Gold BundesbankFriday we published an interview by German newspaper Handelsblatt with Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank, that was published in english on the website of the Bundesbank regarding the progress of the German gold repatriation process. This publication was clearly an attempt to convince the international audience that there were absolutely no problems in the repatriation process, apart from a slow startup. The BuBa claims to have audited all their gold in the US, as well as the shipments to Germany, the refining that took place in Europe, and claims that the bookkeeping is all according to plan…


By Koos Jansen, In Gold We Trust:

Peter Boehringer who founded the German “Repatriate our Gold” initiative wrote me his comments on this interview and gave me permission to publish it:

 

Repatriate our gold

 

 

Handelsblatt has not asked the crucial questions and also gave Mr Thiele the chance to easily NOT answer the few relevant questions and to repeat the semi-truths he and his predecessors have been repeating for many years now. I concur with the important questions you have formulated – and of course we can think of many more for Bundesbank.

 

What is also interesting is the following:

 

a)  This interview first showed up ONLY in the PRINT edition Handelsblatt (Feb 19, 2014). Due to it not being online for several days and due to its inadequacy / irrelevance / missing news in it I chose to ignore it this time.
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b)  A few small news-agencies published EXCERPTS on their online pages – albeit very brief ones.

 

c)  It was BuBa ITSELF who now has posted online a full English translation of the lengthy interview on their very own website (which is unusual and clearly a reaction to Koos Jansen´s translation of my latest BuBa-gold blog into English http://www.ingoldwetrust.ch/bundesbank-changes-gold-repatriation-schedule ). They HAD to react in English…

 

d)  This clearly shows that the interview message Everything is fine with our gold – nothing to worry about, nothing to see here – please disperse!” [as in this scene from “The Naked Gun”http://www.youtube.com/watch?v=5NNOrp_83RU ] was ESPECIALLY intended for a (naïve) INTERNATIONAL audience.

 

e)  BuBa knows exactly that -in Germany- hardly any (Internet) reader still believes the official BuBa version re its gold. BuBa therefore by now is far less concerned about the German online audience than about their INTERNATIONAL reputation which has a lot to do with its INTERNATIONAL credibility re the handling of the German gold (repatriation)! Hence the ENGLISH online version.

 

f)  Additional comments from my side: In his interview, Mr Thiele as always gives NO SHRED of evidence re his statements / allegations: This time he mentions an “audit team”, his own “observations on site in the Fed vault”, “an external auditor [present ‘some of the time’ of ‘a’ audit]”, “new audit rights of BuBa´s internal audit department [no details given]” etc etc.  All these statements would be SO EASY to prove. But no single audit report is being published, we still do not know any single bar number not even of now-melted-and-recast bars, we do not even know ANY single NAME of an internal or external auditor. No one obviously is willing to give a signature under any of Mr Thiele´s unproven claims! No single photo or video footage of any US bars now in Germany as claimed by BuBa
=> This is absurd “business as usual” from BuBa´s side: we have been experiencing this type of reaction & “non-transparency” for many years now! Clearly arrogant and inadequate and (in my opinion based on applicable German auditing laws) ILLEGAL behavior of BuBa´s! We need a full disclosure of all bar lists & transactions of gold material from/to BuBa vaults going back to at least 1999. And a valid signature by a non-anonymous reputed external auditor under a physical audit report re all of BuBa´s gold material abroad as well as in Frankfurt. In addition to a valid confirmation that no material is currently being leased out by either BuBa itself or by its “storing partner banks”.

 

g)  Finally it is important to point out a very brief response of Mr Thiele´s in his interview: “We now consider ourselves bound to the new gold storage plan [from 2013 – repatriation of 700 tons by end 2020].
=> This automatically and now officially confirms (what we had said from the very beginning): BuBa has now given up the short-term target [from first plan from 2012] of repatriating but a mere 150 tons from NY by 2015. [of course BuBa could still deliver on this ridiculously small promise – but with this interview, Thiele now has officially abandoned the short-term repatriation plan in favor of another one he (or his successor) will not have to deliver upon within the next 6.5 years…]

 

h)  We also could and should ask ourselves whether Thiele’s statement “I saw myself how our money is stored there in the vault” was a Freudian slip? Or whether somebody at BuBa –after decades of denying– finally has come to the goldbugs´ ultimate conclusion “gold = money“?!

Peter Boehringer

 

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    • I agree @UglyDog.  IF the NY Fed had the German gold, they would have returned it.  Since it was not returned, it is pretty clear that they do not have it.  OK, end of story.  Almost.  The next chapter shows that the German people really ARE outraged by this outright theft and will be throwing their lot in with the China-Russia-Iran axis rather than with those thieving Americans and their UK allies.  We have not seen the last of this, no siree Bob.  I am thinking that this will turn out to be WAY more expensive than Uncle Sam ever thought possible.  It will take quite a lot of time but the day will come when the Germans get all the payback they feel they have coming.
       

