This page has been archived and commenting is disabled.
German Court Demands Bundesbank Audit Sovereign Gold Holdings
The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves. In an 'audit-the-fed' style effort, the court wants to ensure that the nearly 3400 tons of gold is in fact in existence - 'because stocks have never been checked for authenticity and weight'. Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve. The court questions the practice of relying on a written confirmation from the custodians (foreign central banks). The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years.
Germany's apparent (unchecked and unverified) gold holdings are second only to the USA's (just as unaudited levels)...
Via Spiegel:
Germany has the second largest gold reserves in the world, nearly 3400 tons. Supposedly, anyway. Because stocks have never been checked for authenticity and weight. Now, the Federal Court has asked the Bundesbank to examine the gold reserves abroad regularly.
The German central bank gold is safely stored in vaults in Frankfurt, New York, Paris and London. Checked really but apparently no one. The Federal Court has the Bundesbank now anyway required regular inspection and inventory of the vast gold reserves abroad. The auditors explain this in a report on Monday has become known to the budget committee of the Bundestag with the "high value of gold holdings."
The samples stored at other German banks stocks were also never by the Bundesbank itself or by other independent auditors "added physically and for authenticity and weight" checked. Actually talk on the subject numerous theories - so should the U.S. gold reserves at Fort Knox have long been looted.
The Bundesbank has on the USA's second largest gold reserves in the world. End of 2011 there were 3396 tons, worth 133 billion euros. After the soaring price of gold is likely to reach about 142 billion euros currently even. Secures the gold bars by the Bundesbank in own vaults in Frankfurt as well as at three bearing points abroad: The U.S. Federal Reserve Bank in New York, Bank of France in Paris and the Bank of England in London.
Bundesbank gets tons of gold from New York
The Court had determined the order of the Bundestag that the Federal Bank reviews its overseas gold reserves stored exactly. It is disputed whether the Bundesbank experienced for years practice sufficient to rely only on a written confirmation to the gold bars by the foreign central banks.
The Court recommends that the Bundesbank to negotiate with the three foreign central banks the right to physical verification of stocks. With the implementation of this recommendation, the Bundesbank has begun according to the report. They also decided to bring in the next three years to 50 tons each of the past at the Fed in New York gold to Germany to get it here to undergo a thorough examination. In the report, several points are blackened. In effect, the paper is not clear exactly how much gold is in which foreign central bank.
The information held in the Federal Bank headquarters holdings consist of 82,857 according to the report bullion stored mostly in sealed containers with 50 bars, which are kept in four separate locked safe boxes. Part of it (6183 bar) stored on open shelves, therefore in a separate vault - the so-called gold chamber. To secure the gold it says in the report: "The vault closure is double, the inner seals and the gold chamber under a triple lock."
»
- 43286 reads
- Printer-friendly version
- Send to friend
- advertisements -
so this is how it begins..
50t a year. So now you know the processing time to get that barbaric relic from a tungsten bar and refine it with "correct" number.
50 tonnes a year.............."if we move real slowly, perhaps nobody will notice."
Gosh amidst this debt crisis involving "real" and "modern" fiat money it's awfully weird to waste time fiddling with old fashioned barbaric collectibles.
The more these events occur, the more it will slowly dawn on the western world (the east, minus Japan, never forgot it) that at the end of the day, he who holds the gold makes the rules.
Ha! Yet another bank stress test.
The truth is only revealed when there is a run.
Who performs the Audit??????????????
“negotiate with the three foreign central banks the right to physical verification of stocks”
“Pretty please may I see my gold?”
-- Not to worry. Although gold is not money, you have the full faith and credit of the United States of America backed up by the promises of Ben Shalom and Q-Eternity.
Obummer to label Germany a terrorist state in 3,2,2....
Why bother? At 50t/yr, this is an easy scam:
Meanwhile, China has bought over 550t this year.
Ok, so let's crowdsource some scenarios here.
The gold is not there. What does the German government public-relations machine do? Do they publicly announce that Germany has no gold? Do they announce that in fact, it's there when it isn't?
