Germany's gold in New York : US refuse the audit

[Morogoth]

It's not a conspiration, it's true. Germany has more than 3400 tons of gold in "safety" in New York, London and Paris. Germans wanted to audit the New York reserve and the US refused. The theory is that we are in front of another huge scandal. The US banks borrowed the German gold to boost their profits and now there is no gold.

http://consciouslifenews.com/germany...serve/1141462/

[Deleted]

Yeah, our economics professor mentioned this.
you have capitalism and american capitalism according to my prof.

[Spectral]

Can I get a source from a non wackadoodle site? I'm not finding one.

[Morogoth]

The gold of the United States government, which officials say is held in the United States Bullion Depository in Fort Knox, has been rumored—probably since the Depository’s founding in 1937—to have been looted and replaced with gold-painted tungsten, for instance. The government treats this as nonsense—which it most likely is—but nonetheless it does conduct regularly scheduled audits of the gold in Fort Knox, including doing purity tests on a small sample of the gold.

---------- Post added 2012-11-12 at 12:57 AM ----------

Can I get a source from a non wackadoodle site? I'm not finding one.

seriously, I would love to find another good website, but the one I linked is the best. And like I said, it's not a conspiration, it's true. Ask every Germans, I'm pretty sure they already know about it.

[Deleted]

here a link from a german newspaper

http://www.bild.de/geld/wirtschaft/e...0156.bild.html

they know.

the article might be a bit off, i'm not fluent with german.

[Spectral]

Since I can't read German and I'm too lazy to fight with Google translate, I shall take your word that this is what that article says. I feel like there must be more to the story but I don't really know what to make of it.

[Herecius]

In reality, it does not matter one bit whether the Federal Reserve Bank of New York actually has the German central bank’s gold or whether the gold is pure. As long as the Fed says it is there, it is as good as there for all practical purposes to which it might be put. It can be sold, leased out, used as collateral, employed to extinguish liabilities and counted as bank capital just the same whether it exists or not.

The actual presence of the gold wouldn’t make a lick of difference unless, say, Germany’s central bank decided it wanted to start using the gold for some practical, non-monetary purpose like making watches.

Probably a rather important point to make, and right from the article in question, before any alarmist statements are made.

[Morogoth]

Since I can't read German and I'm too lazy to fight with Google translate, I shall take your word that this is what that article says. I feel like there must be more to the story but I don't really know what to make of it.

Basically, the US banks used Germany's gold to boost their profits and now Germany want to know where is the gold. The US banks may have painted some tungtsten with gold paint to pass the audit.

---------- Post added 2012-11-12 at 01:19 AM ----------

Probably a rather important point to make, and right from the article in question, before any alarmist statements are made.

Ok yes, but imagine if they used it all?

[Cerilis]

here a link from a german newspaper

http://www.bild.de/geld/wirtschaft/e...0156.bild.html

they know.

the article might be a bit off, i'm not fluent with german.

Well, but that article is 8 months old and the newspaper is not neccessarily known for its trustworthiness and unbiasedness.

[Morogoth]

Well, but that article is 8 months old and the newspaper is not neccessarily known for its trustworthiness and unbiasedness.

You're from Germany, you never heard of this in your newspapers?

[ChrisKoe]

Well, but that article is 8 months old and the newspaper is not neccessarily known for its trustworthiness and unbiasedness.

Meaning the BILD is the embodiment of all what's going wrong with today's media and the cause of most of it. Do not read it. It's bad.

Yes, Germany has lots of gold (2nd highest amount of gold reserves after the USA) and there's been quite the debate here about the control of these reserves (or the lack thereof).
Most experts know that modern currencies backed up with gold is bad design per se so they try to avoid this sort of 'auditions'.
Ever heard of a bank run? Of course there is not all this gold.

[Cerilis]

You're from Germany, you never heard of this in your newspapers?

I heard of some upcoming audits, but not much of any problems there...yet.

[Deleted]

I would be a bit worried if I had my countries' gold reserves in a place rumored about gold-painted tungsten. It's only natural to wish to conduct an audit.
Being refused said audit, raises a red flag, for me.

[Jackmoves]

Here is an article from AP. And I can't see anything written about Germany being refused to do it, the german cb doesn't seem to think it's needed.

