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Old Oct 31st, 2012, 01:23 PM   #1
wilburbear
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Join Date: Oct 2004
Posts: 3,077
Your billions and billions of dollars worth of gold cannot be audited.

Yes, the gold is stored in one large room, but it's too inconvenient and costly to let you see it.

http://www.spiegel.de/international/...-a-864068.html
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Old Oct 31st, 2012, 02:22 PM   #2
jem
 
 
Join Date: Sep 2001
Location: San Diego
Posts: 17,088
I guess its all underwater right now.
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Old Oct 31st, 2012, 02:23 PM   #3
Pekelo
 
 
Join Date: Aug 2005
Location: Your heart and mind
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If you want to read a discussion on it with 220+ posts:

http://www.reddit.com/r/worldnews/co...ee_gold_in_us/

or, you could just watch Die Hard 3, where the Germans attempted to take back the gold.

Best comment: "Schrodinger's gold."
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Old Oct 31st, 2012, 06:49 PM   #4
jem
 
 
Join Date: Sep 2001
Location: San Diego
Posts: 17,088
Quote:
Quote from Pekelo:

If you want to read a discussion on it with 220+ posts:

http://www.reddit.com/r/worldnews/co...ee_gold_in_us/

or, you could just watch Die Hard 3, where the Germans attempted to take back the gold.

Best comment: "Schrodinger's gold."
that is a funny comment.

i just hope we don't have a schrodingers vote in a few days.
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Old Oct 31st, 2012, 07:17 PM   #5
SomeYoungGuy
 
 
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Posts: 754
Prepare for "foreign gold liquidated at current market price, if proceeds immediately invested in US Bonds"..
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Old Oct 31st, 2012, 11:01 PM   #6
bone
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Location: Chicagoland
Posts: 4,474
"In fact, auditors from the Bundesbank made a second visit in May 2011. This time one of the nine compartments was also opened, in which the German gold bars are densely stacked. A few were pulled out and weighed. But this part of the report has been blacked out -- out of consideration for the Federal Reserve Bank of New York."

Actually this makes sense. They probably don't have room to move the stuff around with the same chain of security for the sake of an audit to count it all. What the Fed is saying is essentially ( and this is just my own silly guess ): "withdraw it is fine, but if you want to move every bar from one secure room to the another equally secure room in order to count each bar that is a problem because we do not have the secure space to do that ".

Just sell it to the Indians - they'll buy it and pick it up.

I really can see how it would be easier to just withdraw it than count each bar.

Besides, trust the Fed. They can print up $200 billion in cash for you in about a day.
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