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Germany Gives Up On Trying To Repatriate Its Gold, Will Leave It In The Fed's "Safe Hands"

Tyler Durden's picture




 

Several months after it was revealed that Germany was able to only recover a miserable 5 tons of its gold in all of 2013 (under 10% of the 84 tons it was scheduled to repatriate), Germany appears to have given up entirely in its attempt to recover gold which simply is not there, and as Michael Krieger reports, citing Bloomberg, has decided to keep "it" (by "it" we don't mean the gold since that clearly has not been at the Fed for decades, but merely the paper promises of ownership: for more see China's gold rehypothecation scandal and how the unwind works) at the NY Fed after all. That is to say, in the "safe hands" of former Goldmanite Bill Dudley.

Via Mike Krieger's Liberty Blitzkrieg blog,

Just last week, I published a post titled, Video of the Day – “End the Fed” Rallies are Exploding Throughout Germany, which subsequently went viral. Interestingly, only a few days later we find out that Germany’s very own criminal political class has decided it will continue to store the nation’s gold in New York rather than bring it back home as had been the intention. It’s quite ironic that just as protests against the fascist Federal Reserve are spreading throughout the land, the political class officially decides to keep Germany’s treasure across the Atlantic, in care of none other than The Fed itself.

To be fair, this merely seems like a way for Angela Merkel and the rest of her German cronies to save face. After all, it was very clear that the Federal Reserve had already told them “no” when they asked for the gold back in the first place. Why else would it take almost a decade to transport the gold from the U.S. to Germany, which was the latest repatriation schedule.

We learn from Bloomberg that:

Germany has decided its gold is safe in American hands.

 

Surging mistrust of the euro during Europe’s debt crisis fed a campaign to bring Germany’s entire $141 billion gold reserve home from New York and London. Now, after politics shifted in Chancellor Angela Merkel’s coalition, the government has concluded that stashing half its bullion abroad is prudent after all.

 

The Americans are taking good care of our gold,” Norbert Barthle, the budget spokesman for Merkel’s Christian Democratic bloc in parliament, said in an interview. “Objectively, there’s absolutely no reason for mistrust.”

 

Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together.

 

The Bundesbank, Germany’s central bank, sent a delegation to the New York Fed’s vault in 2012 for spot checks on the hoard. As the gold’s guardian, the Frankfurt-based Bundesbank is obliged to ensure its safety. It says it’s sensible to store part of the reserves outside the country so they can be swapped more easily for foreign currency in an emergency.

This last sentence is absolutely incredible in its Orwellian irrationality. Swap gold easily for foreign currency? Foreign currency can be conjured up in infinite amounts at will by crooked bankers in suits with phony smiles and calming words filled with complex economic jargon. So Germany needs to be able to swap its gold for that? Well, it seems many nations are falling for this simple, yet effective scam, as I outlined in my post: Ecuador to Transfer More Than Half its Gold Reserves to Goldman Sachs in Exchange for “Liquidity.”

German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt.

 

Right now, our campaign is on hold,” Peter Boehringer, a Munich-based euro critic who co-founded an initiative to bring home all of Germany’s gold in 2012, said in an interview.

Right now and forever. Sorry suckers. This guy promises everything is just fine:

Screen Shot 2014-06-23 at 10.44.09 AM

Full article here.

 

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Mon, 06/23/2014 - 15:28 | 4886569 Timmay
Timmay's picture

Das Fools!

Mon, 06/23/2014 - 15:30 | 4886576 Mr Pink
Mr Pink's picture

Geebus, sometimes I think I won't live long enough to see this system collapse

Mon, 06/23/2014 - 15:32 | 4886586 ZerOhead
ZerOhead's picture

I'm surprised they didn't blame this on Russia's recent troop placements on the German border......

Mon, 06/23/2014 - 15:33 | 4886591 kliguy38
kliguy38's picture

vee vant our gold...........WE DONT HAVE YOUR GOLD AND GO FOCH YOURSELF DUMB ASS

Mon, 06/23/2014 - 15:38 | 4886614 synergize
synergize's picture

Phew!

Mon, 06/23/2014 - 15:40 | 4886625 jbvtme
jbvtme's picture

germany entrusted its gold to the same folks who goaded it into two wars and decimated its land and culture? the same germans who gave the world the leica camera, bmw motorcycle and the braun electric razor?  what am i missing?

Mon, 06/23/2014 - 15:42 | 4886636 Pladizow
Pladizow's picture

The gold can't be moved due to the weather - duh!

Mon, 06/23/2014 - 15:42 | 4886644 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

Sounds like the right people were bought off with some fiat...

Mon, 06/23/2014 - 15:46 | 4886666 msmith9962
msmith9962's picture

First shipment was just a nail gun.

Mon, 06/23/2014 - 15:50 | 4886690 Pinto Currency
Pinto Currency's picture

 

 

Relief in NY & London - that US / Soros chaos in Ukraine worked out just in time.

Mon, 06/23/2014 - 15:52 | 4886696 pods
pods's picture

Aaaaaaaaaaaaaaaaaaand, it's gone! Poof.

Mon, 06/23/2014 - 15:55 | 4886715 johngaltfla
johngaltfla's picture

Maybe we offered to send our senile former Secretary of State Hildabeast over to offer "golden showers in lieu of payment" and the Germans said "bleh, you can steal our gold" instead.

 

Man, that's a visual that would make me surrender.

Mon, 06/23/2014 - 16:02 | 4886738 Save_America1st
Save_America1st's picture

wow, what a bunch of German pussies.  They should make a huge fucking deal about it.  Their people are pretty fuckin' pissed.  They shouldn't let the Fed or obama off the hook for this. 

