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Bundesbank's Official Statement On Where It's Gold Is (And Isn't)

Tyler Durden's picture





 

Three days ago, as a result of recent discoveries relating to Germany's official sovereign gold inventory, we asked a rhetorical question: "Why Did The Bundesbank Secretly Withdraw Two-Thirds Of Its London Gold?" There we presented the chonology of official disclosure regarding the whereabouts of German gold over the past decade, with an emphasis on its reclamation from London-based official vaults to the safety of the motherland, and left off with another open-ended statement that: "what is left unsaid in all of the above is that Germany has done nothing wrong! It simply demanded a reclamation of what is rightfully Germany's to demand." Nonetheless, the fact that Germany did this has opened a Pandora's box of unanswered questions, and even demands that Germany promptly demand delivery all of its gold - the second largest such hoard in the world only after the US - held abroad. Below is the official response by the Bundesbank.

Here is the gist::

We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold. We have at our disposal fully documented lists of the bars, and our partner central banks send us every year confirmation not only of the bars’ existence but also of their quality.

 

We had nothing but the best of experiences with our partners in New York, London and Paris. There was never any doubt about the security of Germany’s gold. In future, we wish to continue to keep gold at international gold trading centres so that, when push comes to shove, we can have it available as a reserve asset as soon as possible. Gold stored in your home safe is not immediately available as collateral in case you need foreign currency.

How about if you need collateral in your own currency, such as the de facto reserve currency of Europe, the DEM? Crickets?

The punchline:

Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity. Similar pound sterling liquidity could be obtained by pledging the gold that is held with the Bank of England.

And what otherwise would pass as Saturday Humor:

But, please: for years, our gold has been stored by the highly esteemed central banks of the United States, Great Britain and France without provoking any complaints whatsoever – not by just any fly-by-night operators. Part of the debate in Germany has veered somewhat towards the absurd.

In other words, German gold is being held hostage by the "highly esteemed central banks" of the US and the UK, due to the reserve currency status of the US Dollar, and apparently the British Pound. And the only way a central bank - read the Fed or the BOE - can extend a loan against gold-based collateral, is if said gold is already on location in the US or the UK.

Which of course, does not explain why Germany decided to withdraw two-thirds of its gold from London, as opposed to withdrawing none... or all, if indeed the logic above made sense.

But fear not: Buba has has nothing but the best experiences with its partners in New York, London and Paris, and as a result will gladly continue to allow them sole physical custody of Germany's gold.

Good luck, however, if Germany ever needs to repatriate said gold...

From the Bundesbank:

Gold reserves stored securely

Questions posed by DPA to Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank

How much German gold is stored in the United States, how much in Frankfurt and how much in Great Britain?

The Deutsche Bundesbank keeps part of its gold holdings in its own vaults in Ger-many, while other stocks of gold are stored at the central banks located in major gold trading centres. Specifically, these are

  • Deutsche Bundesbank, Frankfurt am Main: 1,036 tonnes (= 31%)
  • Federal Reserve Bank of New York (Fed): 1,536 tonnes (= 45%)
  • Bank of England, London: 450 tonnes (= 13%)
  • Banque de France, Paris: 374 tonnes (= 11%)

Isn’t storing gold abroad an expensive anachronism?

The New York Fed and the Banque de France also offer to store gold holdings for other central banks free of charge. The Bank of England charges warehousing fees amount-ing to roughly €500,000 per year. Storage in the Bundesbank’s own vaults, too, involves costs. Matters of cost, however, are not the sole consideration in determining the choice of storage facility. The usability of gold as a reserve asset and storage security are much more important. During repeated visits to New York, London and Paris, our internal auditors have satisfied themselves that the security precautions in place there meet the same high standards as those in Frankfurt.

What makes the Bundesbank so certain that German gold holdings are being stored securely abroad – even though, according to the German Federal Court of Auditors, these reserves have never been “physically inventoried and checked for authenticity and weight” by the Bundesbank itself or by independ-ent auditors?

At the beginning of the last decade, we brought 930 tonnes of gold to Frankfurt from London and subjected it to a painstaking inspection. Part of the gold was melted down in order to create new bars which conform with the “Good Delivery Standard” which is customary nowadays in gold trading. Of the 930 tonnes of gold, not one gram was missing. We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold. We have at our disposal fully documented lists of the bars, and our partner central banks send us every year confirmation not only of the bars’ existence but also of their quality. We receive confirmation of our gold reserves, measured in troy ounces. The Bundesbank has been drawing up its accounts on this basis since it came into existence. All external auditors have confirmed our accounting practices outright since then.

Why doesn’t the Bundesbank bring the gold back to Germany?

The reasons for storing gold reserves with foreign partner central banks are historical since, at the time, gold at these trading centres was transferred to the Bundesbank. To be more specific: in October 1951 the Bank deutscher Länder, the Bundesbank’s predecessor, purchased its first gold for DM 2.5 million; that was 529 kilograms at the time. By 1956, the gold reserves had risen to DM 6.2 billion, or 1,328 tonnes; upon its foundation in 1957, the Bundesbank took over these reserves. No further gold was added until the 1970s. During that entire period, we had nothing but the best of experiences with our partners in New York, London and Paris. There was never any doubt about the security of Germany’s gold. In future, we wish to continue to keep gold at international gold trading centres so that, when push comes to shove, we can have it available as a reserve asset as soon as possible. Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity. Similar pound sterling liquidity could be obtained by pledging the gold that is held with the Bank of England.

In the statement it issued on Tuesday, the Bundesbank said that it would “take up suggestions by the FCA wherever possible.” What does that mean specifically? When, and at what intervals, will Bundesbank auditors physically view the gold being held abroad?

The Bundesbank has decided to strive for a more balanced distribution of gold re-serve holdings at home and broad, thereby taking increased account of gold’s function of preserving trust and confidence. After all, reserve assets have psychological significance, so to speak. In the next three years, we will repatriate 50 tonnes of gold annually from New York to Germany. That will give us the opportunity to inspect these bars, melt them down and convert them into “Good Delivery Standard” bars. That will therefore be a sort of spot check. Moreover, we are currently in the middle of discussions about a further expansion of our rights to conduct audits in New York, London and Paris. But, please: for years, our gold has been stored by the highly esteemed central banks of the United States, Great Britain and France without provoking any complaints whatsoever – not by just any fly-by-night operators. Part of the debate in Germany has veered somewhat towards the absurd.

 


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Sat, 10/27/2012 - 16:13 | Link to Comment yabyum
yabyum's picture

And I have a tungsten bridge I want to sell you!

Sat, 10/27/2012 - 16:16 | Link to Comment jaap
jaap's picture

This is a towards the absurd reaction...

Just audit it, don't whine...

