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Bundesbank Confirms German Gold Held By FED, BOE and Banque De France

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From GoldCore

Bundesbank Confirms German Gold Held By FED, BOE and Banque De France

Gold’s London AM fix this morning was USD 1,559.00, EUR 1,213.61 and GBP 969.95 per ounce.

Yesterday's AM fix was USD 1,563.00, EUR 1,213.79 and GBP 972.62 per ounce.

Gold fell $22.70 to close at $1,558.60/oz in New York yesterday. Gold edged up in early Asian trading to $1,560/oz prior to renewed selling that saw the price fall and gold briefly pierced below support at $1,550/oz prior to a slight bounce higher in early European trading.

Cross Currency Table – (Bloomberg)

Support remains at $1,550/oz and below that level could see gold test strong support at $1,523/oz and $1,533/oz – the lows in December and September 2011 respectively.

Lower bullion prices triggered a “flurry of activity in the physical market” according to Reuters, with purchases from jewellers in the world’s largest buyer India and also Southeast Asia keeping premiums for gold bars steady at $1.20 to London prices in Singapore.

A physical dealer in Singapore told Reuters that "jewellers have been buying a lot. At the moment supply is a bit tight for immediate delivery. Refiners can't deliver immediate gold because there's a sudden surge in demand. We're seeing demand from India, Thailand and Indonesia.”

However, the dealer told Reuters that the market is not “short of physical gold bars right now.”

Sharp increases in mining costs mean gold will need to reach $3,000 an ounce in five years for the industry to stay profitable, the World Gold Council said yesterday. Mining costs have increased significantly in recent years and cost of production alone suggests that gold will have to rise to much higher levels in the coming years. Otherwise, many mining companies will go bankrupt creating an even bigger supply crunch.

Bundesbank Confirms German Gold Held By FED, BOE and Banque De France

Germany's Bundesbank confirmed yesterday that the German gold reserves are held overseas by the Federal Reserve, the Bank of England and the Banque de France.

There has been a lack of clarity and transparency regarding the German gold reserves, as there are with many other nations gold reserves, and this had led politicians and journalists seeking transparency.

The Bundesbank has previously resisted calls for a more transparent accounting of the German gold reserves.

Some Germans are concerned about the risk of contagion in the eurozone and the risk that the single currency could fall apart. They wish to know that the German gold reserves are secure and can be relied upon in the event of a currency crisis.

The Bundesbank said it has complete confidence in valuations and the security of its gold holdings at other central banks and said that "there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held."


Gold in USD – Daily (1 Year)

Germany's central bank has the world's second largest holdings of gold after the United States, about 3,400 tonnes of gold valued at nearly 140 billion euros, according to the Bundesbank.

The German parliament, the Bundestag, has been examining the accounting of German gold reserves at the Bundesbank. The parliament's Budget Committee, one of the most powerful committees in the German parliament, had requested a critical report by the Federal Audit Office.

"The decision has been unanimous," the paper quoted the Christian Social Union budget expert Herbert Frankenhauser. The newspaper report alleged "account cheating" regarding the German gold reserves.

According to a Bild report, the federal auditing office complained of "inadequate diligence of the accounting of the gold reserves, which are stored in some foreign countries. Repatriation of the gold reserves is encouraged.”

The Bundesbank confirmed that it, like many central banks, keeps part of its reserves in vaults at foreign central banks and said some of its gold is held at the Federal Reserve Bank of New York, the Banque de France and the Bank of England.

It declined to say how much gold in total is held overseas or how much gold is stored with the Federal Reserve, Bank of England and Banque de France.

The Bundesbank statement said it had complete confidence in the integrity of the central banks where the gold is held.

"From these central banks, the German Bundesbank annually gets confirmation of the gold holdings in troy ounces as a basis for its accounting," the Bundesbank’s statement said.

Central banks, particularly smaller ones with inadequate security or military resources to protect gold reserves, have traditionally kept some or all of their gold at foreign central banks, particularly the Federal Reserve, for security reasons.

However, the risk of contagion and a global financial crash has led to anxieties about leaving gold reserves with foreign powers and concerns that in the event of a currency crisis or international monetary crisis, emergency measures could lead to gold reserves being nationalised or expropriated in order to support currencies such as the dollar.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

OTHER NEWS

(Bloomberg) -- Platinum ETP Holdings Drop 1.1%, Biggest Decline This Year

Holdings in exchange-traded products backed by platinum fell 1.1 percent to 41.83 metric tons, data compiled by Bloomberg show. That’s the biggest drop since Dec. 2.

(Bloomberg) -- Platinum Used in ‘Non-Road’ Applications May Rise ‘Sharply’

Platinum used in “non-road” applications may rise “quite sharply,” said Peter Duncan, general manager of market research at Johnson Matthey Plc.

