Ft. Knox is full of Tungsten.
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 country’s 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 Germany’s 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 Berlin’s reserves. This enormous hoard of gold is stored in the fifth subfloor of the bank’s building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the bank’s 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 Germany’s 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 it’s 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.
muzzies in the midst of me, commies from afar
here I am
stuck in the middle with bo
But the NY Fed owns the US Treasury....and maybe.. there’s.. nothing... there....
I believes it matters. Take a look at the recent MF Global fiasco.( John Corzine)
"Despite his account being fully funded, Celente was hit by a margin call as Chapter 11 trustees stepped in to take control of his funds, leaving his account empty thereby closing his positions and preventing him from taking physical delivery of his gold which was due in December. When Celente rejected demands to transfer more money into the account it was hastily closed.
Speaking with Alex Jones, Celente expressed his fury at the move, labeling it an example of “economic martial law,” and speculating that the real reason for the looting was because the broker never had the gold and silver to deliver in the first place.
http://www.dailypaul.com/187615/mf-global-looted-customers-accounts-via-internal-bank-run -Tom
Celente even had serial numbers for each of his gold bars. This was like them stealing your car because the owner of the garage went bankrupt.
JP Morgan, of course, got out whole.
They stole the gold, Corzine is guilty, and he’s free as a Democrat.
Ft. Knox is full of Tungsten.
This goes back way before Obama (before he was even born). It traces back at least to the Bretton-Woods agreement. The modern western financial system was construed as a fraud from the very beginning, a means by which the Rockefellers and the Rothchilds could enrich themselves at our expense.
Not buying that “full faith and credit” from the Yankee empire anymore, eh?
Wise.
Corzine is a defendant in a 43 TRILLION$ lawsuit....
http://spire-law.com/in-the-news/
google 43 trillion lawsuit for more info
They simply need to take it back. I suspect it doesn’t even exist 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?
*******************
You are correct in each particular. Much of the gold dated back to the Conquest in the Americas.
*ping*
*ping*
Now I think I see why the incandescent light bulb has been banned, so they can "make" more gold.
I wonder how things would be if we valued pork and beans more than gold.
We gave most of it to the Aliens after the first big gold confiscation.
The next one is just around the corner...
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