Bundesbank Repatriates Gold From New York, Paris "Faster Than Planned"

Tyler Durden's picture

In January of 2016, the Bundesbank announced that three years after commencing the transfer of some of its offshore-held gold from vaults located at the Banque de France in Paris and the NY Fed in New York, it had repatriated a total of 366.3 tonnes, bringing the German central bank's gold reserves held in Frankfurt to 1,402 tonnes, or 41.5% of Germany's total gold of 3,381 tonnes, for the first time greater than the 1.347 thousand tonnes located at the New York Fed, which as of January 27, 2016 held 39.9% of Germany's official gold.

"With approximately 1,403 tonnes of gold, Frankfurt has been our largest storage location, ahead of New York, since the end of last year," said Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank. "The transfers are proceeding smoothly. We have succeeded in once again significantly increasing the transport volume compared with 2014. This means that operations are running very much according to schedule," added Thiele last January.

As a reminder, according to its gold storage plan, unveiled in January 2013, the Bundesbank would store half of Germany's gold reserves in its own vaults in Frankfurt am Main by 2020 which would  necessitate a transfer to Frankfurt of 300 tonnes of gold from New York and all 374 tonnes of gold from Paris. It also meant that as of January, another 111 tonnes of gold from the NY Fed and 196.4 tonnes of gold from Paris remained to be transfered.

The "politically correct" motives for the transfer, as well as the logistics and the mechanics behind it were explained in a March 2015 video released by the Bundesbank...

... the real reasons, however, is that following several reports on this website which cast doubts on Germany's gold holdings, in late 2012 the German Court of Auditors demanded that the Bundesbank undertake an audit of its gold reserves. Specifically, the court wanted to ensure that the nearly 3400 tons of gold, of which more than 2,000 tonnes held offshore, is in fact in existence - 'because stocks have never been checked for authenticity and weight'.  The move to repatriate was only accelerate following rumors that much of the offshore-held gold might have been "rehypothecated", and not be there anymore, that it might have been melted down, leased, or sold.

Ironically, at the time, Bundesbank Board member Carl-Ludwig Thiele told the Handelsblatt that these moves were a “trust-building” measure, and he tried vigorously to put the rumors about the missing gold to rest. Of course, repatriating your gold from foreign central banks is precisely the opposite of a "demonstration of confidence."

What made matters worse is that at the end of 2013,
the Bundesbank announced it had managed to repatriate only 37 tonnes of
the total 700 scheduled for redemption, further spooking the local
population and suggesting that conspiracy theories that the gold was
missing were in fact accurate.

As a result, following blowback from both the media and the public, the Bundesbank accelerated its activity, and repatriated 120 tonnes in 2014 and another 210 in 2015, implying that the Bundesbank's faith in its foreign central bank peers had declined in inverse proportion to the following accelerated redemption schedule as of January 2016.

Almost one year later, last Friday, Germany's Bild reported that in 2016 the Bundesbank has repatriated "more of its gold than planned", as it moves toward relocating half of the world's second-largest reserve at home.

"We brought back significantly more gold to Germany in 2016 again than initially planned. By now, almost half of the gold reserves are in Germany," Bube president Jens Weidmann told the German publication.

As Reuters added, in the wake of the European financial crisis, many ordinary Germans have demanded to see more of the 3,381 tonnes of gold in vaults at home. "Some had even questioned whether it still exists, prompting the Bundesbank to publish a long list of details on the gold holdings in 2015."

According to Bild, around 1,600 tonnes of Germany's gold reserves are now in the country, a figure set to rise to 1,700 tonnes by 2020.

This means that the Bundesbank repatriated roughly 200 tonnes of gold in 2016, comparable to the 210 tonnes its brought back to Frankfurt in 2015, and the total held domestically  amounts to 1,600 tonnes at the end of 2016, just shy of the 1,700 or so planned to be repatriated over the next three years, suggesting that for some unknown reason, the German central bank has aggressively pushed forward the redemption timetable ahead of its scheduled completion in 2020.

Neither Bild, nor Weidmann, explained why after initially dragging its feet on gold relocation in 2013, over the past two years the German central bank has demonstrated a curious sense of urgency in repatriating its gold.  In any case, we are confident that the German population will be happy to learn that nearly half of its gold is now on domestic soil, just in time for the holidays.

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koan's picture

I'm sure their Muslim masters are thrilled.

Wake the fuck up Germany.

38BWD22's picture



Actually that's a very good point you raise.

Keeping some German gold (audited) in NYC might not be a bad idea were the Muslims to take control of Germany (very possible).

Yes, Germany should WTFU before it's too late!

