Precious Metal Abroad: Why Germany Wants to See its US Gold October 30, 2012 s#ie$el online %y S&en

%'ll and Anne Seith

0!:2" PM

(or decades, almost hal) o) Germany*s $old has been stored dee# belo+ the (ederal ,eser&e %an- o) .e+ /or-0 .o+, +ith the euro crisis s+irlin$, German #oliticians are as-in$ their central ban-ers to ta-e stoc- o) the reser&es0 Some e&en say that the $old should be shi##ed home0 %undesban- President 1ens Weidmann +anted to #ersonally con&ince Peter Gau+eiler that the German $old +as still +here it should be0 2arly this summer, the head o) Germany*s central bantoo- the obstinate #olitician )rom the conser&ati&e 3hristian Social Union 43SU5, a #arty that is a member o) the $o&ernment coalition in %erlin, and a number o) his collea$ues into the %undesban-*s inner sanctum: the $old &ault0 6here, !,000 $old bars are stac-ed on industrial7stren$th shel&es in a #ur#ose7built buildin$ in (ran-)urt0 An additional 8!,000 bars o) bullion are stored in )our sa)e bo9es, in sealed containers0 %ut e&en this #ersonal ins#ection +asn*t enou$h to reassure the &isitin$ member o) #arliament 77 on the contrary: :6he %undesban- monitors its domestic $old in an e9em#lary )ashion,: Gau+eiler says, :and this ma-es it all the more incom#rehensible that the ban- doesn*t loo- a)ter its reser&es abroad0: (or ;uite some time no+, Gau+eiler has been #esterin$ the $o&ernment and the %undesban+ith ;uestions concernin$ +here and ho+ the country*s reser&es are stored, and ho+ o)ten they are chec-ed0 <e has submitted re;uests and commissioned re#orts on the to#ic0 =ast +ee-, Gau+eiler celebrated his $reatest trium#h to date in his $old cam#ai$n, +hich has been a source o) some amusement )or many )ello+ German #oliticians: A secret re#ort by the (ederal Audit O))ice had been made #ublic 77 and it contained stern criticism o) the German central ban- in (ran-)urt0 6he %onn7based auditors ur$ed a better in&entory system, includin$ ;uality chec-s0 6his demand, +hich e&en the ban-*s ins#ectors sa+ as nothin$ more than routine, alarmed the %erlin #olitical establishment0 >ndeed, the #artially blac-ed7out re#ort read li-e the #rolo$ue to an es#iona$e thriller in +hich the stunned central ban-ers could end u# standin$ in )ront o) em#ty &aults in the US0 *Grotes;ue ?ebate* (or decades, German central ban-ers ha&e contented themsel&es +ith +ritten a))irmations )rom their American collea$ues that the $old still remains +here it is said to be stored0 Accordin$ to the re#ort, the bar list )rom .e+ /or- stems )rom :1@8@A1@B00: 6he re#ort also noted that the (ederal ,eser&e %an- o) .e+ /or- re)uses to allo+ the $old*s o+ners to &ie+ their o+n reser&es0 .ot sur#risin$ly, this #rom#ted stron$ reactions in %erlin: 6he rele&ant %undesban- board member 3arl7=ud+i$ 6hiele +as summoned to %erlin to #ro&ide an e9#lanation to the #arliamentary bud$et committee0 <einC7Peter <austein o) the business7)riendly (ree ?emocratic Party 4(?P5 +as e&en ;uoted by Germany*s mass7circulation %ild ne+s#a#er as sayin$ that :all the $old has to be shi##ed bac-0: 6he %undesban-*s other+ise reser&ed 6hiele said that he )ound at least :#art o) the debate: to be :rather $rotes;ue0: <is )inancial institution currently has more #ressin$ #roblems0 %undesbanhead Weidmann, )or e9am#le, is des#erately )i$htin$ the 2uro#ean 3entral %an- 423%5 decision to buy unlimited ;uantities o) so&erei$n bonds )rom crisis7ridden countries as a +ay o) lo+erin$

