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
A precise definition of the term “Jewish values” seems curiously absent from the public sphere. But maybe we can come up with one of our own…
By Richard Edmondson | Fig Trees and Vineyards | October 25, 2013
We often hear the term “Jewish values” bandied about these days (primarily by Jews, it seems) yet seldom, if ever, do we hear it defined. What exactly does it mean? Are people who use it trying to imply that the moral values of Jews are somehow superior to those held by the rest of us?
Type the term “Jewish values” into Google and you get back more than 24 million results. At the top of the list is a website called JewishValuesOnline.org. The site is taglined “multi Jewish perspectives on morals and ethics” and offers rabbinical opinions on a variety of political and social issues, such as gun control, but nowhere on the site does there seem to be an actual definition of the term.
Wikipedia has no entry on “Jewish values”—however, there is a Wikipedia entry on “Jewish ethics.” The article starts off with the following somewhat convoluted paragraph… continue
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