4 ms·

Did actually anything come out of that? Any results?

by 1337biz 13y ago

salemh 13y ago
http://www.bloomberg.com/news/2013-01-16/bundesbank-to-repatriate-674-tons-of-gold-to-germany-by-2020.html http://www.bloomberg.com/news/2013-01-16/bundesbank-to-repat... "Bundesbank to Repatriate 674 Tons of Gold to Germany by 2020" 374 tons from France, and 300 from New York by 2020 apparently. The Bundesbank is negotiating auditing rights with its partner central banks. Thiele said he visited all storage locations last year and the returning gold will be examined.
fnordfnordfnord 13y ago
IIRC, A German court issued an order to the Bundesbank that Germany's gold bullion (including those held in foreign vaults) be audited. The access granted to the German auditors by they FRBNY wasn't satisfactory to the German authorities, and as a result the Germans decided to begin repatriation of a large portion of their gold (~300 tonnes, I think). A deal was struck to return the gold in batches over the next 7 years. I don't think there has been any conclusive proof of shady things, but of course there is a lot of speculation regarding the motives and facts surrounding the issue. Some links in case you're curious: http://www.spiegel.de/international/germany/debate-breaks-out-in-germany-over-foreign-gold-reserves-a-833289.html http://www.spiegel.de/international/germany/debate-breaks-ou... http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesbank-zur-inventur-der-goldreserven-auf-a-862719.html http://www.spiegel.de/wirtschaft/soziales/rechnungshof-forde... http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html http://www.spiegel.de/international/germany/german-politicia... http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9804444/Bundesbank-to-pull-gold-from-New-York-and-Paris-in-watershed-moment.html http://www.telegraph.co.uk/finance/personalfinance/investing...
- yapcguy 13y ago
  The question is why 7 years? After all, the amount of gold to be returned is not that much! "“In two months, we’ve brought 160 tons of gold valued at around $9 billion back to Venezuela,” http://www.bloomberg.com/news/2012-01-31/venezuela-receives-last-shipment-of-repatriated-gold-bars-1-.html http://www.bloomberg.com/news/2012-01-31/venezuela-receives-... For anybody reading this, research gold leasing by bullion banks. In essence it's fractional reserve banking... and the issue is if nations demand their gold back, what if it's not there?
  - coldarchon 13y ago
    >The question is why 7 years? Because we have no beaming technology and it needs a safe place?

Did actually anything come out of that? Any results?

by 1337biz 13y ago

Did actually anything come out of that? Any results?

http://www.bloomberg.com/news/2013-01-16/bundesbank-to-repatriate-674-tons-of-gold-to-germany-by-2020.html http://www.bloomberg.com/news/2013-01-16/bundesbank-to-repat... "Bundesbank to Repatriate 674 Tons of Gold to Germany by 2020" 374 tons from France, and 300 from New York by 2020 apparently. The Bundesbank is negotiating auditing rights with its partner central banks. Thiele said he visited all storage locations last year and the returning gold will be examined.

fnordfnordfnord 13y ago

IIRC, A German court issued an order to the Bundesbank that Germany's gold bullion (including those held in foreign vaults) be audited. The access granted to the German auditors by they FRBNY wasn't satisfactory to the German authorities, and as a result the Germans decided to begin repatriation of a large portion of their gold (~300 tonnes, I think). A deal was struck to return the gold in batches over the next 7 years. I don't think there has been any conclusive proof of shady things, but of course there is a lot of speculation regarding the motives and facts surrounding the issue. Some links in case you're curious: http://www.spiegel.de/international/germany/debate-breaks-out-in-germany-over-foreign-gold-reserves-a-833289.html http://www.spiegel.de/international/germany/debate-breaks-ou... http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesbank-zur-inventur-der-goldreserven-auf-a-862719.html http://www.spiegel.de/wirtschaft/soziales/rechnungshof-forde... http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html http://www.spiegel.de/international/germany/german-politicia... http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9804444/Bundesbank-to-pull-gold-from-New-York-and-Paris-in-watershed-moment.html http://www.telegraph.co.uk/finance/personalfinance/investing...

yapcguy 13y ago
The question is why 7 years? After all, the amount of gold to be returned is not that much! "“In two months, we’ve brought 160 tons of gold valued at around $9 billion back to Venezuela,” http://www.bloomberg.com/news/2012-01-31/venezuela-receives-last-shipment-of-repatriated-gold-bars-1-.html http://www.bloomberg.com/news/2012-01-31/venezuela-receives-... For anybody reading this, research gold leasing by bullion banks. In essence it's fractional reserve banking... and the issue is if nations demand their gold back, what if it's not there?
- coldarchon 13y ago
  >The question is why 7 years? Because we have no beaming technology and it needs a safe place?