Bundesbank to pull gold from New York and Paris in watershed moment

The Telegraph ^ | January 15, 2012 | Ambrose Evans-Pritchard

[JerseyanExile]

Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris.

The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the early 1970s.

Handelsblatt said the Bundesbank will announce on Wednesday that it intends to relocate the gold to vaults in Frankfurt, said by insiders to include parts of the old archive library. Germany has 3,396 tons of gold worth roughly £115bn, the world’s second-largest holding after the US. Most of the reserves were stored abroad for safety during the Cold War.

The bank holds an estimated 45pc of its gold at the US Federal Reserve in New York, and 11pc at the Banque de France, lower than originally thought.

A report by Germany’s budget watchdog in October revealed that the bank halved its holding in London a decade ago, a period when the Bank of England was selling part of Britain’s gold at the bottom of the market to buy euros.

Many analysts say the world is moving towards a de facto gold standard again as China, Russia and other reserve powers boost their holdings to diversify out of dollars and euros.

[muffaletaman]

All that glitters is not gold.

I wonder how many tons of tungsten they will find?

And how many tons of Federal Reserve Bank IOUs?

[PA Engineer]

Do not trust any bank.

Thanks. Have diversified, but also well practiced in midnight gardening. I will be moving more out in the morning. Sad times we are in.

[Obama_Is_Sabotaging_America]

Dumbest state.. NY or CA?

[onyx]

Sad, sickening and frightening. We must be prepared for the worst and we must keep praying.

[Brad from Tennessee]

[Germany has 3,396 tons of gold worth roughly £115bn, the world’s second-largest holding after the US. Most of the reserves were stored abroad for safety during the Cold War.]

This makes perfect sense. If the Soviets invaded Western Europe they would have immediately looted the bank vaults in any territory they overran.

[JouleZ]

From your link: Anonymous responds to Obama.

http://www.youtube.com/watch?v=JZhHyA9z_vI&feature=youtu.be

[PA Engineer]

Sad, sickening and frightening. We must be prepared for the worst and we must keep praying.

Absolutely. It is not just about the dollar as reserve currency, but also the stability of the country.

[Jane Long]

It is called hyperinflation of essentials and hyperdeflation of everything else...

Was just discussing this with a dear friend, today. Strange happenings.

[philetus]

I think I would have got my gold first and announced it 2nd

[The Cajun]

.......but also the stability of the country.

I think the fuse is lit and it's too close to the powder, no stopping it now.
Just waiting for the inevitable bang.

[PA Engineer]

Just waiting for the inevitable bang.

This may well explain all the anti-gun government moves.

[onyx]

Rapid descent.

[noinfringers2]

This just the Rothschilds protecting their assets when these do not serve their interests or purposes. The history of the Rothchilds and Soros and the Rockefellers need to be taken as a lesson in international dealings.

[blam]

We're In The Midst Of A Global Currency Regime Change

[djf]

Yup. This is huge.

[DesertRhino]

LOL,, those silly Germans, being all disorganized and scatterbrained again. Second highest gold reserves of any nation. Don’t they know that only morons own physical gold?

Wait,,is this the same Germany that has a reputation for meticulous analysis and banking? And is the only solvent and sane country in the EU?

[Varsity Flight]

More effects of the Glass Steigal Repeal scam artists.

[Standing Wolf]

I sure wouldn’t trust the “progressive” oligarchy with anything of value, nor the state or city of New York, either.