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Why Germany Wants to See its US Gold

Posted By admin On November 1, 2012 @ 6:28 am In Money Watch | Comments Disabled

Sven Böll and Anne Seith
Spiegel [1]
November 1, 2012

Bundesbank President Jens Weidmann wanted to personally convince Peter Gauweiler that the German gold was still where it should be. Early this summer, the head of Germany’s central bank took the obstinate politician from the conservative Christian Social Union (CSU), a party that is a member of the government coalition in Berlin, and a number of his colleagues into the Bundesbank’s inner sanctum: the gold vault.

There, 6,000 gold bars are stacked on industrial-strength shelves in a purpose-built building in Frankfurt. An additional 76,000 bars of bullion are stored in four safe boxes, in sealed containers.

But even this personal inspection wasn’t enough to reassure the visiting member of parliament — on the contrary: “The Bundesbank monitors its domestic gold in an exemplary fashion,” Gauweiler says, “and this makes it all the more incomprehensible that the bank doesn’t look after its reserves abroad.”

For quite some time now, Gauweiler has been pestering the government and the Bundesbank with questions concerning where and how the country’s reserves are stored, and how often they are checked. He has submitted requests and commissioned reports on the topic.

Full article here [1]

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URLs in this post:

[1] Spiegel: http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html

[2] 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

[3] All Aboard The Gold Repatriation Train: First Germany, Next: The Netherlands?: http://www.prisonplanet.com/all-aboard-the-gold-repatriation-train-first-germany-next-the-netherlands.html

[4] The Germans Are Coming for Their Gold: http://www.prisonplanet.com/the-germans-are-coming-for-their-gold.html

[5] German Bundesbank To Repatriate Gold From New York Fed: http://www.prisonplanet.com/german-bundesbank-to-repatriate-gold-from-new-york-fed.html

[6] Swiss banks running out of storage space for gold bullion: http://www.prisonplanet.com/swiss-banks-running-out-of-storage-space-for-gold-bullion.html

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