Sat, 10/27/2012 - 16:21 | Link to Comment flacon
flacon's picture

Can somone please give me Carl-Ludwig Thiele's phone number? I want to give that motherfucker a phone call!

Sat, 10/27/2012 - 16:26 | Link to Comment JoeSexPack
JoeSexPack's picture

Translation: The FED won't let us see, test or take it.

 

Said shipping German gold, if they have it, to Deutscheland would leave nearly nothing in NYC, if they have it.

 

Worse, since German gold has been mostly leased out & rehypothecated, a waterfall of defaults would start.

 

Then they mentioned 1945, nukes, Libya & Kaddaffi.

 

That press release is a lie to pacify our citizens.

 

Prost.

Sat, 10/27/2012 - 16:31 | Link to Comment francis_sawyer
francis_sawyer's picture

Germans: "We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold"

Germans: "Our cultural history unequivocally" proves that we have implicit TRUST in Jew bankers"...

Sat, 10/27/2012 - 17:01 | Link to Comment macholatte
macholatte's picture

 

 

 

Trust, but verify.
Ronald Reagan

Sat, 10/27/2012 - 17:20 | Link to Comment Popo
Popo's picture

I think we have our answer, and we can surmise what happened:

 

1)  The gold is not there.

2)  Germany was notified in private meetings that the gold had been lent out to 3rd party institutions, but those institutions had guarantees by which the gold could and would be returned upon demand.

3)  It was explained to Germany that the "truth" could result in panic because people would not understand.

4)  Germany agreed and offered up the above, "It's all okay.  No you can't see it." press release.

 

How do we know this is true?

1)  Most obviously:  Show us.   Where are the photos?  Where is the evidence?  Germany went to New York to verify and take inventory.  Well?  Where is the inventory?  How much gold is there?   The lack of photos may also suggest pooling of accounts.

2)  Also obvious:  The "proximity to trading centers" argument is a nonsensical argument.   Germany has dozens of high security banks in Manhattan, all of whom are capable of storing gold.   It is important to note that physically it does not take up that much space.  If proximity to trading centers was in fact the rationale,  it does nothing to explain it's location at the New York Federal Reserve.

3)  More fundamentally:  The physical gold rarely trades.  Trades are placed "against" gold via paper swaps and derivatives.  The physical location of the gold is of tertiary importance to (a) Having a verifiable inventory and (b) having physical possesion of it in a secure, inviolable location.

The gold is gone.  It isn't there.  And Germany's panicked press-release tells the likely story.

 

Sat, 10/27/2012 - 17:55 | Link to Comment RiverRoad
RiverRoad's picture

Life in general today has veered somewhat towards the absurd.

Sat, 10/27/2012 - 18:24 | Link to Comment Kick_the_Kan
Kick_the_Kan's picture

This is like a farcical version of the cat in the box paradox (Schroedinger's cat)....the only way we can know for certain whether the cat is dead or alive is by opening the box...in this case Germany wants to keep alive the possibility that the gold is still there by not opening the vault.....however the dogs on the street know that the gold is not really there. 

Sat, 10/27/2012 - 18:48 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I would bet a large sum that this a forgery, and the product of a prankster or hacker.

 

"But, please: for years, our gold has been stored by the highly esteemed central banks of the United States, Great Britain and France without provoking any complaints whatsoever – not by just any fly-by-night operators. Part of the debate in Germany has veered somewhat towards the absurd."

 

There is about a snowball's chances in hell that any German in any material, significant position in the Bundesbank would possibly think this, let alone put it into writing. It literally reads like a very bad joke told at a dive comedy club.

Maybe it's an inside joke by a low ranking intern or such who is working at the Bundesbank, though.

 

p.s. - I found what I believe to be the original german article that this was translated into english from, and according to Google Translate and Babelfish, it reads more closely to:

"Has somevunn godten zeeee gold? Where is zeeee gold??  Hurry up!!! Scheiß!!!  Scheiße!!!! Git zeeeee gold vrum that der abschaum der menschlichen gesellschaft Bank of England & Federal Rezerve now!!! Ben S. Bernank, that  Mieser Stricher, can Lutsch' meine Eier!!!

Sat, 10/27/2012 - 19:42 | Link to Comment SWRichmond
SWRichmond's picture

We have at our disposal fully documented lists of the bars

Well now, didn't those poor schlubs who had silver "stored" for them at morgan stanley have bar lists, too?

Sat, 10/27/2012 - 20:06 | Link to Comment FEDbuster
FEDbuster's picture

The NY FED's response to Germany, just substitute "gold" for the word "money" during the clip.

http://www.youtube.com/watch?v=7GSXbgfKFWg

And someone has to do a new "Hitler finds out about German gold" video.

Sat, 10/27/2012 - 20:31 | Link to Comment Manthong
Manthong's picture

.. and the Greeks will pay us back on time and in full.

Sat, 10/27/2012 - 20:59 | Link to Comment malikai
malikai's picture

So, what I got from this aricle is that Buba has about 1Kt of gold in posession, therefore, Buba has 1Kt of gold.

Sun, 10/28/2012 - 00:10 | Link to Comment jeff montanye
jeff montanye's picture

all of the above is interesting speculation by observers with varying periods of attention to this matter.  here is a bit more by one on this particular case for over a decade:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/25_J...

Sun, 10/28/2012 - 01:40 | Link to Comment zhandax
zhandax's picture

Read all of Bubba's press release and then take it at face value, given the knowledge that you already had, or have gained here.  Bubba didn't pull a Chavez and demand all their gold by Christmas.  They asked for 50 tonnes a year for the next three years until almost all of it was back in their possession.  They will leave enough to say that they have some with the fed, just as they did with the BOE. 

They fuckin well know it has been re-hypothecated to hell, and they gave berskanky and timmay three years to replace it with the real deal delivered to their custody.  Gold is fungible, and they don't give a rat's ass if they get back the bar numbers they deposited, as long as they get back the real thing.  They added that some or all would be assayed and re-cast to insure none of the tungsten bullshit comes their way.  Any of you fail to get what the need for 50 tonnes of physical by the fed will do to spot regardless of JPM's interference?  My first guess is that the easiest source are the holdings of GLD and any of you holding their paper are about to experience a major dilution, but, of course, the proof of this concept is the spread between spot and GLD.  Even that can be subject to other factors (and will be subject to obfuscation).  There may even be a few choice spread trades here, but Saturday night party hour is the time to hatch concepts, not test probabilities. 

In order to maintain the petrodollar ponzi, brothers ben and jamie now have an unavoidable demand for 50 tonnes of real gold for each of the next three years.  Think this will change the dynamics of the market?

