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German Court Demands Bundesbank Audit Sovereign Gold Holdings

Tyler Durden's picture





 

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."

 


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Mon, 10/22/2012 - 11:33 | Link to Comment RacerX
RacerX's picture

so this is how it begins..

Mon, 10/22/2012 - 11:39 | Link to Comment Fips_OnTheSpot
Fips_OnTheSpot's picture

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.

 

Mon, 10/22/2012 - 11:42 | Link to Comment gojam
gojam's picture

50 tonnes a year.............."if we move real slowly, perhaps nobody will notice."

Mon, 10/22/2012 - 11:45 | Link to Comment redpill
redpill's picture

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.

Mon, 10/22/2012 - 11:47 | Link to Comment metastar
metastar's picture

Ha! Yet another bank stress test.

The truth is only revealed when there is a run.

Mon, 10/22/2012 - 11:52 | Link to Comment Pladizow
Pladizow's picture

Who performs the Audit??????????????

Mon, 10/22/2012 - 11:54 | Link to Comment Manthong
Manthong's picture

“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.

Mon, 10/22/2012 - 11:58 | Link to Comment Pladizow
Pladizow's picture

Obummer to label Germany a terrorist state in 3,2,2....

Mon, 10/22/2012 - 12:06 | Link to Comment malikai
malikai's picture

Why bother? At 50t/yr, this is an easy scam:

 

  • Receive 50t/yr.
  • Verify.
  • Ship back to FED.
  • Receive same 50t again next year.
  • Verify.
  • Ship back to FED.
  • again....
Mon, 10/22/2012 - 12:09 | Link to Comment NotApplicable
NotApplicable's picture

Meanwhile, China has bought over 550t this year.

 

Mon, 10/22/2012 - 12:17 | Link to Comment Popo
Popo's picture

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.   

 

 

 

 

Mon, 10/22/2012 - 12:22 | Link to Comment Manthong
Manthong's picture

Do what all politicians and technocrats do best..

Lie.

Mon, 10/22/2012 - 12:28 | Link to Comment catacl1sm
catacl1sm's picture

"When things get serious..."

Mon, 10/22/2012 - 12:39 | Link to Comment LongBalls
LongBalls's picture

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

Mon, 10/22/2012 - 13:14 | Link to Comment francis_sawyer
francis_sawyer's picture

Send in Herr Geraldo...

Mon, 10/22/2012 - 15:27 | Link to Comment negative rates
negative rates's picture

Can anyone say "HOOKER".

Mon, 10/22/2012 - 12:48 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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&

Mon, 10/22/2012 - 13:14 | Link to Comment dcj98gst
dcj98gst's picture

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

Mon, 10/22/2012 - 16:13 | Link to Comment StychoKiller
StychoKiller's picture

Even if the Tozs are there, WHO has 1st dibs?

How many claims are lodged against any given bar?

Mon, 10/22/2012 - 12:58 | Link to Comment jekyll island
jekyll island's picture

All the tungsten coated gold came from China.  Hmmmmmm...

Mon, 10/22/2012 - 13:11 | Link to Comment JustObserving
JustObserving's picture

India imported 286 tons in the first quarter of 2011.

Mon, 10/22/2012 - 13:30 | Link to Comment mr_T
mr_T's picture

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/

Mon, 10/22/2012 - 22:40 | Link to Comment SWIFT 760
SWIFT 760's picture

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. 

Mon, 10/22/2012 - 12:27 | Link to Comment walküre
walküre's picture

Dummkopf! Ze gold vil rrrremain in Deutschland für 1000 Jahre!

Mon, 10/22/2012 - 13:53 | Link to Comment Mad Mohel
Mad Mohel's picture

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?"

 

Mon, 10/22/2012 - 13:17 | Link to Comment THX 1178
THX 1178's picture

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....

Mon, 10/22/2012 - 13:27 | Link to Comment 55 men
55 men's picture

Internal Investigation.

Mon, 10/22/2012 - 11:55 | Link to Comment resurger
resurger's picture

this post if very serious! Imagine all other countries follow suit like Germany!

IS this news posted on Bloomberg or CNBC?

