Germany to the Fed: We Demand to See Our Gold!
Posted by Adam English - Thursday, November 1st, 2012
As previously report in Wealth Wire, the German federal
auditors' office has publicly criticized Bundesbank, its central bank,
saying they should be more pro-active when it comes to taking control
and responsibility for the county's gold reserves stored in the United
States, Britain, and France.
Now they're encountering the same thing domestic politicians and citizens in the USA have faced for decades. The Fed is stonewalling the Germans and refusing to let them even see the gold they own.
Previous
and repeated requests were only partially addressed. Bundesbank staff
members were allowed to see the facility in 2007, but they reportedly
only made it to the anteroom of the German reserves.
Bundesbank auditors made a second visit
in May 2011. This time one of the nine compartments used to store
Germany's gold was opened. Only a few bars were pulled out and weighed,
but that was it.
Even the details of this minuscule
inspection were blacked out in a German auditor's report “out of
consideration for the Federal Reserve Bank of New York.”
So far, the 1,536 metric tons of gold, worth about $93 billion at spot prices, has only been backed up by personal assurances.
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