Seems to me that the result of this inventory-taking is going to be that it's all there, regardless of whether or not it isn't. In which case, we the public will continue "not knowing". UNLESS: There's a whistle blower along the way somewhere.
Do what all politicians and technocrats do best..
Lie.
"When things get serious..."
Back in August the U.S. Gold at the NY Fed was audited by the Treasury. Spot the trend? Basel III anyone?
http://www.zerohedge.com/news/feds-gold-being-audited-us-treasury
Send in Herr Geraldo...
Can anyone say "HOOKER".
Have an "Eyes Wide Shut" soiree.
Sex Life Was ‘Out of Step,’ Strauss-Kahn Says:
http://www.nytimes.com/2012/10/14/world/europe/dominique-strauss-kahn-says-lust-is-not-a-crime.html?pagewanted=1&_r=1&
The court is just requesting an audit. How likely is it that it will actually happen. What are the chances of it actually happening? 10%?? I think these requests have been falling on deaf ears for years.
http://www.washingtonpost.com/business/german-auditor-office-urges-central-bank-to-control-gold-reserves-held-in-us-france-britain/2012/10/22/a986448c-1c63-11e2-8817-41b9a7aaabc7_story.html
Even if the Tozs are there, WHO has 1st dibs?
How many claims are lodged against any given bar?
All the tungsten coated gold came from China. Hmmmmmm...
India imported 286 tons in the first quarter of 2011.
MEXICO has its GOLD in London!
This will be the 2nd time they get jacked for Gold.
This time the pirates don't need to use their ships.
The Chilangos should follow Hugo's lead. http://silvervigilante.com/mexico-gold-reserves/
There is only so much physical gold above and below ground. Its becoming questionable as to how much is being bought and from what source. Australia proclaims to be a huge seller yet global quantities are not truly verified.
GATA is a reasonable watchdog, they have more questions then answers.
Anyway, lets talk about Iceland. Notice, msm has total media blackout on worlds only current financial recovery success story.
Dummkopf! Ze gold vil rrrremain in Deutschland für 1000 Jahre!
Ship back to the Fed!? At this point in the game it's every mothafocka for themselves. The German's have been pacified, not lobotomized.
Germans- "Herr Bernanke, we only want to count it, we will send it back to you for safe keeping. We promise."
The Bernank- "Hey Timmy, you hear these kraut bastards? They think they're Ron Paul and want to count it. How do you say go fuck yourself in German?"
HALOL @ 3,2,2.
3,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2....
Internal Investigation.
this post if very serious! Imagine all other countries follow suit like Germany!
IS this news posted on Bloomberg or CNBC?
He who defects first wins. I'm sure some emergency could be found to suspend repatriation. Like De Gaul, get it early and often.
A classic Prisoner's Dilemma.
http://www.youtube.com/watch?feature=player_embedded&v=QYWWwIYS5Pk
Chavez is looking like a genius...
No kidding. The best way to audit and verify your gold holdings are to TAKE PHYSICAL POSSESSION. Even a cancer ridden coconut headed marxist reject knows that!!! The kids at Zerohedge know it...Come on Germany. Just take you damn gold back. Why the hell wouldn't they anyway???????
What would be serious, and news, is if all other countires showed up at the same time and all wanted to see 'their' gold. Rehypothication could become a bitch real real quick. BTW, yes this story is on Bloomberg.
But they won't show up at the same time. The basement of the NYFed will be like a game of Sokoban (warehouseman), pushing the real gold into the proper slot for this day's counting.
It would be easy to some gold moved to where it was needed temporarily.
Maybe there will eventially be a global audit. That would be interesting.
German financial press makes it front and center headline news. Yes it is serious!
More importantly, if a Court orders it, Buba and Merkel have political cover...
Expect a "successful terrorist attack" on the Fed's vaults anytime now which will result in the "incineration of all physical gold" to be replaced, of course, at full value via Federal Reserve Notes and Treasuries.
It's a tossup though whether they will blame it on Al-CIA-Duh or Ron Paul followers.
Have they ever played Follow the Lady?
For the German Southpark fans...
Puh und seine gegangen!!
...uuuuuund es ist weg.
http://www.youtube.com/watch?v=gy5YyNZtpGA
Repatriation will end it!