 

Mon, 10/22/2012 - 12:04 | Link to Comment Shameful
Shameful's picture

He who defects first wins.  I'm sure some emergency could be found to suspend repatriation.  Like De Gaul, get it early and often.

Mon, 10/22/2012 - 12:29 | Link to Comment catacl1sm
catacl1sm's picture

A classic Prisoner's Dilemma.

Mon, 10/22/2012 - 12:33 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture
PressTv Germany's gold reserves-On the Edge with Max Keiser-10-19-2012

 

 

http://www.youtube.com/watch?feature=player_embedded&v=QYWWwIYS5Pk

Mon, 10/22/2012 - 13:13 | Link to Comment francis_sawyer
francis_sawyer's picture

Chavez is looking like a genius...

Tue, 10/23/2012 - 15:55 | Link to Comment pupton
pupton's picture

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??????? 

Mon, 10/22/2012 - 12:06 | Link to Comment Vincent Vega
Vincent Vega's picture

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.

Mon, 10/22/2012 - 13:39 | Link to Comment XitSam
XitSam's picture

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.

Mon, 10/22/2012 - 12:06 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

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.

Mon, 10/22/2012 - 12:28 | Link to Comment walküre
walküre's picture

German financial press makes it front and center headline news. Yes it is serious!

Mon, 10/22/2012 - 11:51 | Link to Comment Urban Redneck
Urban Redneck's picture

More importantly, if a Court orders it, Buba and Merkel have political cover...

Mon, 10/22/2012 - 13:11 | Link to Comment Abiotic Oil
Abiotic Oil's picture

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.

Mon, 10/22/2012 - 16:51 | Link to Comment Bagbalm
Bagbalm's picture

Have they ever played Follow the Lady?

Mon, 10/22/2012 - 12:42 | Link to Comment Alpo for Granny
Alpo for Granny's picture

For the German Southpark fans...

Puh und seine gegangen!!

 

Mon, 10/22/2012 - 13:04 | Link to Comment TheFourthStooge-ing
Mon, 10/22/2012 - 11:40 | Link to Comment Rubicon
Rubicon's picture

Repatriation will end it!

Mon, 10/22/2012 - 11:51 | Link to Comment GolfHatesMe
GolfHatesMe's picture

These IOUS are just as good as money

Mon, 10/22/2012 - 12:22 | Link to Comment dugorama
dugorama's picture

need help with the translation?

Mon, 10/22/2012 - 12:23 | Link to Comment Mr Pink
Mr Pink's picture

We lost a great one today. Russell Means dead at 72

Mon, 10/22/2012 - 12:42 | Link to Comment LongBalls
LongBalls's picture

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.

Mon, 10/22/2012 - 12:45 | Link to Comment Atlasshruggedme
Atlasshruggedme's picture

You taking bets? DO they have more or less gold to cover the Fiat?

Mon, 10/22/2012 - 13:18 | Link to Comment Larry Dallas
Larry Dallas's picture

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.

Mon, 10/22/2012 - 14:58 | Link to Comment JLee2027
JLee2027's picture

Germans are smart in hindsight. They can blame America when none of their Gold comes back.

Tue, 10/23/2012 - 08:24 | Link to Comment Radical Marijuana
Radical Marijuana's picture

Yeah, many of us presume an audit would reveal outrageous frauds.

Mon, 10/22/2012 - 11:35 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Audit and revalue, bitchez.  Bring it.

Can we be opptimistic that the world is becoming tired of paper promises.  One can hope.

Mon, 10/22/2012 - 12:13 | Link to Comment GeezerGeek
GeezerGeek's picture

A member of the German court apparently channeled Ronald Reagan and said "Trust but Verify".

Tue, 10/23/2012 - 01:27 | Link to Comment JLee2027
JLee2027's picture

You have to figure they can't scam forever. Rehypothecated Gold has got to come out at some point.

Mon, 10/22/2012 - 12:44 | Link to Comment LongBalls
LongBalls's picture

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.

Mon, 10/22/2012 - 13:27 | Link to Comment LawsofPhysics
LawsofPhysics's picture

yes, and hyperinflation for all...

Prepare indeed.

Mon, 10/22/2012 - 16:20 | Link to Comment DosZap
DosZap's picture

If it there,they had best get it like Chavez,if they ever intend on seeing it all again.