Video of the Day – “End the Fed” Rallies are Exploding Throughout Germany

http://libertyblitzkrieg.com/2014/06/19/video-of-the-day-end-the-fed-rallies-are-exploding-throughout-germany/

I sure wish the American people would protest as hard against the Fed as these Germans are.  Why give up now.  The whole world is dumping the dollar and it's all the Fed's fault.  Keep the pressure up, cuz these scumbag central banksters need to be shut down and thrown in prison.

#EndTheFed

Mon, 06/23/2014 - 16:05 | 4886753 7.62x54r
7.62x54r's picture

Bad assumption there. The powers that be in Germany know full well all that gold is simply hypothecated paper. They never wanted repatriation.

This request was forced by TEA Party type troublemakers in Germany.

Mon, 06/23/2014 - 16:06 | 4886759 hedgeless_horseman
hedgeless_horseman's picture

Mon, 06/23/2014 - 16:07 | 4886762 Terminus C
Terminus C's picture

Look at all that unoccupied territory in Germany.  Get to work Mr. President!

Mon, 06/23/2014 - 16:37 | 4886775 Pinto Currency
Pinto Currency's picture

Really Bloomberg?

Note neither Boehringer's campaign nor Germany's 300 tonne gold repatriation has stopped as Bloomberg implies (all these mistakes about gold by Bloomberg.  Strange.)

From the comments section, Boehringer says:

http://www.businessweek.com/news/2014-06-23/german-gold-stays-in-new-yor...

" Just to set the record straight re this article in which my name is mentioned and in which I am quoted out of context:

a) BusinessWeek/Bloomberg uncritically cites statements of politicians and BuBa-bankers who have or give no proof whatsoever re the untouched whereabouts of the german Gold.

b) Re our campaign "Repatriate our Gold" www.gold-action.de/campaign.ht... : "On hold" does of course NOT mean that we are in any way satisfied with the current status of BuBa´s ongoing repatriation (far too slow and too little - only 5 tons came from NY in 2013! Not exactly a proof for the untouched existence of 1500 tons in a NY vault unaudited since 1950...). Our public campaign will therefore have to continue.

c) Almost no info in the article can be considered in any way "news". Simply because there has not been any material news in this context since early 2013.

d) Especially the headline is plainly false, because there has not been any change in BuBa´s (too slow) repatriation plans: at least 300+ tonnes will come from NY by end 2020. It is not much - but contrary to the headline, BuBa has NOT stopped the ongoing partial repatriation - enforced solely by public pressure!

e) The political party "Alternative for Germany" has never been part of our campaign - they can therefore not have been "rebuffed" as the article suggests.

f) The political party "FDP" has (with the exception of one (1) MP ) never demanded a repatriation - yet another false info in the article.

g) Some politicians cited in the article can not in any way claim to be "in charge" of the german gold hoard (abroad or not). This holds true for both Mr Barthle and for Mr Hardt: BuBa alone is in charge - and officially, BuBa is independent from political influence...

Summary: a "non-news" article with a wrong headline, strange interviewees, old news, and with a clearly apologetic ideological approach: the main purpose seems to be NOT to give space to the myriad of unanswered and extremely relevant questions BuBa and the Fed have been refusing to answer for decades. Pls read more at "Repatriate our Gold" http://www.gold-action.de/camp...

----------------------------------------------------

Note: BLOOMBERG EVEN GIVES A BAD LINK TO THE GERMAN REPATRIATION CAMPAIGN

Here is the link: http://www.gold-action.de/

----------------------------------------------------

BusinessWeek and Bloomberg have penned desperation propaganda.

Gold may be at launch point.

 

 

Mon, 06/23/2014 - 16:40 | 4886912 trader1
trader1's picture

 

 

 

 

his english is pretty damn good!  or he has a good translatoror, a good poseur. ;-)

makes me wonder what % of americans that could could write a similar, coherent text in german or any other foreign language,

Mon, 06/23/2014 - 16:56 | 4886927 Pinto Currency
Pinto Currency's picture

 

Let's wait a few days - if it is as misleading as Boehringer states, then this will be corrected shortly.

Given the German anti-Fed rallies, this article will not be ignored in Germany.

Mon, 06/23/2014 - 17:12 | 4887027 krispkritter
krispkritter's picture

Fahrfrumnuggets...or Fahrfrumgetten (anything back). Auf Wiedersehn!

Mon, 06/23/2014 - 17:58 | 4887167 Stuart
Stuart's picture

Ecuador sure as hell better be paying attention!   

Mon, 06/23/2014 - 18:08 | 4887199 eclectic syncretist
eclectic syncretist's picture

A snake with a golden tongue....now where have I heard of that before?

Mon, 06/23/2014 - 18:32 | 4887242 whotookmyalias
whotookmyalias's picture

Just how fucked up do things have to get bafore the masses get angry?

Mon, 06/23/2014 - 19:05 | 4887346 CheapBastard
CheapBastard's picture

 

 

 

Acht du Lieber!

Mon, 06/23/2014 - 21:48 | 4887928 MeMadMax
MeMadMax's picture

This is not the gold that you are looking for...

 

Quit complaining or get a nuke shoved up ur ass...

Tue, 06/24/2014 - 03:30 | 4888450 Manthong
Manthong's picture

“gold is safe in American hands”

Danke schoene, komerades.

Mon, 06/23/2014 - 17:53 | 4887150 Optimusprime
Optimusprime's picture

MANY Germans speak excellent English.

Mon, 06/23/2014 - 18:20 | 4887224 Mitzibitzi
Mitzibitzi's picture

Indeed. I was working over there a few years back and was looking forward to brushing up my decidely average German. Nope! In 6 1/2 weeks, I think I had maybe three conversations that weren't in nearly perfect English. And even those were a Deutsch-lish mish-mash, rather than entirely in German.

Tue, 06/24/2014 - 03:59 | 4888465 Manthong
Manthong's picture

if they could only get that V -W thing fixed.