These IOUS are just as good as money
need help with the translation?
We lost a great one today. Russell Means dead at 72
It began with Basel III. This is how it plays out. IGNORE THE PAPER B.S. PEOPLE! The best way to do it is by purchasing physical. Any other method and you don't own squat anyhow.
You taking bets? DO they have more or less gold to cover the Fiat?
This is all a disguise. Nothing will be done. Business as usual. The Emperor is still and will always be clothed.
This is doing nothing but patronizing the politicians.
Germans are smart in hindsight. They can blame America when none of their Gold comes back.
Yeah, many of us presume an audit would reveal outrageous frauds.
Audit and revalue, bitchez. Bring it.
Can we be opptimistic that the world is becoming tired of paper promises. One can hope.
A member of the German court apparently channeled Ronald Reagan and said "Trust but Verify".
You have to figure they can't scam forever. Rehypothecated Gold has got to come out at some point.
An audit and revaluation of gold will soon become fact. Gold is the asset that once revalued, will repair the balance sheets of Central Banks. This is what will keep the printing in check when the new financial reset takes place. The SDR will be the foreign exchange rate monitor and liquid currency. Prepare for it.
yes, and hyperinflation for all...
Prepare indeed.
If it there,they had best get it like Chavez,if they ever intend on seeing it all again.
Oh, this should be damn good. Can we get it televised?
Must see TV!
Nah. The memory of Geraldo Rivera breaking into Al Capone's empty Vault on live TV are still too strong.
+1
As we looked into the vault of the Federal Reserve for the first time, all we found was an old stop sign and a couple of empty gin bottles.
https://www.google.com/url?sa=t&source=web&cd=5&ved=0CEgQtwIwBA&url=http...
No fucking way. Won't happen, only banana republics have that right.
Chaves für Bundesprezident.....
Ah Ah!
Chavez already started repatriation of Venezuela's gold.
Chavez is a meat puppet distraction to imply to the sheeple, "See? Only coked-out tinpot Latin American 3rd world dictators stand to deliver. Trust the system, trust your paper, eat, indulge your vanities on credit, and sleep. SLEEEEEEP."
"Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve."
Dude........if you don't physically control it you don't own it. You just think you do.
<Case closed.>
Possession is 9/10ths as they say.
And does anyone really think these fractional reserve banking junkies aren't doing the same thing with gold? I can't wait until we get the first dispute over who actually owns Bar Serial Number xxxxxxxx because they both show it on their books.
I was wrong. I guess there is a good reason the US defense budget is five times more than any other nation.
Bundesbank, "Ve vould like to see our gold now"
FED, "Your gold has been rehypothecated, check your deposit agreement"
Bundesbank, "Jah jah, still ve vant you to show us our gold"
FED, "That will not be possible as your gold has been vaporized"
"FED, "That will not be possible as your gold has been vaporized"
Ummm......I think you mean Corzined.
<It's the New Ponzi English.>
Seems like the English vocabulary has definitely been enriched by a new verb "to corzine". Fortunately, for all of us non-English, it's a regular verb.
Couldn't happen to a more corrupt and contemptable fuck.
I wish "honorable" meant something. On a badge worn by that faggot it undermines all authority of the rule of law.
"Faggot"? You are too kind, sir.
If the FED is so sure that gold is a "relic of the past", why don't they show some balls and ship all of the gold in Ft. Knox to Germany for safe keeping?
http://www.youtube.com/watch?v=7GSXbgfKFWg&feature=player_detailpage
Obligatory
Der Bank der Zealy...
Oh oh ...
Why again does the IMF have all of that gold? Can we stop giving the IMF gold please?
They're not even a country, just a banking institution with the only goal being to gain more wealth and more power. They say they want to help, but they just want to plunder. After all, look at how much gold they have plundered.
I think you answered your own question. That's the plan, man.
If you are going to do a real 3 card monty you need 3 cards.
Cue Jew Nazi comments in 3,2,1.....
