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Author Topic: Germany asks to see gold. U.S. says No.  (Read 1441 times)
Charlie Prime
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November 17, 2012, 04:07:35 PM
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"For decades, almost half of Germany's gold has been stored deep below the Federal Reserve Bank of New York. Now, with the euro crisis swirling, German politicians are asking their central bankers to take stock of the reserves. Some even say that the gold should be shipped home."

http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html

U.S. government responds “Trust us. It’s still there. But, No you can’t see it.”

I fell for a similar scam once when I was 9 years old. Once.

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myrkul
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November 17, 2012, 04:15:03 PM
 #2

"For decades, almost half of Germany's gold has been stored deep below the Federal Reserve Bank of New York. Now, with the euro crisis swirling, German politicians are asking their central bankers to take stock of the reserves. Some even say that the gold should be shipped home."

http://www.spiegel.de/international/germany/german-politicians-demand-to-see-gold-in-us-federal-reserve-a-864068.html

U.S. government responds “Trust us. It’s still there. But, No you can’t see it.”

I fell for a similar scam once when I was 9 years old. Once.



Trust us, it's in there?

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Haole
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November 17, 2012, 04:26:39 PM
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I'd be willing to bet that a lot of it has been sold into the market to suppress price and has already been recast into kilo bars in China, never to return.

Jim Willie does some very interesting commentary on the global gold dynamics and some of it sounds nuts except for the fact that one has to consider he's been right about many issues like this, in advance , for years. 

"The future isn't what it used to be." - Yogi Berra
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November 17, 2012, 04:41:26 PM
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Obama went ahead and tried to solve the economy once by selling off a good chunk of the U.S' reserve oil I wouldn't be surprised if he's trying the same tactic with gold too, we've had the same thing happen with Gordon Brown where he sold something like 40% of the countries gold?

Yeah, this is going to work out well >_>
Charlie Prime
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November 21, 2012, 05:29:04 PM
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Jim Willie does some very interesting commentary on the global gold dynamics

This guy?  http://www.goldenjackass.com

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Fjordbit
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November 21, 2012, 07:29:57 PM
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Obama went ahead and tried to solve the economy once by selling off a good chunk of the U.S' reserve oil

Just to be clear about this, he did this to stabilize the price of oil by making it unattractive to bullish speculators. This wasn't to solve the economy, but to ensure there weren't additional problems introduced before the election. Rocketing oil prices create a serious drag on the economy and were a factor in the 2008 crash.

This is entirely different than thinking they could sell some gold to, say, plug a fraction of the deficit.
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November 22, 2012, 01:14:00 AM
 #7

I want to crossreference this article about how deep this goes in regards to this part of the German gold article:

Quote
Another myth that has been making the rounds in nationalist-oriented German circles is that the US refused to hand over the treasure and threatened during the Cold War to withdraw its troops from Germany if the Germans demanded their gold back. Former Bundesbank head Karl Blessing, according to the theory, had to provide the US written confirmation that he would never do such a thing.

This letter, as it happens, actually exists, as Blessing confirmed in his last interview with SPIEGEL in 1971 -- except it doesn't concern the German gold, but rather US gold reserves. Until 1971, every dollar could be exchanged for the precious metal. Blessing thus promised the US Federal Reserve that he would no longer convert the colossal German dollar reserves to gold because this would have caused the currency's value to plummet.

Today, this historic document is even available online. But that hasn't silenced those who oppose stockpiling German gold abroad. Instead, the debate over a collapse of strictly paper-based currency is experiencing a renaissance -- as is the dispute over the gold reserves. Even Green Party financial expert Gerhard Schick has joined the fray: "I think the question of how much gold is available in an emergency is a valid concern."

Relevant article:
ABOUT THE BENJAMINS: Why the share of $100 bills in circulation has been going up for over 40 years

Quote
So what the heck is going on here? Inflation may have something to do with it—there just weren’t as many things to buy in 1970 that might require one to slap down a $100 bill—but that still wouldn’t explain why their proportion today has nothing to do with what people see in their wallets.

The short answer is that a lot of money is spending a lot of time outside the United States.

The cognoscenti look at the share of $100 bills as something of a proxy for foreign demand for US currency. An overwhelming majority of the $100 bills come from the Federal Reserve Cash Office in New York City, which handles the bulk of foreign shipments of US currency. A typical shipment is a pallet containing 640,000 such bills, or $64 million, according to a recent Fed paper.

Somewhat surprisingly, it’s unclear exactly how much American money is floating around outside the US. Estimates run the gamut. In the 1990s, one high-profile estimate pegged the number at as much as 70%. But more recent estimates hover around 25%-30%.

And while there are plenty of reasons folks outside the US might want to hold dollars, the thinking is that most people are not using these $100 bills to buy milk and bananas. No, most economists seem to believe $100 bills are most often used as stores of value—almost something like mini-Treasury bills that don’t pay any interest. This is especially so in developing countries, where problems with unstable currencies and inflation often mean the purchasing power of local currency gradually—or not so gradually—erodes over time.



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