their borro+in$ costs0 >n addition, the %undesban- has already #um#ed nearly D800 billion 4E@0! billion5 into #rimarily southern 2uro#ean countries as #art o) the euro7Cone central ban- trans)ers -no+n as 6ar$et >>0 Germany*s $old reser&es are currently +orth some D1FF billion and are not stored :+ith dubious business #artners,: as 6hiele stresses, but rather +ith :hi$hly res#ected central ban-ers0: S#ecial 3onnection 6here is in )act nothin$ unusual about ho+ Germany deals +ith the #recious metal0 Many other central ban-s store a #ortion o) their $old reser&es abroad0 6he .etherlands, )or e9am#le, #laces its trust in its collea$ues in Otta+a, .e+ /or- and =ondon0 %ut the relationshi# Germans ha&e +ith their $old is a s#ecial one0 Germany hoards nearly 3,!00 metric tons o) the #recious metal 77 only the US has more0 Much o) this $old treasure +as amassed under the %retton Woods international monetary system, in +hich the dollar ser&ed as the +orld*s -ey currency and +as directly con&ertible to )i9ed ;uantities o) $old0 %e)ore the $old standard +as terminated in 1@81, the current account sur#luses $enerated by Germany*s :economic miracle: +ere #artially balanced out in $old0 6housands o) US bars o) $old alone +ere trans)erred to German o+nershi#0 %ut since the euro is not bac-ed by $old, such &ast reser&es are actually no lon$er necessary0 .e&ertheless, the Germans continue to resolutely de)end them 77 and e&ery attem#t to use this treasure has been met +ith dismay0 6here has been no lac- o) #ro#osals: (ormer German President ,oman <erCo$ +anted to sell the $old to )orm the basis )or a ca#ital7based nursin$ care insurance scheme0 >n 2002, (?P #arliamentary )loor leader ,ainer %rGderle #ro#osed a )und )or natural disasters0 (ormer %undesban- head 2rnst Welte-e added to the debate by su$$estin$ the )oundation o) a national educational )und0 %ut none o) these ideas +ere e&er ta-en seriously0 Most recently, German 3hancellor An$ela Mer-el o) the conser&ati&e 3hristian ?emocratic Union 43?U5 shot do+n an idea by the euro #artners to use the reser&es as collateral )or euro bonds0 Strict Security As a result, in addition to sa)e$uardin$ the reser&es o) o&er !0 countries, the (ederal ,eser&e %an- o) .e+ /or- continues to hold 1,"3! metric tons o) German $old 77 or nearly hal) o) %erlin*s reser&es0 6his enormous hoard o) $old is stored in the )i)th sub)loor o) the ban-*s buildin$ on =iberty Street, 2" meters 4B0 )eet5 belo+ street le&el, and 1" meters belo+ sea le&el0 Accordin$ to the ban-*s +ebsite, the &ault rests on the bedroc- o) Manhattan >sland0 6ourists are allo+ed to &enture belo+ street le&el to see the &ault0 A)ter descendin$ in an ele&ator, they stand in )ront o) an enormous steel cylinder that #i&ots li-e a door in a 1F07ton steel7and7 concrete )rame0 %ut not e&en the o+ners are allo+ed to &ie+ their o+n $old0 Accordin$ to the (ederal Audit O))ice re#ort, the (ed e9#lained that :in the interest o) security and o) the control #rocess: no :&ie+in$s: are #ossible0 (inally, in 2008, :)ollo+in$ numerous en;uiries,: %undesban- sta)) members +ere allo+ed to see the )acility, but they re#ortedly only made it to the anteroom o) the German reser&es0 >n )act, auditors )rom the %undesban- made a second &isit in May 20110 6his time one o) the nine

