I can't for the life of me imagine why......
http://news.goldseek.com/GATA/1358223670.php
/sarcasm
I can't for the life of me imagine why......
http://news.goldseek.com/GATA/1358223670.php
/sarcasm
gold? what gold? lol.
It's the fruit of the tireless efforts of one Mr. Lars Schall.
It seemed that the Germans had changed their minds about the issue, but alas, an election looms for Ms. Merkel.;)
Here is yesterday's ZeroHedge article:
http://www.zerohedge.com/news/2013-0...d-new-york-fed
Hahahaha! The game of musical chairs is beginning. I wonder what the butt-to-chair ratio will turn out to be? And when will the first public failure to produce the goods occur?
Treason for rooting? No. Unpatriotic? Depends upon your POV.
Says they will remove "Some" of their reserves from New York. How much? Their reserves in France (where they are reportedly removing all of them) really aren't that huge by central bank terms- this article says 450 tonnes out of their 3,400 tonnes of total gold reserves. http://www.statejournal.com/story/20...from-us-france It is also easier to move from France than from New York becaue it is near and can be done over land while repatriation from NY would have to go by sea or air- more costly and more risky to move that much gold.
Rough math says that the number of bars in France would be about 5,700.Quote:
Posted: Jan 15, 2013 8:53 AM PST Updated: Jan 15, 2013 10:24 AM PST
By JUERGEN BAETZ
Associated Press
BERLIN (AP) - Germany's central bank will repatriate some $200 billion worth of gold reserves it has stored in the United States and in France, a business daily reported Tuesday.
The Bundesbank plans to bring back to Germany some of its 1,500 tons of gold stored in the vaults of the Federal Reserve in New York, and all of the 450 tons currently stashed with the Bank of France in Paris, according to Handelsblatt.
The central bank declined to comment on the report but on Wednesday will present a new plan to manage the gold reserves, which total about 3,400 tons, or 270,000 gold bars.
Most of Germany's massive reserves have been stored abroad since the Cold War over fears of a Soviet invasion.
But the central bank came under pressure last year when Germany's independent Federal Auditors' Office last year concluded it failed to properly oversee its gold reserves. The auditor suggested the central bank should carry out regular inspections of the gold held abroad to verify its book value or change the reserves' management.
The auditors' report stunned Germany, where the Bundesbank routinely tops polls of the nation's most trusted institutions. The central bank was taken aback and maintained it didn't see the need for more scrutiny in overseeing the reserves, saying "there is no doubt about the integrity of the foreign storage sites."
But the debate on the gold reserves, most of which are held by foreign authorities, caused some inevitable conspiracy theories questioning their very existence. Several politicians then jumped on the issue and called for some of the reserves to be repatriated.
Since the postwar days, when Germany worried about a possible land war with the Soviet bloc, most of the reserves have been kept in the vaults abroad. Just under half of them are now stored in New York, a little more than 10 percent each in London and Paris, with the remaining third kept in vaults at the Bundesbank's headquarters in Frankfurt.
The transportation vehicle will go down and the gold will be "unrecoverable".
It wouldn't shock me, but I for one hope that Germany decides to repatriate ALL of its old at the NY Fed, and as the Zero Hedge website states, Germany isn't Venezuela. Angela Merkel, say what you want about her, isn't a "crazy" dictator like Hugo Chavez.
It would take something VERY shady to sabotage the transportation vehicle. Germany is a highly organized nation; they've been that organized and orderly with their government affairs and management of assets and such since before the 20th Century. I do not wish to be offensive, but German efficiency and organization was a major reason the Nazis killed as many Jews as they did.
What the Germans are doing is wise - if you don't have it in your possession, you don't own it. Always take physical, folks.
Out of NY is fine.
Out of France is very strange.
They are in the same economic boat.
I bet the Fed sent a guy who looks like this to Germany to say exactly that to the Bundesbank:
http://userserve-ak.last.fm/serve/_/...lvio+Dante.jpg
The significance of this... I mean this could be the beginning of the end. Similar to how DeGaulle collapsed Bretton Woods.
I know I sound like a broken record but if you haven't been buying physical gold and/or silver what the hell have you been doing!
BUY the METALS!
It honestly amazes me the lack of responses on this thread... this should be front page and 10 pages deep.
It's really disheartening when I see that almost no one here seems to care or read about monterary policy or Austrian economics. I expected to come here and see this thing booming... 17 posts? Really?!?!!
The potential of this is bigger than anything that's happened since the 2008 collapse. This is truly a watershed moment...
The German Central Bank is essientially telling the US and France... "We Don't Trust You"
This... on top of a fiat foundation based ENTIRELY on TRUST!
When Chavez demanded his gold the price went from 1500 to it's all-time nominal high of 1900...
We're talking Germany now... not Venezuela... the implications to both gold and silver could be magnificent.
And if you buy into the metal's theories on the US suppression of the price and the havoc that would befall the 1.4 quadrillion dollar derivatives market if silver and gold boomed we're talking a potentially EARTH SHATTERING event that may be happening right now.
And of course... not one peep, NOT ONE, from our corporately owned media.
Everyone is distracted by the EO on gun control and the 2nd Amendment. Do not pay attention while the biggest financial news in 40 years is starting to happen. Once it has happened most people will be WTF???
