Germany to Review Bundesbank Gold Reserves in Frankfurt, Paris, London and New York Fed

Tyler Durden's picture




 

From GoldCore

Germany to Review Bundesbank Gold Reserves in Frankfurt, Paris, London and Federal Reserve Bank of New York

Gold’s London AM fix this morning was 1682.50 USD, 1278.69 EUR and 1068.53 GBP  per ounce.

Yesterday's AM fix was  USD 1,685.60, EUR 1,282.24 and GBP 1,068.26 per ounce.

Gold fell $31.20/oz or 1.8% in New York yesterday and closed below the $1,700/oz level at $1,674.10/oz. Gold has traded in a range between $1,670/oz and $1,680/oz in Asia and early European trading and is now trading at $1,677.40/oz.

Support is at the 200-day moving average at $1,677/oz and below that between $1,650/oz and $1,660/oz. A more severe sell off could see gold fall to $1,600/oz and then to $1,500/oz but this is unlikely given continuing strong demand especially from Asia.

Volume yesterday in most active April futures topped 237,000 lots, making Tuesday the third highest day in terms of turnover in a month. This compares with Feb. 29's 343,493 lots of volume, the largest for one day of trade since Sept. 23 2011.

Asian shares fell for the third day in a row on Wednesday as investors grew more risk-averse, with renewed uncertainty over Greece's bailout and mounting worries about slowing global economies overshadowing support provided by ample liquidity. European shares have eked out gains in early trading.

German lawmakers are to review Bundesbank controls of and management of Germany’s gold reserves.  Parliament’s Budget Committee will assess how the central bank manages its inventory of Germany’s gold bullion bars that are believed to be stored in Frankfurt, Paris, London and the Federal Reserve Bank of New York, according to German newspaper Bild. 

CDU foreign policy expert Philip Missfelder (left) and Ralf Schuler BILD reporters in front of the Federal Reserve Bank of New York

The German Federal Audit Office has criticised the Bundesbank’s lax auditing and inventory controls regarding Germany’s sizeable gold reserves – 3,396.3 tonnes of gold or some 73.7% of Germany’s national foreign exchange reserves.

There is increasing nervousness amongst the German public, German politicians and indeed the Bundesbank itself regarding the gigantic risk on the balance sheet of Germany's central bank and this is leading some in Germany to voice concerns about the location and exact amount of Germany’s gold reserves.

The eurozone's central bank system is massively imbalanced after the ECB’s balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week, 31% bigger than the German economy, after a second tranche of three-year loans.

The concern is that were the eurozone to collapse, Bundesbank's losses could be half a trillion euros - more than one-and-a-half times the size of the Germany's annual budget.

In that scenario, Germany’s national patrimony of gold bullion reserves would be needed to support the currency – whether that be a new euro or a return to the Deutsche mark.

The German lawmakers are following in the footsteps of US Presidential candidate Ron Paul who has long called for an audit of the US’ gold reserves.

It is believed that some 60% of Germany’s gold is stored outside of Germany and much of it in the Federal Reserve Bank of New York.

Germany and other central banks may follow in Hugo Chavez’s footsteps and repatriate their gold to Germany so as to have direct possession of and ownership of their gold reserves in order to be better prepared for a systemic or monetary crisis.

Jim Rickards has outlined possible plans by the Federal Reserve to commandeer Germany’s and all foreign depositors of sovereign gold at the New York Federal Reserve in the event of a dollar and monetary crisis leading to intensified “currency wars” and the ‘nuclear option’ of a drastic upward revision of the price of gold and a return to a quasi gold standard is contemplated by embattled central banks to prevent debt deflation.

OTHER NEWS

(Reuters Global Gold Forum) -- Gold holdings are at a fresh record of 70.795M oz, having risen by a net 27.24K oz overnight following inflows into COMEX Gold Trust, while silver holdings are down 1.36M oz following an outflow from iShares. Total silver holdings are at their highest in 10 months, having risen by more than a net 6M oz in the last month, although almost all of this is thanks to inflows into iShares, which have risen by 5.9M oz in this time.

March 6 (Bloomberg) -- The European Central Bank’s balance sheet surged to a record 3.02 trillion euros ($3.96 trillion) last week, 31 percent bigger than the German economy, after a second tranche of three-year loans.

(Bloomberg) -- Gold Fields Production Stopped by Cosatu Strike in South Africa 

Gold Fields Ltd., the world’s fourth-largest producer of the metal, had production stopped at its South African operations by a one-day strike by the Congress of South African Trade Unions over road toll fees and labor- broking.

