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Bundesbank Continues Golden Damage Control: Invokes Ghosts Of Simon Gruber And Goldfinger
It appears that the Bundesbank has never heard of the saying: when in a hole, stop digging (neither has any Keynesian in the history of humanity, but that's a different story). For the full plotline on Germany and its tungsten gold, read here, here, here, here and here.
From Andreas Dobret, member of the Executive Board of the German Bundesbank, speech to FRBNY's Bill Dudley
Remarks on German gold reserves
Please let me also comment on the bizarre public discussion we are currently facing in Germany on the safety of our gold deposits outside Germany – a discussion which is driven by irrational fears.
In this context, I wish to warn against voluntarily adding fuel to the general sense of uncertainty among the German public in times like these by conducting a “phantom debate” on the safety of our gold reserves.
The arguments raised are not really convincing. And I am glad that this is common sense for most Germans. Following the statement by the President of the Federal Court of Auditors in Germany, the discussion is now likely to come to an end – and it should do so before it causes harm to the excellent relationship between the Bundesbank and the US Fed.
Let’s get back to facts and figures: I would like to remind you that our gold reserves are part of the German currency reserves. These were accumulated over time thanks, in part, to Germany’s economic boom in the 1950s and 1960s. Germany’s growing economic strength, especially its strong external position, resulted in rather large trade account surpluses, most of them acquired in US dollars. At that time, the International Monetary System, known as the Bretton Woods System, was dominated by the US currency. As long as this system was in force, which was up until 1971, the US Fed was obliged to exchange its currency for gold.
Any current account surplus thus resulted in an increase in Germany’s gold reserves. This gold was stored in US vaults for obvious reasons [ZH: sorry, we don't have an econ PhD: what are the "obvious reasons"?]. This was not only the case for the gold hold by the Bundesbank – it was, in fact, common practice. By the way: it was the only practical thing to do, since running a trade account deficit meant a decrease in gold stocks.
Thus, we are now looking back at sixty years not only of fruitful cooperation in many fields and international fora, but also of storing gold and trading via the New York Fed. As a matter of fact, it is sensible for us to do so in New York, as Frankfurt is not a gold trading venue.
Throughout these sixty years, we have never encountered the slightest problem, let alone had any doubts concerning the credibility of the Fed [ZH may, and likely will, soon provide a few historical facts which will cast some serious doubts on this claim. Very serious doubts]. And for this, Bill, I would like to thank you personally. I am also grateful for your uncomplicated cooperation in so many matters. The Bundesbank will remain the Fed’s trusted partner in future, and we will continue to take advantage of the Fed’s services by storing some of our currency reserves as gold in New York.
At the same time, you can be assured that we are confident that our gold is in safe hands with you. The days in which Hollywood Germans such as Gerd Fröbe, better known as Goldfinger, and East German terrorist Simon Gruber, masterminded gold heists in US vaults are long gone. Nobody can seriously imagine scenarios like these, which are reminiscent of a James Bond movie with Goldfinger playing the role of a US Fed accounting clerk.
While gold is important, we have to combat a crisis of confidence in the euro area. This is the task we need to concentrate on. And we will do so.
Thank you for your attention.
And that was it for Herr Dombret's comments. Which is good: because really, when in a hole...
As for the full true story, there is much more here, which we hope to reveal soon in its entirety. We are confident our German readers (and not only) would find the complete, historically-documented details, quite stunning.
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In this context, I wish to warn against voluntarily adding fuel to the general sense of uncertainty among the German public in times like these by conducting a “phantom debate” on the safety of our gold reserves.
ROFLOL
Buba holds its gold not in the form of ingots, bars, or coins, but in teeth - and that's why there will never be an audit!
First they ignore you, then they laugh at you
Okay, I could sort of believe the prior statement that was released by someone at the Bundesbank, as ridiculous at it was...
...but to be honest, if they really did release this newer, even more bizarre statement, I somehow can't stop thinking they're just fuckin' with us now, bitchez.
They may be the ones adding fuel to the fire by making a statement like this:
"While gold is important, we have to combat a crisis of confidence in the euro area. This is the task we need to concentrate on. And we will do so."
