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Germany to G20: German Gold “Must Remain Off Limits”; Italian Gold Sale Again Proposed In Germany

Tyler Durden's picture




 

From GoldCore

Germany to G20: German Gold “Must Remain Off Limits”; Italian Gold Sale Again Proposed In Germany

Gold is trading at USD 1,767.90, EUR 1,283.90, GBP 1,101.60, JPY 138,011, CHF 1,583.90, and AUD 1,711.70 per ounce.

Gold’s London AM fix this morning was USD 1,764.00, GBP 1,102.78, and EUR 1,286.65 per ounce.

Friday's AM fix was USD 1,756.00, GBP 1,096.47, and EUR 1,269.61 per ounce.


Cross Currency Table

Gold prices have risen in all major currencies due to safe haven
demand for bullion on concerns that the debt crisis in Greece, Italy and
much of the Eurozone may lead to contagion in markets.

Italian 10 yr government bond yields have surged to 6.61% and saw an
inter day high of 6.676% which has contributed to sell offs in European
stock indices which followed their Asian counterparts lower.

The ‘safe haven’ Swiss franc has fallen sharply against all
currencies including the euro and especially against gold. Gold in Swiss
francs has surged 2.4% - from CHF 1,556 to 1,590.


IMF Global Gold Reserves (Million Ounces) 

Germany has rejected proposals by France, Britain and the US to have
German gold reserves used as collateral for the Eurozone bailout fund.

Germany Economy Minister Philipp Roesler said on Monday that the
German people's gold reserves cannot be touched and “must remain off
limits."  

"German gold reserves must remain untouchable," said Roesler, who is
head of the Free Democrats (FDP), a partner in Chancellor Angela
Merkel's coalition.

Roesler added his voice to opposition to an idea proposed at the G20
summit of using reserves including gold as collateral for the euro zone
bailout funds.

The Bundesbank and Mr. Seibert, spokesman for Merkel, said Sunday
that they too ruled out the idea discussed at the summit of Group of 20
leading economies last week.

Mr. Seibert dismissed media reports yesterday that the plan to boost
bailout funds, to aid Italy or another large euro zone country, would
require Germany to sell off part of its gold and foreign exchange
reserves.

“Germany’s gold and foreign exchange reserves, administered by the
Bundesbank, were not at any point up for discussion at the G20 summit in
Cannes,” he said.

Mr. Seibert was responding to proposals to sell about €15 billion of
Germany’s gold reserves of over 3,000 metric tonnes, worth a reported
€139 billion.

A Bundesbank spokesperson said it was aware of the plan and said the institution “rejected” plans to touch federal reserves.

The Sunday Frankfurter Allgemeine newspaper said the
initiative marked a fresh round in an ongoing struggle between the
Bundesbank and the Merkel administration over reserves the bank manages
on behalf of the German people.

The Irish Times reports that today’s finance ministers’ discussion is part of a wider strategy by the ECB to sound out the possibility of gaining control over the gold reserves of the euro zone’s central banks.


Bloomberg Composite Gold Inflation Adjusted Spot Price – 1971 -2011 (Monthly) 

Italian Gold Sale Again Proposed in Germany 
Senior German politician, Gunther Krichbaum, a lawmaker in
German Chancellor Angela Merkel’s governing coalition and Chairman of
the Committee on the Affairs of the European Union of the German
Bundestag has proposed that Italy sell its sizeable gold reserves in
order to lower its debt.

Krichbaum, who chairs the German parliament’s European Affairs
Committee, was quoted as saying in the Rheinische Post that Italy’s gold
reserves are relatively high and could be used to pay off their
sizeable debt.

Using periphery nations’ gold reserves as collateral has been on the
agenda in Germany for some months with many influential German
politicians calling for debtor Eurozone nations to sell their gold
reserves.

Angela Merkel’s budget speaker and his opposition counterpart urged
Portugal to consider selling their gold in May of this year.  

Senior Minister and rival to Merkel, Ursula von der Leyen, demanded
that the debtor ‘PIIGS’ countries offer Germany more reliable guarantees
and allow it access to their gold reserves and industrial facilities as
payment for loans.

Gold’s value as money and as a strategically important monetary asset is being slowly realized again. 

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

SILVER 
Silver is trading at $34.45/oz, €25.05/oz and £21.46/oz 

PLATINUM GROUP METALS 
Platinum is trading at $1,630.25/oz, palladium at $654.75/oz and rhodium at $1,525/oz. 