“Attendance at our mines for the morning shift is around 15 percent,” Gold Fields said in an e-mailed response to a query today. “Effectively our staffing is therefore limited to essential services.”

(Bloomberg) -- Volkswagen, Gold Fields Shut by South African Workers’ Strike 

Volkswagen AG, General Motors Co. and Gold Fields Ltd. halted production in South Africa as workers went on a one-day strike to force the government to scrap short-term work contracts and highway tolls.

About 15 percent of workers arrived for the morning shift at mines run by Gold Fields, the world’s fourth-largest producer of the metal, the Johannesburg-based company said in an e-mailed statement today. Volkswagen, GM, Ford Motor Co. and Daimler AG shut their local plants, according to the companies.

The Congress of South Africa Trade Unions, an ally of the ruling African National Congress, is pushing President Jacob Zuma to ban labor brokers that arrange short-term contracts and curb costs as inflation erodes wage gains. The nationwide strike may shut down 30 percent to 40 percent of Africa’s biggest economy, according to Mike Schussler, chief economist at Economists.co.za, a Johannesburg-based advisory service.

“It’s all systems go for the biggest mass protest in years,” Cosatu’s spokesman, Patrick Craven, said in the e- mailed statement today.

Workers began gathering in various cities around the country to start 32 planned protest marches, Cosatu, the nation’s largest labor federation representing about 2 million workers, said in an e-mail. Protesters are due to march to the Chamber of Mines in Johannesburg and to Parliament in Cape Town. The nation’s biggest mining, manufacturing and transportation unions have backed the one-day protest.

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

NEWS

Reuters
Gold snaps 3-day loss, Greek debt fears linger‎

Bloomberg
Gold May Extend Drop in Worst Run This Year as Europe Debt Woes Resurface

The Financial Times
Bernanke’s QE silence a blow to gold price

The Financial Times
IIF warns on €1tn cost of Greek euro exit

COMMENTARY

The Economist
Kaplan & Burbank: Gold Is Money And Is Not A Bubble - Buttonwood Video Interview

Zero Hedge
Some Observations On Recent Gold (And Silver) Volatility

Zero Hedge
Stay Long Gold

MarketWatch
Gold market sentiment finally improving‎

The American Dream
USA #1? 40 Embarrassing Things That America Is The Best In The World At

Zero Hedge
Erste Group's Complete 2012 Oil Price Outlook - "Nothing To Spare", Crude Could Reach $200

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Wed, 03/07/2012 - 09:33 | 2231679 subqtaneous
subqtaneous's picture

Time for another Hitler in the bunker moment . . .

Wed, 03/07/2012 - 10:03 | 2231682 GetZeeGold
GetZeeGold's picture

 

 

Vee vill enforce GAAP.

 

Unlike the Fed.....the Germans can actually count and pull off an audit.

 

Ronny - Audit the gold

Benny - You mean actually go count it? You're clearly a madman sir.

 

 

Wed, 03/07/2012 - 10:06 | 2231787 Comay Mierda
Comay Mierda's picture

... and its gone

Wed, 03/07/2012 - 10:12 | 2231810 Sudden Debt
Sudden Debt's picture

THIS CAN'T BE!!!!!!!

THEY STOLE IT FAIR AND SQUARE FROM THE JEWS AND THE REST OF EUROPE!!!

THOSE GOLD TEETH BELONG TO GERMANY!!!!!

Wed, 03/07/2012 - 11:35 | 2232152 55 men
55 men's picture

my favorite part about that picture is the big black guy smiling. He has no idea whats going but hey, he is happy to be their.

Wed, 03/07/2012 - 13:08 | 2232583 trav7777
trav7777's picture

their what?

Wed, 03/07/2012 - 17:50 | 2233683 tonyw
tonyw's picture

Looks like they have 5%, who knows where the rest physically is.

I'd like to see what would happen if they asked for it back.

Wed, 03/07/2012 - 12:18 | 2232355 Whiner
Whiner's picture

No,no,NO! Das gold teefe we sold to da Sviss to finance death camps and war effort. We know nuhzing about teeth and hair or soap. If ze gold is not accounted for, ve vill present our sight draft in proper form--and insist on repatriation.

Wed, 03/07/2012 - 14:07 | 2232832 Reptil
Reptil's picture

No that's the Swiss.. (well some of them). The occupying forces made damn sure they got everything that was in Germany at that moment. This gold was earned during the "Wirtschaftswunder" in the sixties. It was put in London and New York for "safekeeping" because of the communist countries.
De Gaule saw this coming. An old story essentially. But with the US the biggest proponent of a "Global Economy" (and enforcement) they better think twice before confiscating german and dutch gold.

it might look bad.

