Germany Still Wants Gold Back – Repatriation Campaign Continues

GoldCore's picture

Today’s AM fix was USD 1,323, EUR 971.44 and GBP 778.51 per ounce.
Yesterday’s AM fix was USD 1,313.50, EUR 967.02 and GBP 771.51 per ounce.

Gold rose $3 or 0.2% yesterday to $1,317.50 per ounce and silver rose 2 cents to $20.88 per ounce.

A journalist holds a gold ingot next to a security officer of the German Central Bank, right, in Frankfurt, Germany, Wednesday January 16, 2013

Gold climbed to a two-month high over $1,324/oz in London this morning as tension in Iraq led to a safe haven bid and consolidation over the $1,300/oz level. European stocks dropped to a one-week low as German business confidence fell to the lowest level this year and on concerns about geopolitical risk.

Gold futures trading volume was 11% below the average for the past 100 days for this time of day, according to data compiled by Bloomberg.

Sunni militants, with powerful backing, have consolidated their hold over swathes of Iraq, OPEC’s second-biggest oil producer, after two weeks of fighting. The U.S. said Iraq faces an existential threat and sent Secretary of State John Kerry to the north of Iraq. He is said to be trying to persuade Iraqi leaders to form a more inclusive government.

In Ukraine, militants were shooting overnight in Starobilsk which did not result in casualties. Pro-Russian rebels in the east of the country had earlier called a cease-fire in fighting against government forces, matching a truce announcement made three days earlier by President Petro Poroshenko.

Gold bullion climbed 3% last week as the Federal Reserve said it will keep interest rates at almost zero for a considerable time and geopolitical risk intensified.

Gold is 6% higher so far in June and is set for the first back-to-back quarterly gain since 2011, partly as violence in Iraq and tension in Ukraine spurred demand for a haven.

Technically, gold looks positive and is trading above key moving averages again and appears to have broken out. A close above $1,400/oz will be very bullish and embolden the bulls to re-enter the market.

Gold in USD, 2 Year Daily – (Thomson Reuters)

Silver for immediate delivery added another 0.4% to $20.974 an ounce in London, and earlier reached $21.0328, the highest since March 18. Platinum rose 0.5% to $1,463.38 an ounce. Palladium gained 0.7% to $827.76 an ounce.

Platinum and palladium rose again as producers moved closer to signing a deal to end a mine strike in South Africa. The three largest platinum companies and the main union at their South African mines will today sign a deal to end a crippling five-month strike after the labour group’s members accepted pay proposals from producers. The stoppage by at least 70,000 miners cost the companies 23.9 billion rand billion in revenue and reduced supplies. South Africa is the biggest supplier of platinum and the second-largest for palladium.

Both the physical platinum and palladium markets facing sizable deficits this year after the lengthy production stoppage in South Africa. This will support prices and should economic war with Russia deepen then we should see some real fireworks in the PGM markets that propel prices back to record highs.

Germany Still Wants Gold Back – Repatriation Campaign Continues
More than 18 months ago, on January 16, 2013 Germany’s central bank, the Bundesbank, announced that it will repatriate to Germany all 374 tonnes it had stored with the Banque de France in Paris, as well as 300 tonnes held in Manhattan by the New York Federal Reserve, by 2020.

Despite a lag of 18 months, the Bundesbank, as the Federal Bank of Germany is often called, has only managed to bring home a tiny 37 tonnes of gold.

A paltry 5 tonnes of that came from the U.S., the rest from Paris. The US Fed holds 45% or roughly $635 billion of the total 3,396 tonnes of gold Germany have in reserve, the world’s second largest gold reserves.

This has prompted, not surprisingly, renewed questions whether Germany’s gold still exists in those Manhattan vaults or if it has been melted down, leased or even sold.

With doubts about the whereabouts of Germany’s gold still prevalent, it appears that either Chancellor Angela Merkel’s ruling coalition or the ECB, has decided to attempt to put the matter to rest.

Bloomberg reported yesterday that the German campaign to repatriate German gold from the U.S. has ended. The Bloomberg story was headlined ‘German Gold Stays in New York in Rebuff to Euro Doubters’ and the first sentence was ‘Germany has decided its gold is safe in American hands’.

However, the leader of the German gold repatriation movement, “Repatriate our Gold,” Peter Boehringer immediately refuted the Bloomberg article and posted in the comment section at the bottom of the Bloomberg article:

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) 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” “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 cannot 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. Please read more at “Repatriate our Gold.”

See article and comments here: ‘German Gold Stays in New York in Rebuff to Euro Doubters’

The Bundesbank’s move to repatriate 674 tonnes of the German gold reserves from Paris and New York to Frankfurt in January 2013 was a victory for openness, transparency and for those who have campaigned for transparency in the gold market for years.

The move by the Bundesbank to be more transparent about the location of gold reserves was welcomed by many market participants as most believe that central banks should have to disclose simple facts about their gold reserves – such as their quantity, where they are held, whether they have been lent or swapped, and so forth.

The fact that the Bundesbank had been nudged into new-found transparency was a victory for the groups of investors – most prominent among them, the Gold Anti-Trust Action Committee or GATA – that have for years been asking central banks to reveal their holdings and activities in the gold market.

Those who have dismissed the Gold Anti-Trust Action Committee or GATA as “conspiracy theorists” have yet to acknowledge or refute the voluminous documentation and evidence that GATA have amassed over the years.

GATA have long made a strong case that certain banks may have been manipulating gold and silver prices lower. In the same way that banks have been proven to conspire in rigging LIBOR, interest rates and foreign exchange markets.

The campaign to achieve a free market in gold and silver prices will continue.

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Felix da Kat's picture

The Huns shouldv'e let their Swiss brethern store the effin gold. To have trusted America's Bankster-Gansters with such a deposit was both naive and stupid. That particular cache of gold is no longer in the states... And the seven year statue of limitations for a recovery lawsuit has lapsed... "So sorry, but we had other plans for it all along" .  

GrinandBearit's picture

LOL - yeah sure.

It was melted and re-cast a LONG time ago.

Some of it may even be in my safe.

Hulk's picture


There is a sucker born every minute and right now, you are the sucker.

If it ain't in your hands now, you don't own it...

bullchit's picture

But, but. I have these certificates that guarantee payment??

Is possible??


No.....Fuck off herman, We're busy.....


raeb's picture

Kitco had a piece recently on grinding up glass and putting it in a microwave and turning it into gold.  The US could just send all our old glass to Germany and call it square.  On the other hand, if we do it here, I doubt Germany will get the gold in this millenium.

TeethVillage88s's picture

Fact Check Gold:

Can this Bloomberg Article Be Right?

One paragraph states Volumes are low:

"Daily London trading volumes that averaged about 18.3 million ounces for the four months through April were about 16 percent less than a year earlier, and the least for the period since 2010, according to the London Bullion Market Association."

Alternative Theory is that UK has no Individual Gold Buyers as the Economy is Narrow, dominated by government, big Corporations, big Banks.

The Survey by Bloomberg may have restricted the population in the survey to Europe & USA. We know India, China and others are big buyers of Gold.

Another paragraph states that mint sales are low and cites USA. Well US Mint didn't even sell bullion until South Africa proved there was a market. The fact is that Gold is cheaper if you buy minted bars from other sources.

The paragraph about the Gold Price Outlook is moronic with no sources or few sources. What the world revolves around the UK & USA. This is Puff Article. This is a puff piece.

Question who Paid Bloomberg to print this crap?

Can Bloomberg write something about Gold that Proves Knowledge about Global Gold Markets? After all we are a Global Economy Now. Oh, is that a new thing for Bloomberg Publishing? Oh, sorry Bloomberg you are wet behind the Ears.

So much for the Fifth Estate as represented by Bloomberg Online Articles. Assholes.

There is a plethora of articles and organizations that are gathering evidence to condemn the USA & UK for Gold Fixing.

Rot in Prison Assholes. I lost Money. I want it back.

Forgot to add:

1) World Gold Production is likely Increasing in the face of Demand
2) Gold is Horded in the face of Production
3) population is Exponentially Expanding in the face of Gold Production

Clearly production can't keep up with population.

the grateful unemployed's picture

there's a huge change in the psychology of gold, which no one quite recognizes. the old reasons for buying gold were as a hedge against inflation, or a collapse in the value of the currency. a few hundred years ago when paper money was replacing gold, the psychology reversed, gold hoarders were called misers. they were associated with the story of Mammon and the golden idols in the bible. gold became a fetish. now as the psychology of east and west exchange values once more, americans are starting to adopt the use of gold as an adornment, a spiritual expression of gods grace. however the feds wrong way policies have created a situation in which any hard asset which falls in price in turn is unavailable. if gold drops to $1000 you will not be able to buy any. that situation is the new normal, at that point mining for gold becomes the only source of supply. and while the price is artificially low, they control the only supply. (it could be that way with corn, gasoline, anything really, this is fed policy extended to QE infinity) so 1) production will rise enough to meet (consumer) demand 2) gold continues to be taken off the market 3) the US is slowly adopting the spiritual values of the east, in large part because of economically enforced poverty. the fed hates gold because it takes money out of circulation it is zero velocity (which is what we have right now in paper, so the two meet, paper and gold are no longer a means of transaction, and under those conditions they become symbols of the transfer of grace and beauty from the maker to the world, and between those who live in it) population growth is an illusion, but illusions often work as well as anything

TeethVillage88s's picture

Yamaha Gold got slammed last year and this seemed to be due to high production costs and low current price for gold.

So I am in agreement with you.

Although I have to think out a little about what you are saying about value of gold as a spiritual adornment or symbol of gods grace. Obviously in Thailand they cover statutes with real gold and the Catholic churches have tons of gold artifacts.

Clearly there is something complex happening in the global gold market. Paper ETFs seem to prove fraud and the lack of real gold. But if people are willing to buy paper symbols of gold as a preference it must be psychology.

conscious being's picture

I know of 2 mines in this region closing, essentially due to the current price.

the grateful unemployed's picture

i do not get it, if the Germans want their US stored gold and the US does not want to give them their gold, simply pay them the equivalent amount (of electronically created fiat dollars) and we can keep the gold. is there something wrong with this plan? well maybe if youre German (or rational)

Bemused Observer's picture

Germany! Your gold ain't there. Forget about asking for it. What you WANT to do is get gold from the US into your country, WITHOUT alerting them. You can...

Follow the plan in an earlier post of mine, the one involving Alpine-themed kiosks...

Deploy vast hordes of "tourists" to the US, all of whom turn out to require emergency dental can get an ounce into an adult mouth if you're creative. Then when they come home? Ka-Ching!

Cast the gold over here into the shapes of Hummel figurines, then paint them appropriately and ship them right to Berlin. No need to fudge any paperwork. Believe me, no one at US customs is gonna stop you...tell them you are repatriating them, and they're just gonna wave you on through. These things remind them of their grandmothers, who smelled of Ben Gay and cigarettes and had a collection of these ugly fuckers. You can get pounds and pounds out that way before anyone starts to ask questions.

Many orthopedic braces, and other medical devices, are made of metal. A cooperative caster here could fit your average German citizen with at least 10 pounds of assistive devices, no reason they can't come here for medical care, and go home wearing 10 pounds of 'Fuck You!'...*wink wink, nudge nudge...*

These four ideas are just a sample of the work I am capable of. Feel free to contact me anytime, for a more complete and detailed list of options. I will not disappoint.

GrowingWorse's picture

Well, of course, that band of clever robbers in New York will attempt to claim that their stash must not be touched by its rightful owners.

Semi-employed White Guy's picture

Platinum and palladium rose again as producers moved closer to signing a deal to end a mine strike in South Africa.

Supply will rise, so prices do too?  WTF?  That's not what I learned in ECON 101.

Peanut Butter Engineer's picture

Can't wait to see what will happen when china or Russia has for their paltry ~300 tons of gold from Uncle Sam, it's gonna cause a wave of other nations all asking for their gold back.

SmittyinLA's picture

"we want our gold back"........... and to retain the currency debasement match 

Hey commie youth leader Merkel, you can't have mass currency debasement and gold, one or the other. we'll give you the gold, you give up all the swaps, we can unwind the dollar, can you unwind the Mark?

"ok we really dont want our gold back"

Oh ya they debased in collusion with America and China and Japan 

Bennie Noakes's picture

In other news: Cundalini still wants his hand back!

are we there yet's picture

I want to rent 'Goldfinger', that was the last time a camera was in fort Knox. Did you know that at Fort Knox it is illegal for a congressman or a groupe of congressmen to attempt to go inside Fort Knox. For all intents Fort Knox is a sovrin foreign country.

pbppbp's picture

You can rent Golfinger again, but they only filmed exterior aerial shots there...The rest was a soundstage in England.

the grateful unemployed's picture

ah Goldfinger, a villian who is suddenly looking a lot better

BeanusCountus's picture

Great movie. But keeping congressmen out is merely an "anti-theft" measure. After seeing how they steal from America every day I think its only prudent.

are we there yet's picture

The FED is a private bank with sovrin nation status and are above the law, or auditing, or inspecting in any way. Sort of a roach hotel for gold. Ask germany.

fleur de lis's picture

The Fed is the worst thing that ever happened to this country. And the world by extension.



Federal -- it has nothing to do with the Fed Govt, using that term is false advertising

Reserve -- it has no reserves, they print reams of wrapping paper based on nothing, the whole thing is an expensive hoax

Bank ----- it is not a bank, it is a privately owned racket

The sooner they fumigate that roach motel the better for us all.

Lynn Trainor's picture

Right on!  The Fed is a curse to our nation!  Ever more mountains of debt on our backs!!

 Exclusive: Massive End The Fed Organizer in Germany Gets Car Fire Bombed


are we there yet's picture

If you want your gold you can keep it (in fort Knox).

Sick's picture

If I were the Germans (I am only half), I would show up in New York and demand delivery NOW.  Then arrange shipment.  I doubt it is there and I doubt the USA has gold there.

SokPOTUS's picture

Suuuuure....and expose yourself as having been schnookered?

Who was that masked man's picture

I suggest The Knox Bordello because the American people have been royally screwed there.

Yancey Ward's picture

Some day, perhaps the technology to transport 84 tonnes of gold from New York to Frankfort will exist.  But that day has not yet arrived.

Who was that masked man's picture



How about today?  It's called a Boeing 747.  Duh!

localspaced's picture

Maybe one day Google can digitize all the gold in the world and make it freely accessible to everyone! 

Gold 2.0, share the wealth! 

stacking12321's picture

it's called bitcoin.



Son of Loki's picture

Hansel und Gretel are about to get punked hard and dry. They better stock up on Das Lube.

Gringo Viejo's picture

How do you say GOOD LUCK WITH THAT in German?

"Air" Gold.

Fuh Querada's picture

I would venture: "Ihr habt die Arschkarte gezogen"-you are shit out of luck

localspaced's picture

Hals and beinbruch!

Literal translation: go break your neck and legs.

Such nice people, the Germans...upbeat. 

I still want my granddad's bicycle back! You fucks..

optimator's picture

You guys don't ride bicycles anymore, you ride BMW and Mercedes.  The folks that took your bike are patching that and their Hanomag and won't give the bike back.

Mercedes Benz fahrt yede stenze,

  Hanomag fahrts lumpenpack!

SnatchnGrab's picture

I think I posted this yesterday, but it bears repeating.


The M1A Abrams tank weighs 65 tons or so. (No ablative armor). The C-5 can carry one (1) M1A. (While the C-5 has a higher payload, it's a logistical fit problem)'s not a transport problem.

optimator's picture

You have a good point, so the FED will send the correct amound of paper currency as its lighter.

SameAsItEverWas's picture

The M1A Abrams tank weighs 65 tons or so. (No ablative armor). The C-5 can carry one (1) M1A. (While the C-5 has a higher payload, it's a logistical fit problem)

What about the don't put all your eggs in one basket?

Planes crash, and on one occasion in recent history two modern Boeings were, apparently, crashed into what used to be the world's two tallest buildings.

When we move our nukes around, only a (classified) small number of them are allowed to be in the same place at the same time.

And, BTW, C-5s are not qualified for such missions because they're not reliable enough, among other maybe obvious reasons.

HardAssets's picture

Kinda missed the forest for the trees, didnt ya ?

Pemaquid's picture

What a crock! Instead of making apologies for the FED ask yourself what possible reason could there be for not letting someone have what is legally theirs. Smarten up!!

daveO's picture

Great Britain sent a battleship to collect their gold from the NY FED, in 1971, after Charles de Gualle collected the French gold. They were talked (bribed?) out of taking delivery.

Obamanism's picture

If Scotland gets independence I wonder if they will get any gold returned from the Bank Of England's Vaults

heavy.metal's picture

I think they will get their fair share of the gold IOUs.


theyjustcantstop's picture

i did a little math america holding 45% of germanys gold,( 1528.2 tons,3,056,400 lbs., 48,902,400 ozs), article stated that was $635,000,000,000 worth, that figures out to $12,985.04 per oz..

the us treasury values our ft.knox gold at 42.20 per oz, is this another f.u. eu short?

TeethVillage88s's picture

Well I read that they only asked for 674 Ton of it's gold right now.

I was trying to figure out about an hour ago if the Federal Reserve could use the money from buying toxic assets, and building it's huge reserves to buy the gold and get it over with. So can $4 Trillion on Reserve Balance Sheet buy off Germany????? Just slip 'em Fiat and let them enter the market a little at a time on their own?

674 Tons = $38,391,064 a ton x 674 = $25,875,577,137

That is only $26 Billion Dollars

The Premise is absurd & Zerohedge has known this & the Fed knows this & congress knows this.

Hence the need for anonymous, & others to fact check.


SokPOTUS's picture

$42.20 per ounce? Is that the spot price for Tungsten?

tonyw's picture

"what difference does it make"  TM 

it's gone so you can value it at whatever you like.


halfasleep's picture

The whole "if you owe the bank $1000, it's your problem. If you owe them hundreds of tons of gold, it's their problem" comes to mind. I think that's how it goes, anyway.