German law makers can’t count nation’s gold: no suitable viewing rooms

German members of parliament, Philipp Mißfelder and Marco Wanderwitz, were told that they can’t check on the country’s gold reserves stored in Paris and London because vault official said there were no suitable viewing areas.

Back in February another law maker tried to do the same at the Federal Reserve Bank in New York, but was also turned away. Germany has the world’s second largest gold reserves, most of which is held abroad.

Something will have to give. A federal court in Germany recently ruled that the Bundesbank must carry out regular inspections of the gold reserves held in the U.S. Federal Reserve Bank in New York, Bank of France in Paris and the Bank of England in London.

The Gold Anti-Trust Action Committee likes the  law makers moxie.

In any case, the developments in Germany show growing recognition that central banks are playing fast and loose with national gold reserves and that the gold is likely terribly oversubscribed as part of the Western central bank gold price suppression scheme — GATA’s point exactly.

Creative commons image from Flickr