com#artments +as also o#ened, in +hich the German $old bars are densely stac-ed0 A )e+ +ere #ulled out and +ei$hed0 %ut this #art o) the re#ort has been blac-ed out 77 out o) consideration )or the (ederal ,eser&e %an- o) .e+ /or-0 :> +ould li-e more trans#arency on the issue,: says %undesban- board member 6hiele0 6he Americans are &ery sensiti&e, thou$h, +hen it comes to security #rocedures in their $old stora$e )acilities0 >n their second maHor de#ository, the le$endary (ort Ino9, #ractically no one in recent decades has been allo+ed to &ie+ the $old reser&es0 (uellin$ =e$ends Such intense secrecy )uels le$ends0 Many cons#iracy theorists ha&e sus#ected )or decades that the German $old has lon$ since disa##eared0 Others belie&e that it has been lent out0 6hey contend that there are only #romissory notes o) little +orth stored in the ban-*s &aults0 Another myth that has been ma-in$ the rounds in nationalist7oriented German circles is that the US re)used to hand o&er the treasure and threatened durin$ the 3old War to +ithdra+ its troo#s )rom Germany i) the Germans demanded their $old bac-0 (ormer %undesban- head Iarl %lessin$, accordin$ to the theory, had to #ro&ide the US +ritten con)irmation that he +ould ne&er do such a thin$0 6his letter, as it ha##ens, actually e9ists, as %lessin$ con)irmed in his last inter&ie+ +ith SP>2G2= in 1@81 77 e9ce#t it doesn*t concern the German $old, but rather US $old reser&es0 Until 1@81, e&ery dollar could be e9chan$ed )or the #recious metal0 %lessin$ thus #romised the US (ederal ,eser&e that he +ould no lon$er con&ert the colossal German dollar reser&es to $old because this +ould ha&e caused the currency*s &alue to #lummet0 6oday, this historic document is e&en a&ailable online0 %ut that hasn*t silenced those +ho o##ose stoc-#ilin$ German $old abroad0 >nstead, the debate o&er a colla#se o) strictly #a#er7based currency is e9#eriencin$ a renaissance 77 as is the dis#ute o&er the $old reser&es0 2&en Green Party )inancial e9#ert Gerhard Schic- has Hoined the )ray: :> thin- the ;uestion o) ho+ much $old is a&ailable in an emer$ency is a &alid concern0: Outlandish >dea (rom a #urely lo$istical #ers#ecti&e, thou$h, returnin$ the reser&es seems outlandish0 One cannot sim#ly #ac- 1,"00 tons o) $old into an Airbus A3B0 su#er7Humbo Het and )ly it bac- to Germany0 6he %undesban- also obHects to this notion )or another reason0 >t says the $old is su##osed to act as an emer$ency bu))er0 >n the e9treme situation o) a currency colla#se, the ban-ers say that the $old bars could easily and ;uic-ly be e9chan$ed on location )or #ounds or dollars to #ay ur$ent bills0 >n a bid to calm the debate, the %undesban- has #led$ed to brin$ bac- and ins#ect 1"0 tons o) $old )rom abroad o&er the ne9t three years0 (urthermore, there are #lans to count and +ei$h the $old bars stored in one o) the nine chambers at the (ed in .e+ /or- 77 althou$h no date has been set )or this0 %undesban- board member 6hiele +as also recently in .e+ /or- +here he too- a loo- behind one o) the &ault doors0 <e had $ood ne+s )or the members o) the #arliamentary bud$et committee: :6here +as no #a#er in there, Hust $old0: %ut that*s not enou$h )or 3SU #olitician Gau+eiler0 <e*s only #re#ared to #ut the matter to rest +hen the central ban- has thorou$hly ins#ected all the German reser&es throu$hout the entire

