Missing Madeleine
Come join us...there's more inside you cannot see as a guest!

Join the forum, it's quick and easy

Missing Madeleine
Come join us...there's more inside you cannot see as a guest!
Missing Madeleine
Would you like to react to this message? Create an account in a few clicks or log in to continue.

Bundesbank slashed London gold holdings in mystery move

Go down

Bundesbank slashed London gold holdings in mystery move Empty Bundesbank slashed London gold holdings in mystery move

Post  Panda Thu 25 Oct - 11:34

Bundesbank slashed London gold holdings in mystery move


Germany withdrew two thirds of its vast holdings of gold from Bank of England vaults shortly after the launch of the euro more than a decade ago, according to a confidential report by German auditors.






Bundesbank slashed London gold holdings in mystery move Goldbars_1836343b

Germany has 3,396 tons of gold worth €143bn (£116bn), the world's second-largest holding after the US. Nearly all of it was shifted to vaults abroad during the Cold War in case of a Soviet attack. Photo: ALAMY





Bundesbank slashed London gold holdings in mystery move AmbroseEvans-Pritc_1805020j
By Ambrose Evans-Pritchard, International business editor

8:24PM BST 24 Oct 2012

Bundesbank slashed London gold holdings in mystery move Comments460 Comments




The revelation came as Germany's budget watchdog demanded an on-site probe of the country's remaining gold reserves in London, Paris, and New York to verify whether the metal really exists.


The country has 3,396 tons of gold worth €143bn (£116bn), the world's second-largest holding after the US. Nearly all of it was shifted to vaults abroad during the Cold War in case of a Soviet attack.


Roughly 66pc is held at the New York Federal Reserve, 21pc at the Bank of England, and 8pc at the Bank of France. The German Court of Auditors told legislators in a redacted report that the gold had "never been verified physically" and ordered the Bundesbank to secure access to the storage sites.


It called for repatriation of 150 tons over the next three years to test the quality and weight of the gold bars. It said Frankfurt has no register of numbered gold bars.


The report also claimed that the Bundesbank had slashed its holdings in London from 1,440 tons to 500 tons in 2000 and 2001, allegedly because storage costs were too high. The metal was flown to Frankfurt by air freight.



===================


Could have been because Gordon Brown was selling off Britain's gold and the Bundesbank was worried he could be selling German gold as well.Bundesbank slashed London gold holdings in mystery move 294124


There was a rumour that Fort Knox is empty. let's hope not !!
Panda
Panda
Platinum Poster
Platinum Poster

Female
Number of posts : 30555
Age : 67
Location : Wales
Warning :
Bundesbank slashed London gold holdings in mystery move Left_bar_bleue0 / 1000 / 100Bundesbank slashed London gold holdings in mystery move Right_bar_bleue

Registration date : 2010-03-27

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum