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Germany's Bundesbank Resumes Gold Repatriation; Transfers 120 Tonnes Of Physical Gold From Paris And NY Fed
Three weeks ago, when looking at the latest NY Fed data of foreign gold held at the largest central bank gold vault in the world, we showed that in the month of November not only was a near record amount of gold withdrawn from the NY Fed, which at 42 tons was the single biggest monthly outflow at the NY Fed in over a decade...
... but that though the end of November, all of the Netherlands' 122 tons of gold withdrawals had been fully accounted for. This brought up an interesting question:
"... net of the Netherlands withdrawals, there is some 44 tons of extra gold that has been also quietly redeemed (by another entity). The question is who: is it now the turn of Austria to reveal in a few weeks that it too, secretly, withdrew some 40+ tons of gold from "safe keeping" in the US? Or was it Belgium? Or did the Dutch simply decide to haul back some more. Or did Germany finally get over its "logistical complications" which prevented it from transporting more than just a laughable 5 tons in 2013? And most importantly, did Germany finally grow a pair and decide not to let "diplomatic difficulties" stand between it and its gold?
We now know the answer, and it was, indeed, the latter with confirmation coming from the Bundesbank itself. As the German Central Bank announced earlier today, after withdrawing an embarrassing 5 tonnes of gold from New York in 2013, its rate of repatriation soared, and in what appears to have been just the past two months, has transferred a whopping 85 tonnes of gold from 80 feet below street level at Liberty 33 back to Frankfurt!
The Bundesbank successfully continued and further stepped up its transfers of gold last year. In 2014, 120 tonnes of gold were transferred to Frankfurt am Main from storage locations abroad: 35 tonnes from Paris and 85 tonnes from New York. "Implementation of our new gold storage plan is proceeding smoothly. Operations are running very much according to schedule," said Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank.
The Bundesbank took advantage of the transfer from New York to have roughly 50 tonnes of gold melted down and recast according to the London Good Delivery standard, today's internationally recognised standard. "We also called on the expertise of the Bank for International Settlements for the spot checks that had to be carried out. As expected, there were no irregularities," said Mr Thiele.
According to its new gold storage plan, unveiled in January 2013, the Bundesbank will be storing half of Germany’s gold reserves in its own vaults from 2020 onwards. This necessitates a phased transfer to Frankfurt am Main of 300 tonnes of gold from New York and all 374 tonnes of gold from Paris.
Since the transfers began in 2013, the Bank has relocated a total of 157 tonnes of gold to Frankfurt am Main - 67 tonnes from Paris and 90 tonnes from New York. This is equivalent to roughly 23% of the total quantity to be transferred. The following table gives an overview of the gold that has been transferred to date.
As at 31 December 2014, the Bundesbank's gold reserves were stored at the following locations.
And the punchline:
The Bundesbank assures the identity and authenticity of German gold reserves throughout the transfer process - from when they are removed from warehouses abroad until they are stored in Frankfurt am Main. As soon as the gold was removed from the warehouse locations abroad, Bundesbank employees cross-checked the lists of bars belonging to the Bundesbank against the information on the bars removed. Finally, once they arrived in Frankfurt am Main, all the transferred gold bars were thoroughly and exhaustively inspected and verified by the Bundesbank. When all the inspections had been concluded, no irregularities came to light with regard to the authenticity, fineness and weight of the bars.
A curious amount of precautions and safeguards when transporting the "safe" and "untainted" gold held at the NY Fed to Frankfurt. Almost as if the Bundesbank, gasp, did not trust the quality and content of the NY Fed-held gold, nor its well-meaning intentions.
Ironically, it was exactly one year ago that we wrote "Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year" in which we wrote:
The official explanation was as follows: "The Bundesbank explained [the low amount of US gold] by saying that the transports from Paris are simpler and therefore were able to start quickly." Additionally, the Bundesbank had the "support" of the BIS "which has organized more gold shifts already for other central banks and has appropriate experience - only after months of preparation and safety could transports start with truck and plane." That would be the same BIS that in 2011 lent out a record 632 tons of gold...
Welt goes on to "debunk" various "conspiracy websites" that the reason why the gold is being melted is not to cover up some shortage (and to scrap serial numbers), but that the gold is exactly the same gold as before. Finally, to silences all skeptics, the Bundesbank says that "there is no reason for complaint - the weight and purity of the gold bars were consistent with the books match." In conclusion, Welt reports that in 2014 "larger transport volumes" can be expected from New York: between 30 and 50 tons.
Welt was off by just 50% with the full 2014 repatriated amount hitting 85 tons in what appears to have been a year-end scramble following the Netherlands repatriation shocker. And, as it turns out, all it took for the Bundesbank to send its repatriation amounts surging is for the Dutch to show it how it is done: i.e., by plane because crossing the Atlantic with a Brinks' truck full of gold certainly presents some "logisitcal challenges."
Sarcasm aside, it is quite clear that "logistical difficulties" is merely a politically correct strawman. Recall the real reason for the paltry repatriation by Buba in 2013, as explained by Deutsche Bank two months ago:
... the gold community paid great attention to the decision of the German Bundesbank to “bring German gold home”. At the beginning of 2013, the Bundesbank announced it would repatriate 300 tonnes of gold stored in the US by 2020. It is well behind schedule, citing logistical difficulties. Yet diplomatic difficulties are more likely to be the chief cause of the delay, especially seeing as the Bundesbank has proven its capacity to organise large-scale gold transports. In the early 2000s, the Bundesbank incrementally repatriated 930 tonnes of German gold held by the Bank of England.
Which leads us to the only relevant question: now that the "diplomatic difficulties" have been overcome and the Bundesbank is back on track to repatriating precisely the right amount of gold from the NY Fed to indicate that it has far less faith in the US central bank than it did when it was barely conducting any transfers in 2013, just how worse as the diplomatic difficulties now? We expect to get at least a partial answer on Thursday when Mario Draghi finally announces his long-overdue €500 billion QE program, with Bundesbank's Jens Weidmann, sitting quietly in a corner, and ignored by the ex-Goldman head of the ECB, contemplated just how much more, if not all, gold (there is still some 517 tonnes of gold left to be repatriated to Germany from NY and Paris) he should withdraw now in preparation for the "next steps"?
One thing is certain: Germany sends its kindest gratitude to Ukraine, whose gold, now long gone, is most likely to be found in a far safer, and remelted, state somewhere in the bowels under Wilhelm-Epstein-Straße, number 14 in Frankfurt am Main.
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not to be a stickler, but germans didn't send it to moscow, now did they?
Just this once I will stoop to inform you... the reason the Germans sent it to NY in the first place was to prevent the Russians from obtaining (stealing ) from German valuts during the 60's 70s Cold War.
The salient point is that now the Germansare not worried about the Russians ands will store in German vaults...rather than risk losing it to the neo Bolsheviks who now mae policy in the US.
Got it ?
and the dickhead layman down votes me anyway.... feckin leech.... get off of me !
i guess you are the only one that didn't get my point. try to reread, as i don't want to insult your intelligence with the explanation. i'll leave you to it. and if you still don't get it, write me another juicy comment, i'll help you out.
by the way, for your great disappointment, i didn't downvote you.
Your intial comment was inane... it completely misunderstood MY original post. Soooo... again... get away from me wth your low brow idiocy. waste o' feckin time.
The only thing that makes sense is that Germany has caved in on a portion of Draghi's QE and is being paid off in phyzz to stay quiet.
I certainly hope the Germans are smart enough to take a drill to each and every bar repatriated from the FED to ensure they're not getting gold-plated tungsten.
This is probably why the gold is being re-refined to good delivery spec. That, and getting the swasticas off the damned bars.
The mass of any tungsten found will be added to the amount still owed.
We ass raped some folks...
Per Ransquawk, the Irish Finance Minister announced that QE won't be effective if each nation's central bank buys its own.
