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It Begins: Bundesbank To Commence Repatriating Gold From New York Fed

Submitted by Tyler Durden on 01/14/2013 21:32 -0400

In what could be a watershed moment for the price, provenance, and future of physical gold, not to mention the "stability" of the entire monetary regime based on rock solid, undisputed "faith and credit" in paper money, German Handelsblatt reports in an exclusive that the long suffering German gold, all official 3,396 tons of it, is about to be moved. Specifically, it is about to be partially moved out of the New York Fed, where the majority, or 45% of it is currently stored, as well as the entirety of the 11% of German gold held with the Banque de France, and repatriated back home to Buba in Frankfurt, where just 31% of it is held as of this moment. And while it is one thing for a "crazy, lunatic" dictator such as Hugo Chavez to pull his gold out of the Bank of England, it is something entirely different, and far less dismissible, when the bank with the second most official gold reserves in the world proceeds to formally pull some of its gold from the bank with the most. In brief: this is a momentous development, one which may signify that the regime of mutual assured and very much telegraphed - because if the central banks don't have faith in one another, why should anyone else? - trust in central banks by other central banks is ending.

Much more importantly, it is being telegraphed as such, with Buba fully aware of just what the consequences of this (first partial, and then full; and certainly full vis-a-vis the nouveau socialist regime of Francois Hollande which will soon hold zero German gold) repatriation will be in a global monetary arena, which is already scraping by on the last traces of faith in a monetary system that is slowly but surely dying but first diluting itself to oblivion. And in simple game theory terms, the first party to defect from the prisoner's dilemma of all the bulk of global gold being held by the Fed, defects best. Then the second. Then the third. Until, in this particular case, the last central bank to pull its gold from the NY Fed and the other 2 primary depositories of developed world gold, London and Paris, just happens to discover their gold was never there to begin with, and instead served as collateral to paper gold subsequently rehypothecated several hundred times, and whose ultimate ownership deed is long gone.

It would be very ironic, if the Bundesbank, which many had assumed had bent over backwards to accommodate Mario Draghi's Goldmanesque demands to allow implicit monetization of peripheral nations' debts has just "returned the favor" by launching the greatest physical gold scramble of all time.

From Handelsblatt:

Die Bundesbank hat ein neues Konzept ausgearbeitet, wo sie künftig ihre Goldreserven lagern will. Nach Informationen des Handelsblatts (Dienstausgabe) sieht dieses Konzept, das am kommenden Mittwoch bekanntgegeben werden soll, vor, den heimischen Standort aufzuwerten, in New York dafür weniger Gold zu lagern und überhaupt kein Gold mehr in Paris zu horten.

Derzeit lagert das Gold der Bundesbank ihren Angaben zufolge in New York, London, Paris und Frankfurt. In der amerikanischen Notenbank Fed lagern 45 Prozent der insgesamt 3.396 Tonnen Gold, in der Bank of England in London 13 Prozent, in der Banque de France in Paris elf Prozent und im Hauptsitz in Frankfurt 31 Prozent. Diese Verteilung soll sich nun ändern.

We present it in the original for fear of losing something in translation, but in broad English terms the above reads as follows:

The German Bundesbank is developing a new approach as to where its gold will be stored. According to exclusive information, to be fully announced on Wednesday, the bank will in the future hold less gold in the New York Fed, and no more hold in Paris (Banque de France). As a result, the distribution of German gold, of which 45% is held in New York, 13% in London, 11% in Paris and 31% in Frankfurt, is about to change.

There is no need to explain why this is huge news (for those who have not followed our series on the concerns and issue plaguing German gold can catch up here, here, here , here, and certainly here) . At least no need for us to explain. Instead we will let the Bundesbank do the explanation. The following section is the answer provided by the Bundesbank itself in late October in response to the question why it does not move 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.

And in case the above was not clear enough, below is the speech Buba's Andreas Dobret delivered to none other than NY Fed's Bill Dudley in early November:

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.

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.

