Bundesbank Says NY Fed to Help Meet Gold Audit Request

The first man in line gets his gold.  Perhaps Germany should consider requesting the repatriation of all 2,500 tons, rather than a mere 150?

 

The Bundesbank said the Federal Reserve Bank of New York will help it meet auditing requirements related to its gold reserves that were demanded by Germany’s Audit Court.

“We have been in discussions with the Federal Reserve Bank of New York about the Bundesbank’s holdings of gold,” the Bundesbank said yesterday in a letter to the German parliament’s budget committee. “The discussions have been fruitful and the Federal Reserve has expressed a commitment to work with the Bundesbank to explore ways to address the audit observations, consistent with its own security and control processes and logistical constraints.”

The agreement is part of a compromise between the German central bank and the Audit Court, which has called on the Bundesbank to take stock of its gold holdings outside Germany, saying it has never verified their existence.

The Bundesbank distributed the letter to reporters after board member Carl-Ludwig Thiele and the Audit Court’s head Dieter Engels testified to budget committee lawmakers in the lower house of parliament in Berlin.

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Comments

  1. Regarding it’s (supposed) Gold supplies, the NY Fed may be under water in more ways than one.

  2. LMAO I wonder if we are going to be hearing about all these little metal trucks going back and forth from the Federal Building or boats going back and forth. Lol

  3. Smoke and mirrors.  I bet they will make sure the serial number in the picture is right this time.

  4. http://www.cnbc.com/id/49540593/The_Germans_Are_Coming_for_Their_Gold
     
    CNBC says it doesn’t matter if the German’s gold is really there or not, what matters is that everyone thinks it is there!
    HaHaHaHaHaHa……….oh this is too good……………..
     

  5. watch for a few big gold purchases in the next week…

  6. At least Germany is starting to understand the concept of “If you don’t hold it, you don’t own it” so they may also find out the concept of “The first man in line gets his gold” soon. Of course the New York Federal Reserve should help the gold audit request because it’s their job since they’re the holder of the golds.

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