Bundesbank to Repatriate 374 Tons of Gold From Bank of France, Substantial Portion of Gold Held at t

white&yellow999

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http://www.silverdoctors.com/bundesbank-to-repatriate-374-tons-of-gold-from-bank-of-france-yet-to-be-announced-portion-of-gold-held-at-the-ny-fed/

While Bernanke spent his afternoon today outlining why the gold standard can never work (never mind the fact that it worked perfectly for 2 centuries in America), the Bundesbank has just shattered the remaining confidence in the fractional bullion banking system, announcing that it will repatriate a portion of its gold reserves from the NY Federal Reserve, and ALL 374 tons of its gold held at the Bank of France!
---
The Bundesbank has developed a new concept as to where she should continue storing her gold reserves. According to information of the Handelsblatt, this approach which will be announced next Wednesday will repatriate the domestic gold, and store less gold in New York, and will hold no more gold in Paris.

Currently, the gold of the Bundesbank outsourced their claims to New York, London, Paris and Frankfurt. In the American Federal Reserve the Bundesbank stores 45 percent of the total 3,396 tonnes of gold, in the Bank of England in London, 13 percent, in the Bank of France in Paris eleven percent and 31 percent at its headquarters in Frankfurt. This distribution is about to change.


Let's see how this one plays out.... the current article says that of the banks 3,396 tonnes of gold, 45% is held in the NY Federal reserve. I wonder what part of that portion they are demanding in physical.
 

bushi

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I wonder what part of that portion they are demanding in physical.
The whole point of repatriation is to bring physical gold back under the control of the original holder nation, i.e., into their own vaults. So whatever portion they decide to repatriate, it will be all phys :gold:.

Turns out that crazy wacko Chavez wasn't as crazy as some would like us to believe, no?

same on Zerohedge:
http://www.zerohedge.com/news/2013-...sbank-commence-repatriating-gold-new-york-fed

:popcorn:
 

ancona

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Veeeery interesting.......and bullish.

Imagine if this becomes the new trend for foreign nations.
 

DoChenRollingBearing

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Yes, if this is true, it looks to me like BIG news.

My friends! I will be watching this like a hawk!

:gold:

:gold:

:gold:

:gold:
 

bushi

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Yes, if this is true, it looks to me like BIG news.
there are direct quotes (in German) from Bundesbank statement, with analysis re: their previous statements (not older than few months, stating the contrary, i.e. them having "full trust" in the Fed and other holders of their gold), and what that implies, in that Zerohedge article above. So 1st, it is true, 2nd, has very very big implications: essentially, major central banks are no longer all warm and fuzzy with each other, and the trust between them is gone. Things might accelerate from here.
 

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Jim Sinclair said:
...
Charles De Gaulle was the first person in modern history to call the hand of the USA on its then obligation to convert French held dollar reserves into gold. I was a senior trader at the time.

History will look back on this salvo fired across US war financing as being the beginning of the end of the US dollar as the reserve currency of choice.

The reaction on the part of the US was to cut the tie between the dollar and convertibility. This again raises the question of does the USA have fungible gold to the degree that is claimed without 3rd party audits or any viewing publicly whatsoever.

If it is true as reliable sources today reported that Germany wishes to repatriate a significant amount of its gold, then that request is a modern version of the first salvo that Charles de Gaulle fired at the US treasury over convertibility.

Assume that no close violated Alf’s downside price and it is possible that today’s revelation concerning Germany is an event leading to gold’s first main target above the recent high of $2111. It is significant because under normal circumstances no major central bank would insult another major central bank in that manner.

Today’s report, if true, is a salvo fired at the concept that the USA has all the gold it claims and all the gold it stores for others. If true, this event is the most important gold development since Charles De Gaulle called the US hand that it would stand by convertibility which many then assumed it could not because even then the amount of gold held was publicly questioned.
...

http://www.jsmineset.com/2013/01/15...ns-officially-repatriating-gold-from-the-fed/
 

white&yellow999

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The whole point of repatriation is to bring physical gold back under the control of the original holder nation, i.e., into their own vaults. So whatever portion they decide to repatriate, it will be all phys

Thanks... yes, I understand this. What my question is, and I can understand the way I worded my question in the original post is open to this interpretation.... but the question is, how much of their gold are they pulling out of the NY Fed's vaults? The article only says a portion...
 