NEWS
(Bloomberg)
Italian Gold Sale Raised by CDU Lawmaker, Rheinische Post Says

(Reuters)
German Economy Minister: Gold Reserves Cannot be Touched 

(Reuters)
Gold rises after Greek coalition, Italy eyed

(MarketWatch)
Gold moves higher; Germany won't use gold for EFSF

(Bloomberg)
Gold Climbs to Six-Week High as Greek, Italian Risk Stokes Haven Demand

(Irish Times)
Berlin blocks plan to use Bundesbank to top up bailout fund 

(Reuters)
CFTC issues update on long-running silver probe

(News-Antique.com)
Jar filled with $20 Double Eagle gold coins expected to raise £80,000 for heirs of Jewish refugees

COMMENTARY
(Zero Hedge)
G-20 Demands German Gold To Keep Eurozone Intact; German Central Bank Tells G-20 Where To Stick It

(Wall Street Journal)
The Extraordinary Popular Delusion of Bubble Spotting

(MarketOracle)
John Mauldin: Stupid Government Tricks, Let’s Tax the Millionaires, Where Will the Jobs Come From?

(The Journal.ie)
Interview: Max Keiser on Ireland, Bankers and Why the Euro Will Collapse

(Wall Street Journal)
A Warning From the (Old) Bundesbank

(Got Gold Report )
Got Gold Report – Bargain, Bargain, Bargain!

(SilverSeek)
CFTC's evasion after 3 years investigating silver is answer enough

 

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Mon, 11/07/2011 - 08:51 | 1852502 transaccountin
transaccountin's picture

but gold is just tradition; whats the big fuss?

Mon, 11/07/2011 - 08:54 | 1852511 sqz
sqz's picture

Let's see how many people don't realise he's [sarcastically] quoting Bernanke :)

Mon, 11/07/2011 - 09:00 | 1852530 paarsons
paarsons's picture

Let me tell you something.

Gold is good.  But it can't cover the price of your soul.

Fuck gold and silver--right in their metallic asses.

What? Living in a hut with pork and beans is your idea of a good time?

http://fucklloydblankfein.blogspot.com

 

Mon, 11/07/2011 - 09:51 | 1852571 Pladizow
Pladizow's picture

Are zee Germans under the impression that they can eat their gold?

Perhaps they should seek councel from Doug Kass or Warren Buffet?

Bring the gold: http://www.youtube.com/watch?feature=player_embedded&v=_qO66Rmi1Mw#!

Mon, 11/07/2011 - 11:28 | 1853080 Bring the Gold
Bring the Gold's picture

I'm Bring the Gold and I approve this political message.

 

That video was the inspiration for this name about 3 years ago :D

I laugh every time I watch it. Leprechaun's love their barbarous relics...and rap.

Mon, 11/07/2011 - 11:41 | 1853154 FEDbuster
FEDbuster's picture

Seems like the barbarous relic is still coveted, maybe the Germans can give up some of their wonderful forests to create more paper?

Mon, 11/07/2011 - 09:41 | 1852696 caconhma
caconhma's picture

It it increadible but France, UK, and USA are treating Germany not much better than Libya.

Mon, 11/07/2011 - 09:46 | 1852722 bernorange
bernorange's picture

Some people cling very strongly to their traditions.  Gold is the currency of central banks.

www.pmbug.com

Mon, 11/07/2011 - 08:57 | 1852523 CPL
CPL's picture

It's the looting that gets people in a dizzy.

 

Looks like PM's are reacting this morning.  Gold, Silver and Oil are the gods of the market this morning.

 

Going to be a shitty day for bonds.

Mon, 11/07/2011 - 09:01 | 1852535 WestVillageIdiot
WestVillageIdiot's picture

I went to bed and stock futures were way up.  I just got up and stock futures are way down.  But now they are coming back up.

What will be the catalyst to drive the stock market up? 

Gold and silver are up more than 1%.  But as with all of the phony stock rallies of the past 3 years the little guy gets to pay for it by way of higher oil prices.

Could somebody let me know what gas is at nowadays?  I don't drive and I seldom pass a gas station.  I'm just curious what the little guy is paying at the pump to make sure Barry and Benny's stock market rally continues.  Thanks. 

