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

Discussion in 'Economics' started by wilburbear, Oct 31, 2012.

  1. jem

    jem

    I guess its all underwater right now.
     
  2. Pekelo

    Pekelo

  3. jem

    jem

  4. Prepare for "foreign gold liquidated at current market price, if proceeds immediately invested in US Bonds"..
     
  5. bone

    bone ET Sponsor

    "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.
     
  6. C6H12O6

    C6H12O6

    I agree
    Having seen what Germany is doing against other European countries, I say it's fair if USA give them the middle finger and keep the gold.
     
  7. Salmon

    Salmon

    Be carefull, Germany want steal jewish money like before II. world war. They introduce bank union because they want steal money from european banks.
     
  8. Pekelo

    Pekelo

    Just for argument's sake: How do they know it was their gold? As far as we know there could be only 1 room full of gold and they show it to anyone, just changing the name on the top of the door anytime when a depositor shows up. :)

    Unless the gold bars were individually numbered and the numbers matched, but I don't assume so....

    Fun fact: There is more gold (actually the most in the world in one place) at the NYC Feds, than in Fort Knox....

    Fun fact 2: This is were the German gold was hidden in WW2, Merker salt mines:

    http://3.bp.blogspot.com/-7HIEkrY-7...s1600/german-gold-merkers-salt-mines-ww2.jpeg

    Fun fact 3: Since 2009, there are gold bar ATMs in Germany and Abu-DHabi, where people can buy 1 oz bars on the street:

    http://www.odditycentral.com/pics/gold-to-go-an-atm-machine-that-dispenses-real-gold.html
     
  9. TGregg

    TGregg

    I sure would. Bet every bar has a serial number.
     
    #10     Nov 1, 2012