Germany getting suspicious about gold to the point of taking action

Section:

11:17a ET Monday, October 22, 2012

Dear Friend of GATA and Gold:

The German press today is full of stories of concern about the German gold reserves.

Germany's largest newspaper, Bild-Zeitung, reports that the German central bank, the Bundesbank, has refused to let two members of the German parliament, the Bundestag, inspect the nation's gold reserves held abroad. The Internet site of financial news from Germany, MMNews.de, summarizes the Bild-Zeitung report in English here:

http://www.mmnews.de/index.php/english-news/11126-bundesbank-refuses-gol...

The German newspaper Die Welt elaborates here:

http://www.welt.de/finanzen/article110105525/Was-macht-Paris-mit-dem-Gol...

But the German magazine Der Spiegel reports that the German court of auditors is demanding that the Bundesbank begin auditing its foreign-held gold and, if Zero Hedge's Internet translation is correct, the Bundesbank has already decided to repatriate some of the gold, if very slowly. The Der Spiegel report is here:

http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesban...

The Zero Hedge attempt at translation is here:

http://www.zerohedge.com/news/2012-10-22/german-court-demands-bundesbank...

GATA hopes to get good translations of some of this stuff within a day or two. In any case, the developments in Germany show growing recognition that central banks are playing fast and loose with national gold reserves and that the gold is likely terribly oversubscribed as part of the Western central bank gold price suppression scheme -- GATA's point exactly.

Congratulations to our German friends who long have been agitating on this issue on behalf of their nation's sovereignty.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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Opinion Around the World Is Changing
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When Deutschebank calls gold "good money" and paper "bad money". ...

http://www.gata.org/node/11765

When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ...

http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan...

When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ...

http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan...

When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ...

http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold...

When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ...

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