Incidentally, what Zero Hedge did provide after this article, was factual evidence that the Buba's very much "trusted partner" had been skimming it on physical gold deliveries on at least one occasion, in "Exclusive: Bank Of England To The Fed: "No Indication Should, Of Course, Be Given To The Bundesbank..."

So we wonder: what changed in the three months between November and now, that has caused such a dramatic about face at the Bundesbank, and that in light of all of the above, will make is explicitly very unambigous that the act of gold repatriation, assuming of course that Handelsblatt did not mischaracterize what is happening and misreport the facts, means the "excellent relationship" between the Fed and Buba, not to mention Banque de France which will shortly hold precisely zero German gold, has just collapsed.

Also, if the Bundesbank is first, who is next?

Finally, once the scramble to satisfy physical gold deliverable claims manifests itself in the market, we can't help but wonder what will happen to the price of gold: both paper and physical?

- advertisements -

Tue, 01/15/2013 - 03:12 | 3153416 Silver Bug

How many other countries will now follow suit? Western central banks could be in big big trouble.

http://marcfabersblog.blogspot.ca/

Tue, 01/15/2013 - 06:46 | 3153519 Henry Hub

It's a good thing Canada doesn't have to worry about its gold reserves held in other countries. You see Canada sold off all its physical gold ten years ago (at the bottom). But not to worry, the brilliant economists at the Bank of Canada and the Finance Department have backed the Canadian dollar with the U.S. dollar. As some bimbo on Fox News said "gold is not a good investment because it's not backed by anything".

Tue, 01/15/2013 - 22:18 | 3156330 Tompooz

The Dutch should follow pronto. It's now or never.

Tue, 01/15/2013 - 07:01 | 3153526 Glitterbug

We could give you Swiss francs instead of Gold - Whoops, Swissie in free-fall!!!

Funny, it was linked to the Euro and is supported by FIAT currency reserves of many different countries.

Full faith in the Sovereign Issues and FIAT - Ha ha. Get PMs and sit tight.

Tue, 01/15/2013 - 08:52 | 3153623 midtowng

You mean all your tungsten belongs to us.

Tue, 01/15/2013 - 12:33 | 3154260 Strider52

Don't expect to get good delivery bars. This has already happened in 1968:

http://www.silverdoctors.com/fed-sent-bundesbank-172-bad-delivery-gold-bars-in-1968/

Tue, 01/15/2013 - 13:05 | 3154372 chaartist

I am trying to find out how they are going to do it technicaly so finally the news will be that there is 3k+ new tons of gold in the market because US held it outside their accounting

Tue, 01/15/2013 - 13:58 | 3154531 patrickegan3

I found the video of the Germans recliaiming their gold from the NY Fed.

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

Mon, 01/14/2013 - 21:43 | 3152788 jcpicks

Ben is in charge now. POTUS has nothing on him.

Mon, 01/14/2013 - 21:52 | 3152831 Careless Whisper

Actually, Jamie Escobar is in charge.

Mon, 01/14/2013 - 22:59 | 3152998 palmereldritch

Just another day

http://www.youtube.com/watch?v=qyiEp0mK2fg

Mon, 01/14/2013 - 23:32 | 3153089 Careless Whisper

This is real. 1980s. So you can imagine what is going on now.

http://www.youtube.com/watch?v=kAN7uK3mkjw

Mon, 01/14/2013 - 23:56 | 3153151 palmereldritch

For sure. Daniel Hopsicker's book Barry and the Boys is a great read IMO.

Video overview here (a great factual doc absurdly playing on UFOTV):

http://www.youtube.com/watch?v=QOAg0K1Zijs

Tue, 01/15/2013 - 05:23 | 3153484 Ignatius

Jeesus, as well 'hidden' as HSBC.

Mon, 01/14/2013 - 23:32 | 3153092 sullymandias

You mean Esteban right?

Mon, 01/14/2013 - 21:53 | 3152832 Sizzurp

Cargo Holds ...Bitchez

Mon, 01/14/2013 - 22:05 | 3152860 xtop23

I wonder whos Gold they'll be receiving. You can be sure as shit it wasn't theirs originally.

My guess is it won't contain a single gram of tungsten because if it did..... and they're giving it to Germany.....this game is over.

Probably take them a year + to get enough together to ship.

Tue, 01/15/2013 - 00:55 | 3153283 Rogue Trooper

Your sir are a Terrist. 100% PURE Tungstan it will be and of course fully backed by the "full faith and credit of the Ununited States of Amerkia". Gotta problem with that? Well FYI we have already re-targeted the Trident II's on an Ohio somewhere in the fuckin' Atlantic.... email a screen shot to the Buba and CC Merkel. That should do it.

End of discussion

Tue, 01/15/2013 - 03:57 | 3153446 tenpanhandle

of course it will be full of tungsten, with a few carefully marked real bars mixed in. The real bars will serve for the fake audit and the german people will be happy.

Mon, 01/14/2013 - 22:06 | 3152866 GtownSLV

Dear German citizens, please accept this unique US Mint platinum coin in lieu of your gold being held with us. The full faith and credit of the United States stands behind this platinum coin, as denominated in US Federal Reserve notes equaling the value of your relics. It's really really really as valuable as your gold, really!

Mon, 01/14/2013 - 22:25 | 3152918 Bullwinkle Moose

After all, we are not a deadbeat nation.

Mon, 01/14/2013 - 23:24 | 3153073 knukles

And being a rather unique rare coin we'll only have to with-hold taxes on you at the lower rate for collectables.

^{(humming tuneless somethings about marching songs)}

Tue, 01/15/2013 - 00:17 | 3153209 DaveyJones

exactly, we beat others to death

Tue, 01/15/2013 - 09:04 | 3153647 krispkritter

'Hey Rocky! Watch me pull a platinum coin outta my ass!'

Mon, 01/14/2013 - 22:06 | 3152869 PersonalRespons...

Seems like a first good move if they are to leave the Euro. Oops, did I spill the beans?

Mon, 01/14/2013 - 23:16 | 3153043 ebworthen

Strongest economy in Europe, they would be fools not to.

Mon, 01/14/2013 - 23:50 | 3153113 AgAu_man

Actually, the Fed would love this move! Why? They would have eliminated the nearest rival for their GRC (Global Reserve Currency) status. Even a Northern and Southern Euro split would be fine with them.

"Keep 'easing' Ben! Keep printing Tim-Jack!" Yah, little is exactly as it first appears. Except to sheep.

Mon, 01/14/2013 - 23:59 | 3153161 BeerBrewer09

asia will have the next GRC

Tue, 01/15/2013 - 00:33 | 3153243 Acidtest Dummy

I doubt anyone in Asia would want the "global reserve currency [GRC]." The GRC is very much a 'two edged sword.' Much more likely is Freegold.

Tue, 01/15/2013 - 01:34 | 3153345 Jam Akin

Disagree. Who wouldn't want to get something for virtually nothing for awhile with 900 million po' folks rising expectations being the main obstacle standing in the way of your continued grip on power?

China got their USD horde essentially for nothing by exchanging RMB they printed up for USD their exporters and businesses earned. Even better if they can get some extra gold in exchange for their "People's Currency"

Tue, 01/15/2013 - 01:56 | 3153364 xtop23

See, I disagree. I think China would absolutely love the ability to export their inflation just like we have. Payback to the western powers for the opium wars would also be a nice little ancilliary benefit.

Tue, 01/15/2013 - 03:00 | 3153404 Acidtest Dummy

I think government prizes stability above all else: it is job #1, for government, to insure that tomorrow it will have (at least as much) power as it has today. Hosting the GRC is not stabile, because that currency must be created in excess of local needs. That excess currency hangs over the local economy like a guillotine. That is where the USA is today.

Prosecuting our war criminals _may_ save us from the executioner. Likely that the USA doesn't deserve to be spared.

