Bringing in the bullion: Germany to repatriate gold from US and France

Do you think the United States has any gold they can give them? I think they may be in for a surprise. Obviously, this says that they need the money . . . ~J

Published: 16 January, 2013, 13:08

Reuters / Heinz-Peter Bader

Reuters / Heinz-Peter Bader

Germany’s central bank is set to reclaim some of its vast gold reserves held in the US and France, a German daily reported. The move follows an audit criticizing Bundesbank for mismanagement, stating the funds had never been “verified physically.”

Bundesbank voiced plans to withdraw its entire 450-ton store of gold bullion from the Bank of France in Paris, and a portion of the 1,500 tons currently held by the New York Federal Reserve, Handelsblatt reported.

The German government refrained from commenting on the reports ahead of its presentation of a new plan for the management of its gold reserves on Wednesday. Germany boasts the world’s second-largest bullion reserves at 270,000 gold bars ($177.5 billion), second only to the US.

Germany’s gold stockpile was relocated abroad during the Cold War amid fears of a possible Soviet invasion. There is no reason now to maintain overseas stockpiles, Bundesbank said – from now on, the bank will only keep small amounts of gold abroad for trading purposes.

About 30 percent of Germany’s gold reserves are currently being held in the country at the facilities of Frankfurt-based Bundesbank.

The move follows a damning report by the German Court of Auditors criticizing the management of Bundesbank’s foreign bullion stockpiles. Auditors said that the stores “had never been verified physically,” and were not under proper control.

Bundesbank was taken aback by the criticism, stressing there was no need for speculation on Germany’s overseas holdings and that “there is no doubt about the integrity of the foreign storage sites.” The central bank is widely regarded as one of the most trustworthy institutions in German society.

Veteran gold dealer Jim Sinclair said that Bundesbank’s strategy marked a change in trends in the global gold market, heralding a move away from paper administration of funds.

“This sends a message about storing gold near you and taking delivery no matter who is holding it,” Sinclair told British newspaper the Telegraph. “When France did these years ago it sent panic amongst the US financial leadership. History will look back on this salvo as being the beginning of the end of the US dollar as the reserve currency of choice.”

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9 Responses to Bringing in the bullion: Germany to repatriate gold from US and France

  1. Message to everyone:

    We must all remember some VERY IMPORTANT things… (1)the shift is going to happen very soon, (2)we must all prepare for the coming shift (i.e. getting as much into a 4D and possibly 5D mindset) as we can. (3)This type of nastiness and pettiness from some of the people that come here is not at all part of a higher consciousness mindset. We must all remember to ALWAYS (at least try) to prepare for the coming changes, and I for one, would like to think of this site as a place to come, and get the information that we want, and converse with people that are on the same path of higher consciousness as MOST of us (hopefully) would like to be. I would like to hope that you remember that when you come here.

  2. edward skarlot says:

    I want to unsubscribe from What’s the ‘real’ truth.

  3. Kathy Kelley says:

    Or is it that you very much DO understand and are a spreader of lies and disinfo, as you have claimed D & RTS were. Regardless of your position I honor your divinity and accept you as you are unconditionally.

    • Jean says:

      Kathy, I’m entitled to my opinion, which is far more than an opinion – it is an informed opinion. Because people and info need to be protected, however, I’m keeping that info to myself. I think you are absolutely incorrect in what you are stating, and I don’t know why you continue to want to post this info on my blog – when you know I think it has little validity. As a result of your last uncalled for comment to me, I’m removing all your posts from my blog, and I won’t accept any others. If people want to read what you are publishing, they are more than welcome to go to your own website to read it.

      D made a terrible mistake about Neil Keenan – and she should have apologized publicly. She didn’t, and she should have. I don’t deal in that, Kathy! I didn’t accuse her of lying; she was proved wrong, as I believe you will be.

      PS Regarding your final comment to me: Kathy, why are you so upset? Why have you taken on the role of judge? Do we not live in a democracy? Is this not my blog? Am I not entitled to publish what I want to publish? Am I not entitled to my opinion? As I told you, I understand this very differently than you do, and I think I’m entitled to that understanding without having to put up with your nastiness about it. . . I think you are going to be proved wrong, but, you know, maybe not. Why get all fired up about it? Am I really all those things you said I am? I don’t think so, Kathy. When people speak like you just spoke to me, it is not about me – it’s about you, Kathy, and why you feel the need to speak in such a degrading way to me as you have just done.

    • mhenrydunn says:

      It is a standard ethical practice for any one publishing information for the public benefit to issue a retraction when the information proves to be incorrect – especially if the information has impugned someone’s reputation. “D” saw fit to publish information detrimental to Neil Keenan’s reputation (a C&D accusing him of fraud), and chose not to issue a retraction or correction when clear information was provided showing that this detrimental “information” was in error.

      This is a simple matter of journalistic integrity. We may not think that such standards apply to us here in alt-media land, where we are unlikely to be sued for libel in the way that major media companies are. All we have to go by is a sense of what’s right and wrong. “D” published erroneous information attacking Neil Keenan’s reputation. Jean published rebutting information and encouraged a retraction. D saw fit not to do so.

      End of story. Addressing this fairly simple matter with grand accusations of “not working for the light” or being a “spreader of lies and disinfor” may feel wonderfully self-righteous in the moment, but I confess that I find it, well….not exactly 5D?

      Michael

      • Jean says:

        Kathy, what I haven’t wanted to say is that I have looked at some of your proof, and I don’t think it is valid. I’m not going to argue with you or take time to go into it, because it is not worth it to me. Now, please, will you stop with the anger and the ugliness! There are people out there who aren’t buying into what you think is true, so maybe you’d better come to an acceptance of that fact.

        • Jean says:

          Kathy, people can find the info elsewhere. It’s all over the internet. I’m NOT publishing it here. I’ve had to read, now, more than several angry, ugly comments from you because I refuse to post information on my blog that you are demanding I publish. Please, Kathy, stop all this craziness! It’s my blog, and I’m not buying into all that you are telling us, whether or not you like it, and whether or not I am right or wrong. Get used to it. Because of your behavior, you are no longer welcome here.

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