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This news, the inevitable raising of the debt ceiling, and my old 50 sma are all looking pretty bullish in the near future.
 

Jetstream

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That Germany is only going to request a portion of its gold back from the Fed is quite telling to me. They are taking 100% out of France, but only a percentage from the US.

Call me a skeptic, but I think this may be a 'behind-the-scenes deal' perhaps to cover the fact that it may not all be there?
 

DoChenRollingBearing

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I also read at today's ZH posting that a commenter said there would be a Press Conference tomorrow, I cannot say if that is true. If it IS true, then that would be a huge story (Germany taking their gold home).

Pt climbed over Au today, has been spiking (S African production problems and increased automotive demand).

J C Penney and Barnes & Noble have problems, saw them just today (anecdotal evidence of course).

"Big News & Little News"

http://tinyurl.com/a63ucbb
 

mmerlinn

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Call me a skeptic, but I think this may be a 'behind-the-scenes deal' perhaps to cover the fact that it may not all be there?

Since the French elections, the lover's knot between Germany and France has unraveled. In the past when they parted ways, the result was usually war. At the very least this is an economic war with Germany versus France with Germany holding all of the Aces.

Since the financial condition of France is bordering on the PIIGS financial conditions, this may be a move, either directly or indirectly, by Germany to force France into a corner. If so, then Germany will "colonize" another country to add to the current list, namely the Balkans and Greece, with Cyprus soon to join. Italy and Spain are well on their way to colonization already.
 

pmbug

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AEP apparently reads Jim Sinclair's blog:
The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the late 1960s.
...

http://www.telegraph.co.uk/finance/...m-New-York-and-Paris-in-watershed-moment.html

It appears that the Bundesbank released a statement:
The Bundesbank will repatriate 674 metric tons of gold from vaults in Paris and New York by 2020 to restore public confidence in the safety of Germany’s reserves.

The phased relocation of the gold, currently worth about 27 billion euros ($36 billion), will begin this year and result in half of Germany’s reserves being stored in Frankfurt by the end of the decade, the Bundesbank said in a statement today. It will bring home all 374 tons of its gold held at the Banque de France and a further 300 tons from the New York Federal Reserve, it said. Holdings at the Bank of England will remain unchanged.
...
The Bundesbank is negotiating auditing rights with its partner central banks. Thiele said he visited all storage locations last year and the returning gold will be examined. He declined to comment on the cost of the transfers, saying only it is “economically tolerable for the Bundesbank.”

While German gold is stored for free in New York and Paris, the Bank of England charges between 500,000 euros and 550,000 euros a year.

Thiele said the decision to repatriate all German gold from Paris “won’t cause any diplomatic problems” and that Bundesbank President Jens Weidmann and his French counterpart Christian Noyer had discussed the decision.

http://www.bloomberg.com/news/2013-...iate-674-tons-of-gold-to-germany-by-2020.html
 

pmbug

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I've been thinking about this a bit and I'm not sure that the repatriation is going to have any direct impact on the markets. It's possible that the move could spark other countries/central banks to follow suit (especially where the population is already pressuring for audits/repatriation) thereby having an indirect impact, but what strikes me as curious is that the Bundesbank is not repatriating gold from the only hub that charges them a custodial fee - from England - where rehypothecation is purportedly taking place without limits or restraint.
 

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I'm very busy right now, but consider this:

Why does it take 8 years to get 674 tons home to Germany? The only reason can be leasing or swap agreements, i.e. the Buba doesn't want to cause shortages due to abrupt terminations of these deals. :doodoo:

Another fact is burried in a German pdf presentation by a member of the Buba board, it says on p. 17 "LGD-Standard erreichen, sofern nicht gegeben" = "reach London good delivery standard, as far as not given".
http://www.bundesbank.de/Redaktion/...essegespraech_gold.pdf?__blob=publicationFile
It means that they own bars that are either not the standard 400 oz weight, size, or quality.

If somebody amoung has some spare time left, you could do the math and figure out whether the oz to bar ratio taken from p. 10 of the pdf is indicating that the bars are not 400oz sized:

location / moz / bars

Frankfurt / 33,3 Mio. / 82.857
New York / 49,4 Mio. / 122.597 1.536
London / 14,3 Mio / 35.640 445
Paris / 12,0 Mio. / 29.775 374

Total / 109,0 Mio. / 270.869 3.391
 

pmbug

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...
If somebody amoung has some spare time left, you could do the math and figure out whether the oz to bar ratio taken from p. 10 of the pdf is indicating that the bars are not 400oz sized: ...