Sun, 10/28/2012 - 01:59 | Link to Comment perchprism
perchprism's picture

 

Fifty tons for 3 years is 150 tons out of 1500 tons of German golod currently held by the NY Fed, or about 10%--not "nearly all of it" as you have suggested.  And, unfortunately, it's not really enough to force a squeeze on the market price.

Sun, 10/28/2012 - 05:07 | Link to Comment zhandax
zhandax's picture

Touché, and so much for Saturday night optimism.  I saw imaginary synchronicity with BOE; Bubba withdrew all but a token, and I dropped a decimal to create the same scenario with the fed.  It is still a cold face-slap of reality for ben and timmah, and it should be interesting to see what type shenanigans are required to satisfy an absolute demand for 50 tonnes/year of physical from the nexus of re-hypothecation.

Sun, 10/28/2012 - 11:10 | Link to Comment CH1
CH1's picture

They need time to segregate a "German" pile of non-tungsten bars. Then they'll have a video crew in, and assure the world that central bankers are saints.

Lather, rinse, repeat.

Sun, 10/28/2012 - 08:28 | Link to Comment TerraHertz
TerraHertz's picture

"And someone has to do a new "Hitler finds out about German gold" video."

Oh yes, please, please!

Sun, 10/28/2012 - 01:38 | Link to Comment putaipan
putaipan's picture

poooof! it's bitches!

Sat, 10/27/2012 - 17:16 | Link to Comment Cheesy Bastard
Cheesy Bastard's picture

This is no big deal, they probably just want to buy some oil from Iran.

Sat, 10/27/2012 - 18:48 | Link to Comment francis_sawyer
francis_sawyer's picture

...& they're "sweatin'" that, pretty soon, JOOBUX won't be be accepted at the pay window... Hell ~ I'd be worried too... [So now ALL the faggoty junkers can come out of their Saturday slumber here and inform fs, IN DETAIL, how I'm incorrect]... 5...4...3...2...

Sun, 10/28/2012 - 09:36 | Link to Comment augustusgloop
augustusgloop's picture

Trust in Allah, but tie your camel's leg (cameltoe?). 

 

Sun, 10/28/2012 - 10:02 | Link to Comment Shibumi2
Shibumi2's picture

I thought the fed chairman declared gold to be a barbarous RELIC.

Now the germans call it their reserve currency. Can't borrow ANY fiat without gold backing, and not only that...the fed won't wait to have the gold in their possession PRIOR to advancing fiat, which costs nothing to create and therefore has no loss of risk. Where's the trust in that biotch.

The analogy would be that one would give the local banks money to hold IN CASE one ever needed to borrow money. That doesn't sound like good german logic to me.

Another thing...whatever happened to all the gold deposits which would have been needed when the fed LENT 16 trillion to the world in 2008. zerohedge sniffed this one out...and it smells rotten. Methinks the bundesbank doth protest too much

Sat, 10/27/2012 - 17:31 | Link to Comment jmcadg
jmcadg's picture

Normalcy bias

Sat, 10/27/2012 - 18:59 | Link to Comment old.frt
old.frt's picture

Yah, sure.

You betcha.

Sun, 10/28/2012 - 01:36 | Link to Comment putaipan
putaipan's picture

two tungsten bars an'a michrophone baby........ - beck. a member of the first church of appliantology.

Sun, 10/28/2012 - 03:27 | Link to Comment Don Diego
Don Diego's picture

The Jews at the Fed would never ever cheat Germans :D

Sat, 10/27/2012 - 16:32 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Let's be real here....it is not Germany's gold. So if all of these international banksters are all caught up in the same ponzi scheme.....errrrrr, scam, seems like the shell game can continue a little longer. just sayin

Sat, 10/27/2012 - 16:46 | Link to Comment jaap
jaap's picture

The question is, who owns the Bundes Bank?

If it is the Germans, then audit it. They have the right to know

If it are the same banks who own almost all the central banks, then just tell that and enjoy your paper gold (you stole)

PS, by owning I do not mean where the shares are but who the puppetmaster is (controling influence).

 

 

 

 

Sat, 10/27/2012 - 19:54 | Link to Comment Captain Planet
Captain Planet's picture

you raise an interesting point jaap. but i must say, as a citizen of that country, the power structure is significantly more fragmented than in the US and the UK. Bavaria has its own values, much like the American South, but holds a much greater economic status than any southern US region. Then there is the still present division between East and West. Berliners, at least those not blinded by Europhoria, know way more of what the fuck is up than the average urban Amerkan (sic). Look at the Pirate party, which last year was the clear winner in the local Berlin elections, gaining seats for the first time, on their first try. 

As to the Buba, sure, Germany's wealthy elites control many of thet important roles at the top of the ladder, but I would argue that the Germanic ethic (Switzerland and Austria included) for sound money is driving policy more than anything. The German people still hold immense shame for what happened during the Hitler years, and it is probably the single most important, unspoken edict across the society: let us never again be drawn unnecessarily into international conflict that could create a nasty situation at home. Most educated Germans do acknowledge how the economic crises of the 1920's and 30's led to the atrocities that followed, and agree on the psychological effect of monetary insecurity. 

In a nutshell, I wouldn't be too worried about Buba being coopted by interests aligned with the NdubyaO

Sat, 10/27/2012 - 21:22 | Link to Comment JR
JR's picture

Buba already has been compromised and it doesn’t take a German to know it. The world knows it. The investment banking cartel is an international cartel and I would be surprised if your sentiment represents the average German and not the German financial sector.

As to your “never again” comment, unfortunately, it’s hard to look past the catastrophe that the Zionists have wreaked not only upon the American nation but upon the once proud, independent Teutonic peoples.

As for “not being too worried about Buba being co-opted by…the NWO," we all know that train has left the station.

Sat, 10/27/2012 - 23:05 | Link to Comment CompassionateFascist
CompassionateFascist's picture

It's long past time for Germans to stop feeling "shame" for the 1930s Judeo-Communist massacre of 10,000 Ukrainians and Zionist-stooge Churchill's 1942-44 E. India Terror Famine that killed 7,000,000.

Sat, 10/27/2012 - 23:27 | Link to Comment eaglefalcon
eaglefalcon's picture

Translation: The FED won't let us see, test or take it.

