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Bundesbank Tries To Reassure Re Gold Reserves as Deutsche Bank Shocks With €6 Billion Loss Warning
The German Bundesbank released an inventory of its gold reserves yesterday in order to quell ongoing public concerns about the true amount of actual unencumbered reserves and the location of the reserves stored in vaults in Frankfurt, London, Paris and particularly in the New York Federal Reserve.
(Photo: Reuters)
The central bank said its gold reserves amount to 3,384 tonnes of gold worth just €107 billion at today’s prices.
The move is the latest by the central bank, which is in the process of trying to move its gold reserves back to Germany after the eurozone sovereign debt crisis broke out in 2012 and led to public concerns and questions about the safety of Germany’s gold reserves.
Germany’s gold reserves are the second biggest in the world after those of the U.S. but Germany has been struggling to repatriate its gold reserves from the U.S. Federal Reserve in recent years. This has created wider concerns about the U.S. own gold reserves.
See Bundesbank Announces Repatriation of 120 Tonnes of Gold from Paris and New York Federal Reserve
The Bundesbank also helpfully provided a massive 2,302 page report, presumably in an attempt to create further transparency and understanding of the issue which remains an important one to large sections of the German political and financial class and the public who are concerned about a new Eurozone debt crisis and the ongoing debasement of the euro.
During the Cold War the West German Bundesbank was happy to keep its gold in the U.S. in case of nuclear war or an invasion from East Germany and the Soviet Union. Today there are public concerns about the Federal Reserve’s gold reserves and the indeed the precarious U.S. fiscal situation.
Hence, the desire to have clarity re the exact nature of the amount and legal ownership of the gold (possible gold lending, swaps etc) and having the gold reserves on German soil again in case of another U.S, Eurozone and global financial crisis or indeed a likely global monetary crisis.
Deutsche Bank Shocks With €6 Billion Loss Warning
Coincidentally, on the same day Deutsche Bank has warned it will lose a whopping €6.2 billion ($7 billion) in the third quarter, its biggest quarterly loss in at least a decade and potentially ever.
Many of those voicing concerns about the gold reserves are also concerned about the still unreformed, out of control and very fragile banking system.
In a peculiar late night announcement that shocked analysts globally, Germany’s biggest bank blamed huge “impairment charges” of €5.8 billion, tied to a massive write-down in its corporate banking and securities segment for the unexpected losses. The bank said charges are related to “higher capital requirements” for Deutsche’s investment bank and the reduced value of its Postbank division, which is up for sale. Forecasts had been for profits of around €1 billion.
On top of this, the bank is setting aside €1.2 billion to cover litigation costs. Like other banks, Deutsche has been caught up in the Libor-rigging scandal, and faces another investigation in Switzerland for suspected price-fixing in the precious metal market.
Gillian Tett, ourselves and many others have warned that Deutsche and its massive derivative book has the potential to be a ”European Lehman Brothers”. Is Deutsche Bank, the largest holder of Warren Buffett’s “financial weapons of mass destruction” derivatives in trouble?
DAILY PRICES
Today’s Gold Prices: USD 1143.30, EUR 1011.59 and GBP 745.31 per ounce.
Yesterday’s Gold Prices: USD 1147.90, EUR 1021.45 and GBP 750.43 per ounce.
(LBMA AM)
Gold in USD – 1 Year
Gold was flat yesterday and finished just $1.20 lower, closing at $1145.80. Silver closed at $16.02, up another $0.22 for the day, a 1.4% gain. Euro gold rose to about €1019, platinum gained $11 to $943.
Read more on the GoldCore.com blog
IMPORTANT NEWS
Gold stretches streak of gains to a fourth session – MarketWatch
Gold treads water as dollar firms; awaits Fed minutes – Reuters
Germany’s Bundesbank lists all gold bars to silence sceptics – Reuters
Platinum Futures Rise to Two-Week High as Supply Concerns Mount – Bloomberg
Bundesbank to Doubters: Here Is Our Gold. Every. Single. Bit of It. – Bloomberg
IMPORTANT ANALYSIS
Silver Coin Premiums Soar Above 50% – ZeroHedge
Once the Biggest Buyer, China Starts Dumping U.S. Government Debt – WSJ
The World Map of Debt – Goldseek.com
We Aren’t Nearly As Worried About The Middle East As We should Be – DollarCollapse.com
How the Chinese Will Establish a New Financial Order – Casey Research
Read more News & Commentary on GoldCore.com
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I started spending 20% of monthly income on silver (poor mans gold) as soon as I started seeing headlines that banks (JPM) were starting to hoard this shit. Why would they speak of pm's as barbaric yet buy it up with both hands. Here's a letter Jamie Dimon wrote to shareholders in Apr, 2015.
http://files.shareholder.com/downloads/ONE/15660259x0x820077/8af78e45-1d...
Here's a link to an article claiming JPM is helping exhaust silver bullion supply 'cause they're buying so much.
http://www.goldcore.com/us/gold-blog/silver-bullion-buying-outstripping-...
And another:
http://goldsilver.com/news/why-is-jp-morgan-accumulating-the-biggest-sto...
And apparently they're stockpiling for the next crisis;
http://www.shtfplan.com/headline-news/there-will-be-a-more-volatile-cris...
This was enough to get me on the stacking bandwagon. The banks that are rigging the market and publicly bashing pm's are preparing for the next crash with pm's, then I think we ought to follow their lead. Just because they speak about how worthless gold & silver are, doesn't mean they believe the shit that comes out of their own mouths. If they did they wouldn't own 350 million ounces of silver and I'm sure they're still buying MOAAR. Long guns, bullets, silver, food & Bibles (if you're religious).