Frankfurt -> avg 401.897 toz/bar
New York -> avg 402.946 toz/bar
London -> avg 401.234 toz/bar
Paris -> avg 403.023 toz/bar
 

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The guy called Frank Schäffler at 1:50 is kind of a German Nigel Farage, he wants the whole gold at home and said that it should be tested for authenticity, he also talked about a gold backed currency and the question of ownership
 
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bushi

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getting Germany's gold back home might be important for the future of Eurozone as well, Rickards mentioned in "Currency Wars", that EZ as a whole has the biggest official stockpile of gold (bigger than the US). He mentions further, that although official stockpile of EZ is the biggest, but big part of it is stored in the US vaults (which, in case of extreme turmoil, might essentially lead to "you say you want your gold - come and get it! Otherwise, here's some certificates for you to confirm your share" :))

Whichever way one wants to read this development, one thing is clear: big boys do not trust each other anymore. Things could not be better than this, for the mankind, in the long run. They need to be at each other's throats, otherwise they simply destroy small people.
 

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Whichever way one wants to read this development, one thing is clear: big boys do not trust each other anymore. Things could not be better than this, for the mankind, in the long run. They need to be at each other's throats, otherwise they simply destroy small people.

My primary argument against a world wide conspiracy ...........

Sure they will act together in limited, self serving, short term ways but its difficult to envisage a worldwide cabal of controllers all standing shoulder to shoulder, come what may.
 

DoChenRollingBearing

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rblong2us!

Yes, that is what I believe as well. The elite is too fractured to rule us, at least for now. Too many factions with their own agendas.
 

Jetstream

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That Germany is only going to request a portion of its gold back from the Fed is quite telling to me. They are taking 100% out of France, but only a percentage from the US.

Call me a skeptic, but I think this may be a 'behind-the-scenes deal' perhaps to cover the fact that it may not all be there?

Hmmmm. No one commented on this comment I posted. And today I was proved right.

The gold is very likely NOT there. It will take the Fed SEVEN YEARS to get Germany's gold back to its rightful owner, even though Germany's claim is only for about 5% of what the Fed says they have in their vaults.
 
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rblong2us

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Hard to be certain about this Jetstream .........
Think if it was beyond doubt, there would be a lot more happening in the gold markets.

It certainly points towards there being an issue though. And Germany is only asking for some of its gold to be returned.
 

pmbug

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Jetstream- it's all speculation at this point. Probable, but not proven.
 

Jetstream

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Jetstream- it's all speculation at this point. Probable, but not proven.

Fair enough. Proven was too adamant a word. My skepticism at the beginning as to why only a percentage of Germany's gold would be requested from the Fed was "shown by the events of the following day to have been well founded."

The US can keep on dodging the call to audit their gold holdings in various places, but all that needs to happen is for several countries who have some of their gold in the USA to insist on audits of their own gold to start the domino effect and the charade will be over.
 

Jetstream

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Hard to be certain about this Jetstream .........
Think if it was beyond doubt, there would be a lot more happening in the gold markets.

It certainly points towards there being an issue though. And Germany is only asking for some of its gold to be returned.
Actually a lot is happening in the gold markets. The price suppression is going on as strongly as ever. Without the heavy-handed slamming of 2 or 3 major banks, the price would be shooting upwards.
 

Jetstream

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This post of mine was on Jan 15th.
That Germany is only going to request a portion of its gold back from the Fed is quite telling to me. They are taking 100% out of France, but only a percentage from the US.

Call me a skeptic, but I think this may be a 'behind-the-scenes deal' perhaps to cover the fact that it may not all be there?

The following comes from KWN on the 16th. (The full commentary is here)
http://kingworldnews.com/kingworldn...Years_For_Gold_To_Be_Returned_To_Germany.html


Today acclaimed money manager Stephen Leeb told King World News the reason Germany is only getting small portions of their gold sent to them over the years is because the gold is not at the Fed. Leeb also believes the United States is now running out of physical gold to sell in their price suppression scheme. Here is what Leeb had to say: “There are two main parties engaged in a battle for economic and monetary supremacy in the world. This is China vs the United States. Interestingly, at least for a period of time, both countries don’t want to see the price of gold take off.”

