Posted on 10/30/2012 10:29:02 PM PDT by bruinbirdman
For decades, almost half of Germany's gold has been stored deep below the Federal Reserve Bank of New York. Now, with the euro crisis swirling, German politicians are asking their central bankers to take stock of the reserves. Some even say that the gold should be shipped home.
Bundesbank President Jens Weidmann wanted to personally convince Peter Gauweiler that the German gold was still where it should be. Early this summer, the head of Germany's central bank took the obstinate politician from the conservative Christian Social Union (CSU), a party that is a member of the government coalition in Berlin, and a number of his colleagues into the Bundesbank's inner sanctum: the gold vault.
There, 6,000 gold bars are stacked on industrial-strength shelves in a purpose-built building in Frankfurt. An additional 76,000 bars of bullion are stored in four safe boxes, in sealed containers.
But even this personal inspection wasn't enough to reassure the visiting member of parliament -- on the contrary: "The Bundesbank monitors its domestic gold in an exemplary fashion," Gauweiler says, "and this makes it all the more incomprehensible that the bank doesn't look after its reserves abroad."
For quite some time now, Gauweiler has been pestering the government and the Bundesbank with questions concerning where and how the country's reserves are stored, and how often they are checked. He has submitted requests and commissioned reports on the topic.
Last week, Gauweiler celebrated his greatest
(Excerpt) Read more at spiegel.de ...
The Germans had better drill into one and check for tungsten.
Goldbug Ping.
Vee vill not know unless vee check!
What if they found out they’ve been duped?
Silly Germans. Don’t they know that you can’t eat gold? Don’t they know that having physical gold is utterly unsophisticated? Don’t they know they’ed be better off with an ETF or mining stock??
The Germans are so naive that they have the second largest stockpile of physical gold of any nation.
I thought the Germans were much more organized than that/
yep, its all been switched out for Chinese fakes
This story has me thinking. All my gold is stored at my uncles house and he is up to his eye balls in debt.
For anyone visiting New York, I definitely suggest you take the tour of the New York Fed office. If you’re into that kind of thing.
Problem is it is stored by the Fed Reserve, a gov charter private Wall Street banker owned organization. Trusting Wall Street bankers who did not hesitate to sell mortgage portfolios riddled with liar loans as AAA rated investments with no possession of property titles. These items are hypothecated and rehypothecated till no one really knows who actually owns the title or asset. If I were Germany audit and take physical possession of the gold. What if one of the owner banker in the Fed Reserve goes bankrupt and pays part of the bankruptcy with the gold they made loans against. MF Global ring a bell anyone?
LOL
That....reminds me of something.
So, for all the Gold Rush(TV show)fans...Friday(?)they’ll be announcing the $100,000 prize, to be given in cash, or gold. Which would you take? Think I’d take the cash.
gold at the fed...do you really think that the little bernie madoffs have been able to keep their paws off it all these years when it was right there in front of them? its gone, just like the 400 million at lehman brothers.
History channel had a show saying the FED may not have any gold in Ft. Knox. That’s why some want to audit the FED and go to Ft Knox. They think the gold has been gone for years.
“Think I’d take the cash.”
That would be a big mistake. This is about to get ugly.
Seems those 400 oz tungsten bars started popping up during the Clinton Administration...
I’ve been hearing the same rumor for years. In fact if I’m not mistaken that was told to me by former military personnel that served at Fort Knox!
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