Mon, 11/07/2011 - 09:08 | 1852557 Stax Edwards
Stax Edwards's picture

The price at the pump has not been this low since Feb '11

http://www.eia.gov/oil_gas/petroleum/data_publications/wrgp/mogas_history.html

Mon, 11/07/2011 - 09:21 | 1852615 CPL
CPL's picture

It is cheaper than milk or pop...lol

 

You could check gasprice.com.  Those guys have stats on oil prices.  The government agencies...not sure what they are doing anymore.  Don't even bother using them as a fence post for retail energy sales anymore, it simply not in their best interests to provide timely and useful information.

 

the eia is also the same rocket science division that told us about the huge gains in oil production since 2005 when the case has been quite the opposite.  I would trust a hedge fund manager before the civil servants to give me a proper prospectus on the current state of the only commodity on the planet that matters.

Mon, 11/07/2011 - 11:45 | 1853180 FEDbuster
FEDbuster's picture

Milk on sale around here is under $2/gal., cheap soda is .69 cents for a 2 liter, gas is still over $3.

Mon, 11/07/2011 - 13:55 | 1853860 CPL
CPL's picture

Live in Canada.  The minimum wage might be 10.45 an hour but you certainly don't get much for it.

 

Bottle of no name soda is $2 bucks.  $3 for a 2 litre bottle of the real stuff.  Chicken, not breast, legs and thighs is 3.99 a lbs.  Breast is around 6 per pound.  If you buy a whole cooked chicken with fixings at the grocery store it's a $20 with a little change back.

 

Milk runs about $5 a gallon, well 4.70 for four 1 litre bags, then with taxes on top it's five.

Mon, 11/07/2011 - 09:16 | 1852588 CPL
CPL's picture

Depends where you are I suppose.  It's 1.28 a litre, which is around $5 a gallon, not including the 15% sales tax in Ontario/Canada/HST, so it's really 5.75 a gallon.

 

Heating oil is around .03 less than the pumps.  To heat a home just with oil, it's around $2500 Canadian (same expressed in parity in USD) for a 1400 sq ft home with forced air and water heating during the winter, $1500 for the rest of the year.

 

The oil is going up because of inflation.  The rallies are the central banks pumping money directly into the markets via JPM/GS and any number of POMO participants in the banking/investment cartels.

 

Reason I am paying 4 dollars a pound for medium ground beef and three years ago I was paying .89 a pound.  When it's on "sale" it's 3 a pound.  Which has lead me to just do what i did in the 80's and 90's, buy a cow and split the cost with other people.  For $800 (split from $1600) you get a LOT of meat and you get to pick it.  Don't even talk to me about fish, anythign you want to eat is $10+ a pound, the bottom feeding harbour fish (which are disgusting Talipa, Blue Gill...yuck) is cheap because it's about the same as eating a sewer rat.

Mon, 11/07/2011 - 09:26 | 1852643 WestVillageIdiot
WestVillageIdiot's picture

Thanks.

Mon, 11/07/2011 - 10:34 | 1852856 boiltherich
boiltherich's picture

I guess it really does depend on where you live, here regular can be found at $3.69 a gallon, though most are still charging $3.90 and since my car uses high octane I fueled up at $4.14 yesterday.  Of course wholesale spot price on NYMEX is just $2.68 so the difference between rack and retail is about the widest it has ever been and that constitutes the largest profits for distributors and retailers they have ever known.  Just a few years ago, 2008 in fact, the difference between NYMEX and what I paid at the station was generally in the range of 30-35 cents per gallon, now it is consistantly over a buck. 

Compare this to the Houston region, and a few other places, where gas is $3.05, if they are making a profit and staying in business at $3.05 per gallon there why is it almost $4 here?  Because this region has some 4 small local distributors who can easily fix prices, and while that is stone cold illegal there is no longer anyone in government interested in law enforcement which could remotely help the 99.

That dollar per gallon markup represents an economy killing gouging event that if the government had ANY design to protect consumers or help with jobs it would put a stop to.  But, years of corrosion of our consumer protections (under both parties but especially BushCo and anything to do with oil) has lead to a total grab-it-while-you-can attitude.  And it is ongoing proof that unfettered unregulated "free markets" don't work, well, they do work for a few top executives that have a bonus plan based on how much they can rape the nation for. 

Mon, 11/07/2011 - 11:50 | 1853206 FEDbuster
FEDbuster's picture

Beef is getting expensive (they say next year will be worse), but chicken is cheap.  How the hell can they sell boneless, skinless chicken breasts for a $1.50/lb.?

