German citizens launch initiave to repatriate Bundesbank's gold

[swissaustrian]

German citizens have launched an initiave to repatriate the Bundesbank's gold.

Germany's constitution doesn't contain a popular constitutional referendum like Switzerland's constitution does (see here: http://www.pmbug.com/forum/f2/switz...les-snb-storage-only-ch-min-20%-reserves-434/ ), so the odds of the iniative aren't as high as in Switzerland.

Anyway, good luck to them. Here's an English translation of the initiative's website:

Bring home our gold!
The Deutsche Bundesbank holds about 3400 tons for German citizens in physical gold, which would be urgently needed after a possible final loss of confidence in the euro as a (partial) cover of a new currency. To achieve this purpose, there must first be transparency of the gold that has been stored for decades largely abroad and then has to be transferred to Germany. No nameable legal reasons preclude these actions; and at the latest since the end of the cold war in 1990 there are also no military ones.

The independent and non-partisan initiative "birng our gold home!" therefore calls for

a complete and independent full audit of German gold stocks in all storage locations;
the timely return of all gold stored abroad to Germany, in order to get the option of (partial) cover a future new currency;
Achieve a constitutionally guaranteed special status of the gold reserve to counter of the rapidly growing sales (of gold) risk due to the dramatically deteriorating quality of the Bundesbank (danger in delay) balance sheet since 2007.

Image: Storage locations of Bundesbank gold:

...

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In the case of German gold, the following points are critical:

Completely lacking transparency over storage of gold stocks in foreign vaults with unclear ownership structure
For decades of overdue physical full audit with public reporting and accounting to commercial law (HGB [commercial code] and others)
Acute expropriation or confiscation risk in the course of the so-called Euro "Rescue"...
... as a result of the qualitative deterioration of the balance sheet of the Deutsche Bundesbank (share highly questionable target 2 assets 2012 already over 60% of total assets!)...
... as a result of increasing worsening collateral the ECB system (with its partner and guarantor Deutsche Bundesbank)...
... and as a result of massive over-indebtedness of the German Federal budget...
... in which the Bundesbank distributes their gains and losses ...
... and therefore could be forced in any emergency of the federal budget to sell gold
Ensuring that in a "post euro area" in a few years it may be required to (partially) back a future national currency with gold

http://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http://www.gold-action.de/initiative.html

 

[JJSF]

This movement really wouldn't be as damaging to the cartel as it seems on the surface. Compare it to the "audit the fed" movement.

If i were running things at the Fed i would welcome a movement like this and just write the rules of the planned audit so that it's all BS and nothing is ever really audited..buy time, play with definitions, word games..on and on... Then once it's wrapped you have a plausible defense in any debate and as a talking point for another 20 years that "But there was an extensive audit of the Fed just X years ago yet you ask for more? when will it stop? When will the Fed cease to be the whipping boy for every fringe societal extremist group? When will they stop with the victimization of us poor central bankers doing nothing but God's work..on and on.."

Same with any moving of sovereign bullion out of the cartel's hands:
By time, play with definitions and in the end the government will hold nothing more than the paper they already hold but maybe featuring a new special seal of authenticity. The banks that run the bullion vaults run both involved governments.. Same old deal..
That gold will never see the light of day and my personal research says there's nothing there that hasn't been rehypothecated to the umpteenth degree.

 

[DCFusor]

I'd love to see that one happen, but it won't - that overseas gold is rehypothecated out the butt, and TPTB, which are much more powerful than mere Germany, won't take that loss willingly - just so that Germany can then rehypothecate it all themselves.

That's not fair! (ha ha) I can see it now in boardrooms - the babies are about to have their candy taken and will do anything they can to stop that.

 

[pmbug]

So the drumbeats from May are continuing. Hope they get their tungsten back.

 

[pmbug]

I knew this initiative sounded familiar... I couldn't find the post this morning though. Needed that glass of wine with lunch to see it I guess...

http://www.pmbug.com/forum/f2/sinclair-europe-repatriate-their-gold-global-qe3-begins-456/#post5983

 

[swissaustrian]

I knew this initiative sounded familiar... I couldn't find the post this morning though. Needed that glass of wine with lunch to see it I guess...

http://www.pmbug.com/forum/f2/sinclair-europe-repatriate-their-gold-global-qe3-begins-456/#post5983

Jim Sinclair is amoung the initiators. Other foreigners (from a German perspective) like James Turk and Egon von Greyerz are involved, too.

 

[DoChenRollingBearing]

If I were a German citizen, I would want at least 1/2 of that gold there at the Fed in NYC.

IMO, the Fed is gold probably IS there. All 7000 tonnes. IMO.

Next time I plan a trip to NYC, I will arrange (must be arranged MONTHS in advance) a tour of their gold vault.

 

[bushi]

I do not think they have any chance of succeeding - the general public, as usual, is too late to the game - even assuming, they will be able to push it all the way through the governing bureaucracy - they will be respectfully denied, in one way or another, by the US.

In any way, I do not think, that the gold that is currently stored in the US, is going anywhere - regardless of the title to ownership .