 

  True, but the FED couldn't prevent Germany from taking out Dollar Loans using the gold as collateral (or the Fed's credibility would be lost).  Using the loan, Germany could buy gold from comex or London and take delivery.  When that happens, the fed is forced to sell gold to defend the dollar, or forced to naked short gold.  To keep the crap from hitting the fan, either the fed or the future market has to lose gold.  That's exactly what the Chinese and Russians are doing.  Either you give me your gold, copper, iron, farmland, oil, and other hard assorted hard assets and be broke in 5 years, or we dump the treasuries tonight and you are broke tomorrow.  Between Eisenhower and Nixon, the Fed sold 12,000 tons of gold to defend the dollar, after Nixon, the fed secretly sold 8,000 tons in the London bullion pool the defend the dollar. (that's why fort Knox is just a depository of air and dust).  It's obvious they will sell NYFED gold just to keep afloat for a few more months (After all, most of it is someone else' gold

Sun, 10/28/2012 - 11:45 | Link to Comment sandhillexit
sandhillexit's picture

If I were an investigative reporter I would put on my galoshes and macinac and take my video camera downtown tomorrow and stake out the FED.  The media is tracking Sandy, but there may be a line of Brinks trucks lined up before heading out to JFK.  It would be hard to move truckfuls with all those Jerseyites walking around buying coffee and lunch and walking to the PATH.  Not tomorrow.

Sun, 10/28/2012 - 16:15 | Link to Comment FEDbuster
FEDbuster's picture

If I remember correctly, there was a bunch of FED stored gold under the World Trade Center in deep underground vaults.  Wonder how much of that "survived" the demolition?

http://answers.yahoo.com/question/index?qid=20080724172940AAVQqtx

Sat, 10/27/2012 - 16:22 | Link to Comment SGS
SGS's picture

"when push comes to shove, we can have it available as a reserve asset as soon as possible"

 

Why mention this if the shit isnt ready to splat everywhere soon?  What Germany going to march to the NY Fed and bring it back when Ben says we dont have shit...?

 

I urn for a collapse asap.

Sat, 10/27/2012 - 16:36 | Link to Comment flacon
flacon's picture

"yearn", not "urn" but the gold is no doubt paper IOU dust in a basement urn. 

Sat, 10/27/2012 - 16:53 | Link to Comment JLee2027
JLee2027's picture

Must be great storage fees on large, heavily guarded, empty vaults.

Sun, 10/28/2012 - 05:25 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

these empty vaults are only heavily-guarded during visiting hours.

Sat, 10/27/2012 - 17:33 | Link to Comment sunaJ
sunaJ's picture

"And the only way a central bank - read the Fed or the BOE - can extend a loan against gold-based collateral, is if said gold is already on location in the US or the UK."

 

In other words, Germany rightfully asserts that the U.S/U.K. do not recognize Germany's "ownership" of the gold unless the U.S./U.K. have physical possession of it. 

Germany is speaking out of both sides of her mouth.  One side for the banksters, sovereigns and the German public: "Don't worry!"

And on the other side of her mouth: by repatriating 2/3 of their gold from London and auditing the gold in NY, implicitly stating that they either do not trust that it is there and/or they are not interested in using it as collateral for FRNs.  Now why would that be?

 

Which side of her mouth speaks most loudly to you?

Sat, 10/27/2012 - 23:10 | Link to Comment CompassionateFascist
CompassionateFascist's picture

They got back what they could. The rest they couldn't, because it's not there. Just like America's 30-years-w/o-an-audit "gold" in Ft. Knox. THAT gold is in Israel, stored in close proximity to nuclear weapons stockpiles.

Sat, 10/27/2012 - 21:20 | Link to Comment Cloud9.5
Cloud9.5's picture

We may all wind up in an urn.   Is that air I hear seeping out of the bubble?

Sun, 10/28/2012 - 02:50 | Link to Comment Poor Grogman
Poor Grogman's picture

Ahhhh
I love the smell of printer ink in the morning...

Sat, 10/27/2012 - 16:30 | Link to Comment Dr Benway
Dr Benway's picture

They doth protest too much

Sat, 10/27/2012 - 20:22 | Link to Comment Jam Akin
Jam Akin's picture

It looks that they hired MDB as their copy writer for this protest.

Sat, 10/27/2012 - 18:41 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

Blah, blah, blah.....
WHERES YOUR GOLD U BITCH ASS GERMANS....
Fucked once again by those sheisty Americans....
Ha, ha!!!!!!!!!!!!

Sat, 10/27/2012 - 18:47 | Link to Comment john39
john39's picture

Americans?  they will be looking for their gold too...  

Sat, 10/27/2012 - 23:01 | Link to Comment FreeSlave
FreeSlave's picture
CNBC Exec’s Children Murdered, 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

  http://www.thedailysheeple.com/cnbc-execs-children-murdered-1-day-after-...

Sun, 10/28/2012 - 04:54 | Link to Comment Flagit
Flagit's picture

haha, page is gone already.

this one explains why...

http://theintelhub.com/2012/10/27/cnbc-execs-children-murdered-1-day-aft...

Sun, 10/28/2012 - 05:11 | Link to Comment CloseToTheEdge
CloseToTheEdge's picture

fuck flag, thats not just any haha

 

btw, here's another 'how to'

“If I want to knock a story off the front page, I just change my hairstyle.”

hillary

Sun, 10/28/2012 - 08:32 | Link to Comment TeamDepends
TeamDepends's picture

Meine Damen und Herren:  Please know that all of your gold is here and resting safely.  We have been polishing it diligently and boy, does it shine!  We will be more than happy to return it to you as soon as possible.  However, as you know, there is a nasty Perfect Perfect Storm heading directly towards us which may make the Atlantic unnavigable for the next few years.  Auf Wiedersehen!

Sat, 10/27/2012 - 22:50 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

There is less and less reason to trust in bankers, financial houses and politicians each day. They are denying the exposure of truth in markets of all stripes. It's a top-down destruction of faith. Goodbye to trust in currencies.

Sun, 10/28/2012 - 01:22 | Link to Comment upWising
upWising's picture

I think you hate Amercia. Real Amercians have more and more reason to trust Bankers, Financial Houses, and Politicians each day.  These hard-working men get up very early every morning and slave to make Amercia strong and safe against the Turrurrists who would take Our Freedom.  Dick Cheney said it best: "The Amercian Way of Life is Non-Negotiable."  "Amercia is Jesus Favorite Country ©" and Jesus watches over Us.  Now I think you should go back to Rushia or Red China or whatever commie-pinko planet you come from.  "Jesus Watches Over My Trailer Park ©"  PRAISE BE!!!    U-S-A!!  U-S-A!!!!   U-S-A!!!

Sun, 10/28/2012 - 02:55 | Link to Comment Poor Grogman
Poor Grogman's picture

Hey there an anonymous, back for another try are you?

Sun, 10/28/2012 - 04:08 | Link to Comment CloseToTheEdge
CloseToTheEdge's picture

you've obviously cornered the comfortably numb market

 

 

http://marketwatch666.blogspot.com/2012/10/blog-post.html

Sun, 10/28/2012 - 01:06 | Link to Comment AmCockerSpaniel
AmCockerSpaniel's picture

First ones to ask for their GOLD will get it. It's everyone else that will not get it. Germany spread it's gold out to other banks after WII because of the Russian threat. Times have changed. It's a new threat (Banks). Now its best to hold ones own gold.

