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Thread: Gold Reserves : Is what's there, there?

  1. #1
    Politics.ie Member gerhard dengler's Avatar
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    Default Gold Reserves : Is what's there, there?

    I read an interesting article on Zerohedge about German gold reserves being held at Bank of England and the Federal Reserve Bank in New York.

    Bundesbank's Official Statement On Where It's Gold Is (And Isn't) | ZeroHedge

    It appears that London and New York are the locations that account for the majority of German gold according to Zerohedge.
    76% of Germany's gold reserves are held in England and USA respectively.

    Do the German authorities actually get to physically audit their holdings of gold in locations outside of Germany?
    If not, why not?

    And the Telegraph suggests that Germany withdrew 940 ton of their gold from London to Germany in 2000 and 2001.
    Bundesbank slashed London gold holdings in mystery move - Telegraph

    Why would any country deposit their gold reserves abroad anyhow?
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    For Hypothication in the City most probably.

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    Dylan2010
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    it was done during the cold war

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    Politics.ie Member Analyzer's Avatar
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    If we had a gold reserve in this country, we would have expensive quango to look after it. With Bertie's pals as directors.

    It would probably cost more than it would be worth.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    The German banking centre, Frankfurt, was less than 150 km from the East German border. It would have been one of the first targets of any Soviet invasion.

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    Politics.ie Member zakalwe1's Avatar
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    apart from gold fragments and coins etc in sandyford, our bullion is in london (pitifully small as it is!).

    would be surprised if it was greater than €50m.

    if there is an apocolypse, then a gold bar would be of fk all use....

    bullets and squirrels will be the only currency worth while! (for explanation see the "euro is still accepted for my cup of coffee this morning" thread
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    Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

    The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

    See, nothing to be concerned about Wolfgang.

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    Dylan2010
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    Quote Originally Posted by Ribeye View Post
    The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,
    I actually lol'd

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    Dylan2010
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    Quote Originally Posted by Ribeye View Post
    Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

    The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

    See, nothing to be concerned about Wolfgang.
    what do you reckon, the previous lead bars became too valuable?

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by Ribeye View Post
    Well, the Germans don't need to worry about auditing the gold they have in the New York Fed,

    The vaults got flooded on Monday when Sandy hit, and apparently all the gold bars could be quite clearly seen through the windows floating around the building,

    See, nothing to be concerned about Wolfgang.
    petunia

    On a more serious note, I would have assumed that Switzerland would have been the location of choice for the Germans to store their gold?
    Switzerland is more easily accessible for repatriation purposes and audit purposes.

    I suppose my question is - how can any country be sure that gold that they have stored abroad is there?
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