BREAKING: Germany Ready to Repatriate Gold From NY and France

[wgadget]

I can't for the life of me imagine why......

http://news.goldseek.com/GATA/1358223670.php

/sarcasm

[alucard13mmfmj]

gold? what gold? lol.

[Bern]

I can't for the life of me imagine why......
...

It's the fruit of the tireless efforts of one Mr. Lars Schall.

[wgadget]

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

[Acala]

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?

[sailingaway]

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

I did wonder if they were planning on sending warships to fetch it.

[Acala]

I did wonder if they were planning on sending warships to fetch it.

So now I'm confused. Would it be treason if I rooted for the Germans if they started shelling the Fed?

[Bern]

Treason for rooting? No. Unpatriotic? Depends upon your POV.

[Zippyjuan]

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.

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.

Rough math says that the number of bars in France would be about 5,700.

[Acala]

repatriation from NY would have to go by sea or air- more costly and more risky to move that much gold.

Yes and it would be a shame if anything were to happen to it.