Wed, 03/07/2012 - 10:17 | 2231828 Manthong
Manthong's picture

You know, with all of the urgent and important things they have to do over there, you would think that they have more pressing matters and would not be wasting valuable time diddling around with pieces of useless decoration from less civilized and enlightened times.

Wed, 03/07/2012 - 10:26 | 2231861 GetZeeGold
GetZeeGold's picture

 

 

I believe that's been the current argument for the last 50 years.......getting by with it so far.

 

 

Wed, 03/07/2012 - 10:33 | 2231886 Sudden Debt
Sudden Debt's picture

 

 

The Germans have 3 traditions:

1. Bradwurst

2. Beer

3. Gold

Why and how come nobody knows, but tradition is tradition!

Wed, 03/07/2012 - 11:14 | 2232051 buckethead
buckethead's picture

AYGABTU

 

 

<sub>bitchez

Wed, 03/07/2012 - 11:35 | 2232154 Arthor Bearing
Arthor Bearing's picture

You make it sound like heaven. Throw in 4. Beautiful blue-eyed German girls and I'm pcking my bags

Wed, 03/07/2012 - 10:41 | 2231921 redpill
redpill's picture

The doublespeak is rich, ain't it?  Here we have the Fed Chairman testifying to Congress that central banks only hold gold because it's "tradition," but when the dark clouds of sovereign default on the horizon start to loom large, everyone inexplicably scrambles to check on their stocks of barbarous relics.

What a stupid joke.  They are lying to you, and every other person they see as a peasant in this world.  At the end of the day, he who holds the gold will make the rules of a new currency order.  They all know this of course, but would never admit it.  They want people to give up on holding gold, so they can gather it all and use it as they see fit.  They hate the idea of private individuals hording what could become the backing of a new currency, because then it's out of their control.  These maniacal assholes have been fucking with our currency for a century, with the last 40 years of it in total fantasy fiat land, and despite bringing us to the event horizon of a keynesian debt spiral black hole, still think they and they alone should hold all the cards.  Fuck these psycho oligarch dictators.  Unelected pricks who price fix time and money, the most fundamental and universal factors for any participant in the system.  Their time at the helm must end, one way or another.

Wed, 03/07/2012 - 13:14 | 2232100 4horse
4horse's picture

 

s o l i t a i r e

rothschild plays with itself, pretending Glencore is raising a new $6 billion syndicated loan to back its $37 billion merger with miner Xstrata and is also extending . . .                                                              q marc rich

 
http://af.reuters.com/article/metalsNews/idAFL5E8E73ZP20120307

 

. . . same feigned finance through main foreign ffronts JPMorgan Chase, Morgan
Stanley and Goldman Sachs [as if] locked in an increasingly frantic struggle with
    q dimon, brodsky, blankfein
the Federal Reserve . . .                                                                                                                 

 

http://www.reuters.com/article/2012/03/02/us-fed-banks-commodities-idUSTRE8211CC20120302

 

. . . as rotschild here roto-reuters all their own holy-owned A,K,Q,J through all their own holy-owned interALPHAbet all comin-up-roses and smellin like ___ well, you know, kinda like how all le rouge et le noir smell comin outta they ffudge factory

 

 

Wed, 03/07/2012 - 11:52 | 2232229 blindfaith
blindfaith's picture

"

"Jim Rickards has outlined possible plans by the Federal Reserve to commandeer Germany’s and all foreign depositors of sovereign gold at the New York Federal Reserve in the event of a dollar and monetary crisis leading to intensified “currency wars” and the ‘nuclear option’ of a drastic upward revision of the price of gold and a return to a quasi gold standard is contemplated by embattled central banks to prevent debt deflation."

No wonder they all want to know where their ASS-ets are.  We will return the value of your gold in federal reserve notes....you see there is simply not enough gold in the world to satisify the accounting numbers.

Wed, 03/07/2012 - 14:48 | 2232965 silverserfer
silverserfer's picture

and when they hold it all they can create paper gold and short the fuck out of it and keep the price down so its not worth what it should be to us little people.

Their master plan is going perfectly to plan.

(feindish rolling hands together)

Wed, 03/07/2012 - 14:54 | 2233004 Tim White
Tim White's picture

Wouldn't change a word...well put!!

Wed, 03/07/2012 - 15:48 | 2233204 Stoploss
Stoploss's picture

Thank you. Now back to our regularly scheduled global gold confiscation.

