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	Forums ›› Main ›› Economics ›› Germany now wants a full audit of its gold held in the U.S. Fed says no.

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Opulence

Registered: Mar 2012
Posts: 75

11-01-12 10:58 PM

You can't help but wonder if the rest of the world is raising their eyebrow at that move. If so, tough questions are going to be asked soon.

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zdreg

Registered: Oct 2003
Posts: 8330

11-01-12 11:10 PM

wasn't there some other country that pulled out their gold either from london or from the US?

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atticus

Registered: Mar 2007
Posts: 12608

11-01-12 11:19 PM

The Germans want to audit their supply of US tungsten.

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koolaid

Registered: Jan 2012
Posts: 78

11-01-12 11:30 PM

Quote from atticus:

The Germans want to audit their supply of US tungsten.

The US said no to an audit, not NO to a withdrawal. If the Germans don't trust the fed, then withdrawal it. What's the problem? Asking for a audit of all that gold is asking for trouble.

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zdreg

Registered: Oct 2003
Posts: 8330

11-01-12 11:48 PM

Quote from zdreg:

wasn't there some other country that pulled out their gold either from london or from the US?

In Asia, due to the rising demand for storage of the vast quantities of Gold now being imported and produced in China, Hong Kong will be opening its largest Gold storage facility in September. The massive facility, located at the international airport, has the capacity to securely store 1,000 metric tons of the yellow metal, that's nearly one-fourth the amount of Gold bullion now being stored at Fort Knox.
<http://www.morgangold.com/news/2012...g-in-china.html>

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bone
ET Sponsor

Registered: Apr 2002
Posts: 4327

11-02-12 12:32 AM

Much ado about nothing. I am sure that the Fed is holding that Gold as a courtesy, and that the Fed would much rather return it than audit it from a logistical standpoint. It's not like the Fed is earning anything by holding it - quite the contrary, I am sure that the infrastructure and the support to maintain that vault system and staff the security is an expensive budget item.

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