+orld0 <is credo: :6he %undesban- is inde#endent, but it can*t do +hat it +ants0: 6ranslated )rom the German by Paul 3ohen JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ 3omments 10 WhyK Ulrich %er$er 10A30A2012 > ne&er heard )rom Mr0 6hiele be)ore0 %ut since he is a %undesban-7%an-er > count him to the &ery )e+ honest and honourable ban-ers, es#ecially because o) Mr0 Weidmann and his #redecessors0 6his is &ery di))erent )rom my o#inion concernin$ the (ed7%an-ers 7 loo- only at their beha&ior +hen the o+ners +ant to see their $old 4once in 10 or 20 yearsL5 7 and the o+ners are e&en #ayin$ nice stora$e)ees0 Why someone +ould trust these ban-ers is beyond meL 6hey are Hust lousy #oliticians +ith some -no+led$e in economics0 Why, Mr0 6hiele, do you #ut yoursel) and your $erman collea$ues on one le&el +ith them by callin$ them :hi$hly res#ected central ban-ers:K 20 Germany*s $old (reeOre$on 10A31A2012 Physical Gold in one*s #ersonal #ossession is money, the ultimate )orm o) money because it carries neither third #arty ris- nor debt0 Germany )aces third #arty ris- as lon$ as the $old is held outside Germany0 >n 1@F" Germany +as a con;uered nation0 O) course the German $old, bein$ the ultimate )orm o) money, +as held outside o) Germany by the &ictorious :Allies0: Germany still +ould be an a$ricultural nation had the US not needed the threat o) a German Wehrmacht, neatly circumscribed +ithin .A6O, to contain the USS,0 >sn*t it time to restore Germany*s so&erei$ntyK 2&en Americans no lon$er trust their Go&ernment and the (ederal ,eser&e0 >s there any reason )or Germans to be more trustin$ o) the US, the UI, (rance and their central ban-s than are the citiCens o) those countriesK 1ust sim#le arithmetic addin$ u# sales and subtractin$ su##ly o) #hysical $old since the year 2,000 sho+s that most o) the central ban- $old, includin$ the German $old #ur#ortedly held in .e+ /or-, has been sold or leased, +ithout disclosure0 Oh, and i) Germany audits be sure to assay as +ell0 6here are lots o) $old #lated tun$sten bar counter)eits in circulation no+0 2&en 3hina, a land o) ancient +isdom recently readmitted to the council o) sometimes ci&iliCed nations, -ee#s its $old in 3hina0 Ultimately the #ro#er #lace )or Germany*s $old is in the #ossession o) the German #eo#le, not the German Go&ernment or the %undesban-0 %ut ho+ to create a mar-et currency )ree )rom $o&ernment control and inter)erence is another story )or another day0 30 retarded7)rea- 10A31A2012 >&e heard all -inds o) cons#iracies about the (ederal ,eser&e in .e+ /or-, and this sort o) con)irms some o) it, that )orei$ners, es#ecially in 2n$land and .orthern 2uro#e, o+n all the stoc-s in the (ederal ,eser&e0 >t is not a true .ational %an-, but a #ri&ate enter#rise connected to the %an- o) 2n$land, and that +e are ri##ed o)) continually by this )raud that came into e9istence )rom a secret meetin$ some years a$o on 1e-yll >sland, Geor$ia0 /ou are +elcome to ta-e it bac-L F0 s mae 11A01A2012 777Muote 4Ori$inally by (reeOre$on5777 >n 1@F" Germany +as a con;uered nation0 O) course the German $old, bein$ the ultimate )orm o) money, +as held outside o) Germany by the &ictorious :Allies0: Germany still +ould be an a$ricultural nation had the US not needed the threat o) a German Wehrmacht, neatly circumscribed +ithin .A6O, to contain the USS,0 7772nd Muote777 ?idn*t you read the articleK >t is not Germany*s #re7+ar $old reser&es that are held in .e+ /or-0 A)ter the +ar +hen the USA had a $old stardared )or the dollar in order to maintain a stable +orld currency )or the bene)it o) all countries, Germany o##ortunistically used that to e9chan$e its sur#lus US dollars )or $old once it*s economy reco&ered durin$ the 1@!0*s0 And Germany chose to -ee# it held in .e+ /or-0 6han- God the USA $a&e u# the $old stardared or Germany +ould ha&e bled the USA dry o) all its $old reser&es by e9chan$in$ its sur#lus US dollars )or $old0 PS:

As )or the re7armin$ o) Germany a)ter WW20 Who +ould ha&e su))ered under a communist dictatorshi# li-e east Germany i) the USA had decided not to con)ront So&iet communist totalitarian systemK West Germans, not Americans0 6here +ere no So&iet troo#s in .orth America0 "0 retarded7)rea- 11A02A2012 777Muote 4Ori$inally by mae5777 PS: As )or the re7armin$ o) Germany a)ter WW20 Who +ould ha&e su))ered under a communist dictatorshi# li-e east Germany i) the USA had decided not to con)ront So&iet communist totalitarian systemK West Germans, not Americans0 6here +ere no So&iet troo#s in .orth America0 7772nd Muote777 What is so bad about communist 2ast GermanyK > ad&ise you to +atch the )ilm :Goodbye =enin:, i) you ha&en*t seen it0 >n that you can see ho+ silly the +est is, and ho+ 2ast Germany +as :normal: in many +ays0 > doubt seriously that east Germany +as any +orse than the USA under the ,e#ublicans0 6hey had #ic-les and all -inds o) treats to eat there0 htt#:AA+++0youtube0comA+atchK&NscsrO@s;28> 6he 33 button ma-es 2n$lish subtitles0 !0 Where is WaldoK Where is the GoldK s#amP@t@s0com 11A10A2012 Se#tember 11, 2001 +as a bi$ day in South Manhattan0 6here +as allot o) metal mo&ed durin$ the months )ollo+in$ that e&ent0 6here +as also armored cars, military loc-do+n and )ull access to the $old &aults0 >t +ould ha&e been a most o##ortune moment to em#ty the (ed &aults o) all the $old, unnoticed0 @11 +as #lanned by a thin- tan-0 >t is not a #lan +hich #o##ed u# o&er ni$ht0 >t +as de&elo#ed o&er a doCen years or more, re)inin$ e&ery detail until the last second o) e9ecution0 1ust li-e an onion, it has many layers, many $oals and acti&ities +ere #er)ormed as a result o) a relati&ely small series o) e&ents0 6hat is a #rimary reason +hy nobody has unentan$led it, there are so many intricacies0 (or e9am#le, %uildin$ 8 4Solomon %rothers %uildin$5 had &ast &aults o) records )or )inancial institutions and (ederal Go&ernment a$encies +hich +ere destroyed that day0 .ot only did !8 story W63 8 )all )or no a##arent o))icial reason, but the moti&e behind that colla#se is rarely e9amined0 <i$h #robability there is little or no $old in the (ed &aults today0 80 <eheL #o+ermeer-at 11A13A2012 ?S: :German #oliticians are as-in$ their central ban-ers to ta-e stoc- o) the reser&es0 Some e&en say that the $old should be shi##ed home0: QQQQ 6hat +ould be )ine e9ce#t some o) us remember +hat ha##ened +hen ,ussian soldiers laid ther #a+s on your treasures0 Rand they may +ell #ay you another &isitS B0 )orscha 02A2FA2013 777Muote 4Ori$inally by retarded7)rea-5777 What is so bad about communist 2ast GermanyK > ad&ise you to +atch the )ilm :Goodbye =enin:, i) you ha&en*t seen it0 >n that you can see ho+ silly the +est is, and ho+ 2ast Germany +as :normal: in many +ays0 > doubt seriously that east Germany +as any +orse than the USA under the ,e#ublicans0 6hey had #ic-les and all -inds o) treats to eat there0 htt#:AA+++0youtube0comA+atchK&NscsrO@s;28> 6he 33 button ma-es 2n$lish subtitles0 7772nd Muote777 Are you -iddin$K