Wed, 03/07/2012 - 10:10 | 2231803 trav7777
trav7777's picture

RSA is a total clusterfuck at this point...nonstop strikes and a nation in collapse.  Their hyperinflation is coming inexorably.  The white people left cannot stop the forces of nature.

The other thing I noticed is that nobody is auditing national silver reserves.  Must be because silver is an industrial metal only loved by shameless pumpers on internet forums trying to create more bagholders to get blowtorched.

Wed, 03/07/2012 - 10:54 | 2231976 Rubicon
Rubicon's picture

RSA is heaven compared to USA... 

Wed, 03/07/2012 - 20:03 | 2234182 CompassionateFascist
CompassionateFascist's picture

Ah, no. Here the Black Undertow only pretends to rule. It's for real in SA. Whites will leave, or they will be eaten. Literally.

Wed, 03/07/2012 - 11:12 | 2232048 silverbullion
silverbullion's picture

@trav7777 Being here in South Africa I fully agree. They're bleeding us dry.

Wed, 03/07/2012 - 11:54 | 2232244 Rubicon
Rubicon's picture

Yeah, just like you bled them dry!

Wed, 03/07/2012 - 13:16 | 2232617 trav7777
trav7777's picture

you fuckin idiot...how did the whites bleed RSA dry?  The whites established what africans were incapable of, a MODERN CIVILIZATION in Africa.  The whites CREATED all that was RSA, the roads, the plants, the mines, the EVERYTHING.  They didn't even use slave labor to do it, they did it themselves by the sweat of their own brow.

In order to preserve that civilization, they had to limit participation in it to the civilized, which excluded most africans, as, according to Jared Diamond, evolutionary pressure selected against civilization for them due to various factors.

Just take a look at Zimbabwe's import/export balance if you want to know what's coming with all those "hardworking," "bled dry" africans now having taken over all the formerly white owned farms (where they EMPLOYED people for wages).

You fuckin DWLs are the most insane, stupid, self-destructive pieces of shit on the planet.  Africans were used as low-end labor in the USA until the advent of the cotton gin and the influx of the irish and other cheaper labor resources.  In RSA, they were merely kept out of the areas of civilization to prevent their destruction of it.  Now that those fences have been torn down, the outcome is INEVITABLE.

Those whites who remain in RSA, and I know some well, are simply by their own admission doing no more than waiting for someone to put them out of their misery.  They have to sleep in armed compounds, behind steel security doors...wtf kind of life is that?

Wed, 03/07/2012 - 14:10 | 2232843 silverbullion
silverbullion's picture

@trav7777 Exactly! I couldn't state it better myself. We're so sick and tired of the lies and propaganda. This is the sort of thing we have to keep up with here in South Africa nowadays: http://www.adslsouthafrica.co.za/white-genocide.html This is what they're doing to us every bloody day. This is what happens when the majority of Whites fall for so called 'Judeo-Christianity', waiting on a fake long hair Judeo Jesus to save their sorry asses. The majority of Whites are nothing short of sheep being led to the slaughter... to be put out of their misery. It's a disgrace to say the least and a really fucked up way of life, but it's a reality we've got to face on a daily basis. Needless to say, we are not going to go down without a fight. They must just push us far enough. I personally believe that the collapse of the U.S. dollar and other fiat currencies, including the South African Rand, will be the event that will shake Whites out of their deep sleep, because then all the luxuries and other shit will fly out of the window, it will then be a matter of death or survival. Hopefully Whites across the globe will then unite to turn the world the right side up again.

Wed, 03/07/2012 - 19:11 | 2233935 fnord88
fnord88's picture

bullfuckingshit. Black vs white is about as meaningful as left vs right or pro-choice vs pro-life. Fucking distractions for the morons to keep the oligarchs in power. It's rich vs poor ( or more accurately, master vs slave ). Always has been, always will be. 

Wed, 03/07/2012 - 20:09 | 2234201 CompassionateFascist
CompassionateFascist's picture

Yeah, that's what the JewMarx said. But history has proved the Jew wrong. Race trumps class every time, and will again. In fact, Bolshevism is Jewish.  

Wed, 03/07/2012 - 21:02 | 2234348 StychoKiller
StychoKiller's picture

Yer almost there; it's more like the Intelligent vs the Stupid.  Unfortunately, the Intelligent know that they're obligated by their own intelligence to help the Stupid break the chains of their own ignorance.

Wed, 03/07/2012 - 17:56 | 2233706 Rubicon
Rubicon's picture

You are one fucked up prick. You arrogant cunt. Fuck off back to your rascist hell hole pig shit.