About 50,000 ounces of platinum was used in non-road autocatalysts last year, according to Johnson Matthey. That may double this year, he said. Off-road machinery includes lawnmowers.

(Bloomberg) -- Palladium Returning to Shortage After Biggest Glut in Four Years

Lower palladium sales from Russian state stockpiles and more demand from carmakers will mean a shortage of the metal this year after the biggest surplus in four years in 2011, according to Johnson Matthey Plc.

Investors sold 565,000 ounces and recycling rose 27 percent last year to a record 2.35 million ounces, producing a 1.26 million-ounce glut, London-based Johnson Matthey said today in a report. Demand from automakers climbed 8.1 percent to a record 6.03 million ounces. Platinum moved into a surplus of 430,000 ounces as South African inventory sales boosted supply and there will be a similar oversupply this year, Johnson Matthey said.

Both metals are mostly used in vehicle pollution-control devices and jewelry, with palladium favored mainly for gasoline- burning engines in the U.S. and Asia and platinum for diesels in Europe. The global economy will expand 3.5 percent this year even as the euro area contracts 0.3 percent, according to the International Monetary Fund. Palladium sales from Russian government inventories, a state secret, will drop 68 percent to about 250,000 ounces this year, the researcher and trader said.

Silver in USD – Daily (1 Year)

“The biggest influence in terms of the market balance is the lack of Russian stock sales,” Jonathan Butler, publications manager at Johnson Matthey, said in an interview in London. “Primary mine supply will remain pretty much flat. Autocatalyst demand is increasing due to higher vehicle output worldwide.”

Palladium for immediate delivery fell 9.2 percent this year to $595 an ounce by 9:05 a.m. in London today, after averaging a record $733.13 last year. It will average $715 in the next six months, Johnson Matthey said. Platinum, up 4 percent to $1,457 an ounce this year, averaged an all-time high of $1,721.24 in 2011 and will average $1,600 in the next six months, it said.

Palladium Supply

Palladium supply was little changed at a four-year high of 7.36 million ounces, Johnson Matthey said. Metal released from Russian inventories totaled 775,000 ounces last year and the bulk of remaining stockpiles will be sold this year, Butler said. Vehicles accounted for most of the increase in recycling.

Electrical use fell 2.1 percent to 1.38 million ounces and jewelry purchases slipped 15 percent to 505,000 ounces, the lowest level since 2003. Jewelry demand will probably decline again this year, Butler said. Palladium had a 530,000-ounce shortfall in 2010 and this year’s shortage will be “hundreds of thousands” of ounces, Butler said.

Platinum’s surplus last year followed a 25,000-ounce shortfall in 2010, the report showed. Supply jumped 7.1 percent to a four-year high of 6.48 million ounces as inventory releases in South Africa, the biggest producer, increased output in the country by 4.7 percent to 4.86 million ounces. Recycling rose 12 percent to a record 2.05 million ounces.

Auto Demand Climbs

Autocatalyst usage gained 1 percent to a three-year high of 3.11 million ounces and demand for the devices will remain “flat” this year, Johnson Matthey said. Investment slipped 30 percent last year to 460,000 ounces. Jewelry consumption rose 2.5 percent to 2.48 million ounces in 2011 and will be “slightly” higher this year, Butler said.

“We think platinum demand in jewelry should be pretty firm this year,” Lucy Bloxham, a senior market analyst at Johnson Matthey, said in London. “The year started quite well and it looks as though the consumer pull is there. In China, when the price dipped in the second half, and gold rose above platinum, we definitely saw an increase in purchasing by manufacturers.”

Rhodium Surplus

Rhodium’s surplus widened 58 percent to 139,000 ounces last year as supply and recycling rose faster than demand, Johnson Matthey said. A glut will probably persist this year even as consumption gains, it said. The commodity is mainly used in autocatalysts and also in the chemical and glass industries. It’s down 2.9 percent this year at $1,360 an ounce, according to Johnson Matthey prices on Bloomberg.

Ruthenium consumption slipped 14 percent to 809,000 ounces in 2011 on lower demand from the electrical industry. It’s mostly used for coating computer hard disks. Demand for iridium, used in spark plugs and for growing metal oxide crystals, declined 11 percent to 301,000 ounces, the researcher said.

“The conditions for further investment, whether platinum or palladium, are pretty strong,” Butler said. “There’s a very low chance of significant interest-rate rises this year, so the opportunity cost should remain low. Investment will remain positive for both platinum and palladium.”