Mon, 01/14/2013 - 22:29 | 3152926 hampsterwheel

They just were able to make a AR-15 magazine from a 3D printer today - what about we use that printer to print us some bars?

Mon, 01/14/2013 - 23:45 | 3153130 AgAu_man

So you buy more clips. Big Whoop! Takes 3-4 seconds to swap clips.

Nothing bad happens during that time anyway, as we've all seen in the movies with those cool, sexy chicks with perfect bodies and skin-tight outfits. ;-)

Mon, 01/14/2013 - 22:48 | 3152975 Silver Garbage Man

Three words.... UP AND AWAY !!!

Tue, 01/15/2013 - 04:25 | 3153005 Bokkenrijder

"It begins...."

Oh, if only I would have gotten a Troy Ounce of Gold for every time I heard that phrase...

Mon, 01/14/2013 - 23:15 | 3153044 I need more cowbell

They need the money for the Fourth Reich, yes, you heard me correctly.

Seems this history professor was traveling in the backwoods of Argentina, and stopped by this little inn. He ordered a beer, sat sipping, when he noticed two older gents huddled in the corner. Gosh, he thought, even though they are so old, I can't help but think, the resemblance is uncanny. He walks over to them , and ( boldly for him ) says, " Err, I can't help but remark, you look like Adolf Hilter and you sir, like Hermann Goring. "That is us, " Hitler said. "Sit down, Join us". The history prof said," I have a million questions, how did you survive, how did you escape and get here, but mostly what are you doing here? Hitler remarked triumphantl, "Why, we are planning the rise of Germany, the Fourth Reich. We shall have the largest army, the best armada, and soon now. And we will kill another 6 million Jews, and three Irish acrobats.

"Three Irish acrobats?" asks the prof. Hitler nudges Goring and says" You see, no one cares about these Jews!"

Mon, 01/14/2013 - 23:39 | 3153112 Rusty Shorts

That's it damnit!!! I'm moving to Uruguay.

Mon, 01/14/2013 - 23:21 | 3153054 knukles

THIS MEANS WAR!

Remember the Libyan Escapade!

Just days after Mohatmah Dingleberry Chavez announced he was repatriating all his gold from overseas, aka Bunko of England, the rebel troops, the New Long War Enemy of the Democratic Freedom-loving Peoples of the West all of a sudden rushed into Tripoli and secured the Bank of Libya and its gold reserves. Only to announce that a goodly chunk of which needed be sold in London to make good payment of salaries and outstanding weapons bills for the rebel cause.
One of the first times I can remember a cause such as that being armed by the west, needing to pay hard buckaroos.
And such as is, the business of connecting the dots, the gold available to make good with Hugonut, was almost simultaneously released from the Libyan stash, at the Bunko Englaterre.

How much gold has Mali?

Tue, 01/15/2013 - 01:27 | 3153337 MrSteve

As many legions has the Pope!

Tue, 01/15/2013 - 03:15 | 3153419 BigInJapan

Mali is the 3rd largest gold producer in Africa, putting out about 45 tons a year. Looks like they have about 2 billion USD in holdings.

Thar's turrists in that thar jungle!

Tue, 01/15/2013 - 10:43 | 3153869 Shitters_Full

knukles, I always truly appreciate your posts here. Just had to drop that in.

Also, USA just added 'logistical' help to Operation Liberate Mali(an Gold). http://rt.com/news/france-mali-french-troops-006/

Tue, 01/15/2013 - 00:09 | 3153187 lasvegaspersona

'paper gold'

Paper has an atomic weight of 79 too? wow so they are like the same thing?!

Tue, 01/15/2013 - 00:11 | 3153197 LongBalls

Thank God I listened to Goldman..Wait...NOOOOOOOOOOO!!!!!!!!

Tue, 01/15/2013 - 03:11 | 3153414 jaap

As they say: "Heim ins Reich"

Tue, 01/15/2013 - 07:40 | 3153549 paddy0761

Wow. I'm really surprised Business Insider isn't reporting this (unless I missed it). They are normally really quick to piggy-back any ZH story.