Mon, 06/23/2014 - 19:07 | 4887352 BandGap
BandGap's picture

You recite your thesis defense in English........in Germany. You must be fluent in English to get a PhD in Germany.

Mon, 06/23/2014 - 22:44 | 4888078 jeff montanye
jeff montanye's picture

like latin up into, what, the nineteenth century? p.s. nice work pinto.

Tue, 06/24/2014 - 03:54 | 4888470 Manthong
Manthong's picture

if you do not have some basics in romance languages and math terminology. you will reveal your self as a fool.

I had a freaking boss who wrote "Bata Test" on the whiteboard..

I knew it was over for me there.

Mon, 06/23/2014 - 19:20 | 4887396 effendi
effendi's picture

You have to wonder what % of Americans can write a coherent sentence in English. Look at the decline in reading standards, the failure to teach cursive and that the majority of high sKoul "graduates" cannot write a simple job application form. Ebonics and not English is the native tongue of millions of Americans.

Mon, 06/23/2014 - 20:09 | 4887597 Midas
Midas's picture

If Barack had a son he would look like an ebonics speaker.

Tue, 06/24/2014 - 04:14 | 4888477 Manthong
Manthong's picture

 I think it even goes back before the current mo--fo-in chief....   from the original  "Airplane".

First Jive Dude: Shiiiiit, maaaaan. That honky muf' be messin' mah old lady... got to be runnin' cold upside down his head, you know?

Second Jive Dude: Hey home', I can dig it. Know ain't gonna lay no mo' big rap up on you, man!

First Jive Dude: I say hey, sky... subba say I wan' see...

Second Jive Dude: Uh-huh.

First Jive Dude: ...pray to J I did the same-ol', same-ol'!

Second Jive Dude: Hey... knock a self a pro, Slick! That gray matter backlot perform us DOWN, I take TCB-in', man!

First Jive Dude: Hey, you know what they say: see a broad to get dat booty yak 'em...

First Jive Dude, Second Jive Dude: ...leg 'er down a smack 'em yak 'em!

First Jive Dude: COL' got to be! Y'know? Shiiiiit.

scene two

Randy: Can I get you something?

Second Jive Dude: 'S'mofo butter layin' me to da' BONE! Jackin' me up... tight me!

Randy: I'm sorry, I don't understand.

First Jive Dude: Cutty say 'e can't HANG!

Jive Lady: Oh, stewardess! I speak jive.

Randy: Oh, good.

Jive Lady: He said that he's in great pain and he wants to know if you can help him.

Randy: All right. Would you tell him to just relax and I'll be back as soon as I can with some medicine?

Jive Lady: [to the Second Jive Dude] Jus' hang loose, blood. She gonna catch ya up on da rebound on da med side.

Second Jive Dude: What it is, big mama? My mama no raise no dummies. I dug her rap!

Jive Lady: Cut me some slack, Jack! Chump don' want no help, chump don't GET da help!

First Jive Dude: Say 'e can't hang, say seven up!

Jive Lady: Jive-ass dude don't got no brains anyhow! Shiiiiit.

Does anybody here speak Jive? What is actually being said during these scenes?

Tue, 06/24/2014 - 01:40 | 4888378 Haus-Targaryen
Haus-Targaryen's picture

I could. 

Tue, 06/24/2014 - 03:19 | 4888444 Ghordius
Ghordius's picture

agree, the Bloomberg article is full of BS. in particular:

"Ending talk of repatriating the world’s second-biggest gold reserves removes a potential irritant in U.S.-German relations. It’s also a rebuff to critics including the anti-euro Alternative for Germany party, which says all the gold should return to Frankfurt so it can’t be impounded to blackmail Germany into keeping the currency union together."

besides the fact that AfD has never been part of the German gold repatriation campaign...

...LOL. the whole concept of NY and London forcing Germany to stay in the EUR is beyond silly. If Germany would really go back to the D-Mark champagne would flow in both cities. in rivers

Tue, 06/24/2014 - 03:38 | 4888458 Squid-puppets a...
Squid-puppets a-go-go's picture

http://www.gata.org/node/14123

GATA are calling BS on it, too

Tue, 06/24/2014 - 06:57 | 4888577 Crazy Or Not
Crazy Or Not's picture

"lanch point"? 
There is a "Table Resetting" underway.
Owning Gold just buys into needing a big guy at the head of the table giving orders. And nobody here is that man. 
There is no (it appears) meaningful physical Gold left to launch, existing supply is already stamped with a million tickets and when that fight is over legislation will prohibit private ownership or trading.
At which point all the snooping will make sense. Merkel is pissed for a reason, as will others when their trades become evidence.

Mon, 06/23/2014 - 16:09 | 4886771 Pinto Currency
Pinto Currency's picture

-

Mon, 06/23/2014 - 16:09 | 4886773 john39
john39's picture

getting conquered by ZATO has its drawbacks, for sure...  but ponder, is the U.S. in any better position than Germany with respect to its gold?   Conquered just the same, with nary a shot fired... all by the power of the mighty printing press.

Mon, 06/23/2014 - 16:10 | 4886783 Hulk
Hulk's picture

LOL !!!

Mon, 06/23/2014 - 16:16 | 4886813 Stuck on Zero
Stuck on Zero's picture

That map is the exact opposite for car dealerships.  BMW, Porsche, VW, Audi, and Mercedes dealerships everywhere.  How many U.S. auto dealers in Germany?

 

Mon, 06/23/2014 - 16:21 | 4886827 hedgeless_horseman
hedgeless_horseman's picture

 

 

They send us their excellent vehicles, and in return, we send them 1s and 0s on a computer terminal. 

http://en.wikipedia.org/wiki/Bretton_Woods_system

Mon, 06/23/2014 - 16:35 | 4886895 trader1
trader1's picture

...and the us concedes to all key objections raised by the EU in order for TTIP to have any chance of being signed.