NEWS

Gold falls to 4-1/2 month low on Greece risks‎ – Reuters

Gold miners need $3,000 price in five years – World Gold Council

Why Morgan Stanley believes gold may hit $2,175 in 2013 – Citywire

Gold Erases Year's Gains – The Brisbane Times

Palladium and platinum surge predicted – The Financial Times

IMF stresses need to increase reserves due to rising credit risk – Commodity Online

COMMENTARY

Jim Rogers: 2013 Going To Be A Mess – CNBC

Greece Exit, Euro-Zone Collapse, Spain and Portugal Will Follow Within 6 Months – The Market Oracle

Meet The Latest Converted Gold Bug: The IMF – Zero Hedge

A shift in Indian gold buying patterns? – MineWeb

Charlie Munger Versus Gold, History And Himself – Business Insider

 

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Tue, 05/15/2012 - 08:09 | 2426257 fonzannoon
fonzannoon's picture

I just read Bill Gross talk down treasuries again. He made sense. I then read that he cut his treasury holdings down to 1/3 of his flagship funds portfolio....who the fk owns 1/3 of something that they constantly make passionate arguments against.

Jim Rogers says he is holding more dollars right now than ever. He then goes on to totally trash the dollar.

It hurts bad right now but I am sticking with Schiff. At least the guy puts his money where his mouth is.

Tue, 05/15/2012 - 08:17 | 2426273 GetZeeGold
GetZeeGold's picture

 

 

You know it's crazy when the eggspurts start freakin.

 

I usually just buy more gold when that happens...at least I have more gold than Germany seems to have.

 

German Gold Held By FED, BOE and Banque De France....HA HA!

 

 

Tue, 05/15/2012 - 08:22 | 2426291 Harlequin001
Harlequin001's picture

Lower bullion prices triggered a “flurry of activity in the physical market” according to Reuters, with purchases from jewellers in the world’s largest buyer India and also Southeast Asia keeping premiums for gold bars steady at $1.20 to London prices in Singapore.

A physical dealer in Singapore told Reuters that "jewellers have been buying a lot. At the moment supply is a bit tight for immediate delivery. Refiners can't deliver immediate gold because there's a sudden surge in demand. We're seeing demand from India, Thailand and Indonesia.

Hey, fabulous reason for the gold price to be falling.  Now it all makes sense...

Tue, 05/15/2012 - 08:24 | 2426295 SheepRevolution
SheepRevolution's picture

If you don't hold it, you don't own it!

Tue, 05/15/2012 - 08:26 | 2426309 Harlequin001
Harlequin001's picture

Bullshit.

Tue, 05/15/2012 - 08:31 | 2426311 GetZeeGold
GetZeeGold's picture

 

 

I don't think going long bullshit is going to help. You should be able to get a good deal on it however....there's enough of it flying around.

 

Tue, 05/15/2012 - 08:35 | 2426320 Harlequin001
Harlequin001's picture

Tell that to the rest of the world. It went long bullshit many years ago...

I don't know about getting a 'good deal', getting out of the way of it is the difficult part, a bit like US dollars...

Tue, 05/15/2012 - 08:37 | 2426337 GetZeeGold
GetZeeGold's picture

 

 

Here......breath into this paper bag. Relax dude....you need to pace yourself.

 

Tue, 05/15/2012 - 09:23 | 2426495 Manthong
Manthong's picture

German gold in France. Hmm..

There must be some real threat to the physical safety of their physical.. maybe from those aggressive Dutch or Danes or Belgians.

I certainly understand the logic of keeping your counterparty risk-free assets at a counterparty, especially one whom you have had such close and cordial relations with over the last 100 years.

I would be a little reluctant to lend them any money though, because you don’t want too many of your eggs in the same basket.

Tue, 05/15/2012 - 10:25 | 2426859 mrgneiss
mrgneiss's picture

@Harlequin001 - anyone with more than a double digit IQ realizes the truism of "if you don't hold it you don't own it" when it comes to assets like precious metals, but it IS actually the case for stocks and bonds as well, most are just beneficiaries, not the owners:

http://sherriequestioningall.blogspot.ca/2012/03/own-stocks-and-bonds-think-they-are.html

 

Tue, 05/15/2012 - 11:00 | 2427039 Harlequin001
Harlequin001's picture

It's a truism for poor people.

The wealthy, or those with triple digit IQ's understand that if you don't own it you don't pay tax on it.

Go figure...

Tue, 05/15/2012 - 11:36 | 2427232 robertocarlos
robertocarlos's picture

People stealing your stuff is a different issue.

Tue, 05/15/2012 - 12:03 | 2427426 HungrySeagull
HungrySeagull's picture

Jahwol!

Nien Stier Haufen düngen ja?

