GERMAN GOLD RESERVES - Germany Repatriates Its Gold Reserves from U.S.
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GERMAN GOLD RESERVES -
Germany Repatriates Its
Gold Reserves from
U.S.
Despite previously characterizing the idea that it was planning on moving gold out of the
New York Fed as an “irrational fear,” the
German Bundesbank is set to announce a huge repatriation of its bullion this week, with
France also being emptied of German gold in a
sign that trust between central banks has hit rock bottom.
“In what could be a watershed moment for the price, provenance, and future of physical gold, not to mention the “stability” of the entire monetary regime based on rock solid, undisputed “faith and credit” in paper money, German Handelsblatt reports in an exclusive that the long suffering German gold, all official 3,396 tons of it, is about to be moved. Specifically, it is about to be partially moved out of the New York Fed, where the majority, or 45% of it is currently stored, as well as the entirety of the 11% of German gold held with the
Banque de France, and repatriated back home to
Buba in
Frankfurt,” reports
Zero Hedge.
Apparently, since a significant proportion of that gold is now being moved out of the New York Fed, are we to assume that this “trust” no longer exists?
A month prior to that statement, which was made directly to the NY Fed’s
Bill Dudley, the Bundesbank stated that it would “continue to keep gold at international gold trading centres” because that gold could be “pledged with the
Federal Reserve Bank as collateral against US dollar-denominated liquidity.” The evidence of gold price manipulation is clear.
The evidence of gold price manipulation is clear
Financial analyst Jim
Willie sensationally claims that Germany is preparing to ditch the unipolar system backed by
NATO and the U.S. in favor of joining the
BRICS nations, and that this is why the
NSA was caught spying on
Angela Merkel and other German leaders.
real reason behind the recent NSA surveillance scandal targeting Germany was centered around the
United States’ fear that
Europe’s financial powerhouse is looking to escape from an inevitable dollar collapse. The absolutely stunning decision by the
Swiss National Bank to decouple from the euro has triggered billions of dollars worth of losses all over the globe. Buying surreptitiously allows
Beijing to buy bullion at bargain prices; if the world knew how much gold
China was really amassing, a run on gold the likes of which the globe has never seen would likely ensue. “We believe China is controlling the gold price because it is buying in such a way so as not to push prices up.” That’s the opinion of respected precious-metals analyst
Julian Phillips of The
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The “perfect-storm” of geopolitical instability, diplomatic isolation, severe currency depreciation, and economic decline now confronting
Russia has profoundly damaged
Moscow’s international standing, and possibly for the long-term. hyperinflation usd
Most loyal readers of my
Frank Talk blog know that China, along with
India, leads the world in gold demand. This
Chinese New Year is no exception.
Official “
Year of the Ram” gold coins sold out days ago, and since the beginning of January, withdrawals from the
Shanghai Gold
Exchange have grown to over 315 tonnes, exceeding the
300 tonnes of newly-mined gold around the globe during the same period.
With the gold price continuing to outperform stocks and cyclical commodities in
2010, debate has intensified over how much upside is left in gold’s bull market. One of the most successful investors of this generation,
John Paulson, the hedge fund magnate who rose to fame for shorting securities tied to the housing market prior to the financial crisis of 2008, recently expressed his bullish outlook for the gold price.