Pfft.

Tue, 01/15/2013 - 08:23 | 3153587 _underscore

Gold's entering the rehypatriation phase.

Tue, 01/15/2013 - 08:56 | 3153633 Sueco

I am sure most of you have seen this but we should get more signatures to audit the gold in the Fed... Please sign this if you agree....

https://petitions.whitehouse.gov/petition/perform-assayed-public-audit-all-treasurys-claimed-8100-tons-gold-and-net-swaps-loans-sales/rGyFTLwD

Mon, 01/14/2013 - 21:35 | 3152755 Verum

If bank solvency, via derivitive markets, ever fail than Paper Gold to zero. And if you think that you can put a value on physical gold (whether $0 or $10,000) your wrong.

Mon, 01/14/2013 - 21:37 | 3152761 Stuart

Bundesbank denials.... ready, wait... 3, 2, 1, ..

Mon, 01/14/2013 - 22:06 | 3152865 palmereldritch

Wo ist mein Wolfram Detektor?

Mon, 01/14/2013 - 21:39 | 3152765 ABG LINE

UHM, AHH, EH, UHM, HMMM, YE-- UHM...HM...AH...

Mon, 01/14/2013 - 22:46 | 3152970 bchbum

I assume that those are all a sell?

Mon, 01/14/2013 - 21:39 | 3152766 ricky2

I, UHHHH, ERRRR SORRY, WE AIN'T GOT NONE.

Mon, 01/14/2013 - 21:39 | 3152767 ss123

Does this mean I buy AAPL tomorrow?

Mon, 01/14/2013 - 21:42 | 3152783 Tsar Pointless

Yes. Yes, it does.

Mon, 01/14/2013 - 21:48 | 3152813 CH1

Definitely. See if you can get some Groupon too, and Netflix.

Mon, 01/14/2013 - 22:00 | 3152853 GetZeeGold

That....and load up on FB.

Mon, 01/14/2013 - 21:51 | 3152824 ABG LINE

Lol !

Mon, 01/14/2013 - 23:24 | 3153076 mt paul

long frozen

orange juice concentrate ...

Tue, 01/15/2013 - 06:21 | 3153506 chaartist

You don't have a credit line with FED on Apple stock? We all have one, it is free. But you can't sell.

Tue, 01/15/2013 - 09:27 | 3153710 samcontrol

no buy at $420 a small position.

Mon, 01/14/2013 - 21:39 | 3152768 jcpicks

For real, this time.......Gold Bitches!

Mon, 01/14/2013 - 23:23 | 3153069 ItchyBeard

Now now how many times must we tell ya that it's 'bitchez' and not 'bitches'?

(Greened ya for getting the message right)

Mon, 01/14/2013 - 21:39 | 3152769 Big Ben

It's not that we don't trust you Americans, but ....

Mon, 01/14/2013 - 21:56 | 3152841 Cursive

@Big Ben

What do Americans have to do with this? This is one branch of the international banking cabal calling its markers in from another branch of the international banking cabal.

Mon, 01/14/2013 - 22:06 | 3152867 LM

Why so serious?

Mon, 01/14/2013 - 23:14 | 3153038 ebworthen

Bundesbank: "Show me the money!"

ROFLMAO!

Ben?

Mon, 01/14/2013 - 21:49 | 3152770 The Gooch

KEVIN TO THE DUNGEON- STAT!

edit: March at the latest, bitchez. Get it together.

Mon, 01/14/2013 - 21:41 | 3152771 Stuart

Please god, please, let the Bundesbank audit and find tungsten... please oh please. I'll go to church, I promise I will and I won't say any more nasty things about Turbo Tim, and Bernanke, and Jamie Dimon, and Jon Corzine, and...well that entire snake pit and friends..ya, I promise.