Tue, 05/15/2012 - 08:29 | 2426312 Quinvarius
Quinvarius's picture

Pento is going nuts telling people to sell everything like he did last year before gold ran up to $1900.  Shortly after that bad call he left Euro Pacific.

Tue, 05/15/2012 - 08:33 | 2426318 GetZeeGold
GetZeeGold's picture

 

 

 

Pento.....wasn't that the character that dated dean Wormer's daughter in Animal House?

 

Tue, 05/15/2012 - 08:40 | 2426342 fonzannoon
fonzannoon's picture

I can't stand that worm Pento. What specifically is he saying to sell?

He is an assholeface. He said the long end of teh curve would sell off last year as QE2 ended. Then just after that he said (correctly) people would run to treasuries with the downgrade. At that point Schiff probably realized what a typical putz he was.

Tue, 05/15/2012 - 10:11 | 2426756 Ag Star
Ag Star's picture

Gold price dropping as zombie banks forced to give up collateral (physical gold) to pay their margin calls--not because anyone is selling!! Jim Willlie explains it in very simple terms.  

http://youtu.be/CWTovOz7aoQ

Tue, 05/15/2012 - 08:46 | 2426367 Don Diego
Don Diego's picture

Further proof Germany is not a sovereign country. It is a defeated power, occupied militarly that has not signed a peace agreement yet with the victors.

Tue, 05/15/2012 - 08:53 | 2426383 SWRichmond
SWRichmond's picture

Witness the power of guilt and shame.

If the Germans decide to repatriate their gold, it's effin' game on, bitches.  Show me the shiny.

Tue, 05/15/2012 - 09:40 | 2426593 Don Diego
Don Diego's picture

won't happen, and besides why do you think the US military stations over 50K troops there?

Tue, 05/15/2012 - 10:23 | 2426851 Ag Star
Ag Star's picture

They may not have gold or sovereignty but what they do have is stuff the world wants and needs:  best AUTOMOBILE industry in the world,  best MEDICAL IMAGING DEVICES,  they invented and perfected ROCKET SCIENCE, a highly EDUCATED POPULUS.  China and India need German expertese to provide infrastructure and the stuff a growing middle-class wants. Once they divide the Eurozone -- debtors from creditors, the creditor nations will quickly rebound as that huge burden is lifted.

 

Tue, 05/15/2012 - 09:37 | 2426568 eaglefalcon
eaglefalcon's picture

Dummkopf!

Tue, 05/15/2012 - 09:43 | 2426604 eaglefalcon
eaglefalcon's picture

I suppose that was the price Germany needed to pay for unification, or the condition the occupying powers demanded before pulling troops out?

Tue, 05/15/2012 - 13:14 | 2427910 harleyjohn45
harleyjohn45's picture

If  were Germany, I would hastily bring all my gold home.  I would also have it verified as to purity.  I'm like the guy from Texas, "trust everyone, but brand your cattle".

Tue, 05/15/2012 - 08:19 | 2426275 Harlequin001
Harlequin001's picture

'The Bundesbank said it has complete confidence in valuations and the security of its gold holdings at other central banks and said that "there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held.'

but, but they also said that Greece could be saved, and that a Euro exit was 'impossible'...

Haarrumppphhh!

Trust me, I'm a doctor...

Tue, 05/15/2012 - 08:43 | 2426347 XitSam
XitSam's picture

"Central banks, particularly smaller ones with inadequate security or military resources to protect gold reserves, have traditionally kept some or all of their gold at foreign central banks, particularly the Federal Reserve, for security reasons."

So they trust the Federal Reserve more than themselves. Ha ha ha.

Tue, 05/15/2012 - 08:55 | 2426375 Urban Roman
Urban Roman's picture

... safely stored in the vault at Lindt-Waldock ...

Tue, 05/15/2012 - 10:28 | 2426867 Ag Star
Ag Star's picture

If they have so much faith, why are they "encouraging repatriation of the gold"?  Chavez ain't no fool.  If you don't hold it--you don't own it!!!

Tue, 05/15/2012 - 11:04 | 2427058 Harlequin001
Harlequin001's picture

Chavez repatriated his gold in his attempt to undermine, and at the very least not support the global financial system which is heavily favoured towards the US.

If what you are saying is true perhaps you would be good enough to explain why toppled leaders now exit, or try to exit with their gold which is promptly taken from them at the border?

Don't you kid yourself...

Tue, 05/15/2012 - 08:50 | 2426379 ydderf1950
ydderf1950's picture

rogers is voting for the lesser of the evils short term. he owns gold and silver and is hedged. sounds pretty smart to me.

Tue, 05/15/2012 - 09:40 | 2426595 Cole Younger
Cole Younger's picture

If you are suggesting that fundamentals matter, they do not..If you want to make money..the trend is your friend..Schiff may be correct, but Rogers and Gross are making money...at least fiat money...