Mon, 10/22/2012 - 11:35 | Link to Comment catacl1sm
catacl1sm's picture

Oh, this should be damn good. Can we get it televised?

Mon, 10/22/2012 - 11:58 | Link to Comment Wakanda
Wakanda's picture

Must see TV!

Mon, 10/22/2012 - 12:02 | Link to Comment AllThatGlitters
AllThatGlitters's picture

Nah.  The memory of Geraldo Rivera breaking into Al Capone's empty Vault on live TV are still too strong.

Mon, 10/22/2012 - 12:33 | Link to Comment AlaricBalth
AlaricBalth's picture

+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...

Mon, 10/22/2012 - 11:34 | Link to Comment The Shootist
The Shootist's picture

No fucking way. Won't happen, only banana republics have that right.

Mon, 10/22/2012 - 11:41 | Link to Comment jaap
jaap's picture

Chaves für Bundesprezident.....

 

Mon, 10/22/2012 - 12:08 | Link to Comment TNTARG
TNTARG's picture

Ah Ah!

Chavez already started repatriation of Venezuela's gold.

Mon, 10/22/2012 - 12:18 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

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."

Mon, 10/22/2012 - 11:36 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"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.> 

Mon, 10/22/2012 - 11:49 | Link to Comment redpill
redpill's picture

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.

Mon, 10/22/2012 - 13:02 | Link to Comment jekyll island
jekyll island's picture

I was wrong.  I guess there is a good reason the US defense budget is five times more than any other nation. 

Mon, 10/22/2012 - 11:52 | Link to Comment mr. mirbach
mr. mirbach's picture

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"

 

Mon, 10/22/2012 - 11:56 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"FED, "That will not be possible as your gold has been vaporized"

Ummm......I think you mean Corzined.

<It's the New Ponzi English.>

Mon, 10/22/2012 - 13:05 | Link to Comment Anasteus
Anasteus's picture

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.

Mon, 10/22/2012 - 13:18 | Link to Comment Widowmaker
Widowmaker's picture

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.

 

Mon, 10/22/2012 - 16:30 | Link to Comment RockyRacoon
RockyRacoon's picture

"Faggot"?  You are too kind, sir.

Mon, 10/22/2012 - 11:57 | Link to Comment asteroids
asteroids's picture

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?

Mon, 10/22/2012 - 16:55 | Link to Comment Bagbalm
Bagbalm's picture

Der Bank der Zealy...

Mon, 10/22/2012 - 11:36 | Link to Comment Arkadaba
Arkadaba's picture

Oh oh ...

Mon, 10/22/2012 - 12:40 | Link to Comment TheSilverJournal
TheSilverJournal's picture

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.

Mon, 10/22/2012 - 13:07 | Link to Comment redpill
redpill's picture

I think you answered your own question.  That's the plan, man.

Mon, 10/22/2012 - 14:03 | Link to Comment BurningFuld
BurningFuld's picture

If you are going to do a real 3 card monty you need 3 cards.

Mon, 10/22/2012 - 11:35 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Cue Jew Nazi comments in 3,2,1.....

Mon, 10/22/2012 - 11:54 | Link to Comment Abraxas
Abraxas's picture

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!

Mon, 10/22/2012 - 12:09 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

that was funny...enjoyed the Lord of the Rings reference...

its all fun and games until someone's finger gets bitten off

Mon, 10/22/2012 - 12:41 | Link to Comment resurger
resurger's picture

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?

 

 

 

 

Mon, 10/22/2012 - 12:56 | Link to Comment walküre
walküre's picture

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?

Mon, 10/22/2012 - 16:42 | Link to Comment resurger
resurger's picture

hey walkure, yes the Americans got first but they never returned the money

Mon, 10/22/2012 - 12:52 | Link to Comment RafterManFMJ
RafterManFMJ's picture

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.

Mon, 10/22/2012 - 13:35 | Link to Comment shovelhead
shovelhead's picture

Is that really you,  Bluto?

http://www.youtube.com/watch?v=V8lT1o0sDwI

Mon, 10/22/2012 - 16:26 | Link to Comment DosZap
DosZap's picture

There's something the Germans need to get straight - bomb us at Pearl Harbor,

 

Got ur countries cornfused?.