Sun, 10/28/2012 - 05:25 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

no it is NOT first-come first-served!

Chavez got his gold back because he has oil under his feet.  The Germans wonT [ever] get their gold back, because they have nothing to trade (ransom) for it. 

 

  1. i have your gold?
  2. you want your gold?
  3. whadda ya give me for "your" gold?
Sun, 10/28/2012 - 07:28 | Link to Comment Urban Redneck
Urban Redneck's picture

Actually they do have leverage, the settlement currency of the energy (oil) trade with Russia (and Norway), but it's a level of brinkmanship that they don't have the stomach for, unlike the Americans or Russians.

Sun, 10/28/2012 - 13:39 | Link to Comment Meh
Meh's picture

And IRAN.

Sun, 10/28/2012 - 06:18 | Link to Comment Gringo Viejo
Gringo Viejo's picture

THERE IS NO GOLD! 30 YEARS OF SALES...SWAPS......LEASING...it's as gone as a fart in the wind.

Sun, 10/28/2012 - 20:24 | Link to Comment Buck Johnson
Buck Johnson's picture

Germany is going to have a very very rude awakening when they find out that they have been had.

Sat, 10/27/2012 - 16:14 | Link to Comment Kamehameha
Kamehameha's picture

It will be there until it is not there.  Probably when they need it.

Sat, 10/27/2012 - 16:14 | Link to Comment LULZBank
LULZBank's picture

Please DONT Shoot US, Bitchezz!!!

Sun, 10/28/2012 - 01:11 | Link to Comment AmCockerSpaniel
AmCockerSpaniel's picture

If you are treating the customers correctly you have nothing to fear. Same goes for the politicians. Greed will result in blood.

Sat, 10/27/2012 - 16:22 | Link to Comment alstry
alstry's picture

IN AN INCREASINGLY AUTOMATED WORLD...DO WE EVEN NEED GOLD OR CURRENCY?

It is not money and gold we want, it is the production they control that's desired....

Now that increasing amounts of goods and services can be technologically produced....machines don't really give a damn about currency or gold, just a little electricity, a bit of resources and lots of love.

eMail, virtual education, teleconferencing, virtual books, virtual newspapers, digital and automated financial services, just to identify a few areas....all produced with essentially no cost of distribution, no consumption of resources, no pollution, and very little human input

When we are all milking off technological production, you know it's becoming an http://www.udderworld.com

ZERO HEDGE is the world's best name in a world where the entire concept of financial services, and all those working within it, can be automated and driven by technology far more efficiently than by people.

Sat, 10/27/2012 - 16:25 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Feel free to send me any gold or currency which you're not planning to use.

Sat, 10/27/2012 - 16:29 | Link to Comment alstry
alstry's picture

That would be like asking for my current hot girlfriend before I'm done with her....

Never give up the cow until you are done milking it....

Sat, 10/27/2012 - 16:30 | Link to Comment LULZBank
LULZBank's picture

You can always use technology instead.

Sat, 10/27/2012 - 16:37 | Link to Comment alstry
alstry's picture

Why limit yourself....that's the beauty of the Udder World.

Sex is a wonderful form of production. 

It's Free When Based On Love...No Gold Or Currency Required, Very Sustainable, No Pollution, Good For Your Health, And As Long As Mutually Consensual Doesn't Harm Others.

Sat, 10/27/2012 - 16:54 | Link to Comment Goldilocks
Sat, 10/27/2012 - 19:01 | Link to Comment WhiteNight123129
WhiteNight123129's picture

The most powerfull version, while slow at the beginning and very peacefull but with the most energy at the end is this one. 100% French (french conductor, with magnificient French system bassoon at 1`48`` with very bright tone, french clarinet and woodwind sounds, piston french horn, tight bore trombone -french style bore I must say- and the tempo is just right). The tune is really country side Catalogne (South West Mediterrean front), at the beginning it is slow and then radiant without ever losing its Folk character http://www.youtube.com/watch?v=WClIL_WMkSM. The pain comes back at 13` (tempo slowing). At 14` the whole energy explodes...

Now I wonder where were are right now on the crescendo vis a vis the Gold issue...

 

Sat, 10/27/2012 - 19:08 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Alstry, you would not offer greenbacks to a woman you love if you do not want to insult her, greenbacks are for the whores. But you could show your respect and your love to the woman by offering a beautiful Gold necklace. That´s an essential difference.

 

Sat, 10/27/2012 - 21:04 | Link to Comment malikai
malikai's picture

Sounds more like the pearl necklace type to me.

Sat, 10/27/2012 - 23:14 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

She's not good enough for you, mate. You're an obvious keeper but you need to spread your charms to all those women who haven't experienced the mosaic depths of your character.

Sat, 10/27/2012 - 17:26 | Link to Comment sasebo
sasebo's picture

Are you sure she's not using YOU ? -- has happened you know --- 

Sat, 10/27/2012 - 17:41 | Link to Comment alstry
alstry's picture

life is simply a game of milking each other...until one of us runs out of milk

Sat, 10/27/2012 - 18:30 | Link to Comment noob
noob's picture

it's all fun and games until someone loses an eye

Sat, 10/27/2012 - 16:36 | Link to Comment ebworthen
ebworthen's picture

Great, so I can substitute some binary data in the form of an email for payment of fiat digital dollars?

"Please find enclosed my payment of $800 in this sentence."

Perfect.

Sat, 10/27/2012 - 21:28 | Link to Comment ZeroAvatar
ZeroAvatar's picture

Give it up, alstry.....Turd used ZH as his 'liftoff platform', too.  15 minutes of fame just isn't worth selling yourself out.

Sat, 10/27/2012 - 16:16 | Link to Comment Joebloinvestor
Joebloinvestor's picture

I still want to know if the Greek pledged gold for the last tranche was moved.

Sat, 10/27/2012 - 16:17 | Link to Comment r3phl0x
r3phl0x's picture

In the New Normal, even national banks have boating accidents.

Sat, 10/27/2012 - 16:18 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

If I were the Germany, I would bring back at least 35% of German gold from London, Paris and New York.  Then test it, and release the results.

This is a good time to remind everyone that although there is plenty of gold, the price may make it very hard for us individuals to buy physical at reasonable prices.  Buy!

Sat, 10/27/2012 - 17:55 | Link to Comment knukles
knukles's picture

DoChen...
Didju notice the comment that "we melted down the gold and reconstituted it into Good Delivery Bars" or something of that ilk?
If "They" did it, I'd like to know who the hell "They" are because not everybody who simply calls themselves a "They" is granted the privilege to be able to create "Good Delivery Bars".
Gotta be a recognized metals refiner and recognized assayer as both are necessary to produce an LBMA approved Good Delivery bar.
Is Bundesbank qualified as a refiner and assayer?
I don't think so!

