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Germany Still Wants Gold Back – Repatriation Campaign Continues
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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I'll let them have a Gold Eagle if they give me the Nurburgring.
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i don't know what that is, but it sounds dirty
Peter should also be asking that the petty thieving warmongering DC US leave his country.
Isn't it a bit ironic and hypocritical to use Germany as a base for one’s own fascist wars of empire?!
"I wonder if Bush, Cheney, Obama, Kerry, McCain, etc. will be visiting Nuremberg anytime soon? The Palace of Justice specifically."
Forget it Bro, the gold is long gone and there are only cobwebs and some empty pallets in those vaults but hey, gold is only an antiquated form of currency with no value in today's world - right? Anyway, anyone who stores his hens in the fox's den gets what he deserves.
Hey Germans listen up, "Fuck the EU" that includes you Germany, if you want your gold back come and get it, now what are you gonna do about it??
We'll credit your account or give you a pallet full of notes if you really insist but what part of "Fuck off" don't you understand??
Now "shut the fuck up" or we'll find some trumped up charges to heavily fine your banks with, look at what we've done with BNP France.
Edit
and while you're about it go against your interests by working against ukraine and russia, you don't need that gas wear more clothes.
Who is Peter Boehringer that what he says means anything? He may wish to, but he doesn't run the central bank or set policy. Do the reporters actually understand this or is this more - everybody has a valid opinon progressive crap?
if we're going to go there, then who are YOU, and why are you even posting?
it's perfectly reasonable for someone to speak up when they see what appears to be a massive plundering of their' country's treasury, and i applaud his efforts to bring attention to the criminality of the US fed.
and you are...?
Some guy who rubs butter on his sack....
"The gold, its in the ......" Pretty catchy pop song from the Floydsters.
https://www.youtube.com/watch?v=xySyMp8itMs
"Peter Boehringer immediately refuted the Bloomberg article and posted in the comment section at the bottom of the Bloomberg article:..."
what I don't see Peter Boehringer refuting is a further load of BS, specifically this part of the Bloomberg article:
"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."
first, the link they provided is just to the "AfD Manifesto" (in German) which has no mention whatsoever to any blackmail
second, the whole idea of the US blackmailing Germany into staying in the common currency is idiotic. Why should the US ever do such a thing?
think for a moment: what is the USD? the global reserve currency. what is better for a global currency than having lots and lots of small other currencies all linking to the USD?
look what is happening in europe: nearly all minor/smaller currencies are pegged or floored. to the EUR
without the EUR... they would do the same. with the USD
it never ceases to amaze me what BS is constantly propagated
Well, I would ask if you agree with the "remove a potential irritant" to US-Germany relations. If the request to repatriate wasnt a problem why would it take till 2020 to send it all back? Believe me, its a problem. If its a problem, its an irritant. Why would sending someone's property that you are holding on their behalf be any sort of problem at all? Doesnt take a genius to figure that out. THEY DONT HAVE IT!
And yes, the US wants them to stay in the Euro. An entire derivative system collapses if it fails. Said system is largely held by our largest financial institutions (aka campaign contributors). And would the US put pressure on Germany by threatening to pull swap agreements that are keeping some of their financial institutions afloat? Only a naive fool would believe pressure is not exerted every day on anyone that bucks a system which gives many people power.
I agree with the irritant, and I agree with the scandal that this repatriation is
nevertheless, the whole thing is way more complex than just "the US wants them to stay in the Euro"
and there you have to break down into who - or, better, which megabanks - is exposed to what part of this huge derivative mess
lots of pressures in many ways. yet claiming that the EUR is a "US interest" as such... not in the long term
these are all sidelines which just divert from the main issue that the vaults are empty or the contents have been leased one hundred times over.
You can't get blood from a stone and you can't get gold from an empty vault.
Its not empty...
Surely there is air in there.
Or was that rehypothecated too??
Hell, maybe it is empty...
Fort Knox has just been renamed
The Schrodinger Depository.
My 1 upvote isn't enough to express how I feel about this comment.
Fort Hocks.
Exactly - it's all there as long as you actually don't look inside. . .
It's pretty bad when the Lannisters of Castiley rock seem to be of better character.. The Lannisters always pay their debts.
I'd suggest Fort Nichts!
Ficht Merkel