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Gold Reserves : Is what's there, there?


gerhard dengler

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Feb 3, 2011
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I read an interesting article on Zerohedge about German gold reserves being held at Bank of England and the Federal Reserve Bank in New York.

Bundesbank's Official Statement On Where It's Gold Is (And Isn't) | ZeroHedge

It appears that London and New York are the locations that account for the majority of German gold according to Zerohedge.
76% of Germany's gold reserves are held in England and USA respectively.

Do the German authorities actually get to physically audit their holdings of gold in locations outside of Germany?
If not, why not?

And the Telegraph suggests that Germany withdrew 940 ton of their gold from London to Germany in 2000 and 2001.
Bundesbank slashed London gold holdings in mystery move - Telegraph

Why would any country deposit their gold reserves abroad anyhow?
 

NewDawn1

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For Hypothication in the City most probably.
 

Analyzer

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If we had a gold reserve in this country, we would have expensive quango to look after it. With Bertie's pals as directors.

It would probably cost more than it would be worth.
 

streitsuchtig

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The German banking centre, Frankfurt, was less than 150 km from the East German border. It would have been one of the first targets of any Soviet invasion.
 

zakalwe1

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apart from gold fragments and coins etc in sandyford, our bullion is in london (pitifully small as it is!).

would be surprised if it was greater than €50m.

if there is an apocolypse, then a gold bar would be of fk all use....

bullets and squirrels will be the only currency worth while! (for explanation see the "euro is still accepted for my cup of coffee this morning" thread
 

Ribeye

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Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

See, nothing to be concerned about Wolfgang.
 
D

Dylan2010

Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

See, nothing to be concerned about Wolfgang.
what do you reckon, the previous lead bars became too valuable?
 

gerhard dengler

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Joined
Feb 3, 2011
Messages
47,554
Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

See, nothing to be concerned about Wolfgang.
petunia

On a more serious note, I would have assumed that Switzerland would have been the location of choice for the Germans to store their gold?
Switzerland is more easily accessible for repatriation purposes and audit purposes.

I suppose my question is - how can any country be sure that gold that they have stored abroad is there?
 

Fractional Reserve

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Thats a good one it made me laugh
Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

See, nothing to be concerned about Wolfgang.
 

EUrJokingMeRight

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Sep 28, 2009
Messages
11,840
All of the gold is not there. In fact the USA has outright refused permission to allow a full audit of clients gold, by the clients themselves. The USA only allow them audit 'a part' of the gold held in storage.

Of course there is nothing strange about that! Kudos to Chavez for demanding delivery of his gold from abroad, he's ahead of the curve.
 
Last edited:

dancl2000

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Sep 17, 2011
Messages
517
I read an interesting article on Zerohedge about German gold reserves being held at Bank of England and the Federal Reserve Bank in New York.

Bundesbank's Official Statement On Where It's Gold Is (And Isn't) | ZeroHedge

It appears that London and New York are the locations that account for the majority of German gold according to Zerohedge.
76% of Germany's gold reserves are held in England and USA respectively.

Do the German authorities actually get to physically audit their holdings of gold in locations outside of Germany?
If not, why not?

And the Telegraph suggests that Germany withdrew 940 ton of their gold from London to Germany in 2000 and 2001.
Bundesbank slashed London gold holdings in mystery move - Telegraph

Why would any country deposit their gold reserves abroad anyhow?
because if they want to convert the gold to liquidity by selling or using as collateral, they can do do quickly if the gold is stored near the market.
 

dancl2000

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If we had a gold reserve in this country, we would have expensive quango to look after it. With Bertie's pals as directors.

It would probably cost more than it would be worth.
is anyone else finding reducing every discussion to something quango related stupid ?
 

EUrJokingMeRight

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because if they want to convert the gold to liquidity by selling or using as collateral, they can do do quickly if the gold is stored near the market.
Nothing to do with it.
ETFs such as GLD are created, traded, shorted and manipulated daily. These have no relevance to the underlying asset they are meant to be linked to. Billions of dollars worth of etfs get sold then dumped, the dealers/banks cream the margin everyday and repeat the process eveyday. Just track the gold price when NY opens every morning. Same trick almost every day. As long as everyone dos not demand physical delivery of the gold the GLD cert is meant to represent the charade can continue unabated.
 

ShoutingIsLeadership

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Jan 17, 2011
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50,459
Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

See, nothing to be concerned about Wolfgang.
Another successful flotation.
 

daveL

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Oct 29, 2010
Messages
19,593
If we had a gold reserve in this country, we would have expensive quango to look after it. With Bertie's pals as directors.

It would probably cost more than it would be worth.
and it would be given away in a round of benchmarking
 

EUrJokingMeRight

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is anyone else finding reducing every discussion to something quango related stupid ?
I dont know, let's set up a think tank to find out. Good salaries and pensions to the 'right' type of people ;)
 
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