Bundesbank disagrees with audit court’s view on gold reserves

Please Note all the Related Articles at bottom of page. ~J

By Stefan Riecher
Source: Bloomberg News
Tuesday, October 23, 2012

FRANKFURT, Germany — The Bundesbank disagrees with Germany’s Audit Court that the central bank should take stock of its gold holdings outside Germany.

“The Bundesbank and the Federal Court of Auditors have different opinions” on the matter, the Frankfurt-based Bundesbank said in a statement posted on its website today. The foreign central banks that hold gold on the Bundesbank’s behalf verify the holdings annually and “there are no doubts about the integrity, reputation, and safety of these foreign depositories,” it said.

The Bundesbank manages Germany’s gold reserves, which amounted to 3,396 tons as of Dec. 21, 2011. The gold hoard is kept at central bank vaults in Frankfurt, New York, Paris, and London. The Federal Court of Auditors yesterday called on the Bundesbank to physically take stock of its gold holdings outside Germany because “they’ve never been assessed.”

The court said the Bundesbank has started to act on its recommendation to negotiate with the three foreign central banks for the right to physically verify the stocks. Germany’s central bank has agreed to transfer 150 tons of its gold from the U.S. to Germany over the next three years, where it will undergo “thorough examination,” the court said.

“Despite our different view of the law, the Bundesbank will, where possible, take up the audit court’s suggestions,” the Bundesbank said today.

The Audit Court can only give recommendations and can’t legally force the Bundesbank to act, a spokesman for the Bonn-based court said.

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5 Responses to Bundesbank disagrees with audit court’s view on gold reserves

  1. This German gold was probably sold with secret German concurrence. See, how everyone is busy blaming Gordon Brown, for selling British gold at low prices. Remember Gordon Brown could not have done this alone and single-handedly. To those who remember, with Gordon Brown, other Central Banks sold gold too.Known as the CBGA (Central Bank Gold Agreement) some 2000 tons of European gold was sold – at record low prices. What could have been the reason? The end of Soviet Union.Did BundesBank know of this disappearence? Betcha.Have such disappearances happened before? Many times.1 of the 3 scams will happen: 1. NY Fed will give a ‘certificate’ from 1 of the Big-3 auditors confirming existence of German gold. 2. If pressed for physical audit, some gold from a distance will be pointed at & the auditors will be told, “See that gold there? It’s yours.” 3. Germany will get US gilts as replacement “Sell these & buy gold”, the Germans will be told.

  2. Pingback: Jean Haines – Signs From The Universe Are All Over: The Collapse Is Already Happening And it’s Happening – Slowly! – Thoughts From Jean – 25 October 2012 | Lucas 2012 Infos

  3. Debbie says:

    Here is an interview with the WHITE HATS regarding post #48, which we are told is coming soon…

    http://projectcamelotportal.com/images/Tman_Transcript_10-19-12.pdf

    it’s interesting and there are many reports coming out now that back up some of what he is saying here…

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