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Published On: Thu, Jan 17th, 2013

Germany want gold back, Federal Reserve sending 5 percent, will take seven years

Back in the days of the Soviets and worries about a Red Army invasion west of the Iron Curtain, Germany made a decision to hide the massive gold supplies outside German borders.

Photo/donkeyhotey  donkeyhotey.wordpress.com

Photo/donkeyhotey donkeyhotey.wordpress.com

Germany has the second largest reserve of gold in the world — after the U.S. — but for years it has stored most of it in vaults in New York, France and London, rather than at home.

The German Precious Metals Association and Germany’s ‘Repatriate Our Gold’ campaign said that the move by the Bundesbank did not negate the need for a full audit of Germany’s gold.

The Telegraph headline states the Germans don’t trust President Obama (hence the reason for the decision) and then says ‘Do you blame them?’ – see article here

http://blogs.telegraph.co.uk/news/jamesdelingpole/100198640/the-germans-dont-trust-obama-with-their-gold-and-can-you-blame-them/

Federal Reserve responded to the Germans stating that the transfer will take seven years, noting that only 5% will be in the first shipment.

They want this to take place in order to protect against impairment of the gold reserves through leases and swaps. Indeed, they have called for independent, full, neutral and physical audits of the gold reserves of the world’s central banks and the repatriation of all central bank gold – the physical transport of gold reserves back into the respective sovereign ownership countries.

Germany has gold reserves worth 3,396 metric tons, worth about $200 billion. It is stored in the form of 27,000 gold bars — 45 percent of which are held in the Federal Reserve Bank of New York; 13 percent of which are in the Bank of England in London, and 11 percent of which are in the Banque de France, in Paris. The remaining 31 percent of the gold is kept in Frankfurt. Once the Bundesbank repatriates 300 tons of its gold from New York and all of the 374 tons of gold that it keeps in Paris, exactly 50 percent of Germany’s gold reserve will be stored in Frankfurt. Thirty-seven percent of the reserve will remain in New York.

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news for Examiner, starting and writing for several different websites including the diverse blognews site Desk of Brian. To Contact Brandon email [email protected] ATTN: BRANDON

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  1. Your Name... says:

    THERE IS NO WAY ANYONE WHO READS THIS ARTICLE CAN AVOID THINKING ABOUT RACE. SO, THE GERMANS WANT THEIR GOLD BACK AND DO NOT TRUST THE KENYAN. THE KENYAN IS “COLORED” AND THE GERMANS HAVE A HISTORY OF “NORDIC” SUPREMACY. SINCE I WAS BORN IN 1966 AND NOT ALIVE WHEN THE Nazis DID THEIR “THANG,” THE GLARING THOUGHT IS, “The Germans felt comfortable with United States keeping their gold when a Caucasian male was president.”

    HMN … SO WHAT CHANGED?

    CHRISTOPHER ALLEN HORTON

    • Drew Palmer says:

      Political and economic decisions are not always about race, or even always about the U.S.

      The repatriation of gold has been an increasingly potent theme in German politics, and the gold is being repatriated from France as well.

  2. […] short time ago the nation of Germany asked the Federal Reserve for their gold back, no they did not want all of it just 300 tons of it. It seems that the Federal Reserve bank of the […]

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