This is a supposed highlight of the current proposal, so after their best werk in two years, there is a real good chance that EU stocks will be dissppointed in whatever Draghi announces. I think expectations are too high, given the rift between the 'have' EU countries and the 'have nots'. If Draghi goes too far, and Germany comes out in protest - the reaction will also be negative, and create uncertainty of a court protest.
The memo sounded really up-beat and surprised that the shipment didn't contain any fake bars. Don't worry Germany. You'll get stiffed with fake bars in the final shipments. This was just to shut you up for a few months and buy some time. You'll eventually be an official bag holder with the lion's share of your gold that The NY Fed is keeping in your name and the faster you proceed the sooner you'll find out. Don't be in too big a hurry.
I dunno about that.
The last time the Germans got buggered it wasn't too long after that they started stomping all around the place.
They don't take kindly to someone screwing around with their wallets.
This is GREAT.
False flags raised about Russian gold sales, German gold repatriation and doom and gloom should the Swiss pass their gold referendum.
Watch the US pull the rug out from under everyone and remove the Bretton Woods peg of $35 an oz.
Wheeeeeeee........
Plane is also not the safest method, always check the cargo manifest before flying - MH370 cough cough
Hum, countries pulling gold from Liberty St NYC? Are we re-visiting a 9/11 event?
Hum, countries pulling gold from Liberty St NYC? Are we re-visiting a 9/11 event?
"."
Just in case any of them are visiting and contemplating it again!
Regardless of the choice of mass diversion the next time around "desperation" will always look the same!
It makes me sick to see Americans on this site acting like sick NAZIs. Why can't you people just get behind the Federal Reserve and give it your support like normal Americans? This is why I'll never vote for a guy like Ron Paul. I'm going to vote for Mitt Romney or Jeb Bush and not some sicko loony that wants to do away with our Federal Reserve, has sane views on immigration and is willing to stand up for immigration reform, and above all, has sane views on all these guns the nut cases are hording.
Nice troll.
volkadov? I think this guy may be a front runner for the senseless comment of the day! Competition is dense.
Not as good as MDB. He scared the shit out of me the other day.
p.s. Why rimfire? When trade breaks down they'll be like gold dust.
Transparent. A good troll is never that obvious.
6 days a memeber and a posst like that? you must be a hufpo regular
Nice sleuthing!
Dr. Paul simply wants a full audit of what the FED has been doing. On second thought that does mean doing away with the FED.
Would you do business with a bank that hasn't ever been fully audited the in 100 years its been in operation?
They had to melt them down and recast them, to check to see if they had tungsten cores.
Ultrasound can only go so far into metal. And invasive sampling wastes the gold that you drill through if you try to go all the way to the center.
This is a clear indication that central banks no longer trust one another. The SNB has finally made plainly visible what a lot of ZH readers have thought for a while. And now, we have multiple confimations.
The question is where do we go from here? May you live in interesting times.
When I was a kid, I would see the caches of weapons seized in raids on the VC in Vietnam.
Now seeing a cache of US weapons in Donetsk makes me feel we are on the wrong side...
As far as we The People are concerned, what is our business between Russians and Ukrainians?
Have they threatened to invade Miami? No.
Frankly, on a blunt point, It has always been too easy to get the US into European wars.
Just say No to US Intervention.
Dude, better check your history. The US was non-interventionist in both WWI and WWII. Particularly WWII the US put considerable effort into not entering it.
Sheesh...public school strikes again.
I assume in your hoity toity private school you studied American Neutrality Act of 1939? Or did you go to one those schools for rich dumb kids?
Education begins when one opens their eyes to the truth, not by accepting what is crammed down their throat by a system intent on manupulating the minds of the young. You should do yourself a favor and question what you have been taught and the reasons why you were taught such things and strive to decern what was real and what was propaganda.
All of us need to do that. Some of us are already well down that path.
Fair enough. And some of us are well down the path of beng able to admit to others when we are proven wrong by verifiable facts.
Verifiable facts, good choice. +1.