Admitting you have a currency confidence crisis?
I heard the plot of Goldfinger was intended to clue the US people in to what had already happened to their gold reserves.
Think Goldmember could've organized this one too:
9 TONNES OF RDX COMPOUND STOLEN IN AUSTRIA!!!
"Anti-terror police are investigating whether nine tonnes of rat poison stolen together with an Austrian firm's lorry might be used to make explosives. RDX is not only one of the main explosives in torpedoes, rockets, and bomb warheads and also in use in very specialized detonators, blasting caps, and demolition charges - but is also used as a rat poison. An Austrian firm had been conned into transporting the poison after getting a request from a Ukrainian company that wanted it collected in Italy. But the logistics company from Kufstein, Tirol, lost contact with the load shortly after the rat poison was collected in Italy on 25 October. The company said the intention was for the load to be delivered to France. Shortly after the vehicle was loaded, it was no longer possible to reach the Ukranian company or the lorry driver. It is believed the driver was organised by the Ukrainian company. The company said they negotiated 30,000 transportations per year and had never experienced anything like this..."
Germany leases out its gold to help suppress the price, then whines when the FED also leases out Germanys NY Gold. No honor amoung thieves, bagholding GLD, gold certificate, unallocated gold or allocated gold; holders.
First one jumping the ship is a rat, the last one still onboard is a chump. Guess that makes Chavez King Rat.
I was more interested in the statement that they hold gold as part of their currency reserves and yet the US doesn't.
If the Germans claim their gold is money why can't the Bernank see it as such? Knowing the German's strong ties to "tradition", surely that can't be their rationale` for saving gold as money?
Not that currency is money though. They'll get it right one day and gold will have its way, but not through good management on their part.
".. Taxpayers’ money can only be the last resort.."
Correction: Taxpayers gold can only be the last resort IF we can find the taxpayers gold
Good luck with that bwhahaha...
The best things in life are free
But you can give them to the birds and bees
I want ze Gold
You silly papers gives my ass a thrill
But silly papers won't pay my bills
I want ze Gold
" ... then they elect you."
And, my friends, in this story you have a history of this entire movement. First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you. And that, is what is going to happen to the Amalgamated Clothing Workers of America." General Executive Board Report and Proceedings [of The] Biennial Convention, Amalgamated Clothing Workers of America, 1914.
however, as pamperdue noted, a more common scenario might run: First they ignore you. Then they continue to ignore you. Then, if you manage to reach a point where they stop ignoring you, they attack you. Then you die.
Or something snaps and la Terreur, in one form or another, makes its reappearance.
Some speculate that jubilee was a pragmatic means to stave off bloody revolution, and was granted not really based on any pre-ordained & concrete timeline, but on the feedback vibration that the kleptocracy, whether the state and/or the church (which have worked hand in hand in an effort to control the masses throughout history), could sense was rising from the huddled, angry masses.
What explains this then? They were paying down a debt with interest when they could have simply used their gold holdings and had that monkey off their back. Something is not right in denmark.
by DAVID CROSSLAND Sept. 29, 2010Germany will make its last reparations payment for World War I on Oct. 3, settling its outstanding debt from the 1919 Versailles Treaty and quietly closing the final chapter of the conflict that shaped the 20th century.
http://abcnews.go.com/International/germany-makes-final-reparation-payments-world-war/story?id=11755920#.UJWg32_IVBk
"Something is not right in denmark"
Correction: Denmark is fine - Euroland not so much
more at phantom gold.
As long as they don't actually LOOK, and collapse the wave function, the box remains full of gold.
"the box remains full of gold"
And empty at the same time! Who said modern economists have never studied quantum physics?
+1 lol
wave function indeed.
Wave goodbye to your gold that is....
Bwahahahaha
Ah, yes, the famous quantum physics thought experiment - Goldfinger's hat.
I understand that the NY Fed is also enquiring if BuBa would be interested in a Bridge they have for sale in Brooklyn??
Unfortunately, inspection is difficult at present but you know you can take our word for it.
Bizarre? They think asking to see something that hasn't been seen in 33 years is Bizarre? Laughable.
It isn't bizarre until they pull out the "Chewbacca Defense"....
