|Where has all the Deutsch Gold Gone?|
Maybe they spent it.
You know how it is. Someone gives you 93 billion dollars worth of gold to look after, Well wars come and go, and they are expensive. Then the economy has its ups and downs. The dollar gets a pounding and, well one thing leads to another and it gets (cough cough) spent. How embarrassing! Of course you can’t open the doors to the Fed and expose all that … Emptiness. I mean who would ever trust you again?
Perhaps the Federal Reserve’s alternative to gold is stone. Stonewalling that is. The Fed is refusing to allow the Germans to see their gold. According to Wealth Wire,
“Previous and repeated requests were only partially addressed. Bundesbank staff members were allowed to see the facility in 2007, but they reportedly only made it to the anteroom of the German reserves.
Bundesbank auditors made a second visit in May 2011. This time one of the nine compartments used to store Germany's gold was opened. Only a few bars were pulled out and weighed, but that was it.”
And details of that itsy bitsy little inspection was blacked out in a report, “Out of consideration for the Federal Reserve Bank of New York.” Go figure.
Germany owns 1,536 metric tons of gold, currently worth around $93 billion at today’s’ prices. Perhaps they should call the bluff and ask for the gold to be returned to Germany? Do a Venezuela perhaps?
The Feds refusal to allow an inspection and in a recently leaked report from the German auditors about the gold reserves entrusted to the Fed, Carl-Ludwig Thiele, a Bundesbank board member said, "I would like more transparency on the issue."
Thiele was then summoned to Berlin to explain his comment to a parliamentary budget committee and stated to the committee that, "all the gold has to be shipped back."
According to GATA, “…the German financial journalist Lars Schall called attention to remarks delivered Thursday by a member of the executive board of the German Bundesbank, Andreas Dombret, at a reception held at the Bundesbank office in New York in the presence of the president of the Federal Reserve Bank of New York, William Dudley. Dombret's remarks, appended here, confirm that, as GATA often has reported, Germany's gold reserves are held in large part at the New York Fed to facilitate their presumably secret trading, since, as Dombret notes, "Frankfurt is not a gold-trading center."
Despite a pledge from the Bundesbank to retrieve 150 tones of gold from overseas, it is moot point how much they will really get to inspect. Currently it is 11 percent. 89 percent to go. Don’t hold your breathe.
If the fed has spent it, or lent it out or ate it, they are not saying and we may never know. The question remains then, where has all the Deutsch Gold Gone? Long time passing.