Here is a link to a Frigidaire promo video shot during WWII. Consider it 'sraight from the horse's mouth'.
Pay particular attention from the 4:00 minute mark through the 4:35 mark. Especially take note of the "16 months before Pearl Harbor" reference...
https://www.youtube.com/watch?v=eQ3YZ4foFHk
(Yes, I realize I am using a propaganda film as a reference. The irony has not escaped me.)
FDR ordered US navy ships to fire on German U-boats in September before Pearl Harbor.
He was determined to get his war one way or another.
And he shut off oil exports to an island empire desperate for oil...
That's why Henry Ford built trucks for the Third Reich?
why enter it, when you can simply fund it?
I think you qualify for most ignorant post of day..
not an easy feat, competition is dense....
You have forgotten: there is no more "US"...
the US govt /congress/- the entire power structure at the State Dept.--
is controlled by ISRAEL
And if you live in Miami, why should you give a rat's ass if there are some different shopping methods in Ferguson, Missouri?
Why pay someone to watch your gold when you can pay someone else to watch your gold? Personally I am not willing to pay someone to watch my gold because that eats into its yield. I haven't left my house in seven years to make sure no one steals it.
Weideman, by the way, might be wrong in all his predications, but at least he is keeping Austrian economics relevant to the modern era in all is non-quantitative glory. Good on you Jens, Good on you!
"There is nothing to worry about," says the custodian carrying a sheaf of papers. "We have your gold safely stored. Here are the receipts to prove it!"
Before what?
This gold never before has been in Germany. It was bought after WW2 and stored there from the beginning.
I was going to degunk my silver but realized its worth more if I don't clean it.
the reason the bars were melted down was to get rid of the Nazi swastikas on them
They melted it down 'cause it had Property of the Ukraine stampted on it.
https://www.youtube.com/watch?v=I_mb_c8su7k
Yup. Music's startin' to slow down.
•?•
V-V
Is it possible that the free money of QE is funding the banking mechanisms that suppress the price of gold in dollars via bodies like the FED Plunge Protection Team? if so, is it possible that, in doing such, the house is also able to scoop up gold at a price that is much below its actual value? could this account for a mechanism that would suppress gold prices in dollars AND collect gold for repatriation abroad, for the purpose of appearing to be solvent, responsible, or cleaning house? could they actually be trying to clean house? could this be a concession from the FED to Germany who is right now back-stopping the Euro, and ultimately the EU?
Could QE issuance (dollar volume) be closely or even directly correlated to gold price suppresion in terms of the money volume of the "pukes"? Is anyone studying this macro-phenomenon currently?
Cheers ZH'ers!
In other news, a local metal workshop reported the theft of 120 tonnes of tungsten. Police are baffled.
The Fed finally had some gold in the vault, thanks to the Ukrainians for allowing the US to "borrow" their gold. Hence the ability to ship it to Germany.
SERIOUSLY. This is a $5B drop in the bucket of a world where rounding to the nearest trillion is good enough. We're acting like a $5B move of physical gold means something? It is political and nothing else.
Really. Trillions are funny money, and it is not inconceivable, if the "great con" blows up, they will be worth same as Monopoly play money.
If/when that happens, gold will be more then precious, it will be once again the primary means of international transactions again, until a new funny money order is established.
funny money order, eh?
I have an idea (only gradjeated hi-sckool so bear with me). We should just go on a tungsten standard, and cut out the middle man altogether. Gold and silver are scarce and barbarous. We hate gold and silver (until we glom it all for ourselves).
Tungsten, now, that's the funny money order of the future.
Long Tungsten, bitchez.
Yes but doesn't that 5 billion represent roughly 500 billion in rehypothecation & derivitives and backing other worthless bull s*#t?
If you used a silver standard limited by a dollar/silver ratio AND make the gold reserve Sovriegn property and legislate a constitutional amendment making any transaction of the sovriegn gold reserve HIGH TREASON punishable by death, the Congress could limit the ratio of U.S. treasury Silver Certificate tied to US gold reserve.
