Why Deutsche Bundesbank Had to Promise to Leave 1200 Tons of Gold in New York

April 30th, 2017

Via: Norbert Häring:

With big fanfare, Deutsche Bundesbank announced on February 9 that ahead of plan they had repatriated 300 tons of gold from New York. This put a positive spin on a rather disturbing fact –1236 tons of gold that is supposed to be part of Germany’s currency reserve will continue to be kept outside of German control in New York – indefinitely.

The German gold in question is being kept in storage at the New York Fed, an institution that is owned and controlled by Wall-Street-banks, in a country, whose current president considers it an imposition that the law and so-called judges tell him what he is allowed to do and not allowed to do.

I am not criticizing the Bundesbank for storing 37 percent of Germany’s official gold in in a place there it has no control over it. It seems clear that they negotiated hard with the US and acted rather shrewdly. Their negotiation position was much enhanced in 2012 by the leakage of a report of the German Court of Auditors, which was very critical of the conditions under which German gold was being held in New York. This created public and political pressure on the Bundesbank to renegotiate and to get that gold out of New York. At the same time, the US-side could hardly afford to snub this demand, because there was lots of speculation, even in the US, that something was amiss with the gold reserves of the US and the rest of the world that were stored in the country. The way in which the official gold of the US, and the gold held in custody for other countries, is guarded against public scrutiny and shielded from its owners, gives fodder to any number of conspiracy theories. Had the New York Fed refused to let a foreign central bank, which was under such obvious pressure, retrieve some of their gold, these conspiracy theories around official gold might very well have become intense enough to damage trust in the dollar.

Posted in Economy, Elite | Top Of Page

One Response to “Why Deutsche Bundesbank Had to Promise to Leave 1200 Tons of Gold in New York”

  1. Eileen Says:

    Yea indeed. How much of foreign physical gold held in custody under the World Trade Center “disappeared” on 9/11? see “Loose Change- ” the gold disappearing on a truck is only at the very end of the story, so I am not even sure if I trust this rendition of “facts.” But the gold disappearing(look away) to me is for me, might be one of the largest reasons for the attack. Oh as well as the heroin poppies in Afghanistan, and the oil, gas and oil pipelines that under the guise of “terrorism” are pretexts for destroying the Middle East.

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