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The Germans Are Coming for Their Gold
Posted By admin On October 25, 2012 @ 3:04 am In Money Watch | Comments Disabled
Oct 25, 2012
A German federal court has said that country’s central bank should conduct annual audits and physically inspect its gold reserves  worldwide, including gold in the custody of the Federal Reserve Bank of New York. In addition to the FRBNY, Bundesbank gold is stored in London, Paris and Frankfurt.
For decades, the Bundesbank has relied on written confirmation of its gold holdings in London, Paris and New York. According to the report from the German audit court, the last time Bundesbank officials physically inspected the central banks gold holdings was, well, never.
(It should be stated that the folks at FT Alphaville  quote a report saying an inspection took place in 1979/1980.)
Interestingly enough, the Bundesbank is apparently quite happy with taking the word of other central bankers  about the existence, location and size of its gold reserves. It put out the word that it disagrees with the Audit Court, which only has advisory power and cannot force the Bundesbank to follow its recommendations, about the need for inspections. Nonetheless, the Bundesbank is actually going to follow the recommendation that it verify the gold stocks. It also has plans to ship some 150 tons of gold back to Germany for a more “thorough examination.”
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URL to article: http://www.prisonplanet.com/the-germans-are-coming-for-their-gold.html
URLs in this post:
 CNBC.com: http://www.cnbc.com/id/49540593
 physically inspect its gold reserves: http://www.spiegel.de/wirtschaft/soziales/rechnungshof-fordert-bundesbank-zur-inventur-der-goldreserven-auf-a-862719.html
 the folks at FT Alphaville: http://ftalphaville.ft.com/2012/10/23/1224511/counting-das-gold-at-fort-knox/
 taking the word of other central bankers: http://www.bloomberg.com/news/2012-10-23/bundesbank-disagrees-with-audit-court-s-view-on-gold-reserves.html
 Switzerland Wants Its Gold Back From The New York Fed: http://www.prisonplanet.com/switzerland-wants-its-gold-back-from-the-new-york-fed.html
 Bundesbank’s Official Statment On Where It’s Gold Is (And Isn’t): http://www.prisonplanet.com/bundesbanks-official-statment-on-where-its-gold-is-and-isnt.html
 Why Germany Wants to See its US Gold: http://www.prisonplanet.com/why-germany-wants-to-see-its-us-gold.html
 Germany Sells 150,000 Troy Ounces Of Gold In October… But Not Why You Think: http://www.prisonplanet.com/germany-sells-150000-troy-ounces-of-gold-in-october-but-not-why-you-think.html
 Bundesbank Official Statement On Gold Repatriation: http://www.prisonplanet.com/bundesbank-official-statement-on-gold-repatriation.html
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