Maybe instead o) $ettin$ your in)o )rom a )ilm you should ha&e $one to east Germany a)ter tha )all o) the +all as > did0 =ets*s com#are, OW &s0 6rabant, a #roduction system +here +or-ers sat and smo-ed a)ter 10AM because the system could not su##ly ra+ material, an autobahn that had not been im#ro&ed since 1@3", houses used as re)use dum#s, )ire dama$e on the side o) hoses and brid$es )rom the 1@FF )ire bombin$s,#eo#le that +ere a)raid to ma-e eye contact0 >) it +as so :normal: +hy did they need a +all to -ee# their citiCens inK And they +ere more #roducti&e by a )actor o) ten than the rest o) the so&iet bloc-0 So be)ore you say anythin$ as stu#id as you did based on a mo&ie, tal- to some o) the #eo#le that li&ed thereL ?resden, the center o) some o) the )inest $lass manu)acturin$ be)ore the +ar could not e&en #roduce +indo+ #anes that you could see throu$h0 @0 6he American Go&ernment is ,o$ue beiHin$yan- 03A1@A2013 (ree )all o) %uildin$ 8, nano thermite in the @11 dust, the $o&ernment*s lie :the air is sa)e to breath and the +ater is sa)e to drin-: s#ells one thin$0 6he American $o&ernment has been ca#tured by

a ma)ia o) mass murderin$, +ar criminals0 ?emand the $old today GermanyL .o i)*s, but*s, or maybe*s0 100 6he Gold Was Stored Under W63 beiHin$yan- 03A1@A2013 A)ter ob&ious $o&ernment criminal demeanor surroundin$ @11, it is only sane )or e&ery country o) the +orld to as- )or their $old bac-0 6his is outra$eous the (ed +ill return Germany*s $old in 8 years0 6heir Hob +as to be custodian only0 6his delay by (ed and re)usal to account )or the $old immediately has sinister im#lications o) more criminal acti&ity on the #art o) the ro$ue American $o&ernment and the ma)ia in control0 777Muote 4Ori$inally by syso#5777 (or decades, almost hal) o) Germany*s $old has been stored dee# belo+ the (ederal ,eser&e %an- o) .e+ /or-0 .o+, +ith the euro crisis s+irlin$, German #oliticians are as-in$ their central ban-ers to ta-e stoc- o) the reser&es0 Some e&en say that the $old should be shi##ed home0 htt#:AA+++0s#ie$el0deAinternationalA$ermanyA$erman7#oliticians7demand7to7see7$old7in7us7 )ederal7reser&e7a7B!F0!B0html 7772nd Muote777 110 o#tional so#hieisabe 0@A12A2013 Physical Gold in one*s #ersonal #ossession is money, and it is necessary that Gold should be in the hands o) country +hich has the ri$ht #ossession000 RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR 3hec-in$ the Oaults: Germans (ret about 6heir (orei$n Gold ,eser&es May 1", 2012 s#ie$el online 02:FB PM

A lar$e #ortion o) Germany*s massi&e $old reser&es are stored abroad, mainly in the (ederal ,eser&e in .e+ /or-0 %ut are the bars really +here they are su##osed to beK A dis#ute has bro-en out o&er +hether the central ban- needs to chec- on its $old, or i) Germany can trust its international #artners0 Germany has $old reser&es o) Hust under 3,F00 tons, the second7lar$est reser&es in the +orld a)ter the United States0 Much o) that is in the sa)e-ee#in$ o) central ban-s outside Germany, es#ecially in the US (ederal ,eser&e in .e+ /or-0 One +ould thin- that +ith such a &aluable stash, +orth around D133 billion 4E180 billion5, the German $o&ernment +ould +ant to -ee# a close eye on its +hereabouts0 %ut no+ a biCarre dis#ute has bro-en out bet+een di))erent German institutions o&er ho+ closely the reser&es should be chec-ed0 Germany*s )ederal audit o))ice, the %undesrechnun$sho), +hich monitors