Those bad Nazi's wants our precious again. Evil greedy Nazis! They took our precious from us before and punished us, yeees! Now they wants it again. They can't take it away. It's our precious!
that was funny...enjoyed the Lord of the Rings reference...
its all fun and games until someone's finger gets bitten off
If you read a book by Ian Sayer and Dougles Botting - Nazi Gold you will find out that in Feb 1945 after the bombings of Reichsbank HQ in Berlin, Dr. Walther Funk the president of Reichsbank has ordered the movment of gold and foreign notes to a high potassium mine which was called "Kaiseroda Mine"at Merkers, in Thuringia - 200 Miles to the south west of Berlin.
Now here is the Irony:
Merkers fell to the 90th Division,on April 6th 1945 - two American Military policemen in Merkers Private First Class Clyde Harmon and Anthony Kline, were driving on a routing jeep patrol to enforece army orders against civilian circulation, they bumped into two French women, so the MP's decided to give them a left, after questioning in the HQ, the MP's were driving them back and one of the women saw the entrances to the Kaiseroda mine and one of them said:
"Thats the mine where the gold bullion is kept"
What was in a great cavern hewn out of dry salt rock:
"7,000 numbered bags, inside each bag gold coins or gold bars between 55-81 lb / bag . there were over 8,527 gold bars all togther weighing 98.76 tones of gold. The minted coins included a million Swiss francs, a billion French francs and 711 bags of US $20 gold pieces"
All toghter the gold bars and the coins weighted 250 Tons
the currency reserves were
2,700,000,000 Marks
2,000,000 USD
98,000,000 French francs
110,000 Cable
4,000,000 Crowns
gold teeth fillings, gold dental bridges, suit cases filled with diamonds,pearls, gems from the SS death camps.
That was one of the greatest American Nazi loots in the world ......
Good luck to the Germans on getting their money back, but was it really their money & gold?
Thuringia became part of former East Germany. Maybe the Americans got there before the Russians, maybe not. Unlikely the two GIs would run into two French women in that part of then war-torn Germany. Fact or fiction?
hey walkure, yes the Americans got first but they never returned the money
There's something the Germans need to get straight - bomb us at Pearl Harbor, we don't give up. Even though we knew they were coming and did not warn or prepare as we needed a casus belli for WW2; Look we sold our, and your gold to defend the dollar so we could buy BMWs, so in the end, we are all winners.
No hard feelings, Fritz.
Is that really you, Bluto?
http://www.youtube.com/watch?v=V8lT1o0sDwI
There's something the Germans need to get straight - bomb us at Pearl Harbor,
Got ur countries cornfused?.
barbarians
I know. Who would want all that gold plated tungsten?
it would make some damn fine bird shot
cradle of Barbaria = Germany lol
while on transfer over the atlantic, i hope they not gonna loose the gold in a boating accident
my thought, too. but gold travels by air, nowadays. because of the insurance fees
which again might have something to do with all the accidents that happen when gold travels on water...
50 tons per year?
with 1'500 tons in the NY-FED basements we are talking about 30 years of repatriation...
There are plenty of incidents of planes crashing with either confirmed or rumored cargoes of substantial gold.
that sounds juicy. have you got any key words for me to begin my research on?
I'd be tempted to agree, but if they lose a plane with 50t of National Treasury on board they have to inform the same BundesRechnungsHof that ordered the audit. And no, we are talking about German State Employees, here. The BuBa itself is a National Bank, anyway (actually a federation of LandesZentralBanken owned by the "Länder", i.e. the German States, to be more exact).
As the Chinese might say, "So sorry, this my garden now".
It's almost as if they don't trust them.
".....the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years."
Why not ship all the German Gold held at the Fed back to Germany now?
<Because it ain't there bro.>
The Tungsten smelting plants in the US can only go so fast...
Wait, I thought they outsourced that to China? Or am I to believe that there's a competitive market emerging?
I think it's a typo. The Fed holds 1500 tonnes of Germany's gold reserves. So make it 500t per year for 3 years.
Typo or not (and I agree that it probably is) I repeat my question. Why not ship it all back now?