  1. Is this not an open and shut case using just pure logic??  I do not even pay much attention to this
    story anymore.  It is black and white that the Fed has defaulted and there is no gold to send
    back to Germany.  The German people should be totally outraged at this.  Sometimes I think TPTB
    actually believe we all have Toddler thinking skills and believe we actually can swallow this nonsense.
    BUBA is part of the banking elite so we will never get any truth from them.  Same old same old just like the
    US gold is still in Fort Knox.  Hugo Salinas Price is correct.  The US Gov. could not keep their hands out of that
    Big Shiny Cookie Jar.  Ok…not an exact quote.  So I continue to watch China and India.  Smart people over there
    as far as recognizing the paper Ponzi scam for what it is.  I have hope that America will wake up soon.  I think it is starting
    and some will come to their senses before it is to late.  At least 10 percent I truly hope for. 
    Stack em High!!

    • @agallin
      “… Sometimes I think TPTB actually believe we all have Toddler thinking skills and believe we actually can swallow this nonsense.”
      It’s not that they think we have toddler thinking skills or anything else… They DON’T GIVE A DAMN WHAT WE THINK!!!   They are in our faces and give it no second thought… in their arrogance, they think they’ve won the One-World government game and that we can’t do a thing about it.  I think it’s gonna be a real downer for them when they make that final trip to the sudden stop and the end of the rope.

    • @Sovereign Economist
       
      “I think it’s gonna be a real downer for them when they make that final trip to the sudden stop and the end ofthe rope.”
       
      Not a bit of it, SE.  Just for them, there will be no drop… just a slow steady pull that lifts them off their feet, allowing them to kick and dangle for several minutes so that they can thoroughly experience being absolutely screwed.  THAT will be the new and final experience for them in this world!  ;-)
       

  2. Why would germany want to make this a bigger issue than it already is?  The more publicity this gets, the more Physical gold will be drawn out of the system, reducing even further the odds germany will ever get back its gold.

    • @mammoth
      This is mostly about damage control right now.  Germany is being pushed, slowly, but inexorably, eastward.  This is a setup for the day when they break ties with the west under new Sino-Asian agreements.  They will need a very powerful scapegoat reason to justify the political shift to survive politically.  This has been building for Germany ever since they became the wallet for the Euro failings in Southern Europe.  Many people forget this, but in 2009, Angela Merkel made a direct request to the US Federal Reserve to repatriate 400 tons of gold.  She was quietly taken aside and told to let the matter drop, as the gold was no longer available to Germany.  She agreed to reman silent, however, it was the outgrowth of this refusal that fueled Boehringer’s “Repatriate our Gold” initiative.

    • @Sovereign Economist
       
      “Many people forget this, but in 2009, Angela Merkel made a direct request to the US Federal Reserve to repatriate 400 tons of gold.  She was quietly taken aside and told to let the matter drop, as the gold was no longer available to Germany.  She agreed to reman silent…”
       
      It would be VERY interesting to know what concessions she wrung from the US Gov in exchange for this silence.  As a politician, it is unthinkable that she would have this opportunity and not use it for something plump and juicy.

  3. Some chancelor in the past president of Germany sold the rights of the gold so it could be turned into rolls of gold toilet paper. Just like England did back in 2000s. The old dump an flush to keep the price down. Remember 1 true ounce of physical they can get there hands on means 1 ounce buys a 100 paper ounces in a roll. So what ever Germany sold there gold to the fed they got close to 80 times the price back then. They got there gold money. That’s why I always believe there 3 prices out there for gold. The ultra high price the governments use when they sell it between there selfs. And the next is the price the governments use to trade there toilet paper. Then theres the peoples price the lowest.

  4. Excerpt: “Mr Thiele as always gives NO SHRED of evidence re his statements …  no single audit report is being published, we still do not know any single bar number not even of now-melted-and-recast bars, we do not even know ANY single NAME of an internal or external auditor. No one obviously is willing to give a signature under any of Mr Thiele´s unproven claims!”

    In litigation, there’s a rule of evidence against attorney statements accepted as factual. First-hand testimony by sworn and subscribed appearance to substantiate such statements are requisite or they’re omitted as ‘hearsay’.

    “An attorney for the plaintiff cannot admit evidence into the court. He is either an attorney or a witness”. –Trinsey v. Pagliaro D.C.Pa. 1964, 229 F. Supp. 647

    This Thiele guy’s jibber-jabber blabber is so much ‘hearsay’.

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