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.”
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From the Archives
By Ariadna Theokopoulos | Uprooted Palestinians | May 24, 2012
There is a lot of talk about Israel as the State for Jews being bad for Jews worldwide, engendering increasing anti-Israel as well as anti-Jewish sentiment, but I submit that it is primarily bad for Jewish Power, the so-called Zionist Power Configuration (ZPC), insofar as it throws an unwelcome spotlight on it. There have always been subscribers to the Protocols but until relatively recently they have been easily dismissed if not ostracized as anti-Semitic conspiracy theorists, and Jews have managed to restrict the gentile book-keeping of influential Jews to counting the Jews on the Nobel Prize winners list.
Israel’s treatment of the Palestinians whose land they took over has been beyond despicable from the very beginnings of the state yet a well-organized hasbara has managed to inculcate into the minds of the Western Goyim the dichotomy: Palestinians/Arabs/Muslims = terrorists vs Israeli Jews = peace-loving, long-suffering victims. Not so anymore. Israel is no longer seen as even a “legitimate” state but a rogue nuclear power, a racist, expansionist war criminal and war monger. Of more concern, in attracting scrutiny of its successful flouting of international laws, it has led to an examination of what exactly allows it to act with complete impunity. It has exposed the lines of power that move the governments of the major world powers, like puppets on a string, to act as its enablers, indeed as its agents. The lines are now seen by more people than ever before to lead to the Jewish lobbies, to the ZPC, which does not reside in Israel, but permeates the power centers of the US and the UK, and not only. … continue
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