When you say "laughable" you are just showin' that you don't Love Amercia. If you Loved Amercia the way Jesus Loves Amercia, you wouldn't be laughin' at somethin' so serious as The Holy Amercian Dollar.
You need to watch more Television and believe everything it says. You need to take your Medication as Directed. You need to git to Church and listen to your Preacher and everthin' he got to say, and make a Great Big Generous Free Will Love Donation to his Ministry.
But more than ANYTHING< you need Faith in the System!
Remember: "Amercia is Jesus' Favorite Country! ©"
PRAISE BE!!!
In the sarcastic tone of Mr. Panos:
"Thank you for your Gold, Germany." (dumbasses)
Didn't Germany buy a lot of our toxic sub-prime CDOs? When will they learn?
Annnnnd, it's gone!
Andreas, "die Dame doth protest zu viel".
What a jack ass.
He gives the same fucked up argument for not changing something because it hasn't blown up in their faces yet.
Check out the US Navy's explanation for the Missouri gun turret explosion, and you will find the same fucking logic.
I hope the Fed seizes the German gold just because it can (not because it needs to, but it will).
Is there some practical reason why any nation should or would store their gold in another nation? Makes no sense.
Of course it makes no sense that some mineral dug from the ground at great cost to the environment for almost the exclusive use in vanity products should be worshiped like it is anyway. Hard to chew and doesn't burn well in a wood stove.
Is there some practical reason why any nation should or would store their gold in another nation?
The idea was that they could (conveniently) transfer bars from one pile to the other when settling international accounts.
When despots fear losing control of their fiefdoms, they tend to park assets overseas in case they have to relocate. Otherwise, there hasn't been a good excuse since the days of bell-bottoms and disco.
“..by storing some of our currency reserves as gold in New York”
Er.. does that mean Bernanke was not telling the truth to Congress when he attested that gold is not money?
Is that you Math Man? He's finally back!
last i checked, our solar system is not pro-creating any more planets... and if by chance our oceans become our future land mass, and that's a big if?, were fuck'd, period!
Ps. Our star is all we got and we are its last bastion of gambits in a finite golden triangle intangible forever to mankind?
gold is what's for dinner... the only long-lasting meal in town-- got Gold
Yippie kay yay mother____s.
Like bad actors in a crappy play.
Slightly OT, what is the best method of purity analysis? X-ray fluorescence?
Some are using ultrasound.
Retoscopie ?
Endoscope?
A fucking drill. .
...along with three bad-ass niggers with a blowtorch and a pair of pliers....
It shouldn't taste good with peanut butter.
Melting the gold down and re-casting the bullion. At the same time, a sample of the molten gold should be analyzed for purity.
Guaranteed accurate results every time.
Frankfurt may mot be a gold trading center, but Zurich, which is right down the road, most certainly is a gold trading center. There are even rail lines connecting the two. During World War 2, when Germany was AT WAR WITH THE USA, the Bundesbank used the SNB, and a whole swath of central banks still use the BIS for both physical and paper gold "storage."
Keep digging Buba...
I think you will find it was called the Reichsbank then. Probably named after Hitler's Third Reich or something like that…
It was the Reichsbank in the Kaiser's time.
And indeed for a very long time before. And in Austria, and in many germanic countries whose languages use the same root. E.g. the Swedish central bank is the Riksbank.
"Reich" only became an un-word after WWII.
Austrians do not use a language with a germanic root, they use German. Because they are Germans.
Perhaps someone can shed some light on the origins of Swiss-German animosity. It predates the current economic strife over the value of the euro, and the current social strife over jobs and immigration. 80-some years ago Hitler was saying all sorts of complementary things about the Austrians leading up to the Anschluss Österreichs, at the same time he was saying all sorts of nasty things about the Swiss, like he still had some sort of grudge that Switzerland had never "joined" the Second Reich subsequent to the Congress of Vienna.
That name tends to remind Germans of period that makes them very uncomfortable, which might actually have something to do with why they don't use the easy button (or they could just be ashamed that they got their asses stomped by the US bankers just as badly as by the US military).
