Is Germany's Gold Housed in New York, Paris and London All Gone?

zerohedge ^ | 1-7 2014

[dennisw]

foreward by JS Kim, Managing Director of SmartKnowledgeU

Here is a recent correspondence from our friend Lars Schall, an independent financial journalist, and the German Central Bank, the Deutsche Bundesbank, regarding the exact whereabouts and specifications of Germany’s national gold reserve. From the correspondence below, it appears that the US Central Bank had already leased out Germany’s gold reserves in prior years and no longer has it, as the gold bars the US Central Bankers returned to Germany last year were clearly not the same ones that Germany originally deposited with them. The questions Mr. Schall’s revelations now beg is (1) if the Banque de France and the Bank of England have Germany’s original gold as well; and (2) if the various Central Bankers are deliberately returning Germany’s gold on a painfully slow timeline because they have already leased out Germany’s gold into the open market in prior years, no longer hold it, and must
therefore scrape together Germany's gold from the open market now.

 

 

Below is Mr. Schall’s inquiry to the Deutsche Bundesbank:

 

December 26, 2013

Dear Ladies and Gentlemen:

I am an independent financial journalist. In connection with the transfer of 37 tons of Bundesbank gold from New York to Germany, I came across the news that the bars were a melted before the transfer. May I kindly ask you for the following information:

Why were the bars melted at all? And why couldn’t that wait until the bars arrived in Frankfurt?

Kind regards,

Lars Schall

[dfwgator]

That's as good as gold, sir. Those are I.O.U.s"

[blueunicorn6]

Didn’t Angela Merkel fall down and hurt herself the other day?

“You mean to tell me the Americans spent our gold on fancy vacations with cheap floozies?”

“Well, it was billions so they weren’t CHEAP floozies. Oh. She passed out again.”

[varyouga]

Strange indeed. The US Gold Depository policy is to keep track of bars individually, not by weight or count. Each bar is numbered and individually recorded.

So they should have had no problem giving Germany back the exact same gold. I guess they assumed nobody would come back asking for the bars...