Tue, 06/24/2014 - 03:42 | 4888461 Manthong
Manthong's picture

I have a hard time translating wierd acronyms..  TTP.. TAP.. SNAFU.. FUBAR.. BOHICA. .

to hell with it all.

Tue, 06/24/2014 - 03:56 | 4888473 shouldvekilledthem
shouldvekilledthem's picture

American vehicles are considered low quality in Europe. Mind the few americanized europeans who wet themselves in sight of anything which is american.

I've been to 'murica and driven some of the "iconic" cars, like the mustang or camaro, while I don't consider them bad at all, they don't even come close to the big 3 German brands.

 

Tue, 06/24/2014 - 05:12 | 4888503 Manthong
Manthong's picture

So I was low man on the totem pole …. What a good place to be when with a group of execs landing in Munich. Although I had a Director title I ended up being the designated chauffer and was told to rent a big Mercedes.

After the days meetings and making sure the manglers were safe in their hotel rooms.. how far south on the Autobahn through the Bavarian Alps and at what speed might you think I got there? 

Who needs freaking airplanes with this tech in civlian looking tanks?

OMG.. I never need sex again.. this was so much better.

Tue, 06/24/2014 - 05:25 | 4888508 Manthong
Manthong's picture

<<<< Vote.. + 190 Km/hr

<<<< (-) 190 km Km/hr

.. I just wish there was another vote line for the glory and the shit-eating grin.

.and there were guys passing me.

Mon, 06/23/2014 - 16:19 | 4886831 Confused
Confused's picture

Hedgeless for the win. 

 

This is a key piece of the puzzle.

 

The question then becomes, what does Germany (ie the ruling political class) get in return? 

Mon, 06/23/2014 - 16:30 | 4886873 john39
john39's picture

they and their wives and children get to live another day.

Mon, 06/23/2014 - 18:24 | 4887231 Mitzibitzi
Mitzibitzi's picture

Yup, the sunshine-in-a-bucket will be delivered elsewhere. By the US anyway. Other vendors may still complete delivery.

Mon, 06/23/2014 - 18:50 | 4887304 Greenskeeper_Carl
Greenskeeper_Carl's picture

some other food for thought- douche bank has the highest derivitives exposure of all the big banks. In that context, if the german govt were to make too big of a stink about getting their gold back, and start implying it wasnt there, that could cause some very unpleasant things to happen with the world financial systems, which would hit DB the hardest. This would destroy every fiat currency in the world, especially the one that germany props up. Not saying this wouldnt destroy the dollar too, but germany doesnt have bases all over the world, and naval fleets patrolling the entire world to maintain 'order'. They have far more to lose from this ponzi scheme unravelling, so probably just wrote that gold off as a loss. afterall, the fed could just point to the trillions of interest free "loans" it has made to EU banks, including german ones, and tell them to keep quiet or else

Mon, 06/23/2014 - 19:48 | 4887498 reTARD
reTARD's picture

Why such a small picture? How do you expect me to locate the German military bases? LOL.

Tue, 06/24/2014 - 00:30 | 4888286 Buck Johnson
Buck Johnson's picture

That says it all, also I think they may have been told that you won't get your gold and shutup about it.  Essentially treating Germany as a vassal state in private.

Tue, 06/24/2014 - 03:36 | 4888452 Manthong
Manthong's picture

precious.. HH

I just put you to 100.

Mon, 06/23/2014 - 16:08 | 4886768 SumTing Wong
SumTing Wong's picture

So, does this mean the US has to let Germany beat it in the next World Cup game? I'd leave the World Cup for just a couple of tons of gold. they wouldn't have to let me off the hook for all of it...

Mon, 06/23/2014 - 16:14 | 4886787 Haus-Targaryen
Haus-Targaryen's picture

They did a deal.  

When the US goes tits up in the not-too-distant future, its a weapons for Gold trade.  

Germany gets an aircraft carrier or two, as well as all American military hardware in Germany -- and they kinda forget about their Gold.  

Seems like a Win-Win.  The USSA gets to keep the farce going, and the Germans get a shit-ton of weapons exactly when they need them.  

Mon, 06/23/2014 - 16:21 | 4886837 Confused
Confused's picture

That is an interesting thought. Though, if I'm not mistaken, Germany is the third largest weapons seller in the world behind only the US and Russia. I'd imagine they have their own. After all, they do sell subs to Israel. 

Mon, 06/23/2014 - 16:27 | 4886855 Haus-Targaryen
Haus-Targaryen's picture

Yes, you're correct.  

The problem is -- the Frogs get really ancy when Germany starts acquiring lots of weapons en masse.   Germany doesn't need said weapons as long as the USSA keeps subsidizing the German state via its military presence there.  However, once the USSA does go tits up, it will be hard for them to bring everyone back home -- much less all their hardware.  If we are leaving around stinger surface to air missile systems for ISIS, I imagine we'd be completely content leaving 4 squadrons of JSFs, the balance of the American drone program, a couple bomber squadrons, anti-missle systems, etc., etc., for the Germans.

Europe needs oil -- and it doesn'T have access to any without the US Navy.  When the US Navy can no longer pay the bills -- any prudent European leader needs a way to secure oil supplies in a post-American world.  Keep track of American Aircraft carriers.  When you start to see the George H. W. Bush making unexpected pit stops in Bremerhaven -- watch out below.

Germans are not stupid people -- they have plans for everything.  I guaratee they have plants in place to assume the US's roles in central-European security when the USSA finally does go bankrupt.  

Mon, 06/23/2014 - 22:19 | 4888012 BringOnTheAsteroid
BringOnTheAsteroid's picture

How do Germany and Israel get on these days after that little fopaux in in WWII?