the German $o&ernment*s )inancial mana$ement, is unha##y +ith ho+ Germany*s central ban-, the %undesban-, -ee#s tabs on its $old0 Accordin$ to media re#orts, the auditors are dissatis)ied +ith the )act that $old reser&es in (ran-)urt are more closely monitored than those held abroad0 >n Germany, s#ot chec-s are carried out to ma-e sure that the $old bars are in the ri$ht #lace0 %ut )or the German $old that is stored on the %undesban-*s behal) by the US (ederal ,eser&e in .e+ /or-, the %an- o) 2n$land in =ondon and the %an;ue de (rance in (rance, the German central ban- relies on the assurances o) its )orei$n counter#arts that the $old is +here it should be0 6he three )orei$n central ban-s $i&e the %undesban- annual statements con)irmin$ the siCe o) the reser&es, but the Germans do not usually carry out #hysical ins#ections o) the bars0 *.o ?oubts* Accordin$ to German media re#orts, the %undesrechnun$sho) has no+ recommended in its con)idential annual audit o) the %undesban- )or 2011 that Germany*s central ban- chec- its )orei$n $old reser&es +ith yearly s#ot chec-s0 6he %undesban- has reHected the demand, ar$uin$ that central ban-s do not usually chec- each

others* reser&es0 :6he sco#e o) the chec-s that the %undesrechnun$sho) +ants does not corres#ond to the usual #ractices amon$ central ban-s,: the %undesban- said in a statement ;uoted by the (ran-)urter All$emeine Teitun$ ne+s#a#er0 :6here are no doubts about the inte$rity and the re#utation o) these )orei$n de#ositories0: .o+ the )inance committee o) the German #arliament, the %undesta$, has $otten in&ol&ed0 Parliamentarians a##arently demanded to see the %undesrechnun$sho)*s audit re#ort on the %undesban- a)ter they +ere alarmed by a re#ort in the in)luential tabloid daily %ild, +hich claimed that the central ban- had not chec-ed its $old reser&es in )i&e years00 6he %undesrechnun$sho) +ill no+ #ro&ide the committee +ith its re#ort, a s#o-esman )or the )ederal auditors con)irmed on Monday0 Germany mo&ed some o) its $old reser&es abroad durin$ the 3old War to #rotect them )rom a #ossible So&iet attac-0 Some o) the $old +as mo&ed bac- to (ran-)urt a)ter the colla#se o) communism0 %ut the %undesban- ar$ues that it still ma-es sense to store some $old in maHor )inancial centers so that it can be sold ;uic-ly i) necessary0 Althou$h the %undesban- does not #ro&ide e9act details about the distribution, it has re&ealed that the lar$est share o) Germany*s $old is held in .e+ /or-, )ollo+ed by (ran-)urt, =ondon and Paris0 S-e#tical about the ,eser&es >n times o) uncertainty about the )uture o) 2uro#e*s common currency, $old is a hot to#ic, and some Germans ta-e a dim &ie+ o) the )act that much o) the country*s $old 77 +hich theoretically belon$s to the #eo#le 77 is held abroad0 Some members o) #arliament ha&e e&en e9#ressed doubts as to +hether the )orei$n $old reser&es really e9ist0 Phili## Miss)elder, a member o) the conser&ati&e 3hristian ?emocratic Union 43?U5, +anted to see the $old )or himsel) and tra&eled to .e+ /or- in #erson to ins#ect the holdin$s, accordin$ to the ne+s#a#er (ran-)urter ,undschau0 <is tri# +as a##arently unsuccess)ul, thou$h0 When he &isited the (ed*s sa)es in .e+ /or-, sta)) +ere either unable or un+illin$ to sho+ him e9actly +hich bars belon$ed to Germany0 Peter Gau+eiler, a %undesta$ member +ith the 3?U*s %a&arian sister #arty, the 3hristian Social Union 43SU5, is also