Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
A secret report by Germany’s Federal Audit Office leaked to the public last week states that the Federal Reserve Bank of New York refuses to allow Bundebank staff to even view the gold, triggering suspicions that the vaults are empty as well as calls for the gold to be shipped back to Berlin.
According to Der Spiegel out of Germany’s total hoard of 3,600 metric tons of gold 1,536 tonnes – more than half of Berlin’s reserves – are stored with the Federal Reserve Bank of New York at its premises on Liberty Street, in a vault 15 meters below sea-level perched upon the bedrock of Manhattan Island.
The Fed implements stringent security controls, and refuses even Bundesbank staff full access to the German gold hoard. A team of personnel demanding access in 2007 were only allowed to visit the anteroom of the reserves, and when Bundebank auditors visited in May 2011 only one of nine compartments was opened for direct handling.
The Federal Reserve’s fervent secrecy has engendered suspicion and concern, with some claiming that Germany’s gold has long ago disappeared or been lent out, and that only promissory notes of nominal value are sitting in the vault.
The leaked report has now led to calls from some of Germany’s leading politicians for the nation’s stateside gold hoard to be shipped back to Berlin. Heinz-Peter Haustein of the pro-business Free Democratic Party (FDP) was quoted by German newspapers as saying that “all the gold has to be shipped back.”
Bundesbank board member Carl-Ludwig Thiele has urged calm, however, referring to some of the debate surrounding the gold to be “rather grotesque” and stating that the hoard is in the care of “highly respected central bankers” as opposed to “dubious business partners.”
14 Comments
CDNJoe2
How can the Bundesbank board member expect anyone to trust the central banks? They are privately owned and don’t make public who the shareholders are.
Does he think we have all been in a coma since the summer of 2008?
Kenneth Martin
Ron Paul wanted an inventory of Fort Knox–never got it. Could be there is no gold there now.
Jack
So very easy to verify whether the owner’s gold is there or not — just show it. Yet, verification by the owner is flatly denied with a flip, “Sorry, you’ll just have to trust us.”. What does that tell any reasonable person? The Germans aren’t stupid. They will demand their gold back, and those who are supposed to have it will rustle it up somehow, someway.
star
a photo? lol
Jim
A “secret report”. Why are all reports “secret” and all evidence “missing” when involved with conspiracy theorists? Just some more nonsense to stir the pot.
Wade Justin Major
yes, why is the evidence missing? And false “evidence” that can be proven false in its place?
Abdul Samad
most of the european countries are not having gold, as they show in their annual investment reports (they mention it in tonnes and below they will put it as including gold as lent, leased or as promissary notes- which is basically not there)
robertoctv
Sounds like Wall Street and the Big Banks are up to their shenanigans again. I wonder how much they’ll cost us this time?
Noel
They will NEVER get it back. The Federal Reserve will keep it just like they have stolen from the USA.
jake
A lack of transparency results in distrust and a deep sense of insecurity.
Dalai Lama
Read more at http://www.brainyquote.com/quotes/keywords/transparency.html#Whbh7FIJjmUwWuKF.99
Axel
Your Writer Marc Howe should take care in posting reports that are unbecoming,..with
spelling and what other errors,..no need for me to point out.. he must always re-read before pushing it out to the reading public..
bob
Agreed, this writer is consistently posting reports containing significant errors.
Riverpilot
What!!!!…….all that German gold under the watchful eyes of the world’s biggest Jewish businessmen. Are they crazy! I think I would demand to see what’s left too!
Moris
Here is another Antisemitic who thinks the Jews control the world finance – get a life . Germany remains who they were – you will soon see what the Muslims are like .. forget cloture .. you will (as are today) work your ass off for all their welfare .