Make a system of uncurruptable sound currency where the outstanding notional value tied to silver based on the concept of the Sovriegn Gold reserve.
This concept could operate on the premise that the currency is based on the faith in the sovereign's (the people's) gold reserve, which can never be used in any transaction under penalty of death.
...on the concept that the gold reserve can be increased but never decreased for any reason.
Since we currently operate on fiat we would only increase our power by ending the fiat FRB system and replacing the FRB chores to the Comptroller of Currency overseen by Congress.
No more WAR ON CREDIT!!!!!
END THE SHAKEDOWN THAT BEGAN IN 1913!!!
There is a way to have sound currency AND protect the gold reserve.
I hate to rain on anyones parade... but... right now, even if all the gold that should be in America's vaults, is there... or if it is not... will not affect anyone here when the SHTF.
If all the gold is there, then there exists 90% electronic money, 9% paper money, and 1% gold.
Whether it is 1% backed or 0% back is meaningless. When the SHTF, you will get nothing for your dollar.
What matters is what YOU have.
funny how that percentage changes as price is "discovered"
Thanks for this inane comment.
the whole house of cards is glued together with trust - and it's running out.
Wefoundyourgold?
What happened is that the German bankers have been reading comments on ZH, came across the oft-repeated "if you don't hold it, you don't own it" mantra, and said, "Damn! Vee got notting! Notting!"
"Fee got nussingk! Nussingk"
Fixed that for you.
And another banker bites the dust. http://www.infowars.com/body-of-missing-aig-executive-found-in-golf-cour...
gives new meaning to the term "water hazard"
"All 120 tonnes was in the shape of dental appliances."
~ Hyman Schmoikel, reporting live for the History Channel.
With the announcement today by the Bundesbank that the German’s have allegedly repatriated 120 tonnes of their gold held abroad in the United States and Paris, serious questions have immediately begun to emerge about the shady way this co-called repatriatration has taken place. This piece takes a trip down the rabbit hole of today’s shady Bundesbank announcement. Eight crucial comments on this, right HERE.
So they may or may not have got their physical gold. All countries governments should know how a bank run works as you need to be first in the queue to get anything. Obviously this is different with the USA as they have all the pysical gold which they have been looking after and can be repatriated whenever they want. Afterall it isn't as if there is an impending financial crisis with fiat money on the horizon.
Was Merkel promised the transfer of 85 tons of gold from the NY Fed to Germany in return for sacrificing the economy of Germany to US sanctions against Russia?
An excellent question.
WO IST MEIN GOLD?
Do you have it, or is it sold?
I suspect a slimy caper
You'll try to pay with your paper
I am stupid to trust your word
you slimy floating stinking turd
Is that German haiku ?
http://nukeprofessional.blogspot.com/2014/12/radiation-in-pacific-ocean-real-data.html
Radiation up 472% in the Pacific
This post consists of:
1) Real radiation measured in Hawaii ocean water using boiled off samples taken and measured by the nukepro.
2) Original "background radiation" levels in the ocean.
3) Analysis of what it means
1) Measured Radiation
Inspired by Dana Dunford, I hooked up with a friend in Hawaii who had a small enough dinghy it could be transported by hand and launched on the beach. We went to Rabbit island which is a small island off Oahu's windward coast.
Its very simple to explain why this takes so much time. Allow me to explain.
1) the fed has to print some money.
2) Fed mails that money to a guy sleeping in an empty vault with the sign "Germany" on the door.
3) guy goes online and buys gold eagles and maple leafs until money* runs out.
*except about $50
4) guy goes to home depot and buys blowtorch and propane tank.
5) guy melts coins into mold.
I heard it's a pakistani midget in that vault that dopes the buying.
They probably transported it during the 'charlie' shutdown.
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So why do you need to sell them if they can make you Filthy rich ?
I've got three coming! I'm gonna be rich, RICH!
Wait, there's a knock at the door....
Meanwhile, as we speak, the price of gold is going ... down.