Mon, 01/14/2013 - 21:59 | 3152849 CH1

Best comment of the year. + 100

Someone HAS TO make a Hitler Finds Tungsten video. You know the ones!

Mon, 01/14/2013 - 23:31 | 3153091 tekhneek

My god. Brilliant.

I second that motion.

Tue, 01/15/2013 - 00:28 | 3153230 DaveyJones

just the title alone has me coughing up from swallowing wrong and now my loved ones are asking if I'm OK. Yes, but the world isn't

sick

nice

Tue, 01/15/2013 - 08:29 | 3153585 Disenchanted

Couldn't find one like that but this one could be closely related...

Hitler learns he can not divide by zero

re: "As a result, the distribution of German gold, of which 45% is held in New York, 13% in London, 11% in Paris and 31% in Frankfurt, is about to change."

Tue, 01/15/2013 - 10:53 | 3153917 Sturm und Drang

As I recall, London and New York proved to be "tougher customers" than Paris.

Tue, 01/15/2013 - 11:02 | 3153937 krispkritter

Well I gave it a shot: http://www.youtube.com/watch?v=PqvDUEVbIbk

You can try yours out here:

Make your own Hitler video

http://downfall.jfedor.org/

Mon, 01/14/2013 - 22:15 | 3152899 Ballin D

If there is a God, He probably wants you to talk trash about that 'entire snake pit and friends'

Mon, 01/14/2013 - 22:35 | 3152940 nmewn

lol...10ct. if they're lucky

Tue, 01/15/2013 - 00:56 | 3153285 Zoltan

Meanwhile only 4,788 Americans have signed the petition to audit their own gold reserves. Really? Looks like a youtube count an the videos than have only 1,000 views but 5,000 likes.

Tue, 01/15/2013 - 00:56 | 3153286 Zoltan

Meanwhile only 4,788 Americans have signed the petition to audit their own gold reserves. Really? Looks like a youtube count on the videos than have only 1,000 views but 5,000 likes.

Mon, 01/14/2013 - 21:40 | 3152772 dmger14

Defcon 2 or will this be greeted with a yawn?

Mon, 01/14/2013 - 21:46 | 3152809 The Gooch

A yawn and a drone and a hellfire missle.

Mon, 01/14/2013 - 22:20 | 3152812 NoDebt

Magic Eight Ball says yawner. Covering the debt ceiling pantomime is much more interesting.

Look, if we actually have all the gold we say we do, it's still a heluva story. If we DON'T, however, it's a REALLY HUGE story- big enough for CNBC to cover it in a 2 minute interview (where Joe Kernen asks the question and then interrups with a bunch of comments instead of letting the guest answer).

Mon, 01/14/2013 - 21:50 | 3152818 CH1

Defcon 2 or will this be greeted with a yawn?

A yawn in public for sure. The sheep must be kept clam until the blade hits them.

Mon, 01/14/2013 - 23:28 | 3153080 Miffed Microbio...

I'm praying hard for the yawner. If its a true Defcon 2, what would the event be to distract the public? Another 20 children shot ? I'm saddened I wouldn't even be surprised.

Miffed:-)

Tue, 01/15/2013 - 01:06 | 3153307 Anusocracy

They find life on Mars?

A suitcase nuke is detonated at the NY Fed?

It is disclosed that the last five US Presidents were animatronic robots from Disney World?

Jesus comes back to Earth and admits that he is also Muhammad?

Barney Frank goes straight?

Tue, 01/15/2013 - 04:09 | 3153448 tenpanhandle

I don't know about that. Kept clams are getting pretty expensive.

Mon, 01/14/2013 - 21:42 | 3152778 NoDebt

They're just not worried about being overrun by the Soviet Union any more since the wall fell not long ago. What's it been, like a few weeks now? Anyway, since that recent development they're feeling much better about holding it themselves. That's all. No mistrust of other central banks or their governments. That's just crazy talk.

Mon, 01/14/2013 - 21:41 | 3152780 fonzannoon

The good news is we won't need ships to deliver it. With technology these days an email with an IOU in the subject section should suffice.

