnes from the Bundesbank and sold it as part of The Gold Cartel operation. It owes the gold, but it could drive the price through the roof if it tried to retrieve the gold from the cash market to repay the Bundesbank. Thus, the Germans may want to settle the loan via a cash payment instead of bullion repayment. The only way this can be done is for the Bundesbank to declare it is going to sell its gold in the future. To do so otherwise will mean they have been deceiving the German public and the financial world about the true status of Germanys gold.
13
posted on
01/22/2004 4:22:02 PM PST
by
Soren
To: Petronski
paper gold -forward sold- deep storage gold-magic mystery gold
14
posted on
01/22/2004 4:24:29 PM PST
by
joesnuffy
(Moderate Islam Is For Dilettantes)
To: river rat
600 tons x 2000 lbs x 16 oz = 19,200,000 ozs x $409.25/oz = $7,857,600,000
Hey, isn't Gold in Troy ounces? How does that figure??
15
posted on
01/22/2004 4:28:58 PM PST
by
jrushing
(What goes here? Does anyone know what goes here?)
To: river rat
Can you say Aaaa! The Gnomes "really" know where it (came) from!
16
posted on
01/22/2004 4:34:24 PM PST
by
winker
To: river rat
I think it would be interesting to know the full history of how that much gold came to be in one place...I once saw a WWII German photograph of piled up gold teeth. Piles so high that they needed front end loaders to move them. All donated by Germans, and assorted other European supporters, to further the Nazi war effort.
17
posted on
01/22/2004 5:01:35 PM PST
by
templar
To: templar
...All donated by Germans, and assorted other European supporters, to further the Nazi war effort. I saw those photos, too. However, I wouldn't quite use the word "donated" - IIRC much of those items originally belonged to Jews.
18
posted on
01/22/2004 5:04:52 PM PST
by
COBOL2Java
(If you can read this, thank a teacher. If you are reading this in English, thank a soldier.)
To: COBOL2Java
However, I wouldn't quite use the word "donated"There is the possibility that some of the donations were not entirely voluntary.
19
posted on
01/22/2004 5:11:06 PM PST
by
templar
To: templar
Yeah, those fundraisers can be hell.
20
posted on
01/22/2004 5:40:30 PM PST
by
txhurl
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