<We're gonna need a bigger boot.>
Das Boot
Good question. Why allow 3 years to ship something that can be shipped over the course of a few daily cargo flights? How long would it take to physically move 1500t on forklifts or dolleys (lol at the thought) out of the vault, into an unmarked truck and to the airport? That's 300 trips in 5ton trucks. Do they require escorts? Who pays for that? I'd volunteer my time!
Wonder what the chances are they (be it the Feds directly or other interested parties) switch a large number of those trucks whilst en route for gold plated tungsten decoys? :)
Never mind - Jim will fix it
Cramer?
Jim is a dead perv!
Saville...but hey they Cramer is probably a pedo too (he's good at conning ppl)?
Possession is nine tenths.............
Read 'em and weep boys, read 'em and weep
Apparently " It's all good" ain't cutting it anymore
Why on earth would Germany, or any other country for that matter, store their physical off site?
Tradition.
Because the BIS tells them to do so.
Cold War relic. Back in the day it was pretty much assumed in the case of a war West Germany would be overrun, even with the use of tactical nukes at places like the Fulda Gap. The idea being that German gov in exile would have access to their gold reserves even when overrun. Now having said that the repatriation should have started in 92, but odds are the gold had already been moved through the back door then.
Plausible deniability
Because for many years, they were worried that a few stray Russian armoured divisions might pass through the neighbourhood and pull a "Kelly's Heroes" on them.
Yeah, you can always blame the Russians.
gotta love google translate...
Don't worry it's all there...we wouldn't lie to you... cross our hearts and hope to...well hope that somebody else dies.
Will this force Republicans to back Dr. Paul's demands for a Fed/Treasury/Ft.Knox audit??? Why just 50 tonnes a year??? Why not all of it right now???
Epic POA. My compliments.
Really? Only 1 "gold bitcheez" comment on an article like this? People people! What's going on here!? This is ZH right?
Bars or GTFO, bitchez!
Good thing Europe closed so that we can ramp S&P back up above support levels! Bastards.
"...the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve..."
And ... the PEA is under which CUP? ... Suckers!
Bwhahahahahahahahah...Auditing AIR and TUNGSTEN!
Germans calling Timmay!
Forced Gold R E P A T R I A T I O N
"The vault closure is double, the inner seals and the gold chamber under a triple lock" If gold is worthless, why all the inner seals and triple locks????? Wake up folks. This is huge.
So people can't see it's not there
Shrodinger's gold
"The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves."
Translation: "where's my shit mother fucker.....?"
"The Court recommends that the Bundesbank to negotiate with the three foreign central banks the right to physical verification of stocks"
neogotiate for the right to look at something which is yours?
Courteously, that means: "To schedule with ..."
Where iz zee goled?
'Benny, we've got a problem ...'
I looked on Der Spiegel and it was the 2nd main story from the top!! Not some footnote.
Need to translate german comments at bottom. . .
It is getting ALOT of attention in Germany.
Germans don't trust the FED. Neither should we!
The gold is there. No doubt about that. Of course it is owned by several entities all at once.
pods
No doubt. The "problems" with fractional reserve banking started with the Goldsmiths. Back in those days, they figured out you could issue 10X the actual value of gold in paper gold receipts. God only knows what the ratio is today.
Many might be shocked who has physical possession of the gold on this planet and who really has the claim to it. The Central Banks, and by extension their puppet governments, hate any country who has the audacity to buy gold and store it themselves. Thus, we hear how evil countries like China and Iran are.
Got to wonder if the Fed will claim "IT was lost in a horrible fishing/boating accident"...
... or accidentally vaporized during 9/11. This latter explanation has surprisingly some merits as the gold boiling point is just a little over 5000 °F, which is still less than the temperature of thermite in action.
The joke is China's official gold holdings. It's almost a certainty they have more gold than Germany (allegedly) has.
So 3,400 tons of which reputedly 60% is with the FED, so yeah I guess 50 tons per year for 3 years covers what's left of it.
Wolfram! Wo ist das Gold?
.
Es ist weg. Es ist alles weg.
Shit! Wir haben gerade WWII verloren.
Ha!! Best comment! (tungsten = wolfraam in Dutch / wolfram auf Deutsch)
When its gone,
Its gone...............
Bitchez.......