List is viewable at LBMA website.

Moreover, gold to be eligible to be in LBMA system must always be stored in LBMA approved vaults/warehouses, shipped by LBMA approved shippers after having been smelted/refined by approved refiners/smelters and assayed by said LBMA approved assayers.

Is Bundesbank approved?
YES!
See LBMA website.

Meaning the BS about it being held in NY, Londres ou Paris if needed for transaction is Bullshit!

This does not hold together based upon LBMA requirements!

DID EVERYBODY CATCH THIS?

 

Sat, 10/27/2012 - 18:32 | Link to Comment tenpanhandle
tenpanhandle's picture

They never actually say that they are the outfit that will do the actual melting and refining only that they have and will have it done. 

1. "At the beginning of the last decade, we brought 930 tonnes of gold to Frankfurt from London and subjected it to a painstaking inspection. Part of the gold was melted down in order to create new bars which conform with the “Good Delivery Standard” which is customary nowadays in gold trading."

2. "In the next three years, we will repatriate 50 tonnes of gold annually from New York to Germany. That will give us the opportunity to inspect these bars, melt them down and convert them into “Good Delivery Standard” bars."

However, I believe this specifically implies that the German gold consists of swapped US coin melt bars which further implies that the US doesn't have the original German gold i.e. it has left the building.  This has been brought up in the past but I have never seen a confirmation statement (smoking gun?) from the Bundsbank. 

This would mean that the U.S. vaults contain a dearth of "good delivery bars".  I think we can take it to the bank that the U.S. gold numbers are counted using a "fictional reserve" methodology.

 

Sat, 10/27/2012 - 19:29 | Link to Comment samsara
samsara's picture

THey are in "Deep Storage". (Ie "Yet to be Mined")

Sun, 10/28/2012 - 07:46 | Link to Comment Urban Redneck
Urban Redneck's picture

deep storage is already a term peculiar to central bank storage of precious metals

http://www.lbma.org.uk/assets/lbma_gd_goldbars_status2007.pdf

Sat, 10/27/2012 - 19:53 | Link to Comment knukles
knukles's picture

Tenpan, gotcha, see where you're coming from...
BUT

In this day and age, I attempt to strenuously apply a "say what I mean and mean what I say" standard to official communications such as these.  Way too much wiggle room lending these crafty bureaucrats manipulations leaving everybody to their own imagination to draw unstated conclusions neither referenced nor made.  (Brenaysian Perceptions Management tactic)

To wit: "That will give us the opportunity to inspect these bars, melt them down and convert them into “Good Delivery Standard” bars."

They clearly state it will give "us" meaning Bundesbank itself the employment of the refining and assaying tasks.  I hold them to it.

(Similarly, when folks complained about anchors, etc., being pulled up from the GoM after the BP oil spill, which were covered in oil, BP neatly silenced the complaints propagation in the MSM by stating that what was raised from the bottom was mere "Organic Matter".  Which was the truth.  Oil is "Organic Matter".)

Further, their statements about availability for good delivery are superficial and illogical as it matters not where the bars are held as long as in an LBMA approved site in LBMA approved form, for such constitutes good delivery, period.  Ya'll can have 'em shipped anywhere ya' wants....  Form anywhere to anywhere.  Buyer's or owner's choice, no strings attached as per LBMA specifications and guidelines.   So, if the gold is not in LBMA good delivery form, WTF is the bUndesbank doing taking delivery?

So if said bars are not in good delivery form, they have not fulfilled the assaying and sizing requirements to LBMA specifications and thus, do not constitute good delivery and Must Be Re-refined and Re-Assayed in order to know what the hell one owns. 
Now, one might further ask, is which bars from what inventory are being transferred?*

So, I personally am left with a bunch of platitudes by the Bundesbank, which raise more questions and avail no answers.

*Much of the Reichbanks's (1870's thru 1945) bullion was refined and assayed.  (Indeed I have personally seen pallets of old Nazi bars in a vault which bore the eagle/swastika symbol and the weight and fine content)  BTW, much of which is said to have gone missing at war's end.

Sat, 10/27/2012 - 19:24 | Link to Comment negative rates
negative rates's picture

Well i'm missing some bricks over here, and heard they made their way to the Basil II conference and were used as leverage. Now you say who are THEY? They could be anyone acting on behalf of a clown and being handsomely rewarded for it. Perhaps in the form of tungstun, it really don't matter anymore to me, I have more, and know a few Germans too. 

Sat, 10/27/2012 - 20:08 | Link to Comment Hulk
Hulk's picture

We all got that and we have all been waiting for you to catch that !!!

Now we can proceed on...

Sat, 10/27/2012 - 18:03 | Link to Comment RiverRoad
RiverRoad's picture

In the case of their gold that's here, why don't they just let us test it since they say it will be exchanged for dollars???   Hmmmmm????

Sat, 10/27/2012 - 16:23 | Link to Comment Segestan
Segestan's picture

BS..... possession is nine tenths of the law. How much gold does DC, London and Paris have in Germany?

Sat, 10/27/2012 - 16:24 | Link to Comment This just in
This just in's picture

Uhm, if you don't choose the bars to check yourself, it's not much of a spot check.  JUs' sayin'

Sat, 10/27/2012 - 16:48 | Link to Comment jaap
jaap's picture

If they know you are not interested in checking..., well do with it what you want (as the Germans don't care)

Sat, 10/27/2012 - 16:24 | Link to Comment Seasmoke
Seasmoke's picture

Java Gold was a great race horse and he was REAL.

Sat, 10/27/2012 - 22:11 | Link to Comment Tinky
Tinky's picture

Good racehorse, not close to great. And a lousy sire, as well.

Sat, 10/27/2012 - 23:16 | Link to Comment Seasmoke
Seasmoke's picture

Great racehorse. I refuse to even argue it any more. And they sent him to of all fucking places Germany !!.....

Sat, 10/27/2012 - 16:27 | Link to Comment Seasmoke
Seasmoke's picture

So the reason they hold their gold elsewhere , is for liquidity? Well then I say fuck liquidity.

Sat, 10/27/2012 - 17:56 | Link to Comment knukles
knukles's picture

That's nonsense, see my comment, above

Sat, 10/27/2012 - 21:07 | Link to Comment Hulk
Hulk's picture

Actually, liquidity makes sense. The Germans are all going to piss thier pants when the CB's go all MF Global on their collective asses...Cue up the Aflac duck guy with his classic "You fools" line and get ready to play that all over Germany...