Mon, 11/07/2011 - 13:34 | 1853759 boiltherich
boiltherich's picture

Do you live on a poultry farm?  Because here Fred Meyer has boneless breasts on SALE for $3.99 a pound this week.  They also have Hillshire Farms susages and kielbasa at $3.99 normally $4.28 and now in the new and improved size of 13 ounces rather than that whole pound they were till a few months ago.  Before last spring I used to get those two for $5 when they were still a pound and they were on sale about every other week.  Just as well, I don't really want to think what they are made of and the fat content, lard, I mean lord.  The inflation rate for these is (don't mind the smoke I am doing math in my head) like 112%.  Almost as high a rate as hamburger.  What really got me in the market yesterday was tortillas, I remember not that long ago when tortilla based food was an end of the month staple because they practically gave them away, under a buck.  Now, $3.19 for ten tortillas. 

Mon, 11/07/2011 - 09:34 | 1852666 Snidley Whipsnae
Snidley Whipsnae's picture

"What will be the catalyst to drive the stock market up?"

..............................

Plunge Protection Team

Rumors spread by media of all stripes

Idiots running around with their hair on fire screaming 'the sky is falling'.

Mon, 11/07/2011 - 10:59 | 1852947 Citxmech
Citxmech's picture

The POO is what's scaring me at this point.

Mon, 11/07/2011 - 08:59 | 1852531 Reven
Reven's picture

If gold is a tradition, what is paper money, Mr. Bernanke?

Mon, 11/07/2011 - 09:02 | 1852537 WestVillageIdiot
WestVillageIdiot's picture

A crime

Mon, 11/07/2011 - 12:58 | 1853585 prole
prole's picture

Dear Charmin, (cough) what is the difference between what you do and what Mr. Madhoff does?

Mon, 11/07/2011 - 09:11 | 1852568 sunnydays
sunnydays's picture

That is what they say - but it is "Do as we say not as we do" with gold.  Why are the central banks trying to make gold grabs when they all say it is worthless in reality.

But the Germans don't realize their gold is already gone it is all tungsten sitting at Fort Knox and it has already been given to all the countries and banks in bailouts. 

It really would be great if Germany asked for their gold from the Fed.  THEN things would get really interesting.  So interesting that I would bet war would begin with Germany for some made up reason or another.  Just like Libya, Iraq or any country who dares puts gold above the U.S. dollar.

Mon, 11/07/2011 - 10:08 | 1852790 knukles
knukles's picture

Stop it!  Stop!
I can't take any more of this gold, that gold, my gold, your gold, yes, no, maybe gold, whose gold, fools gold....

Just give it to me and I'll hold it in a segregated account until ya'll getcher shit unfuzzied.

Mon, 11/07/2011 - 08:52 | 1852504 Vlad Tepid
Vlad Tepid's picture

If you want it off limits, Fritz, you'd better get it out of New York...sticky fingers there...

Mon, 11/07/2011 - 08:56 | 1852522 topcallingtroll
topcallingtroll's picture

I wonder if it is all comingled in a Gordian knot of leases.

Does anyone have segregated accounts any more?

Mon, 11/07/2011 - 09:04 | 1852543 WestVillageIdiot
WestVillageIdiot's picture

Ask MF Global's old customers. 

I love when collateral is used for collateral as collateral because the collateral needed to be collateral to back up other collateral. 

Mon, 11/07/2011 - 09:10 | 1852563 Clint Liquor
Clint Liquor's picture

Yes, MF Global reminds us that counter-party risk is everywhere. Except physical Gold.

Mon, 11/07/2011 - 11:03 | 1852970 Uncle Remus
Uncle Remus's picture

That sounds incestuous.

Mon, 11/07/2011 - 08:52 | 1852505 spinone
spinone's picture

G20 has some balls asking for Germany's gold.

Mon, 11/07/2011 - 09:07 | 1852554 CPL
CPL's picture

Balls?  Meh, they'll give it up like a girl on prom night because of some demented logic that the situation can be fixed.  They have to loot the shit out of Italy, Portugal, Spain and Ireland first before going after France and Germany.  Meanwhile attempting to seize pensions from people in Greece and Italy.

 

However as one of the Tyler's has brought up.  Only reason the situation is being raised at all is because nobody trusts anyone on that tiny spit of land called europe anymore. 

