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Germany gives up on repatriating its gold from the US & UK
The Germany government, that was for a time insistent on bringing its entire $141 billion gold reserve home from New York and London, has concluded that stashing half its bullion abroad is prudent after all. The Bundesbank, Germanys central bank, sent a delegation to the New York Feds vault in 2012 for spot checks on the hoard. As the golds guardian, the Frankfurt-based Bundesbank is obliged to ensure its safety. And they believed Obama when he told them, "When you want your gold, you can have your gold." BWAHAHAHAHAHAHAHA! Its my view that the gold reserves should be stored wherever they might be needed in an emergency, Juergen Hardt, a member of Merkel's CDU, told reporters in May. Theres no evidence that German gold at the New York Fed has been tampered with, he said. Is there reliable evidence that the "German gold at the New York Fed" still exists? The top men of Germany's central bank seem to think so. Top men! German gold reserves, the second-biggest in the world after those of the U.S., totaled 3,386.4 tons on March 31, according to World Gold Council data. Due to German postwar history, the biggest part is stored at the Federal Reserve Bank of New York; the rest is in London, Paris and Frankfurt. After World War II and the export revival of West Germanys economic miracle in the 1950s, the central bank accumulated dollars it swapped for gold at the Federal Reserve. With Germany split between capitalist west and the communist East German state until 1990, storing most of the gold abroad was a way to keep it out of Soviet reach during the Cold War. Posted by: Anguper Hupomosing9418 2014-06-24 |
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