Sat, 10/27/2012 - 20:38 | Link to Comment Meh
Meh's picture

No, no, no!  The reason they hold it elsewhere is for PSYCHOLOGICAL REASONS...TRUST BETWEEN NATIONS...Blah, blah, blah.  By far the funniest line in the whole blurb: 

 

The Bundesbank has decided to strive for a more balanced distribution of gold re-serve holdings at home and broad, thereby taking increased account of gold’s function of preserving trust and confidence. After all, reserve assets have psychological significance, so to speak.

 

I'm guessing some German banker finally figured out the significance of their request PSYCHOLOGICALLY at home and abroad. Heh.

Sun, 10/28/2012 - 09:51 | Link to Comment Poor Grogman
Poor Grogman's picture

Mutually Assured Destruction.

We all go down together......

Sat, 10/27/2012 - 17:17 | Link to Comment Yen Cross
Yen Cross's picture

no comment. I can't stop laughing.  Z/H posters are "TACK SHARP"...

   Guess we have some "Hard Liners"...

Sat, 10/27/2012 - 16:31 | Link to Comment PaperBear
PaperBear's picture

Does the guy who wrote that statement know what a swap is and more specifically what a gold swap is ?

Sat, 10/27/2012 - 17:21 | Link to Comment Yen Cross
Yen Cross's picture

Allow me? A swap is an exchange of said "financial instrument" ,at a pre-determined price, to be repaid at the (contract price) at expiration of contract. 

   "Simple Option"contract.

  Would anyone care to discuss. > DNT and Vanilla with me? How about we discuss the differnce between options and futures?

  What is the advantage of a "put vs a Call" , sell scenario? What is the difference between a put and call?

Sat, 10/27/2012 - 18:14 | Link to Comment Eally Ucked
Eally Ucked's picture

I can't, I'm on much higher level than that, it means I'm trading eg. puts on puts on calls and any combination of puts and calls at that level plus I use straddles.

Sat, 10/27/2012 - 18:58 | Link to Comment Yen Cross
Yen Cross's picture

fuzzy math, aka bullshit.

  The qqq/vix idea is gaining some momo. I'm a currency guy though. Have at it.

Sat, 10/27/2012 - 21:21 | Link to Comment Eally Ucked
Eally Ucked's picture

try it!First level of bullshit is nothing, you go to third, or higher, and then you see adrenaline pumping, those boring pairs, pfffffff. 

Sat, 10/27/2012 - 16:29 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Whether it's Germany's gold or the gold in Fort Knox or the gas in Siberia or the oil in Texas, you're not finding out how much is there.  Why? Information is power and information about powerful commodities is doubly powerful.  And the powerful aren't sharing any power with the likes of you. 

Now feel free to analyze whatever data they give you and reach a matrix-like conclusion.  You'll reach the conclusion they want you to reach.  Or they'll simply leave you confused.

Sat, 10/27/2012 - 17:38 | Link to Comment LULZBank
LULZBank's picture

Now now, dont be upsetting the armchair intellects and analysts here.

They say "jump," and they say "how high?"

Sun, 10/28/2012 - 16:23 | Link to Comment lakecity55
lakecity55's picture

Vee r goltmann sachs und ve rule ze vorld!

No! Ve r J P Morgun und VE rule ze vorld!

Nein!

Ja!

I say, lads, I am the City, and I most definitively Rule The World

Ha! Fools! I am The Red Shiled and I haff all ze gold!!! You haff Tunkstein!

Sat, 10/27/2012 - 17:59 | Link to Comment fijisailor
fijisailor's picture

Now there's the truth

Sat, 10/27/2012 - 16:30 | Link to Comment Seasmoke
Seasmoke's picture

2008 ponzi collapse is here Bitchez !!! (or is it 2001)

Sat, 10/27/2012 - 16:32 | Link to Comment ebworthen
ebworthen's picture

Nothing but statements of trust when it is one banker to another.

Honor amongst thieves?

Sat, 10/27/2012 - 21:27 | Link to Comment Cloud9.5
Cloud9.5's picture

Trust least the man who says trust me.

Sat, 10/27/2012 - 16:42 | Link to Comment JustObserving
JustObserving's picture

Here is the real reason for German gold in New York, London and Paris:

52,000 US troops in Germany

There are as of August 2012 only 21,500 British Troops in Germany and along with families and civilian component the total number of people is around 40,000

About 4000 French troops in Germany

As long as these troops stay in Germany, the gold will not be returned. German sovereignty is an illusion as is their gold.

Sun, 10/28/2012 - 02:48 | Link to Comment adamas
adamas's picture

info@carl-ludwig-thiele.de

 

explain this to Carl immediately 

Sat, 10/27/2012 - 16:34 | Link to Comment FishHockers
FishHockers's picture

This is a case for Bond, James Bond, where is Odd Job when you need him.

Sat, 10/27/2012 - 18:18 | Link to Comment khildner
khildner's picture

Hey, German gold in US, UK and FR vaults is perfectly OK for me, as long as they also store some of THEIR gold in Frankfurt or Berlin. Just in case they need liquidity in regards to the upcoming MK2. Would also make considerable sense for FR, as they then are back to at least a different currency to justify such swaps.

Sat, 10/27/2012 - 16:35 | Link to Comment LULZBank
LULZBank's picture

Do "they" really mean what they say or are they just fucking with us?

Sat, 10/27/2012 - 17:58 | Link to Comment knukles
knukles's picture

We can deal with that after we figure out just who the fuck the ubiquitous "They" really are.

Sun, 10/28/2012 - 01:35 | Link to Comment willwork4food
willwork4food's picture

Meh. Since we don't know it's obvious we just have to go after the AFfects of what THEY are doing so we can have lasting influence on them with the EFfects of our actions againsts them.

gOT ROpE?

Sat, 10/27/2012 - 16:39 | Link to Comment poydras
poydras's picture

This development is curious.  There could be other sinister and/or non-sinister reasons to leave the bulk of the gold in place.  It is interesting that the Germans have to receive the gold before they can inspect it, melt it down, etc.  Assuming that the stock is serialized, one could request the random retrieval of bars for complete assay locally (in the gold centers).

You get into interesting trust dynamics with this topic that extend to global financial system confidence and even national security.  Perhaps Germany should start its own gold trading center.  We all know at ZH that gold is money good in the context of extensive debasement.

Sat, 10/27/2012 - 16:40 | Link to Comment stant
stant's picture

corzine got the job as the elevator operator at the feds vault. that german gold is as safe as your bank accounts now.

Sat, 10/27/2012 - 20:43 | Link to Comment Jam Akin
Jam Akin's picture

He is the most trustworthy candidate:  Write In:  Corzine for President!