'During the Cold War the West German Bundesbank was happy to keep its gold in the U.S. in case of nuclear war or an invasion from East Germany and the Soviet Union.'
I don't understand. Gold had been deemed a 'barbarous relic' some 20 years before. Why go to all that trouble to ensure the safety of something with no apparent value ?
Six billion?
Hhhmmm, isn't that the amount that VW estimates it will cost them to resolve their diesel emmisions issue?
120 Tons of Gold is worth about $4.63 Billion USD also.
120 X 32,153 X $1200 per oz = $4.63 B USD
A six billion loss? Bonusesd all around then.
The Real Reason Belgium Sold 1,098 Tonnes Of Gold
TND Guest Contributor: Koos Jansen
http://thenewsdoctors.com/?p=517680
What's the tally on the claims for gold reserves, and who has first claim?
With all the buying-selling-buying-selling...of physical gold , the thieves and the crooks surrounding coveted physical gold in a time of crisis, how can ordinary people be sure there is only gold to the core inside the gold bars they buy.
Supposing the crisis deepens, Obama or the next president will certainly use the Citizens'Gold Confiscation Act ( April 5, 1933) as Roosevelt did in order to avoid the State's bankrupcy . Thus there could be a nice surprise when melting the bars !
We can imagine the physical gold owners' anger when Roosevelt suddenly announced, in 1933,( 1929 crisis had deepened) that owning physical gold had become illegal ( huge fines or jail) and that people had to give their physical gold to the State, receiving nice paper certificates instead.
:-|
Surprise face at Deutche Bank crapping out. Interest rate exposure is one thing (the CB's can swoop in on that), but they have significant derivative/CDS exposure tied to commodities/commodity trading firms that are continuing to blow up in their face.
31 tonnes of the 85 tonnes supposedly transferred from New York in 2014 actually came from Kiev.
I wonder where the other 54 tonnes actually came from?
22 carat coin melt (aka "the bottom of the barrel back of the vault dust covered shit")
Buba's gold bars are in question and probably encumbered. Critical information is missing from the gold bars list.
http://gata.org/node/15826
I still don't understand the connection between Central Banks and Jewelry.
http://www.tvacres.com/jewelry_mr_t.htm
http://www.complex.com/style/2013/01/indian-man-spends-over-22000-on-gol...
I have as much at the bottom of the fucking lake.
It's pet rocks til they get in a bind, then it's proof positive that everything is AWESOME!
Make up your minds you sillies.
Gold has been 're-hypothecated' via leases to at least a 54-to-1 ratio.
All the supposed 'gold storage', in NY, in Paris, in London, actually store only a fraction of what they are booked as storing.
To make good deliveries they have to close out leases. If they don't want to make the price skyrocket, they can simply wait until the lease expires at which point the party who leased the gold will return it... or at least return fiat paper money purporting to equal the current market price of Gold.
Or they could take out their own leases...which would drive up price.
Or they could take out their own leases while using short-contracts to simultaneously drive down the price...and then settle those contracts in fiat currency which they can create on demand.
Or they could simply start to confiscate Gold using civil forfeiture laws under the fictional legal pretext that all gold must be payment in some illicit transaction.
REGARDLESS
At some point any of these activities will result in a negative physical inventory in the gold markets, at which point everything collapses. Because you can't deliver 54 tons of gold when only one of those tons ever existed, the rest being accounting entries.
All the gold in the world won't save any economy since currency values have been bent and inflated so heavily, for so long. The only way we'll get back to any kind of actual physically based monetary system is for the entire world economic system to collapse completely and force all trading, from small to large to be based on an actual physical exchange mechanism. Time to burn it all down and start over.....
System collapse, hmmmmm. I think I'll take what's behind door number two. Maybe this will catch on and we can have a system adjustment instead of a collapse.
https://www.bitgold.com/?gclid=Cj0KEQjwqNiwBRDnq93MioaqtKQBEiQAb7Ezn8DOy...
210t still to be transferred from NYC until 2020 - I give it the same odds as a rate hike
2019 emergency meeting, they will agree to deliver until 2025, and so forth, it's a ponzi at best
What's gold?
Gold is a useless metal . It is neither edible nor hard enough to make good tools out of it . Like Fashion and Wall Street, its false value is entirely made by Rumour. Thus, we and our children have refused to own and wear jewels, even wedding rings .
Stick to your funny munney then jackass. When it takes a truck bed of that shit to equal 1 OZ of pm's will you still doubt "real money", that's been the standard for thousands of years up until recently?
I still can understand why people vehemently defend the NOT owning gold position. Unless they are .fed .ecb trolls, there is no logical reason for their position. Gold is at its most simple use an insurance policy that once purchased never expiries; and on a long enough time line stores wealth rather well. even the most financially inept understand the intrinsic value of gold..
www.teamramgold.com/about-us
If gold is so useless, why has it been used as money for 2500 years? Gold is used in technology, medicine, and art. Gold is still money and when this ponze collapese as all ponzis do, gold will return to it's rightful place in the world. Silver too. Gold is an essential collapse hedge. If you are without any when the collapse comes, you will quickly understand what we are talking about here at ZH.
Good luck,
;-D
Unencumbered.... hey that's a good one.. tell me another Joke.
Wait, I thought they were pet rocks. What is this madness they are spewing?
The usual BS about gold reserves.
I got that much under my tomato plants too.