Skip to comments.Bundesbank to pull gold from New York and Paris in watershed moment
Posted on 01/15/2013 9:23:43 PM PST by JerseyanExile
Germanys 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 Frances 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 worlds 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 Germanys 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 Britains 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 ...
If it’s still here.. I wouldn’t trust us anymore either. Wouldn’t surprise me if our own vaults are empty and cashed out so 0bama could buy 0bamaphones and more votes.
This could be the start of something big!!!
I don’t blame them. I don’t trust the Kenyan either. He’s a shifty #!%@!. I definitely wouldn’t want my gold where he could get his thieving hands on it.
Thanks for the ping. We are living in interesting times.
Foreigners are seeing it now. If you can’t trust the president to uphold the Constitution you can’t trust him with your gold.
I have found this website to be a very useful source of information on the economy, gold, and silver.
And so it begins...
Very true. Have the remaining in shipment now.
Yup. It is called hyperinflation of essentials and hyperdeflation of everything else...
This is huge news. It is stark confirmation of the increase in political risk in the USA.
In protest to Cuomo the Confiscator and Bloomturd, everyone should pull out of New York, the new dumbest state.
Excellent move by Germanys Bundesbank.
Hope it’s not too late.
Do not trust any bank.
Wait till they find out that all that’s left is gold plated tungsten...