Posted on 01/15/2013 9:23:43 PM PST by 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.
(Excerpt) Read more at telegraph.co.uk ...
Germany wanted to do this back in 2009. Wonder why they didn’t then and are threatening this again? I’d hate to be the insurer of such a cargo.
Speaking of ‘looking’, why has no one actually seen the gold at the NY Fed Res and Ft Knox? Germany wanted to view their gold back in 2009, they were denied.
Due to the economic wisdom, or rather lack thereof of our nation’s leaders since President Reagan, the shoe is on America’s foot this time. No sane nation will come to America’s aid. The cost will be too high and it is doubtful the entire world could bail America out, and then there is the thought of the world having us right where the world has wanted us since WWII. Even lead is becoming expensive. Cartridge prices say volumes. Gonna not be fun for much longer. The American people do seem to have sniffed this one out though, and preparation is continuing. Encourage us all to hang in there. May America and America’s Constitution survive! And Lord, a request to remove this cup before America. Amen.
"If we follow the likes of Anonymous and Alex Jones, we follow them straight to hell."
I am surprised your comment has not gotten more response thus far. For the record, I agree with you--though I did enjoy seeing Jones take Piers Morgan apart recently.
And to your point, can't anyone or potentially any gov't sponsored agency be "Anonymous"? How hard is it to get one of those masks and put a vid on youtube or sent to the media proclaiming this or that anyway?
For me, I have also been skeptical of the whole Wikileaks thing as well. Pics of the Wikileaks "batcave" in Sweden that started showing up a few years back (just in time for the controversy) and all of the slick lighting, etc just seemed too over the top.
Same thing happened in the 1930's. We're heading for a depression. (We're already in a recession, but no one wants to talk about that. It makes Oboma look bad.)
Welcome to Obomas land of Hope and Change, folks. "Hows it workin' out for ya now?"
My neck hair is standing-up, as I read your comment. Y.I.K.E.S.
I felt like you did about Glass–Steagall Act, but it appears not to have been the case. The bigger issue is government backing, moral hazard, and regulatory capture.
The Bundesbank says it (the NY Federal Reserve) holds almost 3,400 tonnes of gold that was valued at €132.8-billion ($176.6-billion U.S.) as of Dec. 31.
Good luck repatriating.
Ich bin ein GoldHoarder.
Exactly! BTTT
Alex Jones, Mike Adams, and all the rest of the neurotic conspiracy-theory nut-jobs - some/most of whom just love to listen to the topics covered on “Coast-to-Coast” radio.
http://www.forbes.com/sites/jeffbercovici/2013/01/09/who-is-alex-jones-anyway-five-fun-factoids/
http://www.naturalnews.com/033389_Alex_Jones_radio_show.html
NY Fed to Germany: “It was here the last time we looked, honest”
....................
Bankers holding “your” gold has been a scam throughout history. They don’t hold it they loan it. You think it is being held but they’ve loaned it out and make interest. They depend upon the belief that not everyone will ask for their gold at the same time. The Federal Reserve is a bank. The question needs answered is our USA gold in Ft Knox?
The guards at Fort Knox aren't even armed. What's that tell ya?
Far better to watch a sane person like Ben Shapiro (on Twitter), author of "Bullies", take Lefties like Piers Morgan apart. bttt
I think they’ll look at war as the easiest way to deal with 58% youth unemployment in Europe.
Forget it, he's rolling.
NY Fed to Germany: “you don’t want to do that...”
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