That gold won't be enough Germany., better start depegging and getting the hell out of Dodge.
Maybe that big chunk of rock heading our way about January 26th will hit The Fed.
http://rt.com/news/219879-potentially-dangerous-asteroid-earth/
Couldn't happen to nicer boys and girls.
I won't start to cheer till they tell me the impact will be 38.8951° N, 77.0367° W
The announcement of this repatriation and the CHF depegging.
Is it coincidental?
This repatriation could hardly have been arranged since the depegging?
It looks like Russia is heading to the right path..::
Richest Russians Repatriate Assets After Putin Turns Tax ScrewTail risk Bennie https://www.youtube.com/watch?v=NQc8iPxG8v4 can kicking before IMF neo-con war crime tribunal..... LOL
Better check for Tungsten.
Germany sends its kindest gratitude to Ukraine, whose gold, now long gone, is most likely to be found in a far safer, and remelted, state somewhere in the bowels under Wilhelm-Epstein-Straße, number 14 in Frankfurt am Main.
Nothing like holding the real story until the last sentence!
Anyone who believes Germany got more than a few token original gold bars returned is naive, or a NWO stooge. Now that Germany has everything it needs from Ukraine... woops, forgot those energy pipelines through EU-kraine. Never mind.
Germany doesn't need the EuKievNAZIreign pipeline for the energy, China does.
Russia wants it's money back - I wonder if Germany would be kind to help Russia.
Meet the next finance minister of Greece:
http://www.bloomberg.com/video/feb-28-greek-deadline-is-artificial-syriz...
First impression : he could rip your head off.
Then he speaks, and he makes nothing but perfect sense. I hope he gets the chance and follows through with what he is saying. He does talk a lot of compromise. There is also some irony when a bald man talks of a haircut.
DIDN'T TAKE LONG. ANOTHER DEAD BANKER. Forex trader who worked for HSBC and Royal Bank of Scotland and as head of Forex Trading for National Australian Bank, walks into the mountains on the day Swiss dump the Euro, found dead four days later.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11386699
Fat guy had chemically induced heart attack
Far Out: Gold is now higher than Pt!
why do CB, hide, store and protect gold? the public is never allowed access to view the states gold hoard..the german navy could transport it's NY gold in one operation, yet we are told it is not possible. Audit the gold in the NY FED and ft knox, not possible, congress told neyt. NO, never.
so we are left with theory ,conjecture..as to why..when you hide what is a simple process (audit & transport)..of an item many value, the answer is:
truth would destroy something more important..that is what we look to find..what would the truth shine a light on?
They SAY gold has been transferred, but who has done an audit in any of these countries? I need proof before I believe the words of bankers or politicians.
Exactly what most gold watchers have been saying... "I'll believe it when I see it." and most of them never expect that to happen.... which is why govts can get their gold back, as long as they really don't get it back, but relisted on their books in a new normal kind of way..... gotta keep up appearances or the sheep might start waking up... never a good thing for the wolves.
That will be the only real money in Germany in a few months...
I think the real reason the Germans want their gold back is because they foresee the collapse of the euro and a revived Dm will need to be backed by something of substance that accurately reflects Germany's real economic status and that will be trusted by their trading partners. This assumes that not only the euro, but the entire AngloZionist system goes nuclear and that the principal activity on Wall St/City of London, will be an increase in the levels of feral pigeon-shit.
Continuing the fireworks in the auction room were two of only four known Continental dollars in silver. Partrick's 1776 Newman 1-C Continental Dollar XF40 NGC, America's first silver dollar and a coin of tremendous historic importance, realized $1,527,500, a superb price mark matched by another coin dating to the early days of the nation, a 1776 Newman 3-D, EG FECIT Silver Continental Dollar MS62 NGC.
Seems like a pretty big deal doesn't it ... a $1 coin for $1.5M. Just for perspective (and remembering the FED has brought us an average 4%/yr inflation since its inception), this gain amounts to just 6.1% per year ... about 2% net of inflation. Whoopie!!!