Mon, 01/14/2013 - 21:55 | 3152836 NoDebt

It always has before!

Mon, 01/14/2013 - 23:13 | 3153034 ebworthen

"Full faith and credit..."

ROFLMAO!

Tue, 01/15/2013 - 00:02 | 3153171 AgAu_man

Merkel will send Das Boot.

Tue, 01/15/2013 - 04:10 | 3153449 tenpanhandle

Merkel will get das boot.

Mon, 01/14/2013 - 21:42 | 3152786 LongSoupLine

Fuck yeah, release the donkey Kong.

Fuck you Bernanke..checkmate you fucking shit eating crooked asshole.

Mon, 01/14/2013 - 21:57 | 3152845 notadouche

I believe when Bernanke takes a bite out of this giant shit sandwich we will all be taking a bite as well. Not sure how eager I am to take my bite in reality.

Tue, 01/15/2013 - 00:57 | 3153287 in4mayshun

Relax...it tastes like chicken

Mon, 01/14/2013 - 21:42 | 3152787 surf0766

No honor among thieves

Mon, 01/14/2013 - 21:43 | 3152790 a growing concern

Ohhhhhhh shit.

Mon, 01/14/2013 - 21:43 | 3152791 dick cheneys ghost

Who needs gold when you can print trillion dollar coins??????

What say you Krugmann?

Mon, 01/14/2013 - 22:12 | 3152889 AgAu_man

Jerry Seinfeld: "Not so fast, Newman!"

AgAu_man: "Not so fast, Krugman!" I already patriated my Platinum. :-)

Mon, 01/14/2013 - 21:44 | 3152793 Mudja

Just wait till it arrives and they find out its just pretty looking tungsten!

Vat iz diz? Ve hav been zkammed!

Mon, 01/14/2013 - 22:42 | 3152961 AgAu_man

Vee doubt it. Vee Berliners know all about Tungsten (Wolfram in German), ja. Zee vorld-famous lamp kompany OSRAM (in Berlin) is a fusion of zee name Osmium and Wolfram. And vee are pretty good in Physics, ja? Alzough vee don't have as much pull mit zee Swedish Nobel Komittee any more, as some now have.

Vee vill apply Ultrasound and X-Ray Crystallography methods at first, but zen vee will melt all zee bars and find out for sure. Zen vee vill re-mold them into ISO-compliant sizes. Deutsche Bank and Dresdner Bank vill be very happy. Zee 'Sparkasse' not so much, as zat is a bank for commoners -- like your WaMu used to be.

Mon, 01/14/2013 - 21:44 | 3152795 Poor Grogman

Someone just rang the bell...

Mon, 01/14/2013 - 22:02 | 3152859 GetZeeGold

Shake hands....let's get the rules straight. There are none.

Tue, 01/15/2013 - 08:55 | 3153631 awakening

Mad Max: Beyond Thunderdome

Dr. Dealgood:"Thunderdome is simple. Get to the weapons, use them any way you can. I know you won't break the rules... there aren't any."

Mon, 01/14/2013 - 21:44 | 3152796 Moe Howard

Fuck the Fed.

I got my own central bank. Under the river.

Mon, 01/14/2013 - 21:44 | 3152798 moroots

Prisoners' dilmma bitchez!

Mon, 01/14/2013 - 21:44 | 3152799 Elmer Fudd

When do they play find the tungsten?

Mon, 01/14/2013 - 21:45 | 3152800 erg

*rubs hands together maniacally*

I was just reading a past article about German gold repatriation.

ZH, please turn off your beam into my mind.

Thanks.

Mon, 01/14/2013 - 21:50 | 3152820 Jim in MN

Just shove a paper clip into the chip in your head.

Problem solved!

Mon, 01/14/2013 - 22:02 | 3152857 erg

A dead short. Got it.

It sounds like a naked silver short gone really bad.