 

I'm personally waiting for Turkey to eat Greece and Northern Iraq for the fait d'accompli as part of a risk management project with the Chinese.

http://www.todayszaman.com/news-262011-end-of-road-in-sight-in-decades-o...

The ottoman empire didn't die, it was just sleeping for a little while.

Mon, 11/07/2011 - 10:01 | 1852774 Idiot Savant
Idiot Savant's picture

Yes, and it takes even bigger balls to ask for this;

Senior Minister and rival to Merkel, Ursula von der Leyen, demanded
that the debtor ‘PIIGS’ countries offer Germany more reliable guarantees
and allow it access to their gold reserves and industrial facilities as
payment for loans.

 

Mon, 11/07/2011 - 10:18 | 1852808 Commander Cody
Commander Cody's picture

G20 tacit admission that only hard assets have true value.  All other solutions just add more paper bullshit to the already overflowing heap.

Mon, 11/07/2011 - 08:52 | 1852507 GeneMarchbanks
GeneMarchbanks's picture

60% of the Au is where again?

Mon, 11/07/2011 - 09:03 | 1852539 Sudden Debt
Sudden Debt's picture

Like they said: At the center of the world!

Unfortunatly, some morons thought that the center of the world was America...

SO JUST TAKE THAT 5$ SHOVEL AND DIG!!!

Mon, 11/07/2011 - 08:53 | 1852509 ziggy59
ziggy59's picture

Notice how no one asks the US to sell it's gold? Why bother..when HP inkjets are so convenient to order online

Mon, 11/07/2011 - 08:53 | 1852510 max2205
max2205's picture

I wish they'd say ' no fuckIng way FUCKTARDS'

Mon, 11/07/2011 - 09:00 | 1852534 Kr4sh35
Kr4sh35's picture

They SHOULD say "Nuts!".

Mon, 11/07/2011 - 09:05 | 1852547 WestVillageIdiot
WestVillageIdiot's picture

In a way this is a redux of the Battle of the Bulge.  "Hey, Klaus, is that a gold ingot in your pants or are you just happy to see us?"

Mon, 11/07/2011 - 11:44 | 1853171 Uncle Remus
Uncle Remus's picture

Smells more like Treaty of Versailles, and we all know how that worked out.

Mon, 11/07/2011 - 08:54 | 1852513 agent default
agent default's picture

Anybody else here think that the Germans are pushing it a bit too far lately?

Mon, 11/07/2011 - 09:04 | 1852541 qussl3
qussl3's picture

They arent pushing hard enough frankly.

They if they allow the status quo to continue, they WILL pay.

Perhaps not through hyperinflation, but recaping the ECB, higher inflation and other transfer payments tend to add up.

Not to mention when it becomes clear only they have the production to pay for anything, their bond yields will reflect it.

Paying for 500% of your GDP in BS transfers so the Greeks can avoid taxes, the French play games with labor laws aint going to fly in Germany.

Mon, 11/07/2011 - 08:55 | 1852514 topcallingtroll
topcallingtroll's picture

Wow.

The Germans are acting as if gold is important.  They won't let go of any gold for any reason any more.

I am not a gold bug, but if this isn't a ringing endorsement of gold I don't know what is.

I still hold to my topcall that we have seen the top in gold for the year.

Mon, 11/07/2011 - 09:54 | 1852750 ViewfromUnderth...
ViewfromUndertheBridge's picture

I like your top calls so far...

Mon, 11/07/2011 - 13:35 | 1853765 jomama
jomama's picture

in dollar terms, you could be right. 

too bad i don't care too much anymore about dollar terms.

Mon, 11/07/2011 - 08:55 | 1852515 bdc63
bdc63's picture

Gold is going to $1800 today!!!!!

Mon, 11/07/2011 - 08:56 | 1852521 GeneMarchbanks
GeneMarchbanks's picture

resistance @1780

Mon, 11/07/2011 - 09:45 | 1852720 ViewfromUnderth...
ViewfromUndertheBridge's picture

See the London am fix today...$1,764!!!

If that doesn't ring a BIG bell for you brush up on your Jim Sinclair and Jesse Livermore.

Let's see if they can paint an ORD with all the MF Global liquidations this afternoon...it's now or never for them.

Mon, 11/07/2011 - 09:46 | 1852723 CPL
CPL's picture

Depends how silver gets pushed around.  Since the beginning of PM markets silver has always been used to punish gold.

