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Thread: Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year

  1. #1

    Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year

    On December 24, we posted an update on Germany's gold repatriation process: a year after the Bundesbank announced its stunning decision, driven by Zero Hedge revelations, to repatriate 674 tons of gold from the New York Fed and the French Central Bank, it had managed to transfer a paltry 37 tons. This amount represents just 5% of the stated target, and was well below the 84 tons that the Bundesbank would need to transport each year to collect the 674 tons ratably over the 8 year interval between 2013 and 2020. The release of these numbers promptly angered Germans, and led to the rise of numerous allegations that the reason why the transfer is taking so long is that the gold simply is not in the possession of the offshore custodians, having been leased, or worse, sold without any formal or informal announcement. However, what will certainly not help mute "conspiracy theorists" is today's update from today's edition of Die Welt, in which we learn that only a tiny 5 tons of gold were sent from the NY Fed. The rest came from Paris


    Germany Has Recovered A Paltry 5 Tons Of Gold From The NY Fed After One Year | Zero Hedge

    Where is the gold?
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  2. #2
    I got a kick out of this line:

    The bullion stored in Paris already has the elongated shape with beveled edges of the "London Good Delivery" standard. The bars in the basement of the Fed on the other hand have a previously common form. They will need to be remelted [to LGD standard]. And the capacity of smelters are just limited.
    If they were storing gold for Germany, why not give it back in the same form as it was when sent to the Federal Reserve? Just give them back their gold.

    That reminds me a 3 documentaries run back-to-back on the History Channel about a year ago. All were focused on Fort Knox and interviewed several people associated with Fort Knox. Each documentary concluded that all or almost all of the gold in Fort Knox had been pilfered over the years. Fort Knox as well as the Federal Reserve banks store gold for other countries, including Germany.

    The Federal Reserve may be having problems quietly buying enough gold at current market prices in order to transfer gold back to Germany.

    According to what I've read, the last Fort Knox audit occurred in 1953. If they audited Fort Knox or the Federal Reserve banks and found the gold to be missing, it would cause a worldwide economic collapse.

    This article makes the situation even more suspicious. Hmmmm.

    Federal Reserve Refuses to Submit to an Audit of Germany´s Gold Held i | nsnbc international

    Germany did finally send some staff to the FED, and they were permitted only into the vault’s anteroom where they were shown 5 or 6 gold bars as representative of their holdings, and were permitted nothing else.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  3. #3
    Quote Originally Posted by TopDogger View Post
    I got a kick out of this line:


    If they were storing gold for Germany, why not give it back in the same form as it was when sent to the Federal Reserve?
    I don't know but if someone powerful enough will initiate an audit of all these gold vaults, I guess a lot of people will be surprised without taking into account the "standard quality" of the gold.

    I wouldn't be surprised if one day they will discover a few hundreds of tons in Tungsten rather than gold, or gold mixed up with iron, or something like that
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


  4. #4
    Tungsten is usually used as the core in fake gold bullion and coins because it is the same weight as gold. The Chinese are now using other metals as the core for fake gold and silver American Eagles. The weight is so close that they fakes cannot be detected by weighing them.

    If you buy gold or silver coins, watch the video on this page.

    How To Detect Fake Silver Eagle Coins

    I just do not understand why the Federal Reserve needs to convert the gold. If they were storing bars for another country, that gold should have been isolated and stored separately. Something doesn't smell right when they have to convert it into a current standard form of bullion. If my gold was being stored, I would want to get my gold back, not an equivalent amount.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  5. #5
    Quote Originally Posted by TopDogger View Post
    I just do not understand why the Federal Reserve needs to convert the gold. If they were storing bars for another country, that gold should have been isolated and stored separately. Something doesn't smell right when they have to convert it into a current standard form of bullion. If my gold was being stored, I would want to get my gold back, not an equivalent amount.
    The only thing I can think of is the old German gold in metric system, and if they melt the gold into a new standard like the "London Good Delivery", perhaps they want their gold ready to sell on the world market. Also if the German asked to melt the gold in US, maybe they want to make sure that it is not a bad delivery (purity of the gold) and engage the responsibility from the NY Fed holder.

    As far as the quantity, you are right, it doesn't smell right and the question is where is the gold? Regarding the article, even the gold owner doesn't have the right to see their own gold, which looks suspicious.

    If they do not have the gold in possession, you can be assured that will ignite a major crisis and a deep confidence problem on the gold market that can drag other financial banking business problems, particularly on the commodities market.

    I believe that a lot of people are playing with fire.
    Those who can make you believe absurdities can make you commit atrocities.

    Voltaire


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