Tue, 05/15/2012 - 08:10 | 2426261 fonzannoon
fonzannoon's picture

Is it possible for the miners to seriously stockpile the metals they mine? Even if it is just for a while? Tell the market "so we want a lot more money for this?

Tue, 05/15/2012 - 08:16 | 2426269 Quinvarius
Quinvarius's picture

The market you see is dominated by paper promises to deliver gold in the future by banks like JPM.  That supply is endless...until some colossal bank derivatives trading screwup gets a bullion bank's books opened and audited.  But Jamie Dimon is too good to ever screw up like that and get the comptroller of the currency up his butt with a magnifying glass to discover true size of the losses in PMs JPM rolls over and rides on a daily basis.

Tue, 05/15/2012 - 08:16 | 2426276 cossack55
cossack55's picture

Jamie must be good, he has "good" hair. That is all the qualifications required.

Tue, 05/15/2012 - 08:32 | 2426315 disabledvet
disabledvet's picture

I think of a promise to repay as more of a Commandment actually. What are the other views on debt here?

Tue, 05/15/2012 - 08:55 | 2426384 SWRichmond
SWRichmond's picture

The thing you have to avoid is being the last moral person on the planet.

Tue, 05/15/2012 - 08:12 | 2426262 Quinvarius
Quinvarius's picture

I am sure they just shipped the gold to the US on a boat or a plane.  I am sure they didn't sell it while being credited paper gold in the USA.  I am sure the gold supply under the control of the gov shows a steady increase in global gold being stored at the Fed and Ft Knox. 

Not.

Tue, 05/15/2012 - 08:17 | 2426272 Mae Kadoodie
Mae Kadoodie's picture

Audit the Fed & Ft Knox.

Tue, 05/15/2012 - 08:27 | 2426307 SheepRevolution
SheepRevolution's picture

The Fed and the federal government would probably rather prefer to hand over the launch-codes for their nuclear bombs to China and Russia, than having the Fort Know being auditet.

Tue, 05/15/2012 - 08:51 | 2426330 GetZeeGold
GetZeeGold's picture

 

 

Even Ron Paul couldn't get an audit of Fort Knox......and he really really tried.

 

Tue, 05/15/2012 - 12:04 | 2427439 HungrySeagull
HungrySeagull's picture

No no no.

Start with Colonel Klink.

Tue, 05/15/2012 - 08:13 | 2426267 BlackVoid
BlackVoid's picture

German gold is held as hostage by these institutions.

Tue, 05/15/2012 - 08:31 | 2426313 Harlequin001
Harlequin001's picture

It's called 'plausible deniability'.

That way no self respecting German needs to lie to his/her own government...

Tue, 05/15/2012 - 08:36 | 2426324 GetZeeGold
GetZeeGold's picture

 

 

It's called 'plausible deniability'.

 

Crap....it was here just a second ago...

 

Tue, 05/15/2012 - 08:38 | 2426335 Harlequin001
Harlequin001's picture

Exactly, the Americans told us so, they said it was with the Brits, who always rely on the French.

and so rests the case for the defence M'Lud...

Tue, 05/15/2012 - 09:12 | 2426437 Badabing
Badabing's picture

"Crap....it was here just a second ago..."

“There has been a lack of clarity and transparency regarding the German gold reserves, as there are with many other nations gold reserves, and this had led politicians and journalists seeking transparency.


That pile of gold has been leased, rehypithedacated, paper margined over so many times that it is invisible vapor, how’s that for transparency!

Tue, 05/15/2012 - 08:16 | 2426271 cossack55
cossack55's picture

That is why it is important to win any wars (or world wars) you may start.

Tue, 05/15/2012 - 10:19 | 2426832 DosZap
DosZap's picture

Germans typically are intelligent, who shit in their H2o Supply?......................

If they have half a brain, they will get it all back home, lemme see, trust the Fed, YUP, trust the FROGS??,YUP.

Trust the LMBE which is up for sale?..........Oh, hell yes it's SAFE.

Tue, 05/15/2012 - 08:17 | 2426274 Short Memories
Short Memories's picture

All your gold is belong to us!

Tue, 05/15/2012 - 08:45 | 2426363 HellFish
HellFish's picture

All your gold ARE belong to us!

Tue, 05/15/2012 - 08:17 | 2426277 Debtless
Debtless's picture

You wanna see your gold Germany? Sure, we'll check with Bob Pisanme's schedule and we'll happily give you a tour of it. No looking at the serial numbers though ja?