Thu, 03/08/2012 - 01:39 | 2234922 silverbullion
silverbullion's picture

@Rubicon Thank you for the 'compliment' Mr. Brown. You can give me all the 'compliments' in the world, but my kind will never sit around the same fire as your kind. It is forbidden by our Law to mix that which is good in its kind with that which is bad in its kind. Now crawl back into the dog house, there are plenty of other dogs' arses to lick.

Wed, 03/07/2012 - 14:57 | 2233021 silverserfer
silverserfer's picture

central banks dont hold silver, the military does. That info is classified. It is a strategic necessity with all future military advances.

It is in our national interest to keep silver, oil, etc cheap via paper manipulation. Got to keep the empire strong ya know.

Wed, 03/07/2012 - 11:30 | 2232138 Born-Again Bankster
Born-Again Bankster's picture

Gold Paranoia is for zee likes of dictators...like zat Chavez tyrant.  Vee kent afford to have zee vorld thinking vee are becoming Hitler again.  I sink vee should just keep playing zee farmville and all vill be guud.  

Wed, 03/07/2012 - 11:39 | 2232168 EmileLargo
EmileLargo's picture

Ï am sure you mean, "and all will be gut"?

Wed, 03/07/2012 - 13:17 | 2232368 4horse
4horse's picture

Unlike the Fed.....the Germans can actually count and pull off an audit

 

how, this-late-in-the-count, KO, can anyone this down-for-the-count still be talking in terms of germans belgian french irish italian spanish portugeuse etc and now even chinese as if they were a separate entity

 

 

  Ockham. Razor

 

  holophrastikos

 

R O T H S C H I L D

Wed, 03/07/2012 - 09:53 | 2231745 Rubicon
Rubicon's picture

"...all those who own bullion, leave the room..."

Wed, 03/07/2012 - 10:14 | 2231814 maneco
maneco's picture

Look at how gold exploded to $1900 last year when Chavez asked the Bank of England for his gold back! The Venezuelans have one tenth of the gold that the Germans have. Can you imagine what it would do to the price of gold as the "paper boys" are forced to cover their shorts if the Germans were to tell Mr Bernanke that they wanted delivery of all their gold forthwith?

Wed, 03/07/2012 - 10:25 | 2231857 noses
noses's picture

Might be a good reason to do it... Just for the fun of it.

Wed, 03/07/2012 - 11:42 | 2232186 prole
prole's picture

Where would they get the precious to redeem that much?

I don't think Iran and Syria have that much 2 to 3K tons?? I dont' think so.

Dear Switzerland: I hope you have nukes.

Wed, 03/07/2012 - 12:03 | 2232276 blindfaith
blindfaith's picture

 

 

GOLDFINGER,  he's the man, the man with the Mitus touch...

where is Oddlot when you need him most?  Down in the vault.

 art, life or the other way around? Which comes first?

Thu, 03/08/2012 - 07:06 | 2235278 Vlad Tepid
Vlad Tepid's picture

Midas...and Oddjob...sorry, that was bugging me.

Wed, 03/07/2012 - 20:12 | 2234217 CompassionateFascist
CompassionateFascist's picture

At least the Germans know where their national gold is. We don't. Suspect: Israel.

Wed, 03/07/2012 - 11:42 | 2232187 gabeh73
gabeh73's picture

Hey german sheeple...I'll give you a weiner shitzel tomorrow for your gold today...thats fair right?

Wed, 03/07/2012 - 09:33 | 2231680 battle axe
battle axe's picture

Germany to NY Fed: " were is my gold?", NY Fed: "ahhh it was has to be here somewhere.."

Wed, 03/07/2012 - 09:49 | 2231729 LongSoupLine
LongSoupLine's picture

Dudley, "We replaced all gold with these massive stacks of iPads.  That way you have value and a snack if you get hungry."

Wed, 03/07/2012 - 09:55 | 2231753 The Limerick King
The Limerick King's picture

 

 

A new tungsten audit is on

Just part of the Kleptocrat con

I hope they don't faint

From all the fresh paint

Their national gold is now gone

Wed, 03/07/2012 - 10:04 | 2231779 Ruffcut
Ruffcut's picture

Germany to NY Fed: " were is my gold?", NY Fed: "we put it with the MF global client funds."

Wed, 03/07/2012 - 10:30 | 2231871 GetZeeGold
GetZeeGold's picture

 

 

Free Jon Corzine!!!!

 

Oh wait.......he is.

 

 

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