s-e#tical about the )orei$n $old reser&es0 >n recent years he has attem#ted to $ain more in)ormation about Germany*s $old throu$h #arliamentary ;uestions0 =ast year, he had an economics #ro)essor #re#are an e9#ert re#ort on the subHect, +hich concluded that the %undesban- +as not )ul)illin$ its in&entory re$ulations by )ailin$ to #hysically ins#ect the $old0 >n 1uly 2011, SP>2G2= re#orted that %undesban- em#loyees had #hysically seen the $old in .e+ /or- +ithin the #re&ious si9 months0 <o+e&er, the last time it had been chec-ed be)ore that +as in 1une 20080 Gau+eiler doubts that the %undesban- +ould ha&e immediate access to all its $old i) necessary, su$$estin$ that #art o) the $old may ha&e e&en been lent out 77 a claim that the %undesbanreHects0 %rin$in$ %ac- <ome Some Germans e&en +ant to brin$ the $old reser&es bac- to Germany0 An initiati&e called :Gold Action: is cam#ai$nin$ under the slo$an: :,e#atriate Our GoldL: >ts #etition has been si$ned by #rominent industrialist <ans7Ola) <en-el and (ran- SchU))ler, a #arliamentarian +ith the business7)riendly (ree ?emocrats +ho is -no+n )or his euros-e#tic &ie+s0 6he initiati&e alle$es that there is an :acute: dan$er that the German $old could be e9#ro#riated as a result o) the )inancial and debt crisis0 6hey ar$ue that the German $o&ernment could soon be )orced to sell $old to co&er the costs o) the crisis0

%ut the %undesban- +ants to lea&e the $old +here it is0 Obser&ers #oint out that a#art )rom the hi$h cost o) trans#ortin$ the $old bac- to (ran-)urt, the symbolic e))ect o) Germany re#atriatin$ its $old reser&es mi$ht unsettle the ner&ous )inancial mar-ets, +ho could see it as a si$n o) an im#endin$ colla#se o) the euro0 d$s 7 +ith +ire re#orts JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ comments: 10 Germans (ret about 6heir (orei$n Gold ,eser&es Geor$e<ilbert 0"A1!A2012 syso# has made a $ood #oint in #ostin$ this0 Gi&en the U0S0 )ederal $o&ernment bureaucrats* history o) stealin$ )rom their o+n citiCens, +hy shouldn*t Germans +orry about the assets under the custody and control o) these -no+n thie&esK 20 Well Said000 Mar-JMatis 0"A1BA2012 Geor$e<ilbertL 6he recent incident o) M( Global abscondin$ +ith their customers money, in direct &iolation o) US Securities and 29chan$e 3ommission 4S235 re$ulations, as +ell as the re$ulators* re)usal to e&en arrest 1ohn 3orCine )or that the)t, sho+s there is no lon$er ,ule o) =a+ in the United States0 Only a )ool +ould trust any US )inancial institution these days0 <o#e)ully Germany*s leaders are not )ools000 30 docmoriarty 0"A1@A2012 Oh thats too cool, i didn*t -no+ German Go& is soooo 000 0 Ino+in$ that (2? is a #ri&ate and com#letely intrans#arent ban-, not needin$ to re#ort to anyone 4e9ce#t its o+ners5, i*d say Germany can -iss it*s $old reser&es $ood bye, es#ecially in the case that +e e&er $et a reasonable $o&ernment +hich o##oses the rulin$ oli$archy0 > didn*t -no+ this but this is certainly one more o) the crimes committed by German $o&t0 F0 Gold should be bac- as the endorsement )or the #a#er currency released tea#lus1 11A1"A2012 (or centruies, Gold had been or had been the roots )or the currency circulated in the mar-et0 Gold naturely is the currency, +hich naturely control the in)lation, ho+e&er, the limited amount o) $old ca# the de&elo#ment o) the internation business0 %ut the total abandont o) the Gold currency &alue is neither a solution0