Topic: FED refuses to return back Germany gold after an failed audit - page 4. (Read 13582 times)

....And the Germans were refused.  Why?  The FED didn't need to refuse, they have lots of money.  THey can print money and buy gold with it.  So why couldn't the Germans see, audit or take their gold?

I think there's a crime here.

http://www.nytimes.com/2013/01/17/business/global/german-central-bank-to-repatriate-gold-reserves.html?_r=0

Nice history lesson.

Well back in '44 and '45 the world was a crazy place. Berlin had just been captured by Russian and Polish troops and the United States had just drop the world's second nuclear bomb on Japan. Europe was in shambles and some damn stability was needed.

So while Europe was busy blowing things up the allied countries sent some representatives to this place in New Hampshire called Bretton Woods. These really smart guys created a plan for stability. They created something called the International Monetary Fund, and they all agreed that the Pound Sterling wasn't really what it used to be. So they all decided to tie their exchange rates to the dollar. That seemed pretty stable. Why?

Well for that lesson, you'd have to go back to 1934 and the Gold Reserve Act, which set a fixed exchange rate for the dollar and gold. Anyway, I'm getting off track for our story.

Now, since you could convert a dollar into gold, having a US dollar was really like having some gold. Countries like that.

And in fact, countries thought it wasn't a bad idea to let the US hold their gold. Safe place, hard to attack, and all. They sent their gold to the New York Federal Reserve, where the gold is weight and recorded and entered into ledgers and receipts given. Now the important thing about gold stored in the NY Federal Reserve is that it's not considered fungible. That there is a 10 btc word meaning that you're going to get back the exact gold you put it.

Now the countries didn't really convert their dollars into gold. They just liked the idea that they could. But that all changed in early '70's when Nixon shocked the world by declaring the US wasn't going to be tied to no gold standard, no way, no how.

Probably, didn't really matter anyway, by then US could only cover about 22% of dollars that were out there and no one really believed in that whole dollars into gold thing anyway.

Anyway there are a bunch of countries with receipts for gold from the NY Federal Reserve. In fact, there was this small but vocal group of people in Germany that kept calling for their government to get their gold back, or at least an audit for God's sake. Finally, the Bundesbank heard the voices from this small group and has asked for a sizable portion of their gold back.

I think that brings us up to date on where were are in this story.
 

You'll need a Canadian proxy if you aren't within Canada but this documentary was done mid last month and is one of the most interesting things I have watched about modern gold. The mention of Germany not even being allowed to see their own gold is only a small part. Well worth finding the proxy. Try proxyfire and configure firefox.

http://www.cbc.ca/doczone/episode/the-secret-world-of-gold.html

I read in a newspaper some time ago the reason is to get fast US$ in case of crises in Germany or Europe. the German government want to be liquid in such a case. they have gold at serveral locations and are able to exchange it to fiat money very fast.

Germany is more likely to be invaded than the US in case of war...

what Stampbit said

just an innocent question, why fuck would sovereign state store its national treasure in another sovereign state's vaults, anybody?

Why wouldnt germany keep its gold in its own vaults?

That would be very interesting if it was true.   Something tells me that would be a closely guarded secret. 

But usually someone sings like a canary sooner or later on secrets.

"Uncle Sam" is a SCAMMER. Should be blacklisted.

Takes your Gold, sells it to China..like a boss.  
 
I have no words for this.
Now seriously, where is the Gold?

I know I read somewhere the Fed has been loaning out gold to short sellers, but I'm to lazy to look it up because I don't have much interest in gold.  However, I believe it's likely gone.

Actually, that's neither a sufficient or a partial answer to the mystery.  The German gold is and always was THEIRS.  It was a physical product warehoused here.  To our knowledge, it could not ever have been sold 100 times to 100 people, as we know has recently happened with some of the supposed 'stored gold'.

So we DON'T KNOW WHAT WENT ON.

If there's anything I remember from my high school economics class, it was my teacher saying something about, if the whole world starts asking America for its money back, and since America has so many debts it can never do that, the world's going to hell.

Can't wait to see what happens next   Here's hoping I don't die from it.

Sorry dude, but we're broke.

Greetings from America.

no, it is not a good thing at all.  It is indicative of a greater problem that we don't have knowledge of.  DOes it sound like a deal "these days"?  Yeah, unfortunately...

And greetings to Germany!

Google is your friend.

Reality check.

Did Germany get their gold back?

Noooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo.................. .............

Uhh. This is not MSNBC, it's NSNBC.ME which uses a newspaper wordpress theme. Why would anything from this site be considered any more credible than the opinion of a poster here on this very forum? (Not that any news site these days deserves much credit at that).


I'm no conspiracy theorist, but the "source" for this article is the same article from the same author on a different site http://www.4thmedia.org/2013/04/16/federal-reserve-refuses-to-submit-to-an-audit-of-germanys-gold-held-in-u-s-vaults/ where the only comments were:



TL;DR? I'm not saying people shouldn't spread their opinions around like diarrhea, but they should at least have the common courtesy to provide some source paper to wipe it up with.

I remember news from a few months ago saying Germany was seeking to move their gold out.
I did not really think that this would be the way how things got "resolved".
This also explains to me why gold took a dive.

We'll probably see another dive when Germany tries to do something about this and get "shot down" again.

Good news for BTC bulls!