Nein!
Posted on 01/17/2013 10:10:02 AM PST by DeaconBenjamin
Germany’s central bank will repatriate gold reserves held at the New York Fed and the Banque de France. Bundesbank officials acknowledged the move is “preemptive” in case a “currency crisis” hits the European Monetary Union.
While the Bundesbank tried to minimize the importance of the move, repatriating gold is a clear indication of public loss of confidence on foreign central banks and the integrity of the monetary union. Over the past few years, Venezuela, Libya, and Iran have also repatriated their gold holdings.
“No, we have no intention to sell gold,” a Bundesbank spokesman said on the phone Wednesday, “[the relocation] is in case of a currency crisis.” The officially stated reasons for the repatriation of part of its gold holdings is to build trust and confidence domestically, and to have the ability to sell gold quickly If needed.
The Bundesbank will bring to Frankfurt all of its 374 metric tons stored at the Banque de France (11% of its total reserves), and 300 metric tons held in the vault of the New York Fed, reducing its share in the U.S. from 45% to 37%. At market prices, that’s about €27-billion ($36 billion) worth of physical gold bars.
Germany tried to keep its reserves “as far west as possible” during the Cold War, according to Bundesbank board member Carl-Ludwig Thiele. Frankfurt brought back 940 tons from the Bank of England in 2000/1 in order to avoid storage costs, according to the FT, and has sold about 5 to 6 metric tons a year to the finance ministry to mint coins.
The move appears a response to public outrage over the Bundesbank’s oversight of its gold holdings. Last October, federal auditors questioned the Bundesbank surveillance of its gold bars, asking whether officials had actually verified the existence of their holdings.
(Excerpt) Read more at forbes.com ...
According to Glenn Beck, the US has responded saying it would be 7 years before they could comply. The thought process is that all of the gold the US is holding for other countries has been used as collateral on US loans.
Rats. Sinking ship.
According to Glenn Beck, the US has responded saying it would be 7 years before they could comply. The thought process is that all of the gold the US is holding for other countries has been used as collateral on US loans.
The Germans don’t trust Obama.
Would you?
What is the problem ?
I’m sure the German gold is held in a customer segregated account just like the gold held by MF Global.
If I were going to move that much gold Id be sure to talk about it in the public press.
AND....We.....are.....heading....right.....into....a.....U.S.....bond....crash. Hello?
The Feds have watered down our money so munch (unlimited printing), the bond market cannot sustain itself.
That means.....massive inflation. The other nations SHOULD, to protect themselves, grab everything they can as fast as they can right now.
No one could blame THEM for doing what they have to do for their citizens. THEY didn't do this. The Oboma administration would not stop it's spending spree and printing of Monopoly money, even though they were warned!
Nein!
So how do you move 300 tons of gold from the US to Germany? By plane or boat? I’d use a military ship.
Paint it, remold it. Make it look like something else. Move it like you would every day objects.
OR, call a UFO. Sightings would be immediately debunked. (Heh)
I’ll help ‘carry’ a few bars.
This is not good. If they drag their feet on this, other countries are going to do the same thing, then all hell will break loose. My guess is that, if this persists, the price of gold in on the way up...and fast!
“This is not good. If they drag their feet on this, other countries are going to do the same thing, then all hell will break loose. My guess is that, if this persists, the price of gold in on the way up...and fast!”
I agree. Hope this isn’t a precursor to war.
A big war. Lotsa dead useless eaters and useful idiots.
Yesterday I read that France was also pulling it's gold from somewhere. (I was making dinner at the time. All I have is the short term memory. The other details didn't download into my long term memory file. Sorry.)
Maybe it's in a lockbox - like the Social Security money.
If I’m Angela Merkel, I’m not sure I’d settle for ‘7 years’ on ‘ignore’.
The other thing I’d insist on, by the way is upon receiving the gold I’d have the bars remelted and then ingotted again.
Lots of stories of bars made of Tungsten. I’d be taking those crates, tossing them in the pot, and seeing what comes out the other end.
I think you are right, this is a prelude to war. Our resistance to becoming petroleum independent over the last forty years was in the interest of global strategic peace.
Fracking and other technologies changes the equation. Right now, there is little need for exporting any oil from the ME. We get the bulk of it from Canada, and they have more to sell us. We are in a position to produce more of it ourselves, and the world has had a bellyful of Pax Islamica.
Today, this very day, the nutter in Iran was telling his fellow nutters that they need to diversify out of petroleum as soon as they can, because the embargo is starting to bite.
The fact is that all of this turmoil out there is the beginning of a shift away from energy dependence on 7th century animals. I don’t know what marketing genius came up with ‘Arab Spring’ as a concise way of concealing what is really going on right now - and it is ALL ECONOMIC - but they aren’t paying him or her enough.
Remember this - given the availability of enough water, almost every country can frack. That is the best available science talking. Who stands to lose if LNG becomes as cheap as crude was back in the 1920’s?
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