Tue, 05/15/2012 - 08:20 | 2426279 Non Passaran
Non Passaran's picture

Rhodium - what a frikkin disaster.
$10K/Oz in 2008, $1,325 today :-)

Tue, 05/15/2012 - 08:25 | 2426297 the not so migh...
the not so mighty maximiza's picture

Its transitory

Tue, 05/15/2012 - 08:37 | 2426329 Quinvarius
Quinvarius's picture

Nadler said it was a good buy the whole way down.

Tue, 05/15/2012 - 08:46 | 2426361 GetZeeGold
GetZeeGold's picture

 

 

I hope it works out for him....because he sure didn't buy any on the way up.

 

Tue, 05/15/2012 - 08:38 | 2426333 Silverhog
Silverhog's picture

Showing your friends a bottle of brown dirt was not impressive. Especially when they laughed as you told them what you paid for it.

Tue, 05/15/2012 - 10:24 | 2426845 DosZap
DosZap's picture

Nadler say's best deal of century..........................

Rhodium - what a frikkin disaster.
$10K/Oz in 2008, $1,325 today :-)

Tue, 05/15/2012 - 08:19 | 2426280 JustObserving
JustObserving's picture

Possession is nine-tenths of the law.

Tue, 05/15/2012 - 08:20 | 2426281 Kina
Kina's picture

If they gave it to any US bank to look after they have no gold.

Tue, 05/15/2012 - 08:18 | 2426282 Poor Grogman
Poor Grogman's picture

 

 

"The German parliament, the Bundestag, has been examining the accounting of German gold reserves at the Bundesbank."

 

So its good enough for the germans to know where their money is.

 

But not Americans apparently....

Tue, 05/15/2012 - 08:26 | 2426306 EscapeKey
EscapeKey's picture

No doubt it's even better than that.

The BoE's gold is with the Fed and the Banque de France. The BdF's gold is with the BoE and the Fed. And the Fed sits on a lot of gold, it's just that you can't see it. But it's DEFINITELY there.

Leverage. Lots and lots of it.

Tue, 05/15/2012 - 08:36 | 2426327 Poor Grogman
Poor Grogman's picture

 

If you need to lie to maintain your power and control over others using fear as the major weapon.

 

What does that make you?

 

 

 

 

Tue, 05/15/2012 - 08:38 | 2426338 Harlequin001
Harlequin001's picture

a banker?

Tue, 05/15/2012 - 08:49 | 2426374 GetZeeGold
GetZeeGold's picture

 

 

a banker?

 

A paper collector.

Tue, 05/15/2012 - 08:56 | 2426392 SWRichmond
SWRichmond's picture

If you need to lie to maintain your power and control over others using fear as the major weapon.

 

What does that make you?

A government bureacratic employee.

Tue, 05/15/2012 - 08:40 | 2426340 disabledvet
disabledvet's picture

"with interest." Leverage..."with interest." those are the rules Wall Street! Pay your utility bill please!

Tue, 05/15/2012 - 08:57 | 2426389 Orémus
Orémus's picture

Banque de France's gold is present in its underground I confirm

at least the part Sarkozy did not sell

Tue, 05/15/2012 - 08:20 | 2426284 youngman
youngman's picture

And it is leased out several times to several different people...

Tue, 05/15/2012 - 08:44 | 2426351 anarchitect
anarchitect's picture

Yes, they also needed to ask how much has been leased, at least knowingly. The IMF's non-transparent accounting standards allow leased gold to be carried on the books as if it were in storage rather than as a receivable.

Tue, 05/15/2012 - 08:19 | 2426285 HurricaneSeason
HurricaneSeason's picture

Isn't that the gold that was lost on 9/11?  Don't worry, be happy, I'm sure it was insured.

Tue, 05/15/2012 - 08:26 | 2426303 Quinvarius
Quinvarius's picture

They found all that gold loaded on trucks underneath the building.  I guess the get away plan failed.  But I am pretty sure it disappeared after that anyway.

Tue, 05/15/2012 - 08:45 | 2426357 HurricaneSeason
HurricaneSeason's picture

That's why it's always good to have a low deductable on your insurance policy.  If it gets stolen more than once, I think you get to make multiple claims if you have a good policy.  It was probably an AIG policy and we know they'll pay.

Tue, 05/15/2012 - 08:23 | 2426296 earnulf
earnulf's picture

The Funny thing is that they believe what the FED is telling them regarding their gold.   after all, it's right there on the paper in black and white!      LOL!

Tue, 05/15/2012 - 08:24 | 2426302 the not so migh...
the not so mighty maximiza's picture

hahah look...its even been notorized.

Tue, 05/15/2012 - 08:56 | 2426391 GetZeeGold
GetZeeGold's picture

 

 

hahah look...its even been notorized.

 

Heh heh.....and we've got the paper to prove it!