Manthong's picture

..all that paper weighs about 3 ounces…

It can be Fedex’d for about 25 bucks when it absolutely, positively has to get to Frankfurter over-nicht.


Looney's picture

Should Donald Trump open up Fort Knox for an audit?

<<<   Yes

<<<   No fuckin’ way!

Looney   ;-)

The Last Mofo Standing's picture

All that empty space at Fort Knox should be used for something don't you think?

The Last Mofo Standing

Justin Case's picture

Has tear gas stored there. They might need it sooner than they need gold.

bigkahuna's picture

obie and shill store their "collection" there.

Manthong's picture

with enough yellow props,,, could make for a good Bond movie.

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) Manthong Dec 26, 2016 10:50 AM

I repatriated muh gold from a pawn shop. Why is this not in teh news?

BaBaBouy's picture

GOLD Etf's Are being Drained daily.

+ Germany getting back some of its Phys GOLD.

= Related ???

TheVillageIdiot's picture

keen insight actually. if one looks at the dramatic redemption of ETFs for Gold this year in conjunction with the dramatic repatriation of AU bullion by central banks... I would think that the means and mechanisms for offering clandestine ETF certs is gone...

Dame Ednas Possum's picture

Game on when Fritz demans the remaining 50% from NY. 

BaBaBouy's picture

Don't fool yourselves, Everyone Wants The Phys GOLD...

AlaricBalth's picture

Germany gave France plenty of time to mine (steal) gold from Mali.

From 2013:

Wed, 01/16/2013 - 17:32 | 3159944 (http://www.zerohedge.com/news/2013-01-16/it-will-take-fed-seven-years-de...) AlaricBalth (http://www.zerohedge.com/users/alaricbalth)

http://www.zerohedge.com/sites/default/files/pictures/picture-46814.jpg (http://www.zerohedge.com/users/alaricbalth)

Germany wants their gold holdings repatriated to home soil. They have asked the French to return all of their gold, at a rate of 50 tonnes per year until all 374 metric tonnes are received.

The French have just commenced military operations in Mali. Mali is Africa's third largest gold producer. Mali, this past year, increased its gold production by just over 50 metric tonnes.

Is anyone else seeing the connection here?

I'm willing to bet that France does not have Germany's gold and the Bundesbank has given them a few years to mine it from Mali. Yet the Mali source must be secure, hence the military must make sure the gold flows.

BarkingCat's picture

Let's not forget the gold robbed from Ukraine and Libya. 

Killdo's picture

a friend of mine used to be a roomate and best friends with a former governor of Tennessee - I told him to ask his friend about the gold at Fort Knox. Sadly before they were supposed to meet last year my friend died (he was 83) 

MFL5591's picture

Who wants Gold?  Warren the con man said its a barberic relic and the wall street serwer rats have hammered it for 5 years through paper fraud.  Why would they want an asseet that Dent said is going down and worth nothing?  Why not hold paper dollars, after all they go up no matter how many trillion are printed?

Manthong's picture

Who wants gold?

I dunno...

..but the ask for on my 25-year-old "pre-owned" watch is  $4k moar than I paid for it.

jefferson32's picture

Haha. Reminds me of the hasbara video Alex Jones posted the other day saying "Saudi Arabia has control over Hollywood and needs to be stopped".

Herd Redirection Committee's picture

LOL.  (((House of Saud))) are cryptos and most certainly Zionists.  Muslim world is going to be pissed when they finally figure that one out.  Not before Saudi Arabia pumps most of the oil and the Saud family gets the heck out of Dodge though!

So they are closely related to those who control Hollywood... In the ideological sense (at the very least).

Looney's picture

Dupe! It's Bush's fault!   ;-)

Looney's picture

Duper! Twas Andrew Jackson's fault!  ;-) 

bamawatson's picture

dupest --- michael jackson's fault

philipat's picture

So how come that doesn't tally with the US NYFed data for Gold held on behalf of Foreign Governments? There is something fishy going on here. Although, I suppose, paper Gold is paper Gold, wherever it's "Kept"?

Bay of Pigs's picture

Only the William Dudley knows...

Kirk2NCC1701's picture

The Muzzies take over Germany, and you worry about the gold?

Really? Did some bearings fall on you? (friendly ribbing)

The PM will be the least of their problems, if Salafists take over, and won't matter in the big scheme of things.

sinbad2's picture

The US got Germany's gold by telling the Germans the Russians were going to steal it.

Fool me once, shame on you, fool me twice, shame on me.

LasVegasDave's picture

Explains the low price of gold.


