Posted on 12/10/2014 10:38:41 AM PST by george76
On January 16, 2013 Germany's central bank, the Bundesbank, said it will ship back home all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the US Federal Reserve, by 2020.
Fast forward a year and Buba, as the Federal Bank of Germany is affectionately (or maybe not) known, has only managed to bring home a paltry 37 tonnes of gold.
And a mere 5 tonnes of that came from the US, the rest from Paris. The US Fed holds 45% of the total 3,396 tonnes German gold.
Needless to say this prompted renewed questions whether Germany's gold still exists in those Manhattan vaults or if it has been melted down, leased or even sold.
At the time of the original Bundesbank announcement, there were rumours that Germany wanted their gold back because the Fed refused German officials a viewing of the bullion a couple of months earlier.
...
In November 2011, Venezuela repatriated some 180 tonnes of gold held in vaults in London and elsewhere to store it with the Caracas central bank under orders from late President Hugo Chavez.
(Excerpt) Read more at mining.com ...
This whole “German gold” story has been brought up since about 2 years... Given all the nonsense governments and central banks have been doing, I’m not surprised such stories attract attention but in fact... 300 tonnes of gold is worth $12 billion, If Fed really sold it, they could relatively easily buy it back and sent to Germany. Besides, gold is not really some ultimate money, it’s yellow metal, which is worth as much as people believe it’s worth and could collapse as easily as printed currency.
I think it is safe to say that a nation, like an individual, does not own any gold not in its/his physical possession. Come a crash and the gold that is “offshore” will stay right where it is and ownership will revert to the holder.
It wouldn't be the first time bankers started playing fast and lose with valuables in their trust. Not allowed is a long way away from can't be done, especially with an organization which is never audited.
and B) the Fed doesn't deal with individuals.
Then replace persons A through D in my example with major banks and investment companies which already deal with the Fed in billion dollar amounts. What happens when Chase or Bank of America comes up with a "great idea" where the Fed can pick up 1 or 2% of the value of their gold with absolutely no risk and the gold doesn't even have to leave their vault? Everything is fine just so long as no country asks for a physical withdrawal of the gold.
Germany is trying to get back what it can knowing that it is mostly gone.
Cannot say that I blame them. Get what you can while you can (especially if the stuff in question is yours anyway).
http://www.silverbearcafe.com/private/03.10/phonygold.html
The Chinese have been scammed as well..................
Spanx?.............OMG, now I have to get the brain bleach....................
Gold is funny stuff. Men dig it out of the ground then dig another hole and put it back in the ground and then hire other men to guard it.
I bet there are parts of town he can’t go into for fear of no way to chew tomorrow.
The elites are living out their bucket lists with all their ill-gotten gains and using Federal Reserve/others to pacify the masses so as they do not riot in the streets(18T in debt?...yeah, right)...chaos from the serfs might otherwise disrupt the current lifestyles of the rich and famous morally bankrupt feudal lords during a time where they are most enjoying the fruits of their thiefdom...can't have that.
By the time(financial)reality rears it's ugly head these turds will have had their fun...and most will be too old to give a sh t about the consequences(of their actions)....
...everyone else won't know what hit them.
"To Serve Man"...it's a cookED book!
The gold in the New York Fed can be audited by its owners at any time they want. The federal reserve banks themselves have their financial statements audited annually by an outside auditor. Their actions are reviewed regularly by the GAO. And all financial reports are available to the general public.
Then replace persons A through D in my example with major banks and investment companies which already deal with the Fed in billion dollar amounts.
They deal with the fed when purchasing government debt. The fed does not deal with individuals or corporations when it comes to gold. That is strictly done with foreign countries or the very few international organizations.
What happens when Chase or Bank of America comes up with a "great idea" where the Fed can pick up 1 or 2% of the value of their gold with absolutely no risk and the gold doesn't even have to leave their vault?
The Fed can't "pick up 1 or 2% of the value of their gold" because they don't own any. Besides, any profits from such an transaction would wind up on the financial reports and be picked up by the auditors.
Everything is fine just so long as no country asks for a physical withdrawal of the gold.
Countries withdraw gold all the time. In 1973 there was over 12,000 tons of gold at the New York Fed. Now there's about half that. I expect that it'll be below 5,000 tons within a couple of years.
“If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.” ~ Milton Friedman
THAT’s how! :)
“Would the U.S. mint be producing gold coins if the U.S. held no physical gold?”
The US has the gold for now, but the same gold is probably leased out to large banks so they can cover their shorts on the COMEX.
That being said, once we see delays in filling gold coin orders, we will have a big problem with the dollar.
So, when the US mint runs out of gold, perhaps they will demand that the banks pay them back, but of course they won’t. That will give the US the justification for domestic gold confiscation. The US has already confiscated gold in Libya and the Ukraine. According to Jim Willie, the US has confiscated Saudi and middle-eastern gold held in Switzerland c/o HBSC and Credit Suisse.
Hope you bought your gold in cash or have it hidden at the bottom of a lake or some other place out of the country.
They must have to drive tungsten rods into the drilled out cavities. There is no way to pour molten tungsten into a gold bar. The melting point of tungsten is far above the melting point of gold.
bump
you would think so
It’s a good thing Hillary and Obama invaded LIBYA and got Qadaffi’s gold for us.
Wasn’t that 3rd “Die bard” movie about the Germans trying to get their gold back?
So, how many Obama friends have ‘Golden Parachutes’?
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