Stephen Leeb continues:

“The Chinese don’t want to see the price of gold take off because they still want to buy a lot of it. The Chinese took in at least 1,000 tons of gold last year, and maybe even more. This total represents Hong Kong imports plus their own production.

This year the Chinese are really going to play the game much more aggressively with these Shanghai markets that are going to have international players actively trading in them. They will also trade derivatives, and the Chinese will accumulate gold through their new ETF.

The trouble the Chinese have is their internal production of gold is becoming more difficult to maintain....

“They just can’t, like so many others, replace the gold reserves, which would then be exploited in future mining.

It’s extraordinary up to now the percentage of reserves the Chinese have been mining, up to 35% of their gold reserves. I’ve never seen any country mine that percentage of reserves for any metal. You look at the pace of their mining and you can easily conclude they are desperate for gold.

If the gold price lifts off, that poses a major threat to the US dollar. So the United States has been the leader in the gold price suppression scheme. This is why so much gold has left Western vaults. The Germans now want their gold back from the Fed.

So Germany has asked for the gold stored at the Fed to be returned to Germany. The amount of gold the US supposedly has stored for the Germans is 1,536 tons. This can certainly be shipped to Germany. Yet it’s going to take 6 or 7 years to return a small portion of the gold to Germany? Why?

They ship much more oil than gold. This is ridiculous. What do they expect? Do they expect the gold to blow up? Last I heard gold doesn’t even oxidize or even tarnish, much less blow up. Why can’t they just load it on a ship or on planes and send it? Something doesn’t add up here, Eric.

The reality here is that the German gold has been leased out and it’s not sitting in the vault. So the Fed has agreed to return very small portions of the German gold each year, which is supposedly stored at the Fed. Well, the gold isn’t there and that’s why it is going back to Germany in small portions each year.
I feel on pretty safe ground when I say my assertion has moved out of the "probable" category and entering the "proven" category.:wave:
 

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technically, it is all hearsay, but I agree with you, the probability is very very high (if not certain)
 

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When Chavez set the wheels in motion to repatriate Venezuela's 200 tons of gold, that took over a year IIRC. There were a lot of logistics to work out. It didn't happen over night.
 

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Having relocated from Russia Today to Yahoo Finance's "Daily Ticker" program, Lauren Lyster today interviewed fund manager and "Currency Wars" author James G. Rickards about the Bundesbank's attempt to repatriate some of Germany's gold, a move Rickards considers "world historical" in importance, confirming that gold is "the real base money, high-powered money." Rickards also expects that China this year or next will announce a tripling or quadrupling of its gold reserves after acquiring the metal surreptitiously. The interview is five minutes long and can be viewed at Yahoo Finance here:

http://finance.yahoo.com/blogs/dail...patriate-gold-affect-investors-170006263.html

http://gata.org/node/12155
 

pmbug

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... The “gold conspiracy theories” have now gone mainstream with a CNBC Market Mystery segment discussing the Bundesbank’s gold repatriation over the weekend, ...

CNBC’s Guy Adami: This is a huge story in my opinion that is not a huge story now, but will be a huge story. Why is that? Because you have to ask yourself, why would Germany decide to do this? What do they see that the rest of us don’t see that requires them to physically move this gold out of lower Manhattan and obviously in Paris, as well, back to their borders? I think that’s really the question you have to ask, and the answer is, it can’t be anything good...

If you think Germany is going to be the last, they’re not. People will line up and do this. You talk about runs on banks? This could potentially be exactly that! Because if everybody wants their metal back at once, you better hope that A, that it’s there and B, that we’re able to do it!
...

More (incl. video): http://www.silverdoctors.com/cnbcs-...repatriation-could-be-start-of-gold-bank-run/
 

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I still can't believe we are sitting under 1700 after all this news.
 

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The Swiss seem to be following suit. http://www.silverdoctors.com/gold-bank-run-accelerating-now-the-swiss-want-their-gold-back-all-1040-tons-of-it/

Interestingly, Switzerland has been a long time before the Germans and taken without public vertebral the topic. Circles from the People’s Party launched 16 months ago, the gold initiative. Because the project in parliament remained chance would just started as the last remaining means an initiative, the initiators said then. By referendum, they want to force the SNB to store all the gold in Switzerland and sell no single ton more. In addition to the SNB within 5 years after voting to increase their gold holdings massively so that it accounts for a fifth of the minimum in the whole balance.
 
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