 

Right now though, I'm going with your call on 1780.  If it breaks that, L2 next is in and around 1900-2000.  My trade platform doesn't know what to do with the pricing right now because there hasn't been enough trade information about it to value it properly.

 

The heuristic model on spreads is pointing at $2400 by year end.  However it is only that, heuristics, a machine guessing on valuation.  Not entirely sure what to do today.  PMs and CDS say go short, government and inflation says go long.

 

So that means only one thing.  Don't do anything and stay out of the trades.

Mon, 11/07/2011 - 11:03 | 1852968 boiltherich
boiltherich's picture

I say the dollar is toast for the moment, due to hopes of euro can kicking and both euro and BOJ interventions, and that will push gold higher even if it is uphill, when TSHTF in the Eurozone and Italy has to apply to the ESFS or Greece is gone from the EMU then it will be different, both gold and the dollar will be safe havens at least for a while.  Soon enough it will be just PM's as safe haven. 

Mon, 11/07/2011 - 11:14 | 1853017 Smiddywesson
Smiddywesson's picture

So that means only one thing.  Don't do anything and stay out of the trades.

With an unlimited number of potential trades out there, this somehow remains the single biggest obstacle to good trading: Walking away from a set up.

Mon, 11/07/2011 - 15:37 | 1854310 CPL
CPL's picture

Looks like anyone thinking their pension is going to be worth anything are going to be in for a surprise if this keeps up.

 

Oil, Gold and Silver and going for a big walk up hill after being kept down for the last month of talking about printing money.

 

Suggestions to anyone with a business you will have to start charging extra tommorrow to keep up with all this economic "growth".

 

Just from that last jump at 2 o'clock I'm hiking my rates up by 10% just to counter this bullshit.  Glad I've got adjustments built into my current contracts.

Mon, 11/07/2011 - 14:10 | 1853927 bdc63
bdc63's picture

GeneMarchbanks "resistance @1780"

cut through that like butter

Mon, 11/07/2011 - 08:55 | 1852516 navy62802
navy62802's picture

After all, gold isn't money, right?? Hahaha ... this farce just keeps getting better and better.

Mon, 11/07/2011 - 08:55 | 1852518 zhanglini
zhanglini's picture

In other words --- beggers get to choose!

Mon, 11/07/2011 - 08:56 | 1852520 Dick Darlington
Dick Darlington's picture

And the ugliest man in IMF trumpeting the NWO

*LAGARDE: LOSS OF BUDGETARY SOVEREIGNTY NEEDED TO BENEFIT OF ALL

Uh huh...

Mon, 11/07/2011 - 08:57 | 1852525 GeneMarchbanks
GeneMarchbanks's picture

Scary stuff Dick.

Mon, 11/07/2011 - 08:58 | 1852529 topcallingtroll
topcallingtroll's picture

The tragedy of the commons being repeated in finance.  What benefits individual countries is harmful to the whole, and ultimately harmful to the individual.

Mon, 11/07/2011 - 11:16 | 1853022 Smiddywesson
Smiddywesson's picture

*LAGARDE: LOSS OF BUDGETARY SOVEREIGNTY NEEDED TO BENEFIT OF ALL

Ex. 2:  Hank Paulson's TARP now or we are all dead

 

Mon, 11/07/2011 - 09:19 | 1852604 WestVillageIdiot
WestVillageIdiot's picture

And we all know possession is 9/10ths of the law.

Mon, 11/07/2011 - 09:57 | 1852760 ViewfromUnderth...
ViewfromUndertheBridge's picture

When Schact went to look at it under the NY Fed in the early 1930s they could not find it!

Mon, 11/07/2011 - 08:57 | 1852527 MFL8240
MFL8240's picture

Bernanke doesnt care about Gold, he told Ron Paul it is not money so why not lend US Gold to Italy??

I would insist my Gold to be in my own country if I were any of the PIIGS, use the toilet paper they print to pay back your debts or Fuck the Germans, dont pay them a dime and reintroduce the Lira and wash all your debt away.  Starting over is the best way to go in Greece, Italy, Portugal, Ireland, and the rest of these countries.

Mon, 11/07/2011 - 09:04 | 1852544 bdc63
bdc63's picture

"Gold is money.  Everything else is credit."  J. P. Morgan testifying to congress in 1912

Mon, 11/07/2011 - 09:00 | 1852536 HD
HD's picture

So the the G20 assumes all of Germany is irretrievably stupid. They know the euro will fail - they just don't know when.

