Bringing in the bullion: Germany to repatriate gold from US and France
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.”
No comments yet.
Leave a Reply Cancel reply
or go to
From the Arhives
Can Jewish Liberals Transcend the Wiesel Doctrine?
By ALAN NASSER | May 29, 2012
“We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Sometimes we must interfere. When human lives are endangered, when human dignity is in jeopardy, national borders and sensitivities become irrelevant.”
Elie Wiesel, From the Kingdom of Memory: Reminiscences
“My loyalty to my people, to our people, and to Israel comes first and prevents me from saying anything critical of Israel outside Israel… As a Jew I see my role as a melitz yosher, a defender of Israel: I defend even her mistakes… I must identify with whatever Israel does – even with her errors.”
Elie Wiesel, Against Silence (AS)
In the end, whether Israel’s penchant for serial atrocities encounters an effective obstacle will hinge on two types of resistance, elicited not from the fictitious “international community”, but from the active opponents of Israel’s ongoing projects, and from the withdrawal of moral and financial support for the ongoing reproduction of Israel as an apartheid Zionist State. … continue
Aletho News Exclusive Content
This article will examine some of the connections between the US and UK National Security apparatus and the appearance of the anthropogenic global warming (AGW) theory beginning after the accident at Three Mile Island. … continue
Also by Aletho News:
November 13, 2011
September 19, 2011
March 8, 2011
January 2, 2011
October 10, 2010
July 5, 2010
February 25, 2010
February 7, 2010
January 5, 2010
December 26, 2009
December 19, 2009
December 4, 2009
May 9, 2009
- Obama legitimates drones outside US airspace & Pakistan slams drone strikes May 24, 2013
- Palestine: Eleven houses demolished within one day & Israeli restrictions on movement of Palestinians collective punishment May 24, 2013
- Iraqi Shias, Sunnis hold unity prayers to dismiss violence May 24, 2013
- The EU’s scheme: Climate policies must break free from big oil May 23, 2013
- Palestine: Israelis still deny the kiling of al-Dorra, children run over, homes demolished & 2350 holy sites desecrated May 23, 2013
- Saudi women stage anti-regime rally in Qatif May 23, 2013
- The Palestine Liberation Movement is not about Anti-Semitism May 23, 2013
- United Against Scholarship May 23, 2013
- Gilad Atzmon on Muhammad and Friends (TV Show) May 23, 2013
Looking for something?
This site is provided as a research and reference tool. Although we make every reasonable effort to ensure that the information and data provided at this site are useful, accurate, and current, we cannot guarantee that the information and data provided here will be error-free. By using this site, you assume all responsibility for and risk arising from your use of and reliance upon the contents of this site.
This site and the information available through it do not, and are not intended to constitute legal advice. Should you require legal advice, you should consult your own attorney. Materials accessible from or added to this site by third parties, such as comments posted, are strictly the responsibility of the third party who added such materials or made them accessible and we neither endorse nor undertake to control, monitor, edit or assume responsibility for any such third-party material.
The posting of stories, commentaries, reports, documents and links (embedded or otherwise) on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such posted material or parts therein.
This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more info go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.
Visits Since December 2009
- 1,464,760 hits
Contact:atheonews (at) gmail.com
- UK: Woolwich attack sparks Labour calls for snooper’s charter May 24, 2013
- Colombia: extrajudicial executions killings still ongoing according to report May 24, 2013
- Hospital patients in Gaza poisoned by gas from Israel May 24, 2013
- A million Israeli landmines planted in occupied Palestinian West Bank May 24, 2013
- What an Anonymous U.S. Official Says About Iranians in Syria May 24, 2013
- ACLU Comment on Obama’s National Security Speech May 24, 2013
- For Obama civilian deaths are O.K. because the enemy kill civilians also May 24, 2013
- Israel’s Hand in Guatemala’s Genocide May 24, 2013
- France investigates IMF chief over 2007 payout May 23, 2013
- Britain seeking to lure kids into army by setting up military schools May 23, 2013
TagsAfghanistan Africa Al-Manar American Civil Liberties Union Benjamin Netanyahu Canada Central Intelligence Agency CIA Egypt European Union France Gaza Hamas Hebron Hezbollah Honduras Hugo Chávez Human rights International Atomic Energy Agency International Solidarity Movement Iran Iraq Israel Israeli settlement Jerusalem Latin America Lebanon Middle East NATO New York Times Obama Pakistan Palestine Palestinian prisoners in Israel Press TV Russia Sanctions against Iran Saudi Arabia Syria Turkey United Nations United States Venezuela West Bank Zionism
skulzstudios on What an Anonymous U.S. Officia… skulzstudios on Jewish settlers injure childre… traducteur on Church of Scotland Report Chal… Goliath on US government admits to killin… Goliath on ‘Never in his life… Dr. Ernesto Cantina on The Role of the United States… Ribeekah Grant on Church of Scotland Report Chal… skulzstudios on US government admits to killin… Ribeekah Grant on US government admits to killin… Rohrabacher’s Plan t… on Rohrabacher’s Plan to Partitio… skulzstudios on Rohrabacher’s Plan to Partitio… Jack Splatt on NYT’s Apologia for Syrian Rebe… aletho on Shias, mass media, and Hezboll… Naeem on Shias, mass media, and Hezboll… newsens on The Role of the United States…