Sat, 10/27/2012 - 16:40 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

I store my gold at my friends house out of state. He assures me that he has not sold any of it.

Sat, 10/27/2012 - 17:11 | Link to Comment yabyum
yabyum's picture

Dick, Does your pal smoke crack? Can he do the Corzine shuffle? Do you have a gun?

Sat, 10/27/2012 - 17:25 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

My friend lives in Las Vegas, slight problem with hookers and slot machines, so I make him send me pictures of my gold. No worries...

Sat, 10/27/2012 - 17:49 | Link to Comment Yen Cross
Yen Cross's picture

Dick Head?

Sat, 10/27/2012 - 16:40 | Link to Comment newworldorder
newworldorder's picture

Point - Counterpoint;

The German Central Bank is playing footsie with itself. Without publishing a list of the numbered gold bars under its own control along with a certification of no incumbrances anything they say is suspect.

Will the German Press take the dare of verifying the trust they have in their central bank? Let's see where this will lead.

Sat, 10/27/2012 - 17:20 | Link to Comment Urban Redneck
Urban Redneck's picture

Before they published such a list, they would have to cross refence the new list with every other "list" of bars, both current and historical, to make sure they didn't embarass themselves- too much work, too little time.

Sat, 10/27/2012 - 19:29 | Link to Comment sunaJ
sunaJ's picture

"Let's see where this will lead." 

 

I believe it would lead to lead.

Sat, 10/27/2012 - 16:45 | Link to Comment Atomizer
Atomizer's picture

Malco Polo, Peek o Booo,

 

China: We'll continue to galvanize cultural changes through failed methods. We intend to closs finish line this time around. roaning yuan to indoctrinate change has never been easier. If you don’t hire new union teachers to spawn goals, we’ll send debt back to USA in most honorable form of most honorable party favor.

 

Publicly Elected Muppet Servant, Kindly choose door number..

  • 1
  • 2
  • 3

At the end of the day, the misbehaved romper room adults will be running for their lives. Grab your popcorn. 

Sat, 10/27/2012 - 16:43 | Link to Comment cxl9
cxl9's picture

Best part:

The New York Fed and the Banque de France also offer to store gold holdings for other central banks free of charge.

Friend, if you're not paying for it, you're the product.

Sat, 10/27/2012 - 17:10 | Link to Comment Atomizer
Atomizer's picture

The best part, hold your own assets.

 

Developing Story..

The New York Fed and the Banque de France gold holdings transport may have been destroyed in crash. Authorities believe plane crashed within a 2000 nautical mile radius.  

/sarc 

Absentee ballots may have been destroyed in crash

TALLAHASSEE, Fla. (AP) — Federal officials say that absentee ballots being sent to U.S. military serving in Afghanistan may have been burned in a plane crash.

A top official in the Federal Voting Assistance Program this week notified election officials across the nation that a transport plane crashed at Shindad Air Base on Oct. 19.

The crash resulted in the destruction of 4,700 pounds of mail inbound to troops serving in the area. Federal officials in their email to state election offices said they did not know if any ballots were destroyed. They also said the lost mail was limited to one zip code. But they recommended that election officials resend a new ballot to anyone who requested one since the first ballot may have been destroyed in the crash and fire.

Sun, 10/28/2012 - 01:42 | Link to Comment willwork4food
willwork4food's picture

+10

Sun, 10/28/2012 - 02:46 | Link to Comment adamas
adamas's picture

explain this to Carl

 

info@carl-ludwig-thiele.de

Sat, 10/27/2012 - 16:49 | Link to Comment PaperBear
PaperBear's picture

They have lists and have been given confirmation, what could there possibly be to worry about ? Run, run, run.

Sat, 10/27/2012 - 16:52 | Link to Comment cardis
cardis's picture

Tks TD.

I'm having an exciting night and LOL.

Voce da mais uma rapidinha ainda hoje?

Sat, 10/27/2012 - 16:55 | Link to Comment Bearish News
Bearish News's picture

I forsee lots of "aaaannnd it's gone" jokes in our future.

Sat, 10/27/2012 - 17:01 | Link to Comment Zero Govt
Zero Govt's picture

"We do not have the slightest doubt that our holdings in New York and Paris are also made up of the purest fine gold. We have at our disposal fully documented lists of the bars, and our partner central banks send us every year confirmation not only of the bars’ existence but also of their quality.."

Nice one Bundesbank

You've just set such a high standard by which to hang your partner central banks if they 'surprise' you to the downside

Ben must be pissing his pants scurrying down to the vaults right about now to check what he's got

Sat, 10/27/2012 - 17:54 | Link to Comment tenpanhandle
tenpanhandle's picture

China to Germany: "so sorry, all your gold bars are belong to us.

Sat, 10/27/2012 - 17:01 | Link to Comment Quinvarius
Quinvarius's picture

Too many adjectives designed to instill confidence.  When you have the gold, you don't need anyone's confidence.  It isn't there.

Sun, 10/28/2012 - 02:45 | Link to Comment adamas
Sat, 10/27/2012 - 16:59 | Link to Comment robertocarlos
robertocarlos's picture

See!, even the Germans agree that immediate access to currency is FAR more important than having a bunch of gold stored far away below sea level.

Sat, 10/27/2012 - 17:03 | Link to Comment Quinvarius
Quinvarius's picture

Now all we have to figure out is why a central bank needs access to currency when they have a printing press.

Sat, 10/27/2012 - 17:01 | Link to Comment Marty Rothbard
Marty Rothbard's picture

"There was never any doubt about the security of Germany’s gold. In future, we wish to continue to keep gold at international gold trading centres so that, when push comes to shove, we can have it available as a reserve asset as soon as possible."

   According to google maps, it is 409 kilometers, by road, from Franfurt, DE to Zurich Switzerland.  Zurich is certainly an international gold trading center, arguably the most geopolitically secure.  Why not keep your gold there, in your own back yard?  Viamat is much more trustworthy, than the federal reserve.

   Here's hoping the Bundestag passes legislation, requiring repatriation of all German gold.  If it's good enouth for Venezula, it's good enough for the fatherland!  I'd love to see the ChairSatan's face, when the Germans demand delivery.


Sat, 10/27/2012 - 18:56 | Link to Comment helping_friendl...
helping_friendly_book's picture

The Swiss can play the same trick on the Germans they played on the Jews. We will give you a numbered account to protect your assets against the Germans. When the parents were gas so went the numbers. When the Jewish suvivors stated "My grandfather had an account" the Swiss banker asked what is the number?

The Germans can kiss their gold goodbye. The Jew bankers moved the bars the day after they were deposited. The FRBNY don't even use their real names! Ask Kevin Henry! Their gold is gone!

Do NOT follow this link or you will be banned from the site!