You are here
Bundesbank still fending off suspicions about gold vaulted in U.S.
Germany Repatriating Its US Gold Reserves in Mini-Shipments
From Deutsche Presse-Agentur
via Europe Online Magazine
Thursday, February 6, 2014
FRANKFURT, Germany -- The 300 tons of gold that Germany is bringing home from a New York strongroom is being transported little by little and will take until 2020 to complete, the German central bank said Thursday.
Emotions have regularly flared in Germany about why 45 per cent of the country's 3,391 tons of gold bars is stashed deep beneath the Federal Reserve Bank of New York in Manhattan.
The original reason was that West Germany earned it through trade surpluses in the 1950s and 1960s and never moved it out of the United States to ensure that it did not lose the lot in the event Germany was invaded by the Soviet Union.
... Dispatch continues below ...
Buy metals at GoldMoney and enjoy international storage
GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit:
The German central bank, or Bundesbank, was responding Thursday to a report in the Handelsblatt newspaper claiming there were mysterious delays in the repatriation programme.
The newspaper quoted a conservative politician, Peter Gauweiler, who has repeatedly raised the issue, as doubting the gold was as instantly available in New York as claimed.
A spokeswoman for the central bank in Frankfurt said this was not true and that small shipments back to Germany were preferred for security reasons.
The spokeswoman also rejected charges that Germany was not watching the gold in New York closely enough.
"We have no doubts about the reliability of our partners," she said.
The bank said 5 tons were repatriated from New York last year, along with 32 tons brought home from Paris, and the project was proceeding apace.
Handelsblatt noted that insurers will cover gold shipments only by air, not by ship, and will not insure shipments of more than 1 ton at a time.
Germany aims to ultimately keep only 37 per cent of its gold at the Federal Reserve in New York, where most of the world stores gold. Multi-billion-dollar transfers are easily done by simply carting the gold from one country‘s cubicle to another inside the vault.
Falls in the price of gold reduced the value of the total Bundesbank gold reserves last year by 31 per cent to 94.9 billion euros as of December.
* * *
Join GATA here:
Mines and Money Hong Kong
Hong Kong Convention and Exhibition Centre
Monday-Friday, March 24-28, 2014
Hong Kong Special Administrative Region, China
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
How to profit with silver --
and which stocks to buy now
Future Money Trends is offering a special 16-page silver report with profiles of nine companies and technical analysis of their stock performance. Six of the companies have market capitalizations of less than $800 million and one company has a market cap of only $30 million. The most exciting of these companies will begin production in a few weeks and has a market cap of just $150 million.
Half of all proceeds from the sale of this report will be donated to the Gold Anti-Trust Action Committee to support its efforts exposing manipulation and fraud in the gold and silver markets.
To learn about this report, please visit:
|Previous Article||Next Article|
|Bron Suchecki's primer on bullion banking's...||Mike Kosares: Gold as a hyperinflation hedg...|