Mon, 01/14/2013 - 21:45 | 3152801 dougngen

Jim Kramer Says of gold: Sell,Sell, Sell!!!

Mon, 01/14/2013 - 22:09 | 3152843 akak

Credibility says of Jim Cramer: Bye Bye Bye!

Mon, 01/14/2013 - 22:41 | 3152957 Dr. Engali

Jim Cramer had credibility ?

Mon, 01/14/2013 - 22:52 | 3152984 AlaricBalth

Who is this Jim Cramer person you are referring to?

Mon, 01/14/2013 - 23:15 | 3153037 akak

Jim Cramer is a coke-snorting, hyperactive, ADD-afflicted, shameless stock-pimping pumpmonkey on the American cable TV financial channel CNBC, who is incessantly and perpetually haranging his audience (all 12 of them) to BUY! BUY! BUY! stocks, almost regardless of the particular stock, its history, or its prospects. He is (in)famous for having told his (gullible, naive, ignorant, soon-to-be-pennyless) audience to buy Bear Stearns as a "solid value" several days before their bankruptcy.

Tue, 01/15/2013 - 00:03 | 3153176 AlaricBalth

Oh, now I know. Thanks. He's the blowhard who is featured on the Ministry of Propaganda's cable channel. My 4 year old son thinks he is Chuckles the Clown.

Tue, 01/15/2013 - 00:59 | 3153292 in4mayshun

LOL! That should be his Wikipedia entry

Mon, 01/14/2013 - 21:46 | 3152802 Triple A

I will believe it when it actually happens.

Mon, 01/14/2013 - 21:45 | 3152803 Hulk

Its about fucking time they came to their senses. If you don't hold it, you don't own it. period...

Mon, 01/14/2013 - 21:52 | 3152827 centerline

Sending the message you want to hold it violates basic trust though. Makes this a big move. Not mention the history involved here (think WW1 adn WW2).

Mon, 01/14/2013 - 21:45 | 3152806 Jim in MN

Let the REAL Goldilocks Economy commence to begin!

Mon, 01/14/2013 - 21:48 | 3152816 samsara

Well Gentleman, I do believe I just heard the OFFICIAL 2 Minute warning.

(Hear it that is, over the din of some fat women singing)

Please Place your final bets, Window will be closing in 10,9,8,7...

Mon, 01/14/2013 - 21:48 | 3152817 Jim in MN

Also, 'Ich bin ein Berliner' has been replaced by 'We are not a deadbeat nation'.

LOLUIC (laughing out loud until I cry)

Mon, 01/14/2013 - 22:04 | 3152861 Five8Charlie

"We are not a deadbeat nation." Looks like Germany just expressed their opinion on that.

Don't know why they don't trust us anymore. Just 'cause we sold them piles of shit mortgages. And then laughed about it.

Tue, 01/15/2013 - 00:31 | 3153240 DaveyJones

all those massive prosecutions mended the sores

Mon, 01/14/2013 - 21:50 | 3152821 centerline

Isn't there an appropriate Rammstein song to accompany this thread? Come on guys. Need some mood music here.

Mon, 01/14/2013 - 22:14 | 3152894 Jim in MN

Clearly, 'Du Hast'.

http://www.youtube.com/watch?v=RlOAMKTj0hU

Tue, 01/15/2013 - 00:24 | 3153226 Freddie

Change the verse from

Du Hast Mich (you hate me) to:

Du Hast Timmy

Du Hast The Benank

Du Hast Obamo

Du Hast FRN Fiat

Tue, 01/15/2013 - 01:38 | 3153349 OldPhart

After listening and viewing...perhaps this is apropos.

Sonne

Mon, 01/14/2013 - 22:22 | 3152900 moonstears

http://www.youtube.com/watch?v=mPhVd3DOuTQ translates "Play with me" (As I recall its about two brothers(banks) jerking each other off...guess Lady GaGa's not so weird afterall, huh?)

Mon, 01/14/2013 - 22:31 | 3152931 Room 101