 

Tue, 05/15/2012 - 09:00 | 2426402 StychoKiller
StychoKiller's picture

Lemme guess:  Notarized by Linda Green!

Tue, 05/15/2012 - 08:40 | 2426339 Quinvarius
Quinvarius's picture

Like a Madoff investor, they have no choice but to believe.

Tue, 05/15/2012 - 08:24 | 2426300 Croatian Patriot
Croatian Patriot's picture

Gold? What gold? There is no gold here?

Tue, 05/15/2012 - 08:34 | 2426317 MrNude
MrNude's picture

There is a story about the time the USA gold was audited, the week before, army bedrock vans where moving Gold into the vaults and then after the audit was finished they came a few weeks later and moved it back out. 

 

Tue, 05/15/2012 - 08:44 | 2426336 jez
jez's picture

"From these central banks, the German Bundesbank annually gets confirmation of the gold holdings in troy ounces as a basis for its accounting," the Bundesbank’s statement said.

 

So you don't have an auditing department, then? And it has never occurred to you to make unannounced visits to London and New York and Paris and to ask to see your gold? Hundreds of millions of dollars' worth, maybe billions, and you have never once wanted to check for yourself that it's all there?

 

Apparently not. These other three central banks knock themselves out and send you a bit of paper with numbers on it once a year, and that's good enough for you. Reading those bits of paper every year is the full extent of your responsibility to the German people.

 

Naw, I don't believe it. Bundesbank staff cannot possibly be this naive.

Tue, 05/15/2012 - 09:11 | 2426431 Eugend66
Eugend66's picture

Umm..mm, maybe that`s why the BIS exists, right ?

Tue, 05/15/2012 - 10:18 | 2426809 viahj
viahj's picture

to steal all the world's gold

Tue, 05/15/2012 - 08:51 | 2426341 Sudden Debt
Sudden Debt's picture

If you can't trust the FED now who can you trust right?

Let's just hope they didn't ship it to Venezuela by accident when they shipped it from England and Fort Knox a while back...

They even send a picture of the gold recently!

LOOK!

those asian guys are FED employees.... and that red flag in the background... with that yellow start and... must the FED logo or something...

yep... full... 100.... percent... confi... dence.....

 

must be a mistake...

Luckely we've build in some GPS trackers ;) Let's check...

....

....

that's strange.....

....

52.680 locations....

how could that be?

....

WHERE'S MY GOLD BITCHEZ!!!!!!! SHOW IT TO ME!!!!!!!

I WANT MY GOLD BACK!!!!!!!!!!!!

 

Tue, 05/15/2012 - 08:38 | 2426343 f16hoser
f16hoser's picture

Like Jim Rickards say's: "Posession is 9/10's of the law!" Good luck getting your Gold back from US Politicians.

Tue, 05/15/2012 - 08:39 | 2426344 Freebird
Freebird's picture

My grandmother's second cousinn removed, one eyed lesbian neighbour made USD2 Billion working part-time from home last month....

Tue, 05/15/2012 - 09:08 | 2426428 Jack Sheet
Jack Sheet's picture

..and which leather goods are you offering?

Tue, 05/15/2012 - 09:13 | 2426445 GMadScientist
GMadScientist's picture

That's some serious counterfeiting for a part-timer.

Tue, 05/15/2012 - 08:43 | 2426350 G_T_A_44
G_T_A_44's picture

Does the Bundesbank believe in Santa Claus and the Tooth Fairy?

Tue, 05/15/2012 - 08:47 | 2426365 Sudden Debt
Sudden Debt's picture

I sure would like to test that gold on mercury content...

 and would it be gold with teeth in it?

or teeth with gold on it?

is it stacked per ounce or per row of teeth?

 

Tue, 05/15/2012 - 08:48 | 2426372 savagegoose
savagegoose's picture

ITS GOOD THEY HAVE OZ'S, AS ITS A LOT HARDER TO HIDE TUNGSTEN CORES IN THEM

Tue, 05/15/2012 - 09:02 | 2426399 Unbezahlbar
Unbezahlbar's picture
"Longtime security supervisor arrested at NJ airport for using dead man's ID"

 

"Nigerian Bimbo Olumuyiwa Oyewole was known by his co-workers as Jerry Thomas. He was arrested Monday at his home in Elizabeth.

The Port Authority of New York and New Jersey says he had worked at Newark's Liberty International Airport for about 20 years and had passed background checks. It says he used the name Jerry Thomas since 1992, the year Thomas was killed in New York City.

The Port Authority said Oyewole entered the United States illegally in 1989...."

