Friday 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…
The gold (German reserves) is being transferred to Germany for the first time. Until 1998, only 2% of our gold, or thereabouts, was stored in Germany. In the first year, we transported five tonnes from New York. This year, we will transfer 30 to 50 tonnes, or perhaps even more, from New York to Frankfurt. And there is still next year to come….We will store half of the German gold reserves in Germany by 2020 at the latest. -Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank, 2/19/14
BrotherJohnF discusses the German gold repatriation (or complete lack thereof) as well as China’s gold demand soaring to new record highs in his latest Silver Update:
What we have just discovered, and what presumably few people in the English speaking world are aware of, was that the Bundesbank had made an earlier gold repatriation request (to the much publicized 300 ton repatriation request) in the fall of 2012, to ship home 150 tons from the US in three years (ending in 2015). So after January 2013 two repatriation schedules co-existed. They were not mutually exclusive – meaning Germany expected to see back was 150 tons from the US by 2015 – and ultimately 674 tons by end-2020 from both the US and France.
This was the plan…
However, it appears the Buba has folded from pressure from the Fed after a mere 5 tons of Germany’s gold reserves were delivered in 2013 as the Handelsblatt reports: ”The Bundesbank no longer feels bound to the concrete repatriation commitment time table they now admit for the first time.”
The Bundesbank has now withdrawn the original schedule to repatriate 150 tons from the US before 2015.
The Doc sat down with the Golden Jackass himself this weekend for an in-depth interview covering the state of the gold market and the Western banking system.
Willie discusses the German efforts to repatriate their gold reserves (along with the implications of only receiving 5 tons from the NY Fed in year 1), as well as Bafin’s investigation into precious metals manipulation and why unlike the CFTC’s, it is likely to result in criminal charges.
Finally, courtesy information provided by a high level executive at one of the world’s leading private refineries, Willie reveals the ‘smoking gun‘ evidence that proves US gold was rehypothecated over a decade ago!
Jim Willie’s full MUST LISTEN interview with The Doc is below:
Writer and researcher Koos Jansen from In Gold We Trust joins the SGTReport to talk about the shocking developments at the Shanghai Gold Exchange – and the German gold issues, including the statements from Elke Koenig, the president of Germany’s top financial regulator, Bafin who candidly stated last week that “manipulation of precious metals is worse than the Libor-rigging scandal.”
This story gets more fantastic by the day. Just like The Jelly of The Month Club, I suspect that it will be “the gift that keeps on giving the whole year” in 2014.
So now we’re told that Germany actually repatriated 37 metric tonnes of gold in 2013, or about 5% of the total 700 ton repatriation plan announced about a year ago.
Of this 37 tonnes, 32 were shipped the 500km from Paris to Frankfurt while a whopping 5 metric tonnes made it across the Atlantic from New York.
We are then told by the various central bankers that the reason for the paltry and delayed shipments are “logistical” in nature, due to the “challenges” of moving so much gold. Really? Seriously??
In the eyes of TPTB, it is one thing when a fringe financial blog such as SilverDoctors reports on and discusses the fact that the gold reserves supposedly held 5 stories below the NY Fed are likely rehypothecated and vaporized long ago. It is another thing entirely when the former top personality on Fox News, and whose news website The Blaze is the 140th most visited website in the entire US, devotes 20 minutes of TV time discussing the German’s attempts to repatriate their gold reserves, and discusses the implications of what the Fed only returning 37 tons of re-cast gold bullion to the Bundesbank in year 1 likely means.
In Glenn Beck’s own words: “The situation is worse than even I thought it was….There’s not alot of that gold (at the Fed) really left. The answer is rehypothecation.
How hard is it to return the Bundesbank’s gold? It has their stamp on it! The reason the German gold is being returned over 7 years is that a phone call came in to the Germans and said ‘Hey, Rehypothecation, Dude! There’s not enough gold here! We were playing a game!’
Once people demand their hard asset back, the entire thing collapses!“
It appears the gold manipulation and rehypothecation story has just gone mainstream.
Almost a year ago, the German government put in a formal request to reclaim (repatriate) a portion of their gold reserves held outside of Germany. Reports on the progress of this initiative have raised quite a few questions.
Now news comes that, in the first year of the plan, Germany only received back 37.5 metric tonnes of their gold. This is only 5% of the total repatriation amount. At this rate, it will take twenty years, not eight, to reclaim the gold!
2014 is going to a consequential year in gold and silver. This German gold story only adds intrigue and fuel for the fire.
The charade that the Fed and US bankers/Financiers have been playing CAN NOT CONTINUE MUCH LONGER. The only way for them to make it out of this mess is an economic collapse. This way they can default on their debts and in the ensuing chaos pilfer the gold and silver with a promise to pay it back…One day.
Look for a continued suppression through the end of May for the metals, for the next time you will see Gold and Silver shoot to the moon IT WILL BE IN AN AMERICAN FINANCIAL COLLAPSE!!
The Golden Jackass Jim Willie sat down with The Doc for a MUST LISTEN interview regarding the markets, gold & silver, and a coming European banking collapse.
Willie made explosive allegations regarding the banking cartel, stating that the US & France launched an invasion of Mali in order to utilize Mali’s gold production to meet the Bundesbank’s 300 ton gold repatriation request.
Wille states that there is a huge shortage of the metal, and that a massive gold rush will soon be ignited, resulting in an epic short covering rally and a 50% explosion in the price of gold.
Jim Willie’s full MUST LISTEN interview with The Doc is below:
Legendary gold trader Jim Sinclair has sent an email alert to subscribers today stating that the Bundesbank’s announcement that they will repatriate 300 tons of gold from the NY Fed and 374 tons from the Bank of Paris is in direct response to outgoing Treasury Secretary Timothy Geithner’s take-down of gold at $1800 in October via the ESF.
Sinclair states that a Central Bank would not insult another major central bank unless it is an act of financial war, and that a full blown financial gold war is coming as soon as 2015-2017.
Sinclair also states that Geithner’s parting shot to break gold’s back by the Exchange Stabilization Fund was considered a direct attack on the Euro strategy for what the end game recovery will look like. The Free Gold thesis requires significantly higher gold prices to work and to elevate the euro back in reserve by choice category.
Have we seen the initial shot in a full blown global currency war?
Sinclair’s full alert is below:
Submitted by SD reader Jack
Sometimes we need to look back in history to “connect the dots”. In 1999 Gordon Brown started selling England’s gold into the market place. This was done by auction and announced. Coordinated as if it was meant to keep prices low. Most people think Gordon Brown was just stupid. It would now appear that we have now found the reason for this market manipulation of gold at the time.
The 400 tons of gold that Gordon Brown dumped on the market between 1999 and 2001 (60% of the UK’s gold reserves) likely went DIRECTLY TO THE BULLION BANKS FOR THE SOLE PURPOSE OF MEETING THE BUNDESBANK’S 1000 TON GOLD REPATRIATION REQUEST!!