I asked a friend why the FED cannot have a guided tour segment on 60 Minutes. His answer was, "because the tour would be over in 60 seconds".
It's too bad about Mr.Rooney, he would have been great for covering that. But it was his time.
Hey Tyler.
You forgot about this one :
Trillions of Dollars Worth of Stock Certificates and Other Paper Securities Feared Damaged by Sandy
Trillions of dollars worth of stock certificates and other paper securities that were stored in a vault in lower Manhattan may have suffered water damage from Superstorm Sandy.
The Depository Trust & Clearing Corp., an industry-run clearing house for Wall Street, said the contents of its vault "are likely damaged," after its building at 55 Water Street "sustained significant water damage" from the storm that battered New York City's financial district earlier this week.
The vault contains certificates registered to Cede & Co., a subsidiary of DTCC, as well as "custody certificates" in sealed envelopes that belong to clients.
The DTCC provides "custody and asset servicing" for more than 3.6 million securities worth an estimated $36.5 trillion, according to its website.
"At this point, it is premature to make an accurate assessment as to the full impact of the water damage nor would it be helpful to project on what specific actions need to be taken with respect to our vault," said DTCC Chief Executive Michael Bodson in a statement. "We are aggressively working on this situation to minimize disruption to our clients and will provide additional updates as more information becomes available."
That's what they get for having the vault at....
.... Water Street in Lower Manhattan
Damned good thing I'm in charger of Perceptions Management...
"Update: officials have discovered that all the ink indicating certificate ownership has run due to water damage and the use of cheap Chinese manufactured pens by the signatories . Fortunately, upon further inspection by authourities having jurisdiction most signatures determining ownership were deemed legible, and they were able to make out the names 'JDimon' and 'JCorzine' on all but .0000001% of the damaged certificates. Due to the strong inductive argument created by this discovery officials summarily awarded ownership of the remaining certificates to the same, arguing that, "...it's all going to be theirs at some point anyway" "-Spokesperson
.....".....I'll just open this moldy, water logged envelope containing your certificate ....that's a clump ball of wood and cotton paste.....aaand it's gone!
Please leave. We are for account holders only. Next!"
Knuckles, if you are in charge of perception management, would you please manage people to perceive me oh, about 25 years younger?
Wakanda, I'll have a chicken sandwich with fries. Are you closing tonight?How's that for shaving off 25 years.
That was 30 years!
LOL - Thanx
POOF ... AND IT's GONE... http://www.southparkstudios.com/clips/222624/the-importance-of-saving-money
DTCC or Depository Trust & Clearing Corporation, extremely powerful but essentially beyond the reach of any regulation whatsoever ... another black ops centre of the oligarchs, apparently. From one article:
« ... a nearly unknown corporation ... DTCC ... The company provides settlement for the nation’s capital market: $1.5 quadrillion in trades are settled there every year (that is, about 30X the economic output of the entire planet). For most of its history it has largely escaped regulation: state regulators are admonished that they cannot peer inside because the DTCC is federally regulated, and the DTCC has told federal regulators it escapes their regulation due to its strange ownership structure (one former federal regulator, and one former employee of the DTCC, have both told me the feds would not know where to begin if they tried to regulate it).
In short, at the heart of the world’s economy is an enormous black box that is regulated except on the days it’s not, and through which 30X the economic output of the world flows. It is my contention that much of Wall Street’s illegal activity is funneled through this strange entity.
The huge, nondescript building in downtown Manhattan that houses the DTCC is something of a Fort Knox. Long-gun toting guards watch the entrances, and journalists who have been inside tell me that entering it is tougher than getting into the Federal Reserve or any comparable institution. ... »
http://www.deepcapture.com/gary-weiss-scaramouch-psychopath/
But somehow Sandy got past all those long gun toting guards.
Thanks BGIB, the deepcapture link is awesome...
And there..........gone!
If you launder money it comes out good as new.
"The arguments raised are not really convincing."
They're not not convincing?
They're only kinda convincing?
They're really convincing?
They're not convincing?
They're false?
But not really convincing.
I'm not convinced.
Others at ZH ain't convinced
GATA ain't convinced
A whole buncha other folks wouldn't not be unconvinced were it not Buba protesteth too much, methinks.