What will be even bigger news is if NY does not have all the gold or they get it back and find its faked tungsten. Gold at 10,000 an oz no longer seems like a wild fantasy. The gold bubble will be when people are lining up at jewelry shops to buy a 10K ring for a grand, not to wear but to protect their wealth.
I think there would be more response if we all hadn't seen dozens of "this is the beginning of the end" threads/articles. It certainly sounds like this will be big. Part of me simply wonders how they will paper over this mess and kick this can farther down the road.
I read The Creature from Jeckyll Island when I was a kid and that's about the extent of my knowledge really. Maybe too many are like me and just really haven't studied the issue enough to comment. Other subjects just took precedence, and one can not be an expert in everything. I love to read the posts here from people who are more knowledgable in this area. Thank you for yours.
The fed probably just printed a bunch of hush money...
It does seem like really big news but didn't we have a thread about this a month or two ago? It seems like a locomotive barreling into a painted tunnel in a cartoon or something. Actually it may turn out more like a locomotive barreling into another locomotive by the screeching that should be emanating shortly.
And Acala's post sort of said it all. Maybe everyone is out getting their popcorn ready.
If you want quantity there are a few comments on the topic on Fark.com here;
http://www.fark.com/comments/7536270...-precious-GOLD
Germany has access to it's own "hush money" in the form of the ECB...what they want though, what the German people want, is the real shit...not monopoly money, where some dictator can wake up one day, and decide to devalue the national currency by 50% ala Venezuela, and Belarus, cuz' they've run up an international phone bill that can't be paid...
Not exactly. Chavez announced his desire to repatriate Venezuela's gold in August 2011 and the first shipment was in November. http://www.bbc.co.uk/news/world-latin-america-15900885 The announcement was made on August 17th http://www.businessweek.com/news/201...-industry.html when gold was $1781 an ounce (not $1500). http://www.24hgold.com/english/contr...old+Forecaster and by the time the first shipment arrived in November 2011 it was down to $1685 an ounce- on its way to $1600. http://silver-and-gold-prices.goldpr...this-week.html Seems his decision had little effect on the gold market (and this one will too).Quote:
When Chavez demanded his gold the price went from 1500 to it's all-time nominal high of 1900...
We're talking Germany now... not Venezuela... the implications to both gold and silver could be magnificent.
http://www.kitco.com/LFgif/au1825nyb.gif
http://www.kitco.com/charts/livegold.html
It is true that gold did hit $1900 August 23rd - one week after Chavez said he wanted all of his gold home- but the trend of gold pricing did not change at all with either the Chavez announcement or the delivery of the physical gold to Venezuela. http://money.cnn.com/2011/08/22/mark...ices/index.htm It changed WHERE gold was but it did not change the amount of gold in the world or the amount on the market for sale. The difference between the price on the day of the announcement and the peak price of gold was less than seven percent.
In other metals news....
THE MINT HAS RUN OUT OF SILVER! SUSPENDS 2013 ASE SALES UNTIL 1-28!!!!
They closed up shop 3 weeks before 2012 ended, and couldn't make it 9 business days into their 2013 without shutting down.
The 6 million Eagles sold were 1/5 of 2012 sales and the projected 12million in sales would have been more than any YEARLY sales prior to 2008!
This in the face of sideways paper trading in silver and a post QE4 smackdown!
Can you say ESF and Working Group on Financial Markets!!!!
STACK STACK STACK STACK!!!!!
This is a very large scale econo/poltico move by Germany.
But keep in mind that Germany is placing most of it's "vigor" into ensuring that it's gold is ENTIRELY removed from French vaults and done so expediently.
Germany is slowly managing gold reserve removal from the USA.
France? ALL OF IT NOW SAYS GERMANY.
The Euro is going to fracture in a very polarized way.
I could find the thread with a quick search, but not long ago I stated that of all the black swan possibility, I viewed FRANCE as the most likely to sneak up and bite markets, governments, people, in the ass.
Their bank balance sheets are a frigging zoo. I struggle to come up with a more appropriate description.
Where prior, and for other countries (still), France could then lever it's economy on the back of it's government (tax base).
The government in France is rendering itself, and quickly, insolvent. France is the most bankrupt of the G8 nations. The others are insolvent and printing money to keep the system liquid, but France is the hemorrhage of the G8.
I for one, as a Canadian, want no part in shovelling Frances war shit.
I'm sure many around here feel the same way.
Germany is demanding 13% of it's total gold holding right now and that 13% is 100% of Frances German gold holdings.
Germany is telling the US that it is on STRONG notice (financially) and telling France that they are well past the patient notice stage and saying 'ALL OF IT NOW'.
Gold is set to spike radically and silver is primed for an epic upward price swing.
By mid 2014 (18 months, not long) - the POS and POG will be much higher.
18 months from now (June 30th, 2014);
POS: 300$+
POG: 6000$+
G:S Ratio 1 to 20.
That will not be the end of the gold bull market. Silver will close that ratio further from there. They likely compress in secular bull fasion for another 10 years.
I am a STRONG handed gold bull. I am securlarly bullish on silver in relation to gold.
In laymans, that is EXTREMELY bullish on silver.