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Germany wants its gold back

RT | March 21, 2016

The Bundesbank has announced plans to repatriate some of Germany’s gold reserves from abroad. At least half of the country’s gold would be transferred to Frankfurt by 2020, according to Bundesbank President Jens Weidmann.

Weidmann says 366 tons of gold worth €11.5 billion have been delivered to Frankfurt so far. “There are now about 1,400 tons or 41.5 percent of our gold reserves here,” the banker said.

In October last year Germany’s gold reserves stood to around 3,384 tonnes, worth about €120 billion, which is the second largest in the world after the US.

Weidmann added the rest of the gold will remain in New York and London, which he says are as safe as Germany. In case of emergency, these reserves would quickly be converted on the markets in these cities, the banker said.

The Bundesbank has been criticized at home for keeping a major part of Germany’s gold reserves abroad. Critics are demanding the complete return of the gold to the country. They regard the gold as insurance if a crisis comes, and the immediate physical availability would be the decisive criterion.

When trying to move gold from New York in 2014, the Bundesbank met obstacles from US authorities when officials tried to inspect the German gold kept in US vaults.

“I’m no conspiracy theorist, but the Bundesbank should be able to audit the gold once a year like it does with reserves in Frankfurt,” Hans Olaf Henkel, a German member of the European Parliament, told RT.

Some even doubted the German gold is still physically there.

“We are still missing … published lists of gold bar number, even though the US Federal reserve publishes this list for their own gold,” said Peter Boehringer, founder of the Repatriate our Gold Campaign.

Read more:

Germany’s failed attempts to get its gold back from the US ‘opens question of its sovereignty’

March 21, 2016 - Posted by | Deception, Economics | , ,

2 Comments »

  1. Given that Fort Knox is empty, and the USA’s criminal Banksters seem to be above the law, and the Federal Reserve Bank is unaudited, it seems quite naïve for the Germans to trust that their gold held in London and New York is as safe as Germany.
    Haven’t they heard that Libya’s gold reserves have ‘vanished” since the USA invaded their country and overthrew the government recently?
    What is that saying American politicians like to repeat regularly………….”Trust, but verify”……………

    Like

    Comment by Brian Harry, Australia | March 21, 2016 | Reply

  2. That German gold is gone forever! An expensive lesson, but presumably one that has been learned: New York is definitely not a safe place to keep it.

    Like

    Comment by traducteur | March 22, 2016 | Reply


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