Mon, 10/22/2012 - 11:37 | Link to Comment VonManstein
VonManstein's picture

barbarians

 

Mon, 10/22/2012 - 11:41 | Link to Comment The Shootist
The Shootist's picture

I know. Who would want all that gold plated tungsten?

Mon, 10/22/2012 - 11:46 | Link to Comment unrulian
unrulian's picture

it would make some damn fine bird shot

Mon, 10/22/2012 - 12:31 | Link to Comment walküre
walküre's picture

cradle of Barbaria = Germany lol

Mon, 10/22/2012 - 11:37 | Link to Comment Ratscam
Ratscam's picture

while on transfer over the atlantic, i hope they not gonna loose the gold in a boating accident

Mon, 10/22/2012 - 11:54 | Link to Comment Ghordius
Ghordius's picture

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...

Mon, 10/22/2012 - 12:00 | Link to Comment Urban Redneck
Urban Redneck's picture

There are plenty of incidents of planes crashing with either confirmed or rumored cargoes of substantial gold.

Mon, 10/22/2012 - 12:14 | Link to Comment dugorama
dugorama's picture

that sounds juicy.  have you got any key words for me to begin my research on?

Mon, 10/22/2012 - 12:19 | Link to Comment Ghordius
Ghordius's picture

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).

Mon, 10/22/2012 - 11:38 | Link to Comment robertocarlos
robertocarlos's picture

As the Chinese might say, "So sorry, this my garden now".

Mon, 10/22/2012 - 11:38 | Link to Comment css1971
css1971's picture

It's almost as if they don't trust them.

Mon, 10/22/2012 - 11:39 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

".....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.>

Mon, 10/22/2012 - 11:52 | Link to Comment redpill
redpill's picture

The Tungsten smelting plants in the US can only go so fast...

Mon, 10/22/2012 - 12:11 | Link to Comment NotApplicable
NotApplicable's picture

Wait, I thought they outsourced that to China? Or am I to believe that there's a competitive market emerging?

Mon, 10/22/2012 - 12:33 | Link to Comment walküre
walküre's picture

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.

Mon, 10/22/2012 - 13:13 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

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

Mon, 10/22/2012 - 13:30 | Link to Comment walküre
walküre's picture

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!

Tue, 10/23/2012 - 08:57 | Link to Comment awakening
awakening's picture

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? :)

Mon, 10/22/2012 - 11:38 | Link to Comment giggler123
giggler123's picture

Never mind - Jim will fix it

Mon, 10/22/2012 - 11:47 | Link to Comment unrulian
unrulian's picture

Cramer?

Mon, 10/22/2012 - 12:00 | Link to Comment tocointhephrase
tocointhephrase's picture

Jim is a dead perv!

Mon, 10/22/2012 - 16:20 | Link to Comment BattlegroundEur...
BattlegroundEurope2011's picture

Saville...but hey they Cramer is probably a pedo too (he's good at conning ppl)?

Mon, 10/22/2012 - 11:40 | Link to Comment Antifederalist
Antifederalist's picture

Possession is nine tenths.............

Read 'em and weep boys, read 'em and weep

 

Mon, 10/22/2012 - 11:40 | Link to Comment whoopsing
whoopsing's picture

Apparently " It's all good" ain't cutting it anymore

Mon, 10/22/2012 - 11:41 | Link to Comment dbTX
dbTX's picture

Why on earth would Germany, or any other country for that matter, store their physical off site?

Mon, 10/22/2012 - 11:42 | Link to Comment The Shootist
The Shootist's picture

Tradition.

Mon, 10/22/2012 - 11:44 | Link to Comment SoundMoney45
SoundMoney45's picture

Because the BIS tells them to do so.

Mon, 10/22/2012 - 11:51 | Link to Comment Shameful
Shameful's picture

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.

Mon, 10/22/2012 - 11:53 | Link to Comment redpill
redpill's picture

Plausible deniability

Mon, 10/22/2012 - 12:07 | Link to Comment Börjesson
Börjesson's picture

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.

