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 ...
Don’t forget the drones. They can see in the dark.
I think the end of the petrodollar is imminent.
That would be economic chaos, whether war would be the result, not sure...
(From original source)
....The latest shift in strategy follows criticism by the German Court of Auditors, who said in a confidential report that the gold held abroad had “never been verified physically” and was not under proper control. A growing chorus of lawmakers in the Bundestag has demanded a return of all Germany?s gold in case the financial crisis escalates.
Veteran gold trader Jim Sinclair said the Bundesbank?s move is a pivotal event in the gold market and the latest warning for investors that they should keep metal bars under their physcial control, rather than relying on paper contracts.
“This sends a message about storing gold near you and taking delivery no matter who is holding it. When France did this years ago it sent panic amongst the US financial leadership. History will look back on this salvo as being the beginning of the end of the US dollar as the reserve currency of choice,” he said....
Anonymous is a globalist pysop. Clever how they conveniently drop the “We Are Legion (demons)” tag when they’re trying to incite largely Christian patriots into a hot civil war.
If we follow the likes of Anonymous and Alex Jones, we follow them straight to hell.
Well, we didn’t panic when the Germans bombed Pearl Harbor and we won’t panic now.
Of course this means Geithner is going to be pushing those printing presses like the Das Boot engineer riding his diesels back to France.
“and was not under proper control”
That’s right, they want hard collateral. No control = No accountability for the Glass Steigal Repeal scam artists, and were given a free pass 2008.
NY Fed to Germany: "It was here the last time we looked, honest"
“War must be coming. These are foreshocks that are too big.”
I call it a reckoning. We cannot co-exist with liberals, and one of the sides has got to go...
Not to mention his and Michelle’s lavish and outrageously expensive vacations.
Oh my God!
The Germans bombed Pearl Harbor?
When did they do it?
The grab from New York is just to provide cover for the real concern - - getting everything the hell out of France before it’s “nationalized” (ie., stolen by the communists).
stealh germans... :)
I remember Rick Perry being mocked for saying he’d like Texas to move its gold reserves out of NY and back to the state.