Tue, 06/24/2014 - 01:44 | 4888381 Haus-Targaryen
Haus-Targaryen's picture

They get along great.  

The Germans give the Israelis a ton of free stuff.  The Israelis tell the Germans if they can just get a little more free stuff, they'll be morally absolved for said fopaux.  Rinse, repeat. 

Mon, 06/23/2014 - 17:55 | 4887160 Optimusprime
Optimusprime's picture

Sell?  Do you mean "give away"?

Mon, 06/23/2014 - 18:37 | 4887256 Mitzibitzi
Mitzibitzi's picture

Apparently very good subs, too. A guy I went to school with is Navy and got to have a brief look around one in the yard during final fitting out. He reckons they're like a Swiss watch, in terms of quality and ergonomics, compared to other conventionally powered subs he's seen inside of. Says even the big, chunky stuff has been designed to neatly dovetail together mostly against the pressure hull and bulkheads, so there aren't nearly as many of the usual protrusions that seem expressly designed to trip you, gouge out an eye or bash your brains in if you aren't paying attention.

I had a couple of minutes looking inside the control room of the last Trafalgar-class sub the Royal Navy got, at the yard in Barrow.... Sheesh! Running through that beastie in a real emergency would by like a carnage scene from a SAW movie, unless you were intimately familiar with what sharp, hot, slippery and/or spiky shit sticks out exactly where!

Mon, 06/23/2014 - 16:49 | 4886948 hobopants
hobopants's picture

I'd pay a few tons in gold not to have to watch the world cup.

Mon, 06/23/2014 - 22:21 | 4888018 BringOnTheAsteroid
BringOnTheAsteroid's picture

Fucking blokes chasing a ball around like sheep dogs. The only men dumber enlist in the US military.

Tue, 06/24/2014 - 05:42 | 4888512 Divine
Divine's picture

BOTA you really think running behind a ball for 10 million a year is a bad deal? What do you do? Exec at GS?

Tue, 06/24/2014 - 01:45 | 4888384 LostandFound
LostandFound's picture

How pathetic is Merkel? Possession is 9 tenths of the law.

It just goes to show that the EU is a puppet of the US government.

If i was a German citizen and i understood the value of Gold and how pathetic the government is, i would be rioting in the streets.

 

Mon, 06/23/2014 - 16:02 | 4886743 Pinto Currency
Pinto Currency's picture

 

If Germany realized its gold was gone, then this announcement would be a sensible move to buy time to enter the markets to buy more.

Mon, 06/23/2014 - 17:44 | 4887092 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Please allow me to sum up the article for those short of time:

 

Goldbugs: The problem with the system is it's ultimately based on trust of the elites and nothing else.

 

Elites: You're an idiot, the system is run by the most trustworthy people on the planet.

 

Goldbugs: But how do we know we can trust them if we can never verify anything they say?

 

Elites:  WHY ARE YOU STILL TALKING?  This matter is resolved.  The gold is stored with the most trustworthy people, why would you need to know anything more than that?  Were you dropped on your head as a child?

 

If you didn't know it when the ridiculously long repatriatriation schedule was first announced, you knew it when they failed to even return a fraction of the first years amount.  If you still didn't know it then, you knew it when you heard Germany thanking the US for sending back different goddamned bars from the ones Germany thought they owned.

The "Bring back our gold" movements in Euro countries are a bit like the Tea Party or Occupy movements in the States in that they seemed to come up out of nowhere and caught the elites a bit flat footed.  For a short time, they were in a reactionary mode, fending off accusations being made by people they didn't know a lot about.

This article makes plain that the worlds western central bankers are all now on the same page and this gold talk from commoners will no longer be entertained by anyone.

It's painfully obvious now that Germany's gold is long gone. Another whacko conspiracy theory turned "ho-hum" fact.

 

 

Mon, 06/23/2014 - 22:24 | 4888028 BringOnTheAsteroid
BringOnTheAsteroid's picture

I wonder how much of Germany's gold held at the Fed was melted down and restamped and sold, to fund the military bases in . . . . . . GERMANY.

Oh the tangled web. 

Mon, 06/23/2014 - 19:28 | 4887425 CheapBastard
CheapBastard's picture

Hans und Franz mussen accepten das Papier Phiat.

Mon, 06/23/2014 - 16:08 | 4886745 AlaricBalth
AlaricBalth's picture

.

Right now, our campaign is on hold,” Peter Boehringer, a Munich-based euro critic who co-founded an initiative to bring home all of Germany’s gold in 2012, said in an interview.

Below is the response to Bloomberg article from Peter Boehringer of Repatriate Our Gold

Just to set the record straight re this article in which my name is mentioned and in which I am quoted out of context:

a) BusinessWeek/Bloomberg uncritically cites statements of politicians and BuBa-bankers who have or give no proof whatsoever re the untouched whereabouts of the german Gold.

b) Re our campaign "Repatriate our Gold" www.gold-action.de/campaign.ht... : "On hold" does of course NOT mean that we are in any way satisfied with the current status of BuBa´s ongoing repatriation (far too slow and too little - only 5 tons came from NY in 2013! Not exactly a proof for the untouched existence of 1500 tons in a NY vault unaudited since 1950...). Our public campaign will therefore have to continue.

c) Almost no info in the article can be considered in any way "news". Simply because there has not been any material news in this context since early 2013.

d) Especially the headline is plainly false, because there has not been any change in BuBa´s (too slow) repatriation plans: at least 300+ tonnes will come from NY by end 2020. It is not much - but contrary to the headline, BuBa has NOT stopped the ongoing partial repatriation - enforced solely by public pressure!

e) The political party "Alternative for Germany" has never been part of our campaign - they can therefore not have been "rebuffed" as the article suggests.

f) The political party "FDP" has (with the exception of one (1) MP ) never demanded a repatriation - yet another false info in the article.

g) Some politicians cited in the article can not in any way claim to be "in charge" of the german gold hoard (abroad or not). This holds true for both Mr Barthle and for Mr Hardt: BuBa alone is in charge - and officially, BuBa is independent from political influence...

