Skip to comments.German Calls for Gold Repatriation Intensify As Fed Refuses to Allow Inspection
Posted on 11/10/2012 6:19:28 AM PST by Renfield
Calls for Germany to repatriate its 1,536 tons of gold reserves held at the NY Fed are intensifying as Der Spiegel reports the Federal Reserve has refused to allow German inspectors to even view the countrys massive gold reserves in the interest of security and of the control process.
We have stated repeatedly that with repatriation and/or audit requests completed or in progress by Venezuela, Germany, Switzerland, and the Netherlands, The BOE and the Fed suddenly find themselves in a heap of trouble as the situation (and confidence that the Central banks actually still hold the tungsten gold reserves on deposit) is rapidly deteriorating.
Der Spiegel reports that nearly half of Germanys entire gold reserves are still held (supposedly) 5 floors below the NY Fed:
The Federal Reserve Bank of New York continues to hold 1,536 metric tons of German gold or nearly half of Berlins reserves. This enormous hoard of gold is stored in the fifth subfloor of the banks building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the banks website, the vault rests on the bedrock of Manhattan Island.
The Fed has reportedly denied German requests to view their own gold reserves, in the interest of security:
Tourists are allowed to venture below street level to see the vault. After descending in an elevator, they stand in front of an enormous steel cylinder that pivots like a door in a 140-ton steel-and-concrete frame. But not even the owners are allowed to view their own gold. According to the Federal Audit Office report, the Fed explained that in the interest of security and of the control process no viewings are possible.
Of the 9 compartments supposedly storing German gold, German officials were finally allowed to briefly view a few bars from a single compartment in 2011:
Finally, in 2007, following numerous enquiries, Bundesbank staff members were allowed to see the facility, but they reportedly only made it to the anteroom of the German reserves.
In fact, auditors from the Bundesbank made a second visit in May 2011. This time one of the nine compartments was also opened, in which the German gold bars are densely stacked. A few were pulled out and weighed. But this part of the report has been blacked out out of consideration for the Federal Reserve Bank of New York.
Unlike the US financial MSM, the German media is willing to discuss not only the question of whether the Federal Reserve has absconded with Germanys gold, but also the risk of a collapse of a fully fiat currency:
The debate over a collapse of strictly paper-based currency is experiencing a renaissance as is the dispute over the gold reserves. Even Green Party financial expert Gerhard Schick has joined the fray: I think the question of how much gold is available in an emergency is a valid concern.
Not surprisingly, Bundesbank officials are attempting to smooth over German concerns about their gold reserves, with board member Thiele snidely remarking that he took a look inside of one of the vaults at the NY Fed recently, and There was no paper in there, just gold.:
The Bundesbank also objects to this notion for another reason. It says the gold is supposed to act as an emergency buffer. In the extreme situation of a currency collapse, the bankers say that the gold bars could easily and quickly be exchanged on location for pounds or dollars to pay urgent bills.
In a bid to calm the debate, the Bundesbank has pledged to bring back and inspect 150 tons of gold from abroad over the next three years. Furthermore, there are plans to count and weigh the gold bars stored in one of the nine chambers at the Fed in New York although no date has been set for this.
Bundesbank board member Thiele was also recently in New York where he took a look behind one of the vault doors. He had good news for the members of the parliamentary budget committee: There was no paper in there, just gold.
While Bundesbank officials likely understand the reality (much better than German politicians do) that a German repatriation of its entire 1,536 tons of gold reserves held at the NY Fed would likely cause a complete Western financial collapse if/when the Fed failed to promptly deliver said gold (tungsten free), confidence in the Fed and the BOE has clearly been shattered, and it is now only a matter of time for an absolute mad run on every last gram of physical metal underneath the NY Fed ensues.
hmmmm ..did Barry take it?
The NY Fed is a non gov’mit company ... if that matters
Maybe he could have. Has anyone check behind Michelle what is that load she is carrying? hmmmmm
If the Germans were smart they’d quickly stop the “calls for repatriation” and move on quickly to actually doing a repatriation. My very suspicious mind tells me that those Fed customers who are down in the order of repatriation are going to be very shortchanged. And they’d better completely verify that what is repatriated is actually 100% gold all the way to the center.
When things hit the fan, I can already see Obama and crew saying “we didn’t know of the existence or the extent of the thievery—this must have been done during the Bush administration; it’s Bush’s fault.
It is very convenient to keep gold in NY, and it used to be very secure, but with Barry in office, I’d think twice before leaving it there.
I’ve been to the Fed in NY, but not to the vaults. The building is built like plumbing. You can set up a path from point ‘A’ to point ‘B’ that is secure by closing gates that are in the halls and elevator lobbies. Where I was, all the trim and doors were made of brass. Really impressive, although I got through security with a ‘nod’ — I guess my escort was “somebody”.
It’s OK. The Fed will just print some more gold........no, wait a minute.......Houston, we have a problem.
this is not happy news
Weighing the gold bars would show nothing, since gold weighs almost the same as tungsten. Ultrasonics is the way to test it.
at one time, the US was perceived as a safe and secure repository of precious metal(s) by other nations .. and now one of those nations would just, y'know ... kind'a visit it's own posession .. and the US says, "Nahhh ... I don't think so ... security reasons, there's an ongoing investigation, uhhh .. there's confusion because of the election ... ummm ... I'll think of more ... "
Is THAT it ?
I find it hard to believe (in this day & age) that other nations trust the U.S. to “guard” their gold.
just saying ..if its missing Obama’s thugs probably got it.Im over 60 and have libs saying things like “die faster” and “we dont want to pay your bills” because I am a senior..they are thugs...and will take anything they dont have to work for. next move ..confiscation of senior property..because we dont need it anymore.
IIRC, the Spanish government allowed all of their gold to be sent to Russia during the Civil War in the 1930s for safe keeping.
They never got it back.
So why are our commies different from the Russians?
Kind of like repealing the laws of physics, huh?
I have only a sketchy recollection of someone posting or commenting on a gold scandal at the NY fed. It seemed so incredible that tons of gold could go missing I refused to give it any further thought . . . until now.
The same thing happened years ago when there were calls to physically inspect Fort Knox to see if the gold was there.
After immense pressure and extreme reluctance on the part of Knox to show the owners (that’s us) OUR gold, Congress finally sent a delegation for what was, in essence, a photo op.
ONE vault door was opened, to show gold bar piled from floor to sealing.
No other doors were opened. The congress critters got their pictures taken standing beside the gold, and left—no further questions, no examination of any of the other vaults, no weighing of the gold—just photos.
And the MSM let the subject drop.
(And THAT, more than anything else, made me suspicious that there really was something missing from Fort Knox...)
“to show gold bar piled from floor to sealing.”
to show gold bars from floor to ceiling...
(don’t drink and post...)
Everyone is rich until they look in their wallets. So Germany has gold in NY....until someone actually wants to move it....then...poof! it disappears and how does Germany explain to the home crowd.
“We saw it, no paper, no problem, leave it there.”
No, the gold never was secure here. The Banksters at the FED “rehypothecated” (i.e., resold and resold it, used it as collateral for loans, etc) the gold many times. No one (outside of bankster insiders) even knows where it is. It was a massive, multi-trillion dollar fraud from the beginning. collapse of our financial system is imminent, as everyone knows now that the emperor has no clothes.
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