Mon, 11/07/2011 - 09:04 | 1852545 chaartist
chaartist's picture

as Bernanke told us some time ago, gold is just a tradition..really? http://www.youtube.com/watch?v=2Dj9v9s9buk

Mon, 11/07/2011 - 09:53 | 1852746 El Hosel
El Hosel's picture

...    Its not money unless you can wipe your ass with it.

Mon, 11/07/2011 - 09:12 | 1852573 jmcadg
jmcadg's picture

How fuckin' rich. France asking Germany to put up it's gold reserves, let alone UK and US.

Put up your own reserves you retards. Not the UK please, we've got fuck all left after Gordon Brown handed it out like sweets at a tea party.

Mon, 11/07/2011 - 09:15 | 1852582 mccoyspace
mccoyspace's picture

"Ve müst have access to your industrial facilities..." love it.

Mon, 11/07/2011 - 09:24 | 1852628 Kokulakai
Kokulakai's picture

 

 

Sovereign gold, leased to bullion banks, remains but a ledger entry.

Germany, and Italy hold only the memory of gold.

 

Mon, 11/07/2011 - 09:34 | 1852667 apberusdisvet
apberusdisvet's picture

The reality is that no nation in the West has the gold it claims; it is all in the Rothschild vaults, except for a few 1000 tons that the fork lift keeps moving around for audit time.

Mon, 11/07/2011 - 09:39 | 1852671 johny2
johny2's picture

Germany already gave most of its gold away. It is already off limits to them and it is going to remain that way.

Mon, 11/07/2011 - 10:00 | 1852699 PulauHantu29
PulauHantu29's picture

The yellow metal again!

Why do all Central Banks and some Penrsion Funds (UT, Michigan...) and Insurance companies (NWML) suddenly want to buy all this barbaric metal?

Mon, 11/07/2011 - 10:21 | 1852820 Odin
Odin's picture

Becuase they know what is coming... Complete collapse of over inflated fiat currencies... First the Euro, then the U.S. dollar.........Phyzzz stack bitchez!

Mon, 11/07/2011 - 09:45 | 1852717 Zer0henge
Zer0henge's picture

Put up their gold where and with whom?  The Fed?  The IMF!

Mon, 11/07/2011 - 09:47 | 1852724 Undecided
Undecided's picture

I will buy back into the paper game, when the all seeing eye and Pyrimid are removed from the bills.

Mon, 11/07/2011 - 10:27 | 1852830 buckethead
buckethead's picture

RFID FTW!

Mon, 11/07/2011 - 09:53 | 1852745 RoadKill
RoadKill's picture

I don't understand why Germany is lending Greece, Portugal, Italy or Spain a single dollar when they have gold, silver, shares in local companies, islands etc.. to sell.

I'm not a gold bug, so it wouldn't be the #1 thing on my shopping list, but it's better then nothing.

Mon, 11/07/2011 - 10:29 | 1852837 Don Diego
Don Diego's picture

not so incredible. Germany (and Japan) is not a sovereign country… the 50K Gis stationed there at huge expense are there for a reason.

Mon, 11/07/2011 - 10:33 | 1852851 PaperWillBurn
PaperWillBurn's picture

FOFOA's latest

 

Moneyness

 

 

Mon, 11/07/2011 - 10:45 | 1852901 boiltherich
boiltherich's picture

The stiff necked attitude that German assets/gold are off limits in the ongoing soap opera called Eurozone finance is a great example of why the EMU must fail totally.  Sure it is OK to demand PIIGS offer up the best of their crown jewels and gold and such, at bargain basement pricing no less, not as collateral for a loan but as tribute to those who deign to even help, even as the "helping" bloc of nations also makes as a condition of aid the PIIGS ruin their own competitiveness with higher corporate taxes and interest on the bailout loans that is higher than the lenders market rates, i.e. vig.

If the Germans were serious about an economic union or a "federal Europe" they would not only put their gold in the kitty they would make it a condition for all nations who would be in the Euro.  This tight fisted clinging to their gold while demanding others put theirs up as collateral demonstrates nothing but the sure fact they are planning for a post eurozone economy.

Tue, 11/08/2011 - 03:49 | 1855728 StychoKiller
StychoKiller's picture

Germany to the G20:  "No, you can't fsck my Frau!"

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