Summary: a "non-news" article with a wrong headline, strange interviewees, old news, and with a clearly apologetic ideological approach: the main purpose seems to be NOT to give space to the myriad of unanswered and extremely relevant questions BuBa and the Fed have been refusing to answer for decades. Pls read more at "Repatriate our Gold"   http://www.gold-action.de/

Mon, 06/23/2014 - 16:08 | 4886769 Professor Fate
Professor Fate's picture

The "Hillary" has more gold in her teeth than Germany has left at the Fed.  Lets just give them the Hillary and call it done.  On the other hand..."Maybe the dingo ate your gold".

Fate the Magnificent

"Push the Button, Max"

Mon, 06/23/2014 - 16:03 | 4886716 Supernova Born
Supernova Born's picture

Schnitzel in ze poop schutzen

Mon, 06/23/2014 - 15:52 | 4886699 Miles Ahead
Miles Ahead's picture

the same germans who gave the world the leica camera, bmw motorcycle and the braun electric razor?  what am i missing?

...ah, a caps lock and/or shift key?

Mon, 06/23/2014 - 16:13 | 4886797 JLee2027
JLee2027's picture

First shipment was just a nail gun.

LOL

Mon, 06/23/2014 - 15:59 | 4886729 Canadian Dirtlump
Canadian Dirtlump's picture

I think it is simpler than that. TOe the line, or you die.

 

The fact that they god new bars back and gold held in reserve is not legally fungible tells you ALL you need to know.

Mon, 06/23/2014 - 15:43 | 4886647 DoChenRollingBearing
DoChenRollingBearing's picture

 

 

Press Release

==========

The Central Bank of DoChenRollingBearing announces that it has not, nor ever will, allow the FRBNY to hold any of its gold.*

 

* nor BTC

Mon, 06/23/2014 - 16:11 | 4886777 7.62x54r
7.62x54r's picture

No one in their right mind would allow an organization that sells and leases metal to hold their metal. If the Bank of England can hypothecate gold owned by the Queen of England, they will do it to anyone.

The only thing they fear is Death by Nailgun.

Mon, 06/23/2014 - 18:07 | 4887195 SuperRay
SuperRay's picture

Isn't that Stephen King on steroids?  No wonder why the whole story is horrific..

Mon, 06/23/2014 - 15:41 | 4886638 synergize
synergize's picture

Well we know what the Germans are missing...

Mon, 06/23/2014 - 15:52 | 4886698 Pladizow
Pladizow's picture

Jewish bankers?

Mon, 06/23/2014 - 16:01 | 4886735 john39
john39's picture

apparently not...

Mon, 06/23/2014 - 16:18 | 4886825 7.62x54r
7.62x54r's picture

All bankers have the same religion. Church of Asshole.

Mon, 06/23/2014 - 15:53 | 4886700 ZerOhead
ZerOhead's picture

Oh yes we do.

The sheeple however?... not-so-much...

Mon, 06/23/2014 - 15:47 | 4886674 Hulk
Hulk's picture

what am i missing?

Rockets man, they gave the world rockets...

Mon, 06/23/2014 - 15:54 | 4886705 ZerOhead
ZerOhead's picture

... and the first jet fighter aircraft...

Mon, 06/23/2014 - 16:14 | 4886802 Goldilocks
Goldilocks's picture

& Nazi UFOs?..

THIS? WILL BLOW YOUR MIND! Anunnaki in the ANTARCTIC?
http://www.youtube.com/watch?v=nbwglQItO4s (29:27)

Mon, 06/23/2014 - 16:17 | 4886816 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Unintentional comedy at its finest.

Mon, 06/23/2014 - 16:57 | 4886979 ParkAveFlasher
ParkAveFlasher's picture

Run Lola Run. 

Mon, 06/23/2014 - 22:32 | 4888047 BringOnTheAsteroid
BringOnTheAsteroid's picture

Bill Clinton gets a blow job and can't keep it a secret and the US is hiding alien bases in Anatarctic. Really?

Mon, 06/23/2014 - 17:53 | 4887151 Amish Hacker
Amish Hacker's picture

And the 1965 Porsche 356SC convertible. Maybe in my next life...

Mon, 06/23/2014 - 15:48 | 4886677 holgerdanske
holgerdanske's picture

Just about half the Nobel laureates over time!

But for starters, the rockets, printing, the Dollar (believe it or not) and the fact that USA was an inch away from having German as the official language.

But as for gold, how incredibly convenient, I mean why ask for something that is clearly not there. We wouldn't want to rock the boat now, would we.

This is a clear indication that they have been told to shut the fuck up, or Hank Paulson will come and tell you the international banking system will collapse, and this time, you better bloody well believe it!

So that whole war was absolutely for nowt! Think of that, Germany being told what to do by the unmentionables!

 

Mon, 06/23/2014 - 16:17 | 4886817 Haus-Targaryen
Haus-Targaryen's picture

Its lost on most Americans how very close the world language was to being Germany.  1 vote.  Literally.  

Could you imagine a world, where the USA entered into WWI on the German side, WWII would have never happened.  FUCK THAT MAN WHO VOTED FOR THE ENGLISH LANGUAGE!  

Mon, 06/23/2014 - 16:21 | 4886839 7.62x54r
7.62x54r's picture

If Wilson had been hit by a truck we would not have the Federal Reserve, Income Tax, and we would not have entered WWI.

The French Army was on the verge of mutiny in 1917, and was about to do to their government what the Russian army did.

Mon, 06/23/2014 - 16:39 | 4886911 Terminus C
Terminus C's picture

Hah.  You think Wilson was a decision maker.  No Wilson?  no problem, there is always another stooge.

Mon, 06/23/2014 - 17:02 | 4886995 7.62x54r
7.62x54r's picture

It would have put the problem off until after the war was over. A lot of Americans died for nothing there.

Yes, some later Rothschild stooge would have tried to saddle us with a central bank and income tax. But that would have to wait for a new stooge.

Mon, 06/23/2014 - 22:39 | 4888063 RafterManFMJ
Mon, 06/23/2014 - 16:19 | 4886829 OnErrorResumeNext
OnErrorResumeNext's picture

'entrusted'...yeah

And Angela, here's a pic of Dresden circa Valentines Day, 1945.

Mon, 06/23/2014 - 17:26 | 4887085 Larry Dallas
Larry Dallas's picture

There are very few things that compare in quality craftsmanship to a Leica camera. I love my Leica M9.

Mon, 06/23/2014 - 18:36 | 4887252 Sirius Wonderblast
Sirius Wonderblast's picture

To be fair, the Germans have no-one but themselves to blame for the two World Wars, notwithstanding France's cretionous conduct after the first one.

Mon, 06/23/2014 - 15:44 | 4886654 pods
pods's picture

So lemme get this straight, Germany requests THEIR gold to be moved. The FED says it will take 7 years and then stall further, not moving any and Germany says that is fine, just hold it?

This should buoy confidence in the system.

pods 

Mon, 06/23/2014 - 16:02 | 4886747 Chupacabra-322
Chupacabra-322's picture

Spot on.

Mon, 06/23/2014 - 17:08 | 4886990 hobopants
hobopants's picture

Well it would be a confidence shaking event if anyone gave a shit.

You would be lucky to find one out of ten people who are actually aware of what's going on in the world around them, and one in a hundred that could grasp the significance of any of it.

The people who run the show are completely evil, no doubt, but fuck do we make it easy for them. 

 

Mon, 06/23/2014 - 22:51 | 4888093 BringOnTheAsteroid
BringOnTheAsteroid's picture

Don't know what's going on around them. Rubbish. The american people know exactly who the top 20 of american idol are.

Mon, 06/23/2014 - 19:09 | 4887361 Reaper
Reaper's picture

What has the NSA on Merkel and others?

Mon, 06/23/2014 - 15:42 | 4886640 Gaius Frakkin' ...
Gaius Frakkin&#039; Baltar's picture

.

Mon, 06/23/2014 - 15:34 | 4886595 cifo
cifo's picture

I could hold their gold for safekeeping too.

Mon, 06/23/2014 - 15:37 | 4886612 Gringo Viejo
Gringo Viejo's picture

"Air" Gold.

Mon, 06/23/2014 - 15:38 | 4886616 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Germany has already pivoted East.

Mon, 06/23/2014 - 15:42 | 4886641 Terminus C
Terminus C's picture

Yea, could be the bribe, "Sure you keep our gold, and go fuck yourself.  We hangin' with Rus now... please don't hurt us..."

Mon, 06/23/2014 - 16:03 | 4886744 john39
john39's picture

not yet, imho...  but getting closer.   A few German puppets still standing in the way.

Mon, 06/23/2014 - 15:43 | 4886655 BanksterSlayer
BanksterSlayer's picture

Yes, agreed! Germany isn't BOTHERING to keep asking for its gold from the Fed because they know full well where it is actually sitting. And they know that if they ever want to see their gold again, they will have to play nice-nice with China ... which is exactly what they are doing, ala, the Frankfurt renminbi hub.

Mon, 06/23/2014 - 15:45 | 4886667 Sudden Debt
Sudden Debt's picture

And now the Emirates are seller
https://www.ukbullion.com/manufacturer/emirates-gold-dmcc.html

Looks nice, but also with a nice premium....

Mon, 06/23/2014 - 15:39 | 4886619 espirit
espirit's picture

I'd bet the Fed puts little sovereign flags on the largest stacks for whatever banking cabal visits for inspection.

 

Now you see it, now you don't.

Mon, 06/23/2014 - 15:43 | 4886649 DeadFred
DeadFred's picture

Inspections???

Mon, 06/23/2014 - 16:26 | 4886856 7.62x54r
7.62x54r's picture

The fed don't allow no steenkin inspections.

( little flags are useless since each gold bar they were trusted with was individually marked and measured )

Mon, 06/23/2014 - 15:46 | 4886665 Miffed Microbio...
Miffed Microbiologist's picture

I guess it really is unwise to ignore the " you don't hold it, you don't own it" rule. Funny how even the mighty can be fooled.

Miffed;-)

Mon, 06/23/2014 - 19:34 | 4887439 CheapBastard
CheapBastard's picture

So when does the next version of Das Unterfall cme out on You Tube with Hitler going bonkers when he finds out about the lost gold.....

Tue, 06/24/2014 - 03:08 | 4888098 BringOnTheAsteroid
BringOnTheAsteroid's picture

The Jews are really sticking it to those Germans now. 

Mon, 06/23/2014 - 16:11 | 4886789 MidwestJester
MidwestJester's picture

Wait for it....

Mon, 06/23/2014 - 16:55 | 4886968 xtop23
xtop23's picture

Get it right bro....weather.

Always weather.

 

Anyone holding paper when this gd thing finally goes sideways is really going to be hurting. 

 

If the krauts ..

Had any doubt ..

Whether theyd get lubrication or grout ..

The question has been answered, now its time to pout.

 

 

Mon, 06/23/2014 - 15:32 | 4886587 Arius
Arius's picture

good for them!

