Where is the German gold bullion reserves?

March 9, 2012 by · Leave a Comment
Filed under: Global News 

Bombshell of a story.  Looks like the German Central Bank (Bundesbank) has not audited their gold reserve since 2007, which I will add is when the financial crisis began.   The article is a little hard to follow because I had to rely on Google Translate to bring it from German to English.   The element that stood out in this article is the fact is that the Federal Reserve Bank of New York does not allow any photos or tours of the facility, but they do send you a “picture” of your gold.  That picture only goes the Central Bank.

Being the huge lapse in auditing, a financial meltdown, I can understand why some of the people would be upset.  Psychologically is must mean a lot to the German people to know that their reserve wealth is safe and accounted for.   Especially because they have basically been underwriting this whole EU bailout.   I think we will see the rectified in the next few weeks.  Most likely just an oversight, hopefully.

Text from Google Translate Link:

New York – It is the most precious treasure we have Germans: 3401 tons of pure gold – € 1,800 for each. Absolute crisis-proof, divided into high-security vaults in Frankfurt, Paris, London and New York! And the Bundesbank does not care!

The incredible gold scandal! On 19 November 2011 IMAGE reported that the German Central Bank for the last time in 2007 cast a look at our gold holdings in New York, and even alert the Federal Court of Auditors (verification is ongoing).

A clear breach of the law, says top Bilanzrechtler Prof. Jörg Baetge told BILD: “At least every three years to control counts the bars are made.” It has not done the Bundesbank.

A sloppy with tangible consequences: In the annual balance sheet of the Federal Bank’s gold reserves (current value is around 147 billion euros) from a “significant” (Baetge) items of more than 17%: So, are the Bundesbank’s balance sheets in recent years wrong?

Alarmed by the BILD report, it asked the CDU member of parliament and foreign policy expert Philip Missfelder accurate. On the edge of talks at the UN in New York wants to control the Mißfelder stored there parts of the German gold reserves at the Federal Reserve Bank (Fed).

According to the report he requested from IMAGE-Bundesbank President Jens Weidmann, the list of gold bullion. Missfelder told BILD: “I was shocked. First they said that there was no list. Then there were lists that are secret. Then I was told, demands endanger the trust between alliance bank and the Fed. “

Experiences as the Federal Bank of the IMAGE-searches on the German state gold, communications chief Michael Best is even trying to obstruct the visit of representatives and report to Bild: “Against this background, I ask for understanding that the Bundesbank your visit concerns (…) not supported. ”

Click Here to Continue Reading Interview (English)

Source (German)

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!