Read more: http://www.foxnews.com/us/2012/05/14/longtime-security-supervisor-arrested-at-nj-airport-for-using-dead-man-id/?intcmp=trending#ixzz1uwWHKEJb

Tue, 05/15/2012 - 09:05 | 2426412 TTaco
TTaco's picture

I see Gold going from here to there but I noticed within the biggest holders of Gold There is 2 Non-Countries which didn't have Shit 20 years ago and now are among the biggest holders and building in positions: Namely the IMF and the EU FLAG.... Ask yourself the right questions.I am just Sayin'

Tue, 05/15/2012 - 09:08 | 2426420 Central Wanker
Central Wanker's picture

Annual confirmation, my ass...

With a good probability, that statement has "gold and gold receivables" in one line item, just like in all central bank accounting nowadays.

They should have live video surveillance of the vault as well as german-speaking armed guards in there.

Tue, 05/15/2012 - 14:18 | 2428231 Sokhmate
Sokhmate's picture

receivables.. the beauty of accounting.

Tue, 05/15/2012 - 09:11 | 2426438 GMadScientist
GMadScientist's picture

"I can't be broke, I still have checks!" - BuBa

Tue, 05/15/2012 - 09:26 | 2426514 FunkyOldGeezer
FunkyOldGeezer's picture

Gold may well go to $1375 before it makes its big push up and if it ever went below $1175, the whole world would be to dos omething with it?

It's all too complicated for me. Why isn't Gold acting as a safe haven, when it should be? It's not as if there isn't enough bad news out there at the moment, but the FED will have its way, together with the Chinese, both of whom want it lower for different reasons.

 

Tue, 05/15/2012 - 09:29 | 2426540 Hondo
Hondo's picture

In other words Germany has no Gold when shit hits the fan............sell

Tue, 05/15/2012 - 10:00 | 2426705 Pseudolus
Pseudolus's picture

Beats me why anyone would expect German gold to be anywhere other than in the possession of the victors in the recent war

But then, little people have short horizons

Tue, 05/15/2012 - 10:39 | 2426928 jomama
jomama's picture

and just how much lower (in bennybux) can Au/Ag go, when all countries are devaluing their currencies at the same time??!

Tue, 05/15/2012 - 10:39 | 2426930 Herkimer Jerkimer
Herkimer Jerkimer's picture

So the Fed can show the Gerries their gold, but they won't show Ron Paul his?

What if they had none, and told the Gerries, "Nope. We sold it!"

What would the Gerries say? "Exactly what they said.

 

 

 

"They wish to know that the German gold reserves are secure and can be relied upon in the event of a currency crisis."

So if it's good enough for the CB's, how come it's not good enough for us muppets?

 

And they won't tell how much the other places are holding?

 

This smells.

 

•J•
V-V

 

Tue, 05/15/2012 - 10:46 | 2426966 BalanceOrBust
BalanceOrBust's picture

Why doesn't Germany keep its own gold?  It certainly could do it easily (and probably better and cheaper than the FED).

What would happen if Germany did repatriate its gold (or even half of it)?  I wonder if the FED has used the German gold "deposit" for rehypothecation purposes.

Any guesses?

Tue, 05/15/2012 - 11:09 | 2427071 HurricaneSeason
HurricaneSeason's picture

J.P. Morgan Chase gives them reward points for storing their gold in New York.  The reward points can be redeemed for travel, merchandise, gift cards or EVEN cash.

Tue, 05/15/2012 - 11:39 | 2427247 gnomon
gnomon's picture

The Germans only have themselves to blame.  If they would rearm, (truly rearm, nukes and all), then they could begin to be one of the "Big Boys" instead of a mercantile nation dependent on the U.S. armed forces and nuclear umbrella.  There is a cost to dependence, a high cost.  Their gold is not theirs, period, not with these crooks in charge in the most desperate of situations, i.e., globalized finances on the verge of a meltdown.

Tue, 05/15/2012 - 11:43 | 2427264 robertocarlos
robertocarlos's picture

When the German gold was shipped to the Fed, wasn't there a boating accident?

Tue, 05/15/2012 - 19:56 | 2429597 Youri Carma
Youri Carma's picture

LOlz, the central banksters are a trustable bunch, according to the Bundesbank.

"there is no doubt about the integrity and the reputation of these foreign central banks where the gold is held."

Truth is that they don't dare ask cause the gold simply isn't there anymore i.a.w. they can't handle the truth.

Thu, 05/17/2012 - 15:11 | 2436752 billychiam
billychiam's picture

Federal Reserve are holding physical gold, now german gold. There is a wealth transfer from german to US.

Gold price will still be steadily going up as long as Fed never stop printing paper currencies (US dollar).

Will we come back to physical gold and silver again as real money? At least we have to accumulate regularly before it is too late.

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