Mon, 06/23/2014 - 15:50 | 4886691 American Dreams
American Dreams's picture

@Mr. Pink - You won't, because it will change, not collapse, and the change will be so gradual that most will not even notice or for that matter care.  

American Dreams

AD      

Mon, 06/23/2014 - 20:56 | 4886734 ZerOhead
ZerOhead's picture

Yup... no problems at all... just like when your debts and expenses gradually exceed your income and everyone in town catches on about those checks you keep writing...

Mon, 06/23/2014 - 15:34 | 4886590 Unknown User
Unknown User's picture

Nah. A promise is better than nothing.

 

Mon, 06/23/2014 - 15:38 | 4886613 Grande Tetons
Grande Tetons's picture

Looks like the Fed has had some boating accidents as well. 

Mon, 06/23/2014 - 16:06 | 4886760 ZerOhead
ZerOhead's picture

IT WAS THE WEATHER!!!

The gold dissolved during the hurricane Sandy flooding...

Mon, 06/23/2014 - 16:30 | 4886871 7.62x54r
7.62x54r's picture

What disolved during Sandy were all those real paper stock certificates Wall Street's brokers were holding in one flooded vault.

There are no paper records left to untangle the mess once the derivatives market implodes.

Mon, 06/23/2014 - 15:34 | 4886593 Da Yooper
Da Yooper's picture

Bottom line

IF you dont hold it - YOU dont own it

The fed holds it soooo

The fed OWNS it

it sucks to be Germany


Mon, 06/23/2014 - 15:39 | 4886622 Silky Johnson
Silky Johnson's picture

Das.... how do you say cunts in German?

Mon, 06/23/2014 - 16:33 | 4886880 7.62x54r
7.62x54r's picture

Fotze

And you would use Die, not das.

Mon, 06/23/2014 - 18:03 | 4887181 Optimusprime
Optimusprime's picture

Bet the FED has sent it off to the Rothschilds.

Mon, 06/23/2014 - 15:42 | 4886634 holgerdanske
holgerdanske's picture

WTF??? surely, this must be positive for gold, as in physical gold, in your hand!

The German people have just been shafted. The nations wealth just been stolen, in the open and by the banksters.

 

Why, please tell me, are there no revolts, yet?

 

Mon, 06/23/2014 - 15:47 | 4886673 fonzannoon
fonzannoon's picture

dude come on...first off if anything it's negative for gold. Basically if this is true, then Germany just said "ah....who gives a shit...just keep it, or tell china to have fun with it"

Germany knows well enough that we are well on our way to the cashless society

http://blogs.wsj.com/numbers/one-in-four-americans-has-no-emergency-savi...

where everyone relies on .gov for their stipend. Who is going to revolt and bite the hand that feeds them?

Mon, 06/23/2014 - 15:52 | 4886694 American Dreams
American Dreams's picture

Spot on Fonz

Know your enmy

AD

Mon, 06/23/2014 - 15:57 | 4886722 fonzannoon
fonzannoon's picture

I am guessing most of them are cash poor and mom's basement rich.

Mon, 06/23/2014 - 16:14 | 4886805 Hulk
Hulk's picture

looks like mom is charging $29901 for room and board !!!

Mon, 06/23/2014 - 17:01 | 4886993 ParkAveFlasher
ParkAveFlasher's picture

Who needs savings, when you got benefitz.  Who needs pride, when you have "help".

Tue, 06/24/2014 - 00:05 | 4888243 goldsansstandard
goldsansstandard's picture

You can't have savings if you want to qualify for benefits.

You can't have income.

You have to work the black market for more cash.

I know folks with benefits such as a 1BR in SF, worth 36 k a year, plus food stamps worth say 2k, plus medicaid , worth another 5 k, and a little cash, say 3k.

Thats 46k, inflation safe, and safe.

You need over a million in the bank, and still would not be ahead of them

They do not like when I say that.

Lets tax the rich, the section 8 poor are the new rich.

Mon, 06/23/2014 - 16:18 | 4886821 Frank N. Beans
Frank N. Beans's picture

cash poor but debt rich!

Mon, 06/23/2014 - 16:04 | 4886752 RealityCheque
RealityCheque's picture

Germans use more cash than any other nation on earth.

Weimar lives long in the memory. That's why cashless will never stick in Europe, the german paymasters won't accept it.

Mon, 06/23/2014 - 16:09 | 4886776 fonzannoon
fonzannoon's picture

hence nirp bitchez

Mon, 06/23/2014 - 16:37 | 4886894 7.62x54r
7.62x54r's picture

Wouldn't work. Germans are more likely than anyone else in Europe to actually stuff the cash in a mattress.

Mon, 06/23/2014 - 15:53 | 4886704 Dr. Engali
Dr. Engali's picture

"Why, please tell me, are there no revolts, yet?"

2% of the people own gold and 49% of the people survive off of a .gov handout. Who is there to revolt?

Mon, 06/23/2014 - 21:06 | 4887784 HardAssets
HardAssets's picture

100% of people live off of the efforts of those who produce real wealth - that is, that which supports X number of human lives for X number of forward days.

Govt produces nothing.

When the producers wake up to this, they will stop producing a surplus which is taken from them.

Mon, 06/23/2014 - 16:00 | 4886731 youngman
youngman's picture

If this is true..the people will revolt.....Das Speigal will be all over this if its true....most Germans want the gold back at home....they know our tricks....

Tue, 06/24/2014 - 02:22 | 4888411 SoDamnMad
SoDamnMad's picture

Bingo  Germans aren't stupid. I think they suspected this would happen. Now they can object to sanctions and continue to sell to the Russians and keep their economy strong while others falter.  If I am not mistaken I thought the Austrians have also asked for their gold back.  Merkelis breathing a sigh of relief the elections are over though I am not sure how the masses are going to look at their government.

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