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Gold reserve's disappearance noted in Germany

Section: Daily Dispatches

9:45p ET Monday, August 10, 2009

Dear Friend of GATA and Gold:

The German Internet site WorldGoldBook, based in Augsberg, has published a story about journalist Max Keiser's revelation that the Bundesbank has placed its country's gold reserves in the custody of the United States. At this hour the story is in the right column of the site's home page under the headline "Deutsche Goldreserven Lagern in New York" ("German Gold Reserves Stored in New York"):

Here's the direct link to the story:

Here's an attempt at a very rough English translation:

"On August 7, 2009, there was a new posting on YouTube by Max Keiser, the financial journalist noted on France 24 and other networks for spectacular short documentaries and interviews on topics of high finance. He also has worked for the BBC and as a reporter with various print media.

"The documentary's topic is 'Brown's Bottom,' in regard to Gordon Brown, at that time British finance minister, now prime minister, who liquidated much of the British gold reserves as the price fell in 1999.

"The video has an interesting footnote with special explosiveness. Keiser indicates from his March 17, 2008, interview with the Bundesbank 'that the entire German gold reserve is stored in New York.' That would be news, because, according to the statement of Chris Powell, who makes this point in an August 9 article on the GATA Internet site, appropriate assumptions about the German gold reserve were for a long time disclaimed.

"As for media echoes in Germany, on message boards already one whispers that Chancellor Helmut Kohl sent Germany's gold to the United States to get approval for reunification with East Germany. Whether it is sensible to keep a gold reserve abroad may be doubted, and a parliamentary inquiry may be needed."

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

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