By JUERGEN BAETZ | Associated Press – Mon, Oct 22, 2012

BERLIN (AP) — Germany's central bank has failed to properly oversee the country's massive gold reserves, which have been stored abroad since the Cold War in case of a Soviet invasion, independent auditors say.

The central bank must renegotiate its contracts to gain the right to inspect its gold bars, which are worth tens of billions of dollars and are stored in the United States, Britain and France, the Federal Auditors' Office said in a report to lawmakers obtained by The Associated Press on Monday.

The report says the gold bars "have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight." Instead, it relies on a "written confirmations by the storage sites."

Most of Germany's gold reserves — some 3,400 tons worth an estimated $190 billion at current rates — have been kept in the vaults of the U.S. Federal Reserve, the Bank of France and the Bank of England since the postwar days, when Berlin worried about a possible land war with the Soviet bloc.

The auditors maintain that the central bank must be able to at least inspect samples of its gold bars in regular intervals to verify their book value.

The report acknowledges that such inspections might be logistically complicated, but it stresses that "this cannot discharge from the necessity to carry out an inventory."

The central bank said in a reaction to the report that was also sent to lawmakers Monday that it sees no reason for a physical inspection of the bars. "There is no doubt about the integrity of the foreign storage sites in this regard," it stated.

The debate on most of the gold reserves being held by foreign authorities has caused some inevitable conspiracy theories questioning their very existence, but several German politicians have also voiced unease.

Philipp Missfelder, a leading lawmaker from Chancellor Angela Merkel's center-right party, has asked the Bundesbank for the right to view the gold bars in Paris and London, but the central bank has denied the request, citing the lack of visitor rooms in those facilities, German daily Bild reported.

Given the growing political unease about the issue and the pressure from auditors, the central bank decided last month to repatriate some 50 tons of gold in each of the three coming years from New York to its headquarters in Frankfurt for "thorough examinations" regarding weight and quality, the report revealed.

An initiative backed by some German economists, industry leaders and a few lawmakers dubbed "bring home our gold" launched in May has attracted some 10,000 supporters online so far.

But Finance Minister Wolfgang Schaeuble and others maintain that there is no reason to worry.

"I currently have no doubt about the stock and the storage of the gold reserves," said Priska Hinz, the opposition Greens top lawmaker on the budget committee. "I do not doubt the reliability of the foreign central banks," she told the AP.

Several passages of the auditors' report were blackened out in the copy shared with lawmakers, citing the Bundesbank's concerns that they could compromise secrets involving the central banks storing the gold.

The report said that the gold pile in London has fallen "below 500 tons" due to recent sales and repatriations, but it did not specify how much gold was held in the U.S. and in France. German media have widely reported that some 1,500 tons — almost half of the total reserves — are stored in New York.

[Morogoth]

Here is an article from AP. And I can't see anything written about Germany being refused to do it, the german cb doesn't seem to think it's needed.

Thanks for the link.

I have something here that tell us a little more.

http://www.silverdoctors.com/german-...ow-inspection/

[ChrisKoe]

The report says the gold bars "have never been physically checked by the Bundesbank itself or other independent auditors regarding their authenticity or weight." Instead, it relies on a "written confirmations by the storage sites."

And this is just how all kinds of currencies have to be treated. Believe in them. Don't ever question them. Do you think there is an amount of gold somewhere in the world worth all the money we have in Germany? Do you think that 20$/20€/20whatever note in your wallet is worth 20 bucks?

[Roose]

Good luck auditing the fed. We have a hard enough time doing that ourselves.

US economic system is magic. Have faith and do not look behind the curtain.

[Raidenx]

Lol fuck the fed

This is another reason they need to be audited and possibly removed.

They devalued our dollar and are now twisting the gold supply.

That gold is gone

---------- Post added 2012-11-12 at 01:53 AM ----------

Good luck auditing the fed. We have a hard enough time doing that ourselves.

They call you crazy if you want to audit the fed

[Morogoth]

And this is just how all kinds of currencies have to be treated. Believe in them. Don't ever question them. Do you think there is an amount of gold somewhere in the world worth all the money we have in Germany? Do you think that 20$/20€/20whatever note in your wallet is worth 20 bucks?

[/FONT]

1500 tons at 1700$ per oz is something you should be interested in

edit: almost 90 billions

[Laize]

I've read the Bild before.

Am I the only one aware that it's their version of the National Enquirer?