Mon, 10/22/2012 - 14:26 | Link to Comment Zwelgje
Zwelgje's picture

Yeah, you can always blame the Russians.

Mon, 10/22/2012 - 11:41 | Link to Comment Stuart
Stuart's picture

gotta love google translate...

Mon, 10/22/2012 - 11:41 | Link to Comment Dr. Engali
Dr. Engali's picture

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.

Mon, 10/22/2012 - 11:44 | Link to Comment bardot63
bardot63's picture

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???

Mon, 10/22/2012 - 12:23 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Epic POA.  My compliments.

Mon, 10/22/2012 - 11:44 | Link to Comment Kriya144
Kriya144's picture

Really? Only 1 "gold bitcheez" comment on an article like this? People people! What's going on here!? This is ZH right?

Mon, 10/22/2012 - 12:30 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Bars or GTFO, bitchez!

Mon, 10/22/2012 - 11:44 | Link to Comment catacl1sm
catacl1sm's picture

Good thing Europe closed so that we can ramp S&P back up above support levels! Bastards.

Mon, 10/22/2012 - 11:45 | Link to Comment LoneStarHog
LoneStarHog's picture

"...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!

Mon, 10/22/2012 - 11:49 | Link to Comment resurger
resurger's picture

 Forced Gold  R E P A T R I A T I O N

 

 

 

Mon, 10/22/2012 - 11:47 | Link to Comment bardot63
bardot63's picture

"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.

Mon, 10/22/2012 - 11:49 | Link to Comment unrulian
unrulian's picture

So people can't see it's not there

Mon, 10/22/2012 - 12:54 | Link to Comment trip kitchen
trip kitchen's picture

Shrodinger's gold

Mon, 10/22/2012 - 11:48 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

"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.....?"

 

  

Mon, 10/22/2012 - 11:49 | Link to Comment william114085
william114085's picture

 

"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?  

Mon, 10/22/2012 - 12:14 | Link to Comment SubjectivObject
SubjectivObject's picture

Courteously, that means:  "To schedule with ..."

Mon, 10/22/2012 - 11:51 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Where iz zee goled?

 

Mon, 10/22/2012 - 11:50 | Link to Comment machineh
machineh's picture

'Benny, we've got a problem ...'

Mon, 10/22/2012 - 11:52 | Link to Comment The Shootist
The Shootist's picture

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. . .

Mon, 10/22/2012 - 12:35 | Link to Comment walküre
walküre's picture

It is getting ALOT of attention in Germany.

Germans don't trust the FED. Neither should we!

Mon, 10/22/2012 - 11:52 | Link to Comment pods
pods's picture

The gold is there.  No doubt about that.  Of course it is owned by several entities all at once.

pods

Mon, 10/22/2012 - 12:20 | Link to Comment MrBoompi
MrBoompi's picture

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.

Mon, 10/22/2012 - 11:53 | Link to Comment Shameful
Shameful's picture

Got to wonder if the Fed will claim "IT was lost in a horrible fishing/boating accident"...

Mon, 10/22/2012 - 12:39 | Link to Comment Anasteus
Anasteus's picture

... 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.

Mon, 10/22/2012 - 11:54 | Link to Comment markar
markar's picture

The joke is China's official gold holdings. It's almost a certainty they have more gold than Germany (allegedly) has.

Mon, 10/22/2012 - 11:56 | Link to Comment No Euros please...
No Euros please we&#039;re British's picture

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.

Mon, 10/22/2012 - 11:56 | Link to Comment Wakanda
Wakanda's picture

Wolfram!  Wo ist das Gold?

Mon, 10/22/2012 - 13:13 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Wolfram!  Wo ist das Gold?

Es ist weg. Es ist alles weg.

Mon, 10/22/2012 - 14:14 | Link to Comment Wakanda
Wakanda's picture

Shit! Wir haben gerade WWII verloren.

Mon, 10/22/2012 - 14:45 | Link to Comment debtor of last ...
debtor of last resort's picture

Ha!! Best comment! (tungsten = wolfraam in Dutch / wolfram auf Deutsch)

Mon, 10/22/2012 - 11:58 | Link to Comment Inthemix96
Inthemix96's picture

When its gone,

Its gone...............

Bitchez.......

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