US is scrambling to buy back the gold it sold years ago to finance deficit spending and make extortion payments  to dindu nation


Uncle sugar is the big physical buyer and is directing the whole manipulation from behind the scenes.

groaner's picture
groaner (not verified) koan Dec 26, 2016 11:24 AM

I thnk everyone who thinks Trump is our saviour will be sadly mistaken. All this hatred and terrorism has been fabricated by the Israel Mafia/Cabal. Trump is deeply in bed with them and he is nothing but a puppet in their hands. They are so clever and have been succesful in their art of destruction of the human race, with the ability to play both sides to confuse us.

That aside give this video a watch, Morris108. He has lots of videos giving the real overall picture of whats going on. The bottom line is you cant trust what you hear from the media nor any government. Living in the last days kids, the choice is yours.


Bendromeda Strain's picture

When you are ragging on the Synagogue of Satan©, make sure the director gets blame, not just the actors.

groaner's picture

Exactly. These people get their power from Satan whom they worship either directly or indirectly. Satan offered Jesus all the Kingdoms of the world if he would do 1 act of worship to him. Jesus did not deny that fact and 3 times in the book of John he state Satan is the ruler of the world. There is a World War going on right now and its going to come to a head very soon. Its a war based on universal soveingty between Satan and the true God Jehovah, who is the rightful ruler. 

ZH Snob's picture

Neither Bild, nor Weidmann, explained why after initially dragging its feet on gold relocation in 2013, over the past two years the German central bank has demonstrated a curious sense of urgency in repatriating its gold.

Could it be because they know about an international revaluation of gold against fiat currencies that is coming soon?  Rickards thinks it is the least painful way out of the debt problem to price it at about 10K/z.

Clock Crasher's picture

Goldmoney adds another vault

premiums 0.5% in 0.5% out

Royal Candian Mint



ZeroGold's picture

That is funny, coming from a country under muslim leader.

HowdyDoody's picture

So Germany is finally getting something for being the US biatch, and destroying the EU as directed. Just like the Dutch got a nice dump for fixing the MH17 investigation and reports. The only question is - where was the gold stolen from in order to pass it on to the Dutch and the Germans? Libya? Ukraine?


Holy hand grenade of Antioch's picture
Holy hand grenade of Antioch (not verified) HowdyDoody Dec 26, 2016 9:18 AM

They got it from that dude that robbed the armored car, plus the Indian shirt guy.

HowdyDoody's picture

Dang, you're right. I forgot about those two. The timing of the Loomis hit was dead on.


froze25's picture

The "Germans" didn't destroy the EU, the EU was started based on phoney accounting, it was doomed from the beginning.

zeronetwork's picture

OK, so what about America? Running on phony accounting since 1929?

Manthong's picture

geez.. so I am not the only guy that saw into the 130 finger f'ng ton douche-bag payoff  MH-17 Ukranian shoot-down report scam the moment it happened........

Justin Case's picture

Most likely. I heard that a refiner saw bars of gold with Deutsche Bank stamp on them for resmelting to the standard good delivery bars for Hong Kong.

They smelters are very busy I hear. Dubi is openning a few.

BarkingCat's picture

>>>>The only question is - where was the gold stolen from in order to pass it on to the Dutch and the Germans? Libya? Ukraine?<<<<



CPL's picture

More gold than the last batch shipped?  That's a fancy way of saying they shipyped nothing and they are still short 560000 tonnes of it.  They keep it up and they're going to send collection agents that aren't particular about how they retreive it.

buzzsaw99's picture

burka that gold bitchez

nmewn's picture

Larger than expected!

shamus001's picture

Now why would a centuries old bank, whom is going bankRUPT, rush to import "Pet Rocks"?

You Only Live Twice's picture

Because the European real Bankers (i.e. Rothschilds, etc.) see the writing on the wall. They see that China, Russia, India and Iran are quickly expanding their reserves, probably with the intent of somehow declaring the Gold Standard at some point in the future. And, they know that their banking and trading will shift East and they want to be prepared. Also, it probably means that Germany has at some point in the future, as the Euro collapses, some intention of going back to acquiring its own currency, which if it is to trade with the Eastern nations, will have to be backed by Gold.

Justin Case's picture

I don't think there will be a true gold standard. The USSA would need gold at $50,000.00/oz to cover their paper liabilities. Gold price would be astronomical in price, of the known reserves. Gold backed currency is a banksters constraint to printing money. That was the original reason for going off the gold standard. Merica defaulted. When currency was backed by gold/silver the inflation rate never went over 4% for a period of 200 yrs.

What is plausible, is a ratio of gold to currency, so to put a floor on the currencies. A currency backed by a percentage of gold.