Not convincing enough to cite James Bond, Goldfinger and fictional characters.
(Nah, none of them around, like Krugman's Alien Invasion)
None of the shit like FEMA and other gubamint agencies doin'a great job Obey in Staten Island, et al.
Like full faith and credit in the Gubamint is not all intact, really.
And in any case the banks' owned by private fucking bankers who've in the last 5 years been charged with ever single fucking crime (monetary) imaginable since the dawn of man, been found guilty and paid fines and still persist in criminal activity.
No, it is not really convincing now, is it?
Well, there are a lot of dumptrucks rolling around southern Manhattan....
Talkin' about dump trucks, remember (if you will) the missing gold in the vault under the Twin Towers?
Supposedly a major vaulting facility (LBMA approved, etc.) and was supposedly squashed when the towers "fell".
So far, so good.
About 2 or 3 days later, Hi Honor, The Mayor said publicly something like all 500 million had been recovered.
Yeah, all good and fine, right?
Wrong.
How'd they get to the gold under the rubble pile which was inaccessible?
WHy were there pictures of a truck(s) parked outside the vault before the collapse and supposedly accounts and photos of the gold gone missing before the collapse?
Why did the records for the day(s) preceding the collapse mysteriously disappear as well as the dude who was in charge of keeping such?
Mystery ....
Coincidences....
My ass....
Watch out for them trucks....
Watch this presentation and you'll see how deep the 9/11 rabbit hole goes - http://youtu.be/n_fp5kaVYhk
Who's to say there was EVER any gold in there?
I thought you said dumbfucks. Imagine thinking you were going to be fine, sitting out a catagory 2 hurricane in a non-cyclonic rated building, on the beach-front. Help me FEMA!
"No, it is not really convincing now, is it?"
Seems like publishing a couple photos would go along way toward finally confirming the existence of the gold, or at least settling the debate. Just make sure the photos are film, not Pixar. Or do the 'custodians' prevent even their largest clients from actually seeing their deposits? Don't collapse the wave function!
How about a lavish, full length feature file that shows ALL of the sovereign gold held in American vaults.
And it's hosted by Wall-E.
Now there's something that would our fears to rest.
Re" ...for obvious reasons."
We get one, at least:
"...Frankfurt is not a gold trading venue."
Nor could it ever possibly become one, apparently. Certainly not without some gold, I would think. Although admittedly it has yet to be seen if a lack of metal has hindered other 'trading venues' from selling the stuff.
I wonder if they are using the same sort of rationalization corrupted gov'ts employ to justify outsourcing all their currency printing needs to Giesecke and Devrient: "It's too expensive to buy the machines necessary to manufacture our own printed bits of paper".
Now that's what I call a couple of good examples of 'false economy'.
I don't see what having gold has to do with being a gold trading venue.
Think JPMorgan.
Think Comex.
A discussion driven by irrational fears? So audits are driven by irrational fears!
I actually thought it was lack of audits drove rational fears...
But then again, what the fuck do I know?
"And for this, Bill, I would like to thank you personally. I am also grateful for your uncomplicated cooperation in so many matters. The Bundesbank will remain the Fed’s trusted partner in future, and we will continue to take advantage of the Fed’s services by storing some of our currency reserves as gold in New York."
Game, Set and Match to the NY FED. All Hail the William Dudley!
Pieces of paper with "I.O.U." on them mean shit, asshole. I bet Herr Dobret owns a lot of SLV and GLD.
(Ir)rational fears. Said the canary in the coalmine.
This banker stooge surely can't be believing to pretend; then he must be pretending to believe!
I suppose anything goes in order to keep the lie alive!
Germany, quit living on dreams http://m.youtube.com/#/watch?v=dJD-chO0XBg&desktop_uri=%2Fwatch%3Fv%3DdJ...
germany, you bunch of dopes, the hofjuden are stealing your gold. deal with it!!
First provide Germany with a Marshal gold-backed greenback for the next cycle you fuck.
Sometimes I wish Lil' Wayne was in charge of banking operations at the Fed. At least then we would have transparency and know that our tax dollars were being spent on coke and hookers.
It would end up like this:
http://www.youtube.com/watch?v=-vInmy1-i-w
I am a vegetarian, man I only eat beats
Wear a lot of carats and I smoke the best greens
http://www.youtube.com/watch?v=5C1Up1HxXhI
"the discussion is now likely to come to an end – and it should do so before it causes harm to the excellent relationship between the Bundesbank and the US Fed."
You mean like a shootout at the OK Corral? Something like that?
Sounds like the implication is that further discussion could potentially lead to actual confirmation of the status of the gold, which would then very likely lead to a dramatic deterioration in national relations.
They "Bundsbank" just needed to do some long over do pest control on their XAU. Those pesky "gold bugs" can clear out a vault in no time!
All those reserves acquired during the 50's and 60's were subsequently "vaporized" during the reunification of East Germany in the early 90's. /sarc
What is truly irrational is the exuberance with which the obligations of central banks' are treated.
Is this a Freudian slip, or do central bankers now think they have to admit as such?
Half the 30,000 tonnes of Western gold is gone
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/29_Turk_-_15,000_Tons_Of_Western_Central_Bank_Gold_Is_Gone.html
Gold 100k Bitchez
I hope not. I would be satisfied with the price of 6K/oz.
100K/oz would virtually guarantee all governments would try to confiscate gold from its citizens.
nsa and dttc should be outsourced to Havana. The CIA should be relocated in Venezuela under Chavis and all nukes from first world outsourced to Zimbabwe. Then the NWO would acquire a new meaning.
I'll say! That was one helluvan understalemate, sideways.
That would put too many whores out of work and send the country into a deep depression...
james turk has the best coverage and analysis of the german gold with a very simple conclusion - germany has NO gold. Zip. deutsche bank was the lead financial traitor/terrorist who pissed away germany's gold in the in the 1990s starting with a 1700 ton gold swap which went straight into the market to suppress the price of gold c. 1991.....whatever balance it had afterwards was squandered on more gold suppression schemes.....and don't think that the voodoo banksters despise gold - the peons do the uber elite do not.
this fucking goon cooing with vacant words that irrational fears should be avoided is a total lying sack of shit or a stupid cunt. german gold is GONE! same is true of usa gold.
there are going to be severe ramifications to this treason by western banksters....i completely believe jim willie's prediction that these fucking asshole banksters are going to disappear.....can you say jimmy hoffa? i knew you could....
willie also reports that 5 german delegations to the ny fed seeking a physical status of their gold have been turned away with utter and complete contempt.....the germans are going to hate america when they find out the truth and there will be phoenix rise of nazism....but nazism was the product of wall street and london banksters....
there is a huge and massive series of cases in switzerland involving ubs and other revered swiss institutions who have stolen allocated gold accounts - a story you no where - not even on zh - although i think that they have whispered about it.
usa banks - and others - are pilfering safe deposit boxes for valuables and gold with many such examples occurring in california.....if you have anything in a bank you are a sitting duck.
I must say that I've been running a similar scenario about what will happen when hundreds of thousands of insurance claims go unanswered in New York and New Jersey.
If they don't have flood insurance, the claim will be 100% denied.
Don't forget the vast majority in NYC area RENT, so renters insurance (assuming the tenant even has it) will likely exclude flood anyway without a flood rider and property insurance does not cover renter's possessions, only the property owner's building.
Anyone with flood insurance will be lowballed (as usual) and ultimatly the FED (as usual) will have to step in with Bernacke Bucks.
But the insurance companies will survive based on their denial and lowball claim process (as usual).
Considering the low returns on investment the insurance goons are getting under the Bernanke interest rate policies, I'm amazed every time they manage to pay off on a car wreck without going belly up.
I don't think Sandy was part of their 2012 4th Quarter projections.
They're all going to be surprised when Pussy Galore double crosses them and runs of with me and the gold to Costa Rica.
A Golden Deutsche Mark Is Possible and Desirable
The cause of the euro debt crisis is the misconstruction of the euro that allows all members of the European Monetary Union (EMU), currently 17 sovereign nations, to print euros and force them on all other members. Germany is on the verge of seeing its capital base plundered from the inevitable dynamics of this tragedy of the commons. It should leave the EMU, reinstate the deutsche mark (DM), and anchor it to gold
http://www.mmnews.de/index.php/english-news/11169-a-golden-deutsche-mark-is-possible-and-desirable
Let's consider that each foreign gold bar stored in America is 'owned' at least twice.
Countries redeeming relatively small quantities of gold could get away with it.
Germans own too much to redeem, they are already screwed. Deal with it.
That's actually not much important. Country robbed billions from another one, it isn't the first time this happens, it won't be the last one.
If, no, when this scheme collapses, who is currently with the gold is of less importance. After such a thing, trading countries will demand physical delivery as payment.
Given time the system will reach equilibrium again. The current party would be over.
Even if Germans don't demand their gold now, the house of cards will fall. There's too much debt, too much unfunded liabilities.
I suspect that sovereign gold being owned twice is a major understatement. Since the gold lessee and lessor can both keep it on their books as an asset, whenever it's leased again by the second party to a third party, suddenly it's counted again.
Ponzi to Infinity anybody?
We're respectable trust us, you saw what happened to Gaddafi!
All the gold is in China. End of story. Those numbers that supposedly show the total of each nation's gold reserves - only the simplest of minds are fooled. Anyone can make a list - nothing is audited. I doubt that this farce can continue much longer. If you have any gold, even a little, hold onto it. Silver as well.
I feel like the disheveled old cartoon guy on the streetcorner with the handwritten sign - The End Is Near.
It is.
The end of the current system is near - the question is what will follow?
Something nasty but less broken?
I'm hoping for something closer to original ideals instead of a dictatorship politically. With far less government overhead burden in the economy and on business.
Not true. I have my gold in my boat. I do need to send in the menders to repair it as it has sprung a leak today. I'll call them tomorrow.
Simple explaination for why Germany's gold isn't in Germany. Swastikas are illegal in Germany. Those bars were stamped woith the Third Reich's eagle abnd swastika during WWII (this is seen on many otgher bars that wer in the NYFed vaults - gold taken from occupied nations and held by Germany, along with all the newly refined bars coming from .... well... various forms of loot). To avoid the cost of resmelting all that gold to remove the Thiord Rich's markings, they simply stored it outside Germany.
And if you believe that....
The cost of recasting gold is neglible, unless one's gold has been salted, or is of the paper variety, which would be vaporized in a smelter.
Seriously, it 's far less than $1 per oz when your talking about significant volumes of 400oz bars. Transportation & insurance costs from the US would be far higher, and it's not like Germany would have to pay the costs in kind, they can exchange worthless euros for hardcore assurance.
German IQ has dropped somewhat it seems.
No, I'm pretty sure it's still right at 100.
An interesting observation (sort of game theory).
Just imagine that the BOTH sides (NY) Fed and Buba know that the Gold does not exist in the form and quantity it should. NY Fed will play the usual game, as always: "Your Gold is (most) safe with US".
The amusing part is that, with such an explosive knowledge, Buba (or the elite members) will also play the same game, AGAINST Germany people's interests: "We know we can trust the Fed, they are our best friends and the most trusted partner, we totally believe in them.", and all that nonsense.
The reason for such, seemingly self destructive logic is the simple fact: "One, may PRETEND that has something as long as everyone else THINKS, that one has it.", and of course aside the fact that discovering MISSING Gold, will bring A LOT OF anger toward Buba and possibly the other banks (and even jail, for some current and pass high flying members) in otherwise civilized German habitat.
Of course, this is a simple LOGICAL speculation, but otherwise, why Buba will be so unwilling to EVEN check, if it has the Gold, it is supposed to have in NY Fed.
One old saying says:"Do not lend your wife or your money to anyone.", knowing that I am assuming that Buba, does not consider Gold as money, as per Mr. Fed Chairmen's advice.
Unlimted amounts of FIAT still buys plenty of smoke and mirrors...
Who was the fat german guard who used to say.
"I see nothing,I hear nothing"
You mean Angela Merkel?
Plussed ya for beautiful wit. Thank you.
You would think they could pay someone a $1000 bucks to go down to the FED basement with a metal detector and check it out. Germany probably couldn't care less since they are giving their citizens money to the PIIGS banksters hand over foot...what's a couple hundred tons of gold.
The gold is gone, gone, gone. This is the absolute classic ponzi scheme, where only the first to withdraw get their goodies back. The message to anyone with any brains: get ALL your gold back, and do so immediately!
Do you know what the biggest technical flaw in "GOLDFINGER" is?
THE PLOT!
Pure gold cannot be made radioactive, it is one of golds "dirty little secrets".
Yeah, but what happens if it's filled to the brim with steamy, delicious tungsten?
Andreas Dobret: World Class Ass Kisser
Zero hedge is cracking me up.........
Germany lost the war.
The Bundesbank was set up after the war..............get it ?
The Bundesbank is the Anglos.
How else can you explain German mindless post war mercantile policey ?
States do not do Gold
Banks do Gold.
States remain in debt to the banks.
There you go again, messing up a fun discussion with dumb old logic.
Simon Gruber? Hans Gruber. Step your fucking fact checking game up zero hedge. Don't be the Romney of 80s action movies.
Willard, is that you? Hans Gruber died at the hands of John McClane while trying to steal bearer bonds from the "Nakatomi Corporation" back in 1988 if you must know the facts.
Hans Gruber had a brother named Simon who cleaned out the New York Fed's gold in Die Hard with a Vengeance the third Die Hard movie from 1995.
Target loss control spends more time in a week, at a single store, checking inventory of video games than Germany has of its gold over a period of decades.
lol ... do you suppose this could this be because the gold is not being held in Frankfurt perchance?
Jim Willie is on the ball here.. Where is the gold??
http://news.goldseek.com/GoldenJackass/1351713600.php
The new james bond was horrible, seriously it was pretty bad.
What did they do to bond?
1) No watch with laser, No watch with Zip Line, No watch with radio/transmitter/explosive stuff
2) No kick ass gadgets,
3) No kick ass BMW/car
4) No kick ass (seriously why is he so wimpy?)
5) 1 hour in and almost nothing went boom
6) Why is it like a soap opera
I actually left the theater after 1 hour of watching and walked out on the movie, I think I only got through half of it before i just got bored and left.
Normalcy Bias.
Oh thank you Bill, thank you for fuckin' us in the ass for all these years, we are truly grateful'.
'Is this how you want me Bill, oh please, you're so good Bill'.
Drill me Bill, please'
Ps. I bet German people are as embarressed as British people are of Gordon Brown's car boot sale!
Nobody believes these liars anymore. The idea that a bank is not even bothering to do any accounting at all for its most basic reserves is indication that they don't deserve any trust.
This garbage is all just a giant ponzi scheme. Everyone knows it. The bankers better realize that before they get backhanded like bitches. I am sick of this "everything is okay as long as no one asks any questions" Madoff bullshit. It isn't okay. Nothing is okay.
Show us the gold.
Just.
Show.
Us.
Da.
Gold.
Don't make my 83 year mommy look at you with those laser-eyes of hersm knowing liars all her life and say, "Uh-huh..."
oJo
V-V
Really. Just show us the gold and we'll all go home, and sleep soundly.
Waiting…
The German gold is all there. You just can't ask to see it or touch it because then it won't be all there. Why is this so hard to understand?
It is a Schrödinger's Gold, just some states are more likely than the others.
For maximum security, the gold has been moved to the North Pole where Santa Claus and his elves are guarding it...
Fortunately security is good at Santa's workshop:
http://www.youtube.com/watch?v=g0QVJOEwXac
I can assure you every central bank in the wprld has all the gold they are due to have as long as they are never all audited at the same time and have time to send the crap from one place to another for audit time
I can assure you every central bank in the wprld has all the gold they are due to have as long as they are never all audited at the same time and have time to send the crap from one place to another for audit time
"This gold was stored in US vaults for obvious reasons " - it was obviously Cold War fears of a Soviet attack.
.
The gold is gone. It's been given to the aliens. Or should I say the aliens took it.
60